NuCana plc

NuCana plc, a clinical-stage biopharmaceutical company, reported a net loss of $29.4 million for FY 2025 ended December 31, 2025, widening from $19.0 million in FY 2024, driven by higher finance expenses of $12.6 million from warrant revaluations and increased share-based payments of $10.0 million. Research and development expenses decreased to $12.7 million from $18.0 million YoY, reflecting reduced clinical trial costs, particularly for NuTide:323, partially offset by NuTide:701 expansion. Administrative expenses rose to $8.1 million from $5.0 million, mainly due to $2.5 million in higher share-based payments. No revenue was generated, consistent with pre-commercial status. Balance sheet strengthened with cash and equivalents at $24.3 million (up from $6.7 million), total assets $29.8 million, and equity $24.3 million. Net cash used in operations improved to $7.5 million from $19.1 million, supported by $4.0 million tax receipts. Financing activities provided $25.0 million, including $20.2 million from share issuances and $4.4 million from warrants. Outlook focuses on NuTide:701 Phase 2 data in 2026 and FDA guidance for NUC-7738 in melanoma, with cash runway into 2029. Strategic prioritization enhances liquidity amid ongoing losses.

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