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NuCana Reports Second Quarter 2025 Financial Results and Provides Business Update

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NuCana (NASDAQ: NCNA) has reported its Q2 2025 financial results and provided significant updates on its clinical development programs. The company has begun dosing patients in the expansion study of NUC-7738 combined with pembrolizumab for PD-1 inhibitor-resistant melanoma, with initial data expected in Q4 2025. The expansion will add 28 patients, bringing the total treated population to 40.

Financially, NuCana has strengthened its position through an ATM offering and financing initiatives, raising $38.4 million in gross proceeds in 2025. The company reported cash and equivalents of £8.4 million as of June 30, 2025, with additional £19.0 million raised post-quarter. These actions have extended the company's cash runway into 2029. The quarter saw a net loss of £24.1 million, including a £12.6 million warrant revaluation loss.

NuCana (NASDAQ: NCNA) ha comunicato i risultati finanziari del secondo trimestre 2025 e fornito aggiornamenti importanti sui suoi programmi clinici. L'azienda ha iniziato il dosaggio dei pazienti nello studio di estensione di NUC-7738 in combinazione con pembrolizumab per il melanoma resistente agli inibitori PD-1; i primi dati sono attesi nel quarto trimestre 2025. L'espansione aggiungerà 28 pazienti, portando il totale a 40 pazienti trattati.

Sul fronte finanziario, NuCana ha rafforzato la propria posizione tramite un'offerta ATM e altre iniziative di finanziamento, raccogliendo $38,4 milioni di proventi lordi nel 2025. Al 30 giugno 2025 la società riportava liquidità e equivalenti per £8,4 milioni, con ulteriori £19,0 milioni raccolti dopo la chiusura del trimestre. Queste operazioni hanno esteso la liquidità aziendale fino al 2029. Nel trimestre si è registrata una perdita netta di £24,1 milioni, comprensiva di una svalutazione di warrant di £12,6 milioni.

NuCana (NASDAQ: NCNA) ha dado a conocer sus resultados financieros del segundo trimestre de 2025 y proporcionado actualizaciones relevantes sobre sus programas clínicos. La compañía ha comenzado a dosificar pacientes en el estudio de expansión de NUC-7738 en combinación con pembrolizumab para melanoma resistente a inhibidores de PD-1; los primeros datos se esperan en el cuarto trimestre de 2025. La ampliación añadirá 28 pacientes, elevando el total tratado a 40.

En cuanto a las finanzas, NuCana ha reforzado su posición mediante una oferta ATM y otras iniciativas de financiación, recaudando $38,4 millones de ingresos brutos en 2025. Al 30 de junio de 2025 la compañía reportó efectivo y equivalentes por £8,4 millones, con otros £19,0 millones recaudados después del trimestre. Estas medidas han ampliado la pista de caja hasta 2029. El trimestre registró una pérdida neta de £24,1 millones, que incluye una pérdida por revalorización de warrants de £12,6 millones.

NuCana (NASDAQ: NCNA)� 2025� 2분기 재무실적� 발표하고 임상 개발 프로그램� 대� 주요 업데이트� 제공했습니다. 회사� PD-1 억제제에 내성� 보이� 흑색종을 대상으� pembrolizumab� 병용하는 NUC-7738 확장 연구에서 환자 투여� 시작했으�, 초기 데이터는 2025� 4분기� 나올 것으� 예상됩니�. 확장으로 28명의 환자가 추가되어 � 치료 환자 수는 40명이 됩니�.

재무적으� NuCana� ATM 공모 � 기타 자금 조달� 통해 재무 상태� 강화했으�, 2025년에 $38.4백만� 총수�� 조달했습니다. 2025� 6� 30� 기준 현금 � 현금� 자산은 £8.4백만이었�, 분기 � 추가� £19.0백만� 확보했습니다. 이러� 조치� 회사� 현금 소진 시점� 2029년까지 연장시켰습니�. 해당 분기 순손실은 £24.1백만이었으며, 이에� £12.6백만� 워런� 재평가 손실� 포함되어 있습니다.

NuCana (NASDAQ: NCNA) a publié ses résultats financiers du deuxième trimestre 2025 et fourni des mises à jour importantes sur ses programmes cliniques. La société a commencé à doser des patients dans l'étude d'extension de NUC-7738 en association avec le pembrolizumab pour les mélanomes résistants aux inhibiteurs de PD-1 ; les premières données sont attendues au quatrième trimestre 2025. L'extension ajoutera 28 patients, portant le nombre total de patients traités à 40.

