Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO

RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

(Commission

File No. 001-38215)

NUCANA PLC

(Translation of registrant’s name into English)

3 Lochside Way

Edinburgh EH12 9DT

United Kingdom

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under

cover Form 20-F or Form 40-F.

Form 20-F ☒

Form 40-F ☐

Indicate by check mark if the registrant is submitting

the Form 6-K in

paper as permitted by

Regulation S-T Rule 101 (b) (1): ☐

Indicate by check mark if the registrant is submitting

the Form 6-K in

paper as permitted by

Regulation S-T Rule 101 (b) (7): ☐

Other Events

On August 15, 2024, NuCana plc (the “Company”) issued a press release announcing its second quarter 2024 financial results. The Company’s unaudited condensed consolidated financial statements as of June 30, 2024 are attached as Exhibit 99.1 and are incorporated by reference herein. The Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations is attached hereto as Exhibit 99.2, and is incorporated by reference herein. The press release is attached as Exhibit 99.3 hereto and is incorporated by reference herein.

The information in the attached Exhibits 99.1 and 99.2 shall be deemed to be incorporated by reference into the registration statements on Form

F-3

(File Number

333-258941)

and Form

S-8

(File Number

333-223476

and File Number

333-248135),

and related prospectuses, as such registration statements and prospectuses may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

The information in the attached Exhibit 99.3 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.

Exhibits


Exhibit		Description
99.1		Unaudited Condensed Consolidated Financial Statements as of June 30, 2024 and for the Three and Six Months Ended June 30, 2024 and 2023

99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2024 and 2023

99.3		Press Release dated August 15, 2024

101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH		INLINE XBRL Taxonomy Extension Schema Document

101.DEF		INLINE XBRL Taxonomy Extension Calculation Linkbase Document

101.CAL		INLINE XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		INLINE XBRL Taxonomy Extension Label Linkbase Document

101.PRE		INLINE XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.


NuCana plc

By:		/s/ Donald Munoz
Name:		Donald Munoz
Title:		Chief Financial Officer

Date: August 15, 2024

Exhibit 99.1

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


			For the Three Months Ended June 30,						For the Six Months Ended June 30,
	Notes		2024			2023			2024			2023
			(in thousands, except per share data)
			£			£			£			£
Research and development expenses				(6,769	)		(3,959	)		(13,552	)		(10,764	)
Administrative expenses				(1,509	)		(1,754	)		(3,090	)		(3,402	)
Net foreign exchange (losses) gains				(74	)		(564	)		21			(1,259	)

Operating loss				(8,352	)		(6,277	)		(16,621	)		(15,425	)
Finance income				85			178			211			465

Loss before tax				(8,267	)		(6,099	)		(16,410	)		(14,960	)
Income tax credit		3		1,272			685			2,577			1,679

Loss for the period				(6,995	)		(5,414	)		(13,833	)		(13,281	)

Basic and diluted loss per ordinary share		4		(0.12	)		(0.10	)		(0.25	)		(0.25	)

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
	£			£			£			£
Loss for the period		(6,995	)		(5,414	)		(13,833	)		(13,281	)
Other comprehensive (expense) income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		—			(19	)		7			(38	)

Other comprehensive (expense) income for the period		—			(19	)		7			(38	)

Total comprehensive loss for the period		(6,995	)		(5,433	)		(13,826	)		(13,319	)

Attributable to:
Equity holders of the Company		(6,995	)		(5,433	)		(13,826	)		(13,319	)

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT


			June 30, 2024			December 31, 2023
			(in thousands)
	Notes		£			£

Assets
Non-current assets
Intangible assets		5		2,214			2,128
Property, plant and equipment				343			521
Deferred tax asset		3		168			143

				2,725			2,792

Current assets
Prepayments, accrued income and other receivables				2,044			2,671
Current income tax receivable		3		3,662			5,123
Cash and cash equivalents		6		11,639			17,225

				17,345			25,019

Total assets				20,070			27,811

Equity and liabilities
Capital and reserves
Share capital and share premium		8		144,870			143,420
Other reserves				78,373			79,173
Accumulated deficit				(219,443	)		(207,706	)

Total equity attributable to equity holders of the Company				3,800			14,887

Non-current liabilities
Provisions				58			58
Lease liabilities				154			190

				212			248

Current liabilities
Trade payables				6,108			3,375
Payroll taxes and social security				164			155
Accrued expenditure				9,659			8,940
Lease liabilities				127			206

				16,058			12,676
Total liabilities				16,270			12,924

Total equity and liabilities				20,070			27,811

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


	For the Six Months Ended June 30,
	Share capital		Share premium			Own share reserve			Share option reserve			Foreign currency translation reserve			Capital reserve		Accumulated deficit			Total equity attributable to equity holders
	(in thousands)
	£		£			£			£			£			£		£			£
Balance at January 1, 2023		2,095		141,108			(339	)		33,701			44			42,466		(180,573	)		38,502
Loss for the period		—		—			—			—			—			—		(13,281	)		(13,281	)
Other comprehensive expense for the period		—		—			—			—			(38	)		—		—			(38	)

Total comprehensive loss for the period		—		—			—			—			(38	)		—		(13,281	)		(13,319	)
Share-based payments		—		—			—			2,195			—			—		—			2,195
Exercise of share options		1		—			—			(90	)		—			—		84			(5	)
Lapse of share options		—		—			—			(230	)		—			—		230			—
Issue of share capital		1		10			—			—			—			—		—			11
Share issue expenses		—		(2	)		—			—			—			—		—			(2	)

Balance at June 30, 2023		2,097		141,116			(339	)		35,576			6			42,466		(193,540	)		27,382


Balance at January 1, 2024		2,114		141,306			(339	)		37,043			3			42,466		(207,706	)		14,887
Loss for the period		—		—			—			—			—			—		(13,833	)		(13,833	)
Other comprehensive income for the period		—		—			—			—			7			—		—			7

Total comprehensive loss for the period		—		—			—			—			7			—		(13,833	)		(13,826	)
Share-based payments		—		—			—			1,292			—			—		—			1,292
Exercise of share options		2		1			—			(156	)		—			—		153			—
Lapse of share options		—		—			—			(1,943	)		—			—		1,943			—
Issue of share capital		150		1,342			—			—			—			—		—			1,492
Share issue expenses		—		(45	)		—			—			—			—		—			(45	)

