NCNA · NuCana plc

NuCana's first quarter 2026 results reflect increased investment in its lead programs, particularly NUC-7738, as the company advances toward key clinical milestones. The net loss of £3.9 million widened from £2.5 million in the prior year, primarily due to a £1.5 million increase in research and development expenses to £3.2 million. This increase was driven by higher share-based payment expenses (£1.1 million) and higher translational medicine and clinical costs (£0.4 million). Administrative expenses also rose to £1.6 million from £1.1 million, again largely due to share-based payments. The company reported a net foreign exchange gain of £0.4 million versus a loss of £0.1 million, reflecting the appreciation of the U.S. dollar against sterling. Finance income increased to £0.1 million from £25,000 due to higher cash deposits. The income tax credit remained stable at £0.4 million, primarily from U.K. R&D tax credits. Cash and cash equivalents stood at £21.5 million as of March 31, 2026, down from £24.3 million at year-end 2025, with the company expecting this to fund operations into 2029. Management highlighted the FDA's clearance of the IND for NUC-7738 in April 2026, enabling U.S. clinical trials, and anticipates final data from the Phase 2 NuTide:701 study of NUC-7738 in combination with pembrolizumab in PD-1 inhibitor-resistant melanoma later in 2026. The company is also evaluating additional indications and combination strategies for NUC-7738 and completing evaluation of optimal combinations for NUC-3373. The strong cash position provides financial flexibility to execute on these strategic priorities.