Sur le plan financier, NuCana a renforcé sa position via une offre ATM et des initiatives de financement, levant 38,4 M$ de produits bruts en 2025. Au 30 juin 2025, la société disposait de liquidités et équivalents de £8,4 M, avec £19,0 M supplémentaires levés après la clôture du trimestre. Ces mesures ont prolongé la piste de trésorerie de la société jusqu'en 2029. Le trimestre s'est soldé par une perte nette de £24,1 M, incluant une perte de réévaluation des bons de souscription de £12,6 M.

NuCana (NASDAQ: NCNA) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht und wichtige Updates zu seinen klinischen Entwicklungsprogrammen bekanntgegeben. Das Unternehmen begann mit der Dosierung von Patienten in der Erweiterungsstudie von NUC-7738 in Kombination mit Pembrolizumab bei PD-1-Inhibitor-resistentem Melanom; erste Daten werden für Q4 2025 erwartet. Die Erweiterung wird 28 Patienten hinzufügen und die insgesamt behandelte Population auf 40 erhöhen.

Finanziell hat NuCana seine Position durch ein ATM-Angebot und Finanzierungsmaßnahmen gestärkt und im Jahr 2025 $38,4 Millionen Bruttoerlöse erzielt. Zum 30. Juni 2025 meldete das Unternehmen Barmittel und Äquivalente in Höhe von £8,4 Millionen, zudem wurden nach Quartalsende weitere £19,0 Millionen aufgenommen. Diese Maßnahmen haben die Cash-Runway bis ins Jahr 2029 verlängert. Im Quartal wurde ein Nettoverlust von £24,1 Millionen verzeichnet, darunter ein £12,6 Millionen Verlust aus der Neubewertung von Warrants.

Positive
  • None.
Negative
  • Increased net loss of £24.1 million in Q2 2025 compared to £7.0 million in Q2 2024
  • £12.6 million loss on warrant revaluation from May 2025 financing

Insights

NuCana strengthens financials through ATM offering while advancing melanoma and solid tumor clinical trials with upcoming catalysts.

NuCana's Q2 2025 results highlight significant progress in both clinical development and financial positioning. The company has successfully dosed the first patients in the expansion phase of their NUC-7738 study in PD-1 inhibitor-resistant melanoma, a notably difficult-to-treat patient population. This expansion will increase the cohort to 40 patients, providing more robust data to support a potential registration pathway.

The expansion study follows encouraging preliminary results showing favorable safety profiles, meaningful tumor volume reduction, and prolonged progression-free survival in patients who had previously failed on checkpoint inhibitors. These early signals are particularly promising given the limited treatment options currently available for this refractory population.

On the financial front, NuCana has executed a strategic financing approach that dramatically extends their operational runway. Through combined financing initiatives, they've raised $38.4 million in gross proceeds in 2025 to date. More importantly, they've extended their cash runway into 2029 � an exceptionally long runway for a clinical-stage biotech company. This removes near-term financing risk and allows management to focus on clinical execution.

The company has also successfully eliminated all Series A Warrants from their May 2025 financing through a $3.6 million payment, removing potential share dilution overhang that could have weighed on the stock.

With multiple catalysts on the horizon � including initial expansion study data for NUC-7738 in Q4 2025, final data in 2026, and additional data from the NUC-3373 combination study with pembrolizumab expected this year � NuCana has positioned itself to potentially deliver significant clinical validation while maintaining financial stability through these critical milestones.

NuCana's approach with their two lead candidates represents interesting scientific strategies in oncology. NUC-7738 is particularly notable for its dual mechanism � it both modifies gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. This comprehensive approach could potentially overcome the resistance mechanisms that limit the efficacy of PD-1 inhibitors in melanoma.

The expansion study in PD-1 inhibitor-resistant melanoma addresses a significant unmet clinical need. Approximately 40% of melanoma patients don't respond to initial PD-1 inhibitor therapy, and many others develop resistance over time. The preliminary signals of both tumor volume reduction and prolonged progression-free survival suggest NUC-7738 might be reactivating anti-tumor immune responses in these checkpoint-refractory patients.

Their second program, NUC-3373, takes a different but equally intriguing approach as a targeted thymidylate synthase inhibitor with immune-modulating properties. Traditional thymidylate synthase inhibitors like 5-FU have significant toxicity limitations. If NUC-3373 can deliver more targeted inhibition with an improved safety profile while simultaneously enhancing immune response through combination with pembrolizumab, it could represent a meaningful advancement for patients with various solid tumors.

The combination studies with pembrolizumab for both compounds highlight NuCana's focus on rational combination approaches rather than single-agent development. This strategy aligns with the evolving understanding that targeting multiple cancer pathways simultaneously often yields superior outcomes compared to monotherapies, particularly in treatment-resistant populations.