Balance at June 30, 2024		2,266		142,604			(339	)		36,236			10			42,466		(219,443	)		3,800

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	For the Six Months Ended June 30,
	2024			2023
	(in thousands)
	£			£
Cash flows from operating activities
Loss for the period		(13,833	)		(13,281	)
Adjustments for:
Income tax credit		(2,577	)		(1,679	)
Amortization and depreciation		272			288
Movement in provisions		—			(1,109	)
Finance income		(211	)		(465	)
Interest expense on lease liabilities		10			16
Share-based payments		1,292			2,195
Net foreign exchange (gains) losses		(112	)		1,285

		(15,159	)		(12,750	)
Movements in working capital:
Decrease in prepayments, accrued income and other receivables		625			1,288
Increase (decrease) in trade payables		2,734			(124	)
Increase (decrease) in payroll taxes, social security and accrued expenditure		725			(4,598	)

Movements in working capital		4,084			(3,434	)

Cash used in operations		(11,075	)		(16,184	)

Net income tax received (paid)		4,015			(2	)

Net cash used in operating activities		(7,060	)		(16,186	)

Cash flows from investing activities
Interest received		218			482
Payments for property, plant and equipment		(3	)		(5	)
Payments for intangible assets		(176	)		(291	)

Net cash from investing activities		39			186

Cash flows from financing activities
Payments for lease liabilities		(127	)		(84	)
Proceeds from issue of share capital – exercise of share options		3			1
Proceeds from issue of share capital		1,492			11
Share issue expenses		(45	)		(2	)

Net cash from (used in) financing activities		1,323			(74	)

Net decrease in cash and cash equivalents		(5,698	)		(16,074	)
Cash and cash equivalents at beginning of period		17,225			41,912

Effect of exchange rate changes on cash and cash equivalents		112			(1,194	)

Cash and cash equivalents at end of period		11,639			24,644

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NUCANA PLC

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. General information

NuCana plc (“NuCana” or the “Company”) is a clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer. NuCana is harnessing the power of phosphoramidate chemistry to generate new medicines called ProTides. These compounds have the potential to improve cancer treatment by enhancing the efficacy and safety of several current standards of care.

The Company has had American Depository Shares (“ADSs”) registered with the US Securities and Exchange Commission (“SEC”) and has been listed on Nasdaq since October 2, 2017. From November 9, 2023 the Company transferred its listing to The Nasdaq Capital Market. On April 16, 2024, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing one ordinary share, to one ADS representing 25 ordinary shares.

The Company is incorporated in England and Wales and domiciled in the United Kingdom. The Company’s registered office is located at 77/78 Cannon Street, London EC4N 6AF, United Kingdom and its principal place of business is located at 3 Lochside Way, Edinburgh, EH12 9DT, United Kingdom.

The Company has

three

wholly owned subsidiaries, NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited (together referred to as the “Group”).

The financial information presented in these unaudited condensed consolidated financial statements does not constitute the Group’s statutory accounts within the meaning of section 434 of the U.K. Companies Act 2006.

The Group’s statutory accounts for the year ended December 31, 2023 have been reported on by the Company’s auditor, and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified and (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. However, the report of the auditor did include a material uncertainty related to going concern disclosure.

2. Material accounting policies

Basis of preparation

The unaudited condensed consolidated financial statements (the “financial statements”) for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “

Interim Financial Reporting”

(“IAS 34”). The material accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s annual financial statements for the year ended December 31, 2023. No new standards, amendments or interpretations have had an impact on the financial statements for the three months and six months ended June 30, 2024. The financial statements comprise the financial statements of the Group at June 30, 2024. The financial statements are presented in pounds sterling, which is also the Company’s functional currency. All values are rounded to the nearest thousand, except where otherwise indicated.

The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023.

In the opinion of management, these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of operations, financial position and cash flows. The results of operations for the three months and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2024.

Going concern

The Company’s consolidated financial statements have been presented on the basis that it is a going concern. The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Company has incurred recurring losses, has an accumulated deficit totaling £219.4 million and cash flows used in operating activities of £7.1 million as of and for the six months ended June 30, 2024. The Company had £11.6 million of cash and cash equivalents at June 30, 2024.

In reviewing the going concern assessment the Company’s board of directors have considered a going concern period of

12-months

from the issuance of these financial statements. Based on our current operating plan, our cash and cash equivalents on hand will not be sufficient to fund our anticipated operations for the entirety of the going concern assessment period. As the Company intends to continue to progress its research and development activities, there will be a requirement to seek additional capital within the going concern period to fund operations, which the Company may obtain from additional equity financings, debt financings or other sources. If the Company is unable to obtain additional capital, the Company will be required to delay or reduce its research and development programs which could negatively impact its ability to generate future sustainable operating revenues and profits.

As a result of these matters, there is uncertainty related to the ability of the Company to raise sufficient additional capital within the going concern period, prior to its cash balances being exhausted. These events or conditions raise substantial doubt about the Company’s ability to continue as a going concern and, therefore, that the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Judgements and estimates

The accounting estimates and judgements made by management in applying the Group’s accounting policies that have the most material effect on the amounts included within these financial statements were the same as those that applied to the annual financial statements for the year ended December 31, 2023.

3. Income tax


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024			2023
	(in thousands)					(in thousands)
	£		£			£			£
Current tax:
In respect of current period U.K.		1,260		882			2,532			1,870
In respect of prior period U.K.		—		(206	)		22			(206	)
In respect of current period U.S.		—		—			(1	)		(1	)

		1,260		676			2,553			1,663
Deferred tax:
In respect of current period U.S.		12		9			24			17
In respect of prior period U.S.		—		—			—			(1	)

Income tax credit		1,272		685			2,577			1,679

The income tax credit recognized primarily represents the U.K. research and development tax credits. In the United Kingdom, the Company is able to surrender some of its losses for a cash rebate of up to 26.97% of expenditure related to eligible research and development projects incurred on or after April 1, 2023 (33.35% prior to April 1, 2023).


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Current income tax receivable
U.K. tax		3,660		5,121
U.S. tax		2		2

	3,662		5,123

Deferred tax asset
U.S. deferred tax asset		168		143

4. Basic and diluted loss per ordinary share


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except per share data)
	£			£			£			£
Loss for the period		(6,995	)		(5,414	)		(13,833	)		(13,281	)

Basic and diluted weighted average number of ordinary shares		56,660			52,389			55,119			52,384
Basic and diluted loss per ordinary share		(0.12	)		(0.10	)		(0.25	)		(0.25	)

Basic loss per ordinary share is calculated by dividing the loss for the period attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.

The potential ordinary shares issued through equity settled transactions were considered to be anti-dilutive as they would have decreased the loss per ordinary share and were therefore excluded from the calculation of diluted loss per ordinary share.

5. Intangible assets

Intangible assets comprise patents with a carrying value of £2.2 million as of June 30, 2024 (as of December 31, 2023: £2.1 million).

During the six months ended June 30, 2024, the Company acquired intangible assets with a cost of £0.2 million in relation to patents.

6. Cash and cash equivalents


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Cash and cash equivalents		11,639		17,225

Cash and cash equivalents comprise cash at banks with deposit maturity terms of three months or less. Cash at banks earns interest at fixed or variable rates based on the terms agreed for each account.

7. Share-based payments

The Company has six share-based payment plans for employees, directors and consultants. The share options granted will be settled in equity. If the Company determines, and at its discretion, an arrangement may be made under the 2020 Long-Term Incentive Plan to substitute the right to acquire shares with a cash alternative of equivalent value. Options granted under each of the six plans have a maximum life of

years.

As detailed in the table below, during the six months ended June 30, 2024, 6,273,782 share options were granted under the 2020 Long-Term Incentive Plan (six months ended June 30, 2023: 2,695,639 share options granted). Options granted under this plan will vest if the option holder remains under respective contract of employment or contract of service for the agreed vesting period. The share options granted in the period will vest over a period of up to four years. Upon vesting, each option allows the holder to purchase one ordinary share at a specified option price determined at grant date. Options granted as

RSU-style

options are automatically exercised on vesting.

The fair values of options granted were determined using the Black-Scholes model that takes into account factors specific to the share incentive plan such as the assumption that the options are exercised at a point in time of up to two years after vesting. This has been incorporated into the measurement by means of actuarial modelling.


Grant date	Mar-13-2024			Mar-14-2024			Mar-13-2024			Mar-13-2024
Vesting dates		Mar-13-2025			Mar-14-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			Mar-14-2026			—			Mar-13-2026
		Mar-13-2027			Mar-14-2027			—			Mar-13-2027
		Mar-13-2028			Mar-14-2028			—			Mar-13-2028
Volatility 1		104.73	%		104.73	%		110.40	%		111.25	%
Dividend yield		0	%		0	%		0	%		0	%
Risk-free investment rate 1		3.92	%		3.92	%		4.06	%		4.03	%
Fair value of option at grant date 1	£	0.22		£	0.22		£	0.20		£	0.27
Fair value of share at grant date	£	0.30		£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.30		£	0.30		£	0.30		£	0.04
Lapse date		Mar-13-2034			Mar-14-2034			Mar-13-2034			Mar-13-2034
Expected option life (years) 1		4.5			4.5			3.0			3.5
Number of options granted		1,946,480			2,585,833			234,375			842,000


Grant date	Mar-13-2024			Mar-13-2024			Mar-13-2024

Vesting dates		Mar-13-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			—			—
		Mar-13-2027			—			—
		Mar-13-2028			—			—
Volatility 1		111.50	%		125.90	%		103.00	%
Dividend yield		0	%		0	%		0	%
Risk-free investment rate 1		4.21	%		4.27	%		4.59	%
Fair value of option at grant date 1	£	0.27		£	0.27		£	0.26
Fair value of share at grant date	£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.04		£	0.04		£	0.04
Lapse date		—			Mar-13-2034			—
Expected option life (years) 1		2.5			2.0			1.0
Number of options granted		547,906			93,750			23,438

Represents the average for the options granted.

For the three months en

ded

June 30, 2024, the Company

recognized

£0.7 million of share-based payment expense in the statement of operations (three months ended June 30, 2023: £1.1 million). For the six months ended June 30, 2024, the Company has recognized £1.3 million of share-based payment expense in the statement of operations (six months ended June 30, 2023: £2.2 million).

8. Share capital and share premium


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Share capital		2,266		2,114
Share premium		142,604		141,306

		144,870		143,420


	Number (in thousands)
Issued share capital comprises:
Ordinary shares of £ 0.04 each		56,660	52,860


	Number of shares		Share capital		Share premium
	(in thousands)
Fully paid ordinary shares:			£		£
Balance at December 31, 2023		52,860		2,114		141,306
Exercise of share options		60		2		1
Issue of share capital		3,740		150		1,297

Balance at June 30, 2024		56,660		2,266		142,604

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of financial condition and results of operations together with the unaudited condensed consolidated financial statements and the related notes to those statements included as Exhibit 99.1 to this Report on Form 6-K submitted to the Securities and Exchange Commission, or the SEC, on August 15, 2024. We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, and the section entitled “Risk Factors”, each of which appear in our Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 20, 2024 (the “Annual Report”).

We present our unaudited condensed consolidated financial statements in pounds sterling and in accordance with International Accounting Standard 34, “Interim Financial Reporting,” or IAS 34, which may differ in material respects from generally accepted accounting principles in other jurisdictions, including generally accepted accounting principles in the United States, or U.S. GAAP.

Unless otherwise indicated or the context otherwise requires, all references to “NuCana,” the “Company,” “we,” “our,” “us” or similar terms refer to NuCana plc and its consolidated subsidiaries.

The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. 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, the risks and uncertainties set forth in the “Risk Factors” section of our Annual Report and any subsequent reports that we file with the SEC.

Company Overview

We are 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-3373 and NUC-7738. 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 three ongoing clinical trials: a Phase 1b/2 clinical trial (NuTide:302) in combination with leucovorin, irinotecan or oxaliplatin, and bevacizumab in patients with metastatic colorectal cancer; a randomized Phase 2 trial (NuTide:323) in combination with leucovorin, irinotecan, and bevacizumab for the second-line treatment of patients with advanced colorectal cancer; and a Phase 1b/2 modular trial (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. NUC-7738 is a transformation of 3’-deoxyadenosine, a novel anti-cancer nucleoside analog. NUC-7738 is in the Phase 2 part of a Phase 1/2 clinical trial in patients with advanced solid tumors which is evaluating NUC-7738 as a monotherapy and in combination with pembrolizumab.