First Patients Dosed on Expansion Study of NUC-7738 in Combination with Pembrolizumab for Patients with PD-1 Inhibitor-Resistant Melanoma

Initial Data from the Expansion Study of NUC-7738 Expected in Q4 2025 with Final Data in 2026

Additional Data from the Ongoing Phase 1b/2 Study of NUC-3373 in Combination with Pembrolizumab Remain on track for 2025

Strategic Execution of ATM Offering Extends Anticipated Cash Runway into 2029

EDINBURGH, United Kingdom, Aug. 20, 2025 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) (“NuCana� or the “Company�) announced financial results for the second quarter ended June 30, 2025 and provided an update on its clinical development program with its two lead anti-cancer medicines.

“We are pleased to announce that the first patients have been dosed on the expansion of our ongoing Phase 1/2 NuTide:701 study in patients with PD-1 inhibitor-resistant melanoma,� said Andrew Kay, NuCana’s Executive Chairman. “Our lead program, NUC-7738 is a novel agent that profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. We remain encouraged by the clinical observations witnessed so far. We have observed a favorable safety profile, meaningful tumor volume reduction and prolonged progression free-survival in patients with PD-1 inhibitor refractory and resistant metastatic melanoma. The expansion study is expected to enroll an additional 28 patients, increasing the planned patient population treated in combination with pembrolizumab to 40 and further supporting our registrational path.�

Mr. Kay continued, “Turning to our second program, NUC-3373 is a targeted thymidylate synthase inhibitor with immune modulating properties. We are encouraged by the data from the Phase 1b/2 NuTide:303 study, which is evaluating NUC-3373 in combination with pembrolizumab in patients with advanced solid tumors, and NUC-3373 with docetaxel in patients with lung cancer. Notable tumor volume reductions and prolonged progression free survival have been observed in these patients so far. We look forward to announcing additional data from this study later this year.�

Mr. Kay concluded, “Lastly, we strengthened our balance sheet with a financing in May and the strategic execution of an at-the-market (“ATM�) offering, extending our cash runway into 2029 and through key value-driving milestones. To date in 2025, these initiatives have raised gross proceeds of $38.4 million and with multiple data readouts ahead, we are well-positioned to deliver on our mission of improving treatment outcomes for patients with cancer.�

Anticipated Milestones

  • NUC-7738

    • Announce initial data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2025;
    • Obtain regulatory guidance from the U.S. Food and Drug Administration on pivotal study design for NUC-7738 in melanoma in 2026; and
    • Announce final data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2026.

  • NUC-3373

    • Announce additional data from the Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with pembrolizumab in patients with solid tumors in 2025.

Second Quarter 2025 Financial Highlights and Cash Position

As of June 30, 2025, NuCana had cash and cash equivalents of £8.4 million compared to £4.0 million as of March 31, 2025 and £6.7 million at December 31, 2024. Subsequent to June 30, 2025, NuCana has raised, through the ATM offering, an additional £19.0 million in gross proceeds before expenses and commission.

On July 21, 2025, having raised the full amount of capital required, NuCana announced it had successfully canceled all remaining Series A Warrants issued in the May 2025 financing, in exchange for payments of $3.6 million. This initiative fully eliminated all overhanging rights from the May 2025 financing.

NuCana expects that its cash and cash equivalents as of June 30, 2025, together with amounts raised via the ATM offering, will be sufficient to fund its planned operations into 2029.

NuCana continues to advance its clinical programs and reported a net loss of £24.1 million for the quarter ended June 30, 2025, which includes a loss on revaluation of the warrants issued in the May 2025 financing of £12.6 million, as compared to a net loss of £7.0 million for the quarter ended June 30, 2024. Basic and diluted loss per ordinary share was £0.00 for the quarter ended June 30, 2025, as compared to £0.12 per ordinary share for the comparable quarter ended June 30, 2024.

About NuCana

NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, they have significant shortcomings that limit their efficacy and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome the key limitations of nucleoside analogs and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s pipeline includes NUC-7738 and NUC-3373. NUC-7738 is a novel anti-cancer agent that disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. NUC-7738 is in the Phase 2 part of a Phase 1/2 study which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in patients with melanoma. NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373 is currently being evaluated in a Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumors and in combination with docetaxel for patients with lung cancer.

Forward-Looking Statements
This press release may contain “forward-looking� statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of the Company. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-7738 and NUC-3373; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; the Company’s goals with respect to the development, regulatory pathway and potential use, if approved, of each of its product candidates; the utility of prior non-clinical and clinical data in determining future clinical results; and the sufficiency of the Company’s current cash and cash equivalents to fund its planned operations into 2029. In some cases, you can identify forward-looking statements by terminology such as “may,� “will,� “should,� “expects,� “plans,� “anticipates,� “believes,� “estimates,� “predicts,� “potential� or “continue� or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to raise additional capital sufficient to fund our planned operations and the risks and uncertainties set forth in the “Risk Factors� section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC�) on March 20, 2025, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.