Financial Operations Overview

Revenues

We do not have any approved products. Accordingly, we have not generated any revenue, and we do not expect to generate any revenue from the sale of any products unless and until we obtain regulatory approvals for, and commercialize any of, our product candidates. In the future, we will seek to generate revenue primarily from product sales and, potentially, regional or global collaborations with strategic partners.

Operating Expenses

We classify our operating expenses into two categories: research and development expenses and administrative expenses. Personnel costs, including salaries, benefits, bonuses and share-based payment expense, comprise a component of each of these expense categories. We allocate expenses associated with personnel costs based on the function performed by the respective employees.

Research and Development Expenses

The largest component of our total operating expenses since our inception has been costs related to our research and development activities, including the preclinical and clinical development of our product candidates.

Research and development costs are expensed as incurred. Our research and development expense primarily consists of:

•

costs incurred under agreements with contract research organizations, or CROs, and investigative sites that conduct preclinical studies and clinical trials;

•

costs related to manufacturing active pharmaceutical ingredients and drug products for preclinical studies and clinical trials;

•

salaries and personnel-related costs, including bonuses, benefits and any share-based payment expense, for our personnel performing research and development activities or managing those activities that have been out-sourced;

•

fees paid to consultants and other third parties who support our product candidate development;

•

costs of maintaining and defending patents;

•

other costs incurred in seeking regulatory approval for our product candidates; and

•

payments under our license agreements.

The successful development of our ProTides is highly uncertain. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later stage clinical trials. However, we do not believe that it is possible at this time to accurately project total program specific expenses through commercialization. We are also unable to predict when, if ever, material net cash inflows will commence from our product candidates to offset these expenses. Our expenditures on current and future preclinical and clinical development programs are subject to numerous uncertainties in timing and cost to completion.

The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors including:

•

the scope, rate of progress, results and expenses of our ongoing and future clinical trials, preclinical studies and research and development activities;

•

the potential need for additional clinical trials or preclinical studies requested by regulatory agencies;

•

potential uncertainties in clinical trial enrollment rates or drop-out or discontinuation rates of patients;

•

competition with other drug development companies in, and the related expense of, identifying and enrolling patients in our clinical trials and contracting with third-party manufacturers for the production of the drug product needed for our clinical trials;

•

the achievement of milestones requiring payments under in-licensing agreements;

•

any significant changes in government regulation;

•

the terms and timing of any regulatory approvals;

•

the expense of filing, prosecuting, defending and enforcing patent claims and other intellectual property rights; and

•

the ability to market, commercialize and achieve market acceptance for any of our product candidates, if approved.

We track research and development expenses on a program-by-program basis for both clinical-stage and preclinical product candidates. Where appropriate, manufacturing and non-clinical research and development expenses are assigned or allocated to individual product candidates.

Administrative Expenses

Administrative expenses consist of personnel costs, depreciation, amortization and other expenses for outside professional services, including legal, audit and accounting services. Personnel costs consist of salaries, bonuses, benefits and share-based payment expense. Other administrative expenses include office related costs, professional fees and costs of our information systems. We anticipate that our administrative expenses will continue to increase in the future as we increase our headcount to support our continued research and development and potential commercialization of our product candidates. We also incur expenses as a public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq, additional insurance expenses, and expenses related to investor relations and other administrative and professional services.

Net Foreign Exchange Gains (Losses)

Net foreign exchange gains (losses) primarily relate to cash held in U.S. dollars.

Finance Income

Finance income relates to interest earned on our cash and cash equivalents.

Income Tax Credit

We are subject to corporate taxation in the United Kingdom and our wholly owned U.S. subsidiary, NuCana, Inc., is subject to corporate taxation in the United States. Due to the nature of our business, we have generated losses in the United Kingdom since our inception. Our income tax credit recognized represents the sum of the research and development tax credits recoverable in the United Kingdom and in the United States, and income tax payable in the United States.

As a company that carries out extensive research and development activities, we benefit from the U.K. and U.S. research and development tax credit regimes. In the United Kingdom, we are able to surrender some of our losses for a cash rebate of up to 26.97% of eligible expenditures on qualifying research and development projects incurred on or after April 1, 2023 (33.35% prior to April 1, 2023). In the United States, we are able to offset the research and development credits against corporation tax payable. Our qualifying expenditures in the United Kingdom largely comprise clinical trial and manufacturing costs, employment costs for relevant staff and consumables incurred as part of research and development projects. In the United Kingdom, where we receive the larger proportion of the research and development credits, certain subcontracted qualifying research and development expenditures are eligible for a cash rebate of up to 17.53% from April 1, 2023 (21.68% prior to April 1, 2023). A large proportion of costs relating to our research and development, clinical trials and manufacturing activities are currently eligible for inclusion within these tax credit cash rebate claims.

We may not be able to continue to claim research and development tax credits in the United Kingdom in the future under the current research and development tax credit scheme because we may no longer qualify as a small or medium-sized company. However, in that scenario, we may be able to file under a large company scheme.

Results of Operations

Comparison of the Three Months Ended June 30, 2024 and June 30, 2023

The following table summarizes the results of our operations for the three months ended June 30, 2024 and 2023.


	For the Three Months Ended June 30,
	2024			2023
	(unaudited)
	(in thousands)
	£			£
Research and development expenses		(6,769	)		(3,959	)
Administrative expenses		(1,509	)		(1,754	)
Net foreign exchange losses		(74	)		(564	)

Operating loss		(8,352	)		(6,277	)
Finance income		85			178

Loss before tax		(8,267	)		(6,099	)
Income tax credit		1,272			685

Loss for the period		(6,995	)		(5,414	)
Other comprehensive expense:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		—			(19	)

Total comprehensive loss for the period		(6,995	)		(5,433	)

Research and Development Expenses

Research and development expenses were £6.8 million for the three months ended June 30, 2024 as compared to £4.0 million for the three months ended June 30, 2023. Clinical trial expenses increased by £3.2 million in the three months ended June 30, 2024, compared with the three months ended June 30, 2023, primarily due to increased expenditure on NuTide:323. Other research and development costs decreased by £0.4 million in the three months ended June 30, 2024 compared with the three months ended June 30, 2023, primarily due to lower share-based payment expenses.

The following table gives a breakdown of the research and development costs incurred by product candidate for the three months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,
	2024		2023
	(in thousands)
	£		£
NUC-3373		5,584		3,572
NUC-7738		779		788
Acelarin		102		(803	)
Other		304		402

		6,769		3,959

Administrative Expenses

Administrative expenses were £1.5 million for the three months ended June 30, 2024 as compared to £1.8 million for the three months ended June 30, 2023, primarily due to lower share-based payment expenses and insurance costs.

Net Foreign Exchange Losses

For the three months ended June 30, 2024, we reported a net foreign exchange loss of £0.1 million as compared to a net foreign exchange loss of £0.6 million for the three months ended June 30, 2023. In the three months ended June 30, 2024, the US dollar depreciated less, relative to the UK pound sterling, and on a lower US dollar cash balance compared with the three months ended June 30, 2023.

Finance Income

Finance income represents bank interest and was £0.1 million for the three months ended June 30, 2024 and £0.2 million for the three months ended June 30, 2023. The decrease in bank interest resulted from lower cash deposits.

Income Tax Credit

The income tax credit for the three months ended June 30, 2024, which is largely comprised of U.K. research and development tax credits, amounted to £1.3 million as compared to £0.7 million for the three months ended June 30, 2023. The increase in the income tax credit was primarily attributable to an increase in our eligible research and development expenses.

Results of Operations

Comparison of the Six Months Ended June 30, 2024 and June 30, 2023

The following table summarizes the results of our operations for the six months ended June 30, 2024 and 2023.


	For the Six Months Ended June 30,
	2024			2023
	(unaudited)
	(in thousands)
	£			£
Research and development expenses		(13,552	)		(10,764	)
Administrative expenses		(3,090	)		(3,402	)
Net foreign exchange gains (losses)		21			(1,259	)

Operating loss		(16,621	)		(15,425	)
Finance income		211			465

Loss before tax		(16,410	)		(14,960	)
Income tax credit		2,577			1,679

Loss for the period		(13,833	)		(13,281	)
Other comprehensive income (expense):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		7			(38	)

Total comprehensive loss for the period		(13,826	)		(13,319	)

Research and Development Expenses

Research and development expenses were £13.6 million for the six months ended June 30, 2024 as compared to £10.8 million for the six months ended June 30, 2023, reflecting an increase of £2.8 million. The increase resulted primarily from higher expenses incurred in relation to clinical trials of £9.3 million in the six months ended June 30, 2024, compared with £3.6 million in the six months ended June 30, 2023, primarily due to increased expenditure on NuTide:323. Patent costs decreased by £2.1 million in the six months ended June 30, 2024 compared with the six months ended June 30, 2023 mainly due to higher patent defense activity in the first quarter of 2023. Other research and development costs decreased by £0.8 million in the six months ended June 30, 2024 compared with the six months ended June 30, 2023, principally due to lower share-based payment expenses.

The following table gives a breakdown of the research and development costs incurred by product candidate for the six months ended June 30, 2024 and 2023:


	For the Six Months Ended June 30,
	2024		2023
	(in thousands)
	£		£
NUC-3373		11,005		6,752
NUC-7738		1,686		1,625
Acelarin		278		1,643
Other		583		744

		13,552		10,764

Administrative Expenses

Administrative expenses were £3.1 million for the six months ended June 30, 2024 as compared to £3.4 million for the six months ended June 30, 2023, reflecting a decrease of £0.3 million. The decrease was primarily related to lower share-based payment expenses and insurance costs, partly offset by higher professional fees.

Net Foreign Exchange Gains (Losses)

For the six months ended June 30, 2024, we reported a net foreign exchange gain of £21,000 as compared to a net foreign exchange loss of £1.3 million for the six months ended June 30, 2023. In the six months ended June 30, 2024, the gain arose from cash balances held in U.S. dollars and the U.S. dollar appreciating relative to the U.K. pound sterling. Conversely in the six months ended June 30, 2023, the loss arose from cash balances held in U.S. dollars and the U.S. dollar depreciating relative to the U.K. pound sterling.

Finance Income

Finance income represents bank interest and was £0.2 million for the six months ended June 30, 2024 and £0.5 million for the six months ended June 30, 2023. The decrease in bank interest resulted from lower cash deposits.

Income Tax Credit

The income tax credit for the six months ended June 30, 2024, which is largely composed of U.K. research and development tax credits, amounted to £2.6 million as compared to £1.7 million for the six months ended June 30, 2023. The increase in the income tax credit was primarily attributable to an increase in our eligible research and development expenses, partly offset by a lower tax credit rate.

Liquidity and Capital Resources

Overview

Since our inception, we have incurred significant operating losses and negative cash flows. We anticipate that we will continue to incur losses for at least the next several years. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity financings, debt financings, research funding, collaborations, contract and grant revenue or other sources.

As of June 30, 2024 and December 31, 2023, we had cash and cash equivalents of £11.6 million and £17.2 million, respectively. We do not currently have any approved products and have never generated any revenue from product sales. To date we have financed our operations primarily through the issuances of our equity securities.

In August 2021, we entered into an “at-the-market” (ATM) sales agreement with Jefferies LLC, or Jefferies, pursuant to which we may periodically sell ADSs having an aggregate offering price of up to $100.0 million through Jefferies acting as our agent. Sales of our ADSs pursuant to this ATM program are subject to certain conditions specified in the sales agreement. Sales under the ATM program are registered on a shelf registration statement on Form F-3 that we filed with the SEC in August 2021, and which permits the offering, issuance and sale by us of up to a maximum aggregate offering price of $400.0 million of our securities, inclusive of our ADSs sold under the ATM program. During the six months ending June 30, 2024 we sold and issued 3,740,320 ADSs (equivalent to 149,612 ADSs from April 16, 2024 following completion of our ADS ratio change), representing 3,740,320 ordinary shares, under the ATM program, raising gross proceeds of £1.5 million.

Cash Flows

Comparison of the Six Months Ended June 30, 2024 and June 30, 2023

The following table summarizes the results of our cash flows for the six months ended June, 2024 and 2023.