Unaudited Condensed Consolidated Statements of Operations

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2025202420252024
(in thousands, except per share data)
££££
Research and development expenses(7,104)(6,769)(8,829)(13,552)
Administrative expenses(4,523)(1,509)(5,590)(3,090)
Net foreign exchange (losses) gains(202)(74)(261)21
Operating loss(11,829)(8,352)(14,680)(16,621)
Finance income358560211
Finance expense(12,648)-(12,648)-
Loss before tax (24,442)(8,267)(27,268)(16,410)
Income tax credit3281,2726812,577
Loss for the period(24,114)(6,995)(26,587)(13,833)
Basic and diluted loss per ordinary share(0.00)(0.12)(0.01)(0.25)


Unaudited Condensed Consolidated Statements of Financial Position As At

June 30,
2025
December31,
2024

(in thousands)
££
Assets
Non-current assets
Intangible assets2,1992,199
Property, plant and equipment178197
Deferred tax asset112113
2,4892,509
Current assets
Prepayments, accrued income and other receivables1,020922
Current income tax receivable4,2664,594
Cash and cash equivalents8,4436,749
13,72912,265
Total assets16,21814,774
Equity and liabilities
Capital and reserves
Share capital and share premium171,673151,827
Other reserves86,40778,421
Accumulated deficit(250,696)(224,294)
Total equity attributable to equity holders of the Company7,3845,954
Non-current liabilities
Provisions5837
Lease liabilities79117
137154
Current liabilities
Trade payables1,0982,705
Payroll taxes and social security185134
Accrued expenditure4,7355,714
Lease liabilities7573
Provisions-40
Derivative financial instruments2,604-
8,6978,666
Total liabilities8,8348,820
Total equity and liabilities16,21814,774

Unaudited Condensed Consolidated Statements of Cash Flows

FortheSixMonthsEnded
June 30,
2025
2024
(in thousands)
££
Cash flows from operating activities
Loss for the period(26,587)(13,833)
Adjustments for:
Income tax credit(681)(2,577)
Amortization and depreciation136272
Movement in provisions(40)-
Finance income(60)(211)
Finance expense12,648-
Interest expense on lease liabilities510
Share-based payments8,2471,292
Net foreign exchange losses (gains)387(112)
(5,945)(15,159)
Movements in working capital:
(Increase) decrease in prepayments, accrued income and other receivables(113)625
(Decrease) increase in trade payables(1,607)2,734
(Decrease) increase in payroll taxes, social security and accrued expenditure(929)725
Movements in working capital(2,649)4,084
Cash used in operations(8,594)(11,075)
Net income tax received9994,015
Net cash used in operating activities(7,595)(7,060)
Cash flows from investing activities
Interest received57218
Payments for property, plant and equipment-(3)
Payments for intangible assets(96)(176)
Net cash (used in) from investing activities(39)39
Cash flows from financing activities
Payments for lease liabilities(41)(127)
Proceeds from exercise of share options13
Proceeds from issue of share capital1,2221,492
Proceeds from exercise of warrants4,436-
Proceeds from issue of warrants4,439-
Share issue expenses(296)(45)
Net cash from financing activities9,7611,323
Net increase (decrease) in cash and cash equivalents2,127(5,698)
Cash and cash equivalents at beginning of period6,74917,225
Effect of exchange rate changes on cash and cash equivalents(433)112
Cash and cash equivalents at end of period8,44311,639

For more information, please contact:

NuCana plc
Andrew Kay
Executive Chairman
+44 131-357-1111

ICR Healthcare
Chris Brinzey
+1 339-970-2843


FAQ

What were NuCana's (NCNA) key financial results for Q2 2025?

NuCana reported a net loss of £24.1 million, cash and equivalents of £8.4 million as of June 30, 2025, and raised additional £19.0 million through an ATM offering post-quarter.

What is the status of NuCana's NUC-7738 clinical trial expansion?

NuCana has begun dosing patients in the expansion study of NUC-7738 with pembrolizumab, adding 28 new patients to reach a total of 40 patients. Initial data is expected in Q4 2025 with final data in 2026.

How long will NuCana's current cash runway last?

NuCana's current cash position, including recent ATM offering proceeds, is expected to fund planned operations into 2029.

What are the upcoming milestones for NuCana's clinical programs?

Key milestones include initial data from NUC-7738 expansion study in 2025, FDA guidance on pivotal study design in 2026, and additional data from NUC-3373 Phase 1b/2 study in 2025.

How did NuCana address its warrant situation from the May 2025 financing?

NuCana successfully canceled all remaining Series A Warrants from the May 2025 financing in exchange for $3.6 million in payments, eliminating all overhanging rights.
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Biotechnology
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