	For the Six Months Ended June 30,
	2024			2023
	(unaudited)
	(in thousands)
	£			£
Net cash used in operating activities		(7,060	)		(16,186	)
Net cash from investing activities		39			186
Net cash from (used in) financing activities		1,323			(74	)

Net decrease in cash and cash equivalents		(5,698	)		(16,074	)

Operating Activities

Net cash used in operating activities was £7.1 million for the six months ended June 30, 2024 as compared to £16.2 million for the six months ended June 30, 2023, a net decrease in cash outflows of £9.1 million. Operating loss cash outflows were higher by £2.4 million for the six months ended June 30, 2024. Working capital inflows were £4.1 million in the six months ended June 30, 2024 as compared to working capital outflows of £3.4 million in the six months ended June 30, 2023. A tax refund of £4.0 million was received in the six months ended June 30, 2024 with no similar cash inflow received in the six months ended June 30, 2023.

Investing Activities

Net cash from investing activities was £39,000 for the six months ended June 30, 2024 as compared to £0.2 million for the six months ended June 30, 2023. Interest received for the six months ended June 30, 2024 was £0.2 million compared with £0.5 million for the six months ended June 30, 2023. In the six months ended June 30, 2024, cash used to acquire intangible assets was lower by £0.1 million than in the six months ended June 30, 2023.

Financing Activities

Net cash from financing activities was £1.3 million for the six months ended June 30, 2024 as compared with net cash used in financing activities of £0.1 million for the six months ended June 30, 2023 reflecting an increase in the proceeds from the issue of share capital.

Operating and Capital Expenditure Requirements

We have not achieved profitability on an annual basis since our inception, and we expect to continue to incur net losses in the future.

In assessing the requirements necessary to continue progressing our research and development activities as currently anticipated there will also be a requirement to seek additional capital to fund operations. If we are unable to obtain additional capital, we may be required to delay or reduce our research and development programs, which could adversely affect our future business prospects and our ability to continue as a going concern. We believe, based upon our current operating plan, that our cash and cash equivalents on hand will not be sufficient to fund our anticipated operations for the next twelve months.

As a result of these matters, there is uncertainty related to our ability to raise sufficient additional capital within the going concern period, prior to our cash balances being exhausted. These events or conditions raise substantial doubt on our ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

However, we carefully manage our capital resources and, as considered in our going concern assessment, we expect our cash spend run-rate to decrease over the year ended December 31, 2024 when compared to the year ended December 31, 2023, as our cash outflows in 2023 were impacted by the settlement of obligations arising from the patent infringement litigation in the U.K. and Germany.

However, our future funding requirements will depend on many factors, including but not limited to:

•

the scope, rate of progress and cost of our clinical trials taking place in the near term, preclinical programs and other related activities;

•

the extent of success in our early preclinical and clinical stage research programs, which will determine the amount of funding required to further the development of our product candidates;

•

the progress that we make in developing new product candidates based on our proprietary ProTide technology;

•

the cost of manufacturing clinical supplies and establishing commercial supplies of our product candidates and any products that we may develop;

•

the costs involved in filing and prosecuting patent applications and enforcing and defending potential patent claims;

•

the timing of receipt of our U.K. research and development tax credit cash rebates;

•

the outcome, timing and cost of regulatory approvals of our ProTide product candidates;

•

the cost and timing of establishing sales, marketing and distribution capabilities; and

•

the costs of hiring additional skilled employees to support our continued growth and the related costs of leasing additional office space.

Exhibit 99.3

NuCana Reports Second Quarter 2024 Financial Results and Provides Business Update

Key Data Readouts on Track for All Programs in 2024

Anticipated Cash Runway into Q1 2025

Edinburgh, United Kingdom, August 15, 2024 (GLOBE NEWSWIRE) – NuCana plc (NASDAQ: NCNA) announced financial results for the second quarter ended June 30, 2024 and provided an update on its broad clinical development program with its transformative ProTide therapeutics.

As of June 30, 2024, NuCana had cash and cash equivalents of £11.6 million compared to £12.9 million as of March 31, 2024 and £17.2 million at December 31, 2023. NuCana continues to advance its numerous clinical programs and reported a net loss of £7.0 million for the quarter ended June 30, 2024, as compared to a net loss of £5.4 million for the quarter ended June 30, 2023. Basic and diluted loss per ordinary share was £0.12 for the quarter ended June 30, 2024, as compared to £0.10 per ordinary share for the comparable quarter ended June 30, 2023.

“During the first half of the year, we remained focused on the execution of our clinical programs, all of which are on track for data updates this year,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “NUC-3373, a ProTide transformation of 5-FU, is currently being evaluated in three clinical studies: NuTide:323, a randomized, 182-patient Phase 2 study for the second-line treatment of patients with metastatic colorectal cancer; NuTide:302, a Phase 1/2 study in patients with metastatic colorectal cancer; and NuTide:303, a Phase 1b/2 study in patients with solid tumors and lung cancer. We are pleased to report that all three studies are progressing as planned, and we look forward to sharing data updates in the second half of 2024.”

Mr. Griffith continued: “In addition, NUC-7738, a ProTide transformation of a novel nucleoside analog, 3’-deoxyadenosine, is being assessed in the Phase 2 part of the ongoing Phase 1/2 NuTide:701 study in PD-1 inhibitor-resistant melanoma patients. Following a positive data update at the American Association for Cancer Research (AACR) Annual Meeting earlier this year, we plan to announce additional data at the upcoming European Society for Medical Oncology (ESMO) Congress 2024, being held September 13-17 in Barcelona, Spain.”

Mr. Griffith concluded, “Our commitment to improving treatment outcomes for patients with cancer is what drives us to advance our development programs. We expect to announce numerous important data readouts in the second half of this year and look forward to providing updates on our progress.”

2024 Anticipated Milestones

•

NUC-3373 (a ProTide transformation of 5-FU)

In 2024, NuCana expects to:

•

Announce data from the randomized Phase 2 (NuTide:323) study of NUFIRI + bevacizumab compared to the standard of care FOLFIRI + bevacizumab for the second-line treatment of patients with metastatic colorectal cancer;

•

Announce data from the Phase 1b/2 (NuTide:302) study of NUFIRI + bevacizumab and NUFOX + bevacizumab for the second-line treatment of patients with metastatic colorectal cancer; and

•

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

•

NUC-7738 (a ProTide transformation of 3’-deoxyadenosine)

In 2024, NuCana expects to:

•

Announce data from the Phase 2 part of the Phase 1/2 study (NuTide:701) of NUC-7738 in combination with pembrolizumab in patients with melanoma.

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-3373 and NUC-7738. 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 three ongoing clinical studies: a Phase 1b/2 study (NuTide:302) in combination with leucovorin, irinotecan or oxaliplatin, and bevacizumab in patients with metastatic colorectal cancer; a randomized Phase 2 study (NuTide:323) in combination with leucovorin, irinotecan, and bevacizumab for the second-line treatment of patients with metastatic colorectal cancer; and 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. NUC-7738 is a transformation of 3’-deoxyadenosine, a novel anti-cancer nucleoside analog. 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.

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 NuCana plc (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-3373 and NUC-7738; 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, cash equivalents and marketable securities to fund its planned operations into Q1 2025. 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, 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, 2023 filed with the Securities and Exchange Commission (“SEC”) on March 20, 2024, 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,
	2024			2023			2024			2023
	(in thousands, except per share data)
	£			£			£			£
Research and development expenses		(6,769	)		(3,959	)		(13,552	)		(10,764	)
Administrative expenses		(1,509	)		(1,754	)		(3,090	)		(3,402	)
Net foreign exchange (losses) gains		(74	)		(564	)		21			(1,259	)

Operating loss		(8,352	)		(6,277	)		(16,621	)		(15,425	)
Finance income		85			178			211			465

Loss before tax		(8,267	)		(6,099	)		(16,410	)		(14,960	)
Income tax credit		1,272			685			2,577			1,679

Loss for the period		(6,995	)		(5,414	)		(13,833	)		(13,281	)

Basic and diluted loss per ordinary share		(0.12	)		(0.10	)		(0.25	)		(0.25	)

Unaudited Condensed Consolidated Statements of Financial Position As At


	June 30, 2024			December 31, 2023
	(in thousands)
	£			£
Assets
Non-current assets
Intangible assets		2,214			2,128
Property, plant and equipment		343			521
Deferred tax asset		168			143

	2,725			2,792
Current assets
Prepayments, accrued income and other receivables		2,044			2,671
Current income tax receivable		3,662			5,123
Cash and cash equivalents		11,639			17,225

		17,345			25,019

Total assets		20,070			27,811

Equity and liabilities
Capital and reserves
Share capital and share premium		144,870			143,420
Other reserves		78,373			79,173
Accumulated deficit		(219,443	)		(207,706	)

Total equity attributable to equity holders of the Company		3,800			14,887

Non-current liabilities
Provisions		58			58
Lease liabilities		154			190

	212			248
Current liabilities
Trade payables		6,108			3,375
Payroll taxes and social security		164			155
Accrued expenditure		9,659			8,940
Lease liabilities		127			206

	16,058			12,676
Total liabilities		16,270			12,924

Total equity and liabilities		20,070			27,811

Unaudited Condensed Consolidated Statements of Cash Flows


	For the Six Months Ended June 30,
	2024			2023
	(in thousands)
	£			£
Cash flows from operating activities
Loss for the period		(13,833	)		(13,281	)
Adjustments for:
Income tax credit		(2,577	)		(1,679	)
Amortization and depreciation		272			288
Movement in provisions		—			(1,109	)
Finance income		(211	)		(465	)
Interest expense on lease liabilities		10			16
Share-based payments		1,292			2,195
Net foreign exchange (gains) losses		(112	)		1,285

		(15,159	)		(12,750	)
Movements in working capital:
Decrease in prepayments, accrued income and other receivables		625			1,288
Increase (decrease) in trade payables		2,734			(124	)
Increase (decrease) in payroll taxes, social security and accrued expenditure		725			(4,598	)

Movements in working capital		4,084			(3,434	)

Cash used in operations		(11,075	)		(16,184	)

Net income tax received (paid)		4,015			(2	)

Net cash used in operating activities		(7,060	)		(16,186	)

Cash flows from investing activities
Interest received		218			482
Payments for property, plant and equipment		(3	)		(5	)
Payments for intangible assets		(176	)		(291	)

Net cash from investing activities		39			186

Cash flows from financing activities
Payments for lease liabilities		(127	)		(84	)
Proceeds from issue of share capital – exercise of share options		3			1
Proceeds from issue of share capital		1,492			11
Share issue expenses		(45	)		(2	)

Net cash from (used in) financing activities		1,323			(74	)

Net decrease in cash and cash equivalents		(5,698	)		(16,074	)
Cash and cash equivalents at beginning of period		17,225			41,912

Effect of exchange rate changes on cash and cash equivalents		112			(1,194	)

Cash and cash equivalents at end of period		11,639			24,644

For more information, please contact:

NuCana plc

Hugh S. Griffith

Chief Executive Officer

+44 131-357-1111

info@nucana.com

ICR Westwicke

Chris Brinzey

+1 339-970-2843

chris.brinzey@westwicke.com

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	NUCANA PLC
Entity Central Index Key	0001709626
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidated Statements of Operations - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Profit or loss [abstract]
Research and development expenses	£ (6,769)	£ (3,959)	£ (13,552)	£ (10,764)
Administrative expenses	(1,509)	(1,754)	(3,090)	(3,402)
Net foreign exchange (losses) gains	(74)	(564)	21	(1,259)
Operating loss	(8,352)	(6,277)	(16,621)	(15,425)
Finance income	85	178	211	465
Loss before tax	(8,267)	(6,099)	(16,410)	(14,960)
Income tax credit	1,272	685	2,577	1,679
Loss for the period	£ (6,995)	£ (5,414)	£ (13,833)	£ (13,281)
Basic loss per ordinary share	£ (0.12)	£ (0.1)	£ (0.25)	£ (0.25)
Diluted loss per ordinary share	£ (0.12)	£ (0.1)	£ (0.25)	£ (0.25)

Unaudited Condensed Consolidated Statements of Comprehensive Loss - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
Loss for the period	£ (6,995)	£ (5,414)	£ (13,833)	£ (13,281)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	0	(19)	7	(38)
Other comprehensive (expense) income for the period	0	(19)	7	(38)
Total comprehensive loss for the period	(6,995)	(5,433)	(13,826)	(13,319)
Attributable to:
Equity holders of the Company	£ (6,995)	£ (5,433)	£ (13,826)	£ (13,319)

Unaudited Condensed Consolidated Statements of Financial Position - GBP (£) £ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Intangible assets	£ 2,214	£ 2,128
Property, plant and equipment	343	521
Deferred tax asset	168	143
Total non-current assets	2,725	2,792
Current assets
Prepayments, accrued income and other receivables	2,044	2,671
Current income tax receivable	3,662	5,123
Cash and cash equivalents	11,639	17,225
Total current assets	17,345	25,019
Total assets	20,070	27,811
Capital and reserves
Share capital and share premium	144,870	143,420
Other reserves	78,373	79,173
Accumulated deficit	(219,443)	(207,706)
Total equity attributable to equity holders of the Company	3,800	14,887
Non-current liabilities
Provisions	58	58
Lease liabilities	154	190
Total non-current liabilities	212	248
Current liabilities
Trade payables	6,108	3,375
Payroll taxes and social security	164	155
Accrued expenditure	9,659	8,940
Lease liabilities	127	206
Total current liabilities	16,058	12,676
Total liabilities	16,270	12,924
Total equity and liabilities	£ 20,070	£ 27,811

Unaudited Condensed Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands	Total	Share Capital [member]	Share Premium [member]	Own Share Reserve [member]	Share Option Reserve [member]	Foreign Currency Translation Reserve [member]	Capital Reserve [member]	Accumulated Deficit [member]
Beginning balance at Dec. 31, 2022	£ 38,502	£ 2,095	£ 141,108	£ (339)	£ 33,701	£ 44	£ 42,466	£ (180,573)
Loss for the period	(13,281)							(13,281)
Other comprehensive income (expense) for the period	(38)					(38)
Total comprehensive loss for the period	(13,319)					(38)		(13,281)
Share-based payments	2,195				2,195
Exercise of share options	(5)	1			(90)			84
Lapse of share options					(230)			230
Issue of share capital	11	1	10
Share issue expenses	(2)		(2)
Ending balance at Jun. 30, 2023	27,382	2,097	141,116	(339)	35,576	6	42,466	(193,540)
Beginning balance at Dec. 31, 2023	14,887	2,114	141,306	(339)	37,043	3	42,466	(207,706)
Loss for the period	(13,833)							(13,833)
Other comprehensive income (expense) for the period	7					7
Total comprehensive loss for the period	(13,826)					7		(13,833)
Share-based payments	1,292				1,292
Exercise of share options		2	1		(156)			153
Lapse of share options					(1,943)			1,943
Issue of share capital	1,492	150	1,342
Share issue expenses	(45)		(45)
Ending balance at Jun. 30, 2024	£ 3,800	£ 2,266	£ 142,604	£ (339)	£ 36,236	£ 10	£ 42,466	£ (219,443)

Unaudited Condensed Consolidated Statements of Cash Flows - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Loss for the period	£ (13,833)	£ (13,281)
Adjustments for:
Income tax credit	(2,577)	(1,679)
Amortization and depreciation	272	288
Movement in provisions	0	(1,109)
Finance income	(211)	(465)
Interest expense on lease liabilities	10	16
Share-based payments	1,292	2,195
Net foreign exchange (gains) losses	(112)	1,285
Cash flows from (used in) operations before changes in working capital	(15,159)	(12,750)
Movements in working capital:
Decrease in prepayments, accrued income and other receivables	625	1,288
Increase (decrease) in trade payables	2,734	(124)
Increase (decrease) in payroll taxes, social security and accrued expenditure	725	(4,598)
Movements in working capital	4,084	(3,434)
Cash used in operations	(11,075)	(16,184)
Net income tax received (paid)	4,015	(2)
Net cash used in operating activities	(7,060)	(16,186)
Cash flows from investing activities
Interest received	218	482
Payments for property, plant and equipment	(3)	(5)
Payments for intangible assets	(176)	(291)
Net cash from investing activities	39	186
Cash flows from financing activities
Payments for lease liabilities	(127)	(84)
Proceeds from issue of share capital – exercise of share options	3	1
Proceeds from issue of share capital	1,492	11
Share issue expenses	(45)	(2)
Net cash from (used in) financing activities	1,323	(74)
Net decrease in cash and cash equivalents	(5,698)	(16,074)
Cash and cash equivalents at beginning of period	17,225	41,912
Effect of exchange rate changes on cash and cash equivalents	112	(1,194)
Cash and cash equivalents at end of period	£ 11,639	£ 24,644

General Information	6 Months Ended
General Information	Jun. 30, 2024
Disclosure Of General Information About Financial Statements [Abstract]
General information	1. General information NuCana plc (“NuCana” or the “Company”) is a clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer. NuCana is harnessing the power of phosphoramidate chemistry to generate new medicines called ProTides. These compounds have the potential to improve cancer treatment by enhancing the efficacy and safety of several current standards of care. The Company has had American Depository Shares (“ADSs”) registered with the US Securities and Exchange Commission (“SEC”) and has been listed on Nasdaq since October 2, 2017. From November 9, 2023 the Company transferred its listing to The Nasdaq Capital Market. On April 16, 2024, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing one ordinary share, to one ADS representing 25 ordinary shares. The Company is incorporated in England and Wales and domiciled in the United Kingdom. The Company’s registered office is located at 77/78 Cannon Street, London EC4N 6AF, United Kingdom and its principal place of business is located at 3 Lochside Way, Edinburgh, EH12 9DT, United Kingdom. The Company has three wholly owned subsidiaries, NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited (together referred to as the “Group”). The financial information presented in these unaudited condensed consolidated financial statements does not constitute the Group’s statutory accounts within the meaning of section 434 of the U.K. Companies Act 2006. The Group’s statutory accounts for the year ended December 31, 2023 have been reported on by the Company’s auditor, and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified and (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. However, the report of the auditor did include a material uncertainty related to going concern disclosure.

Material Accounting Policies	6 Months Ended
Material Accounting Policies	Jun. 30, 2024
Disclosure Of Summary Of Material Accounting Policies [Abstract]
Material accounting policies	2. Material accounting policies Basis of preparation The unaudited condensed consolidated financial statements (the “financial statements”) for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting” (“IAS 34”). The material accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s annual financial statements for the year ended December 31, 2023. No new standards, amendments or interpretations have had an impact on the financial statements for the three months and six months ended June 30, 2024. The financial statements comprise the financial statements of the Group at June 30, 2024. The financial statements are presented in pounds sterling, which is also the Company’s functional currency. All values are rounded to the nearest thousand, except where otherwise indicated. The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023. In the opinion of management, these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of operations, financial position and cash flows. The results of operations for the three months and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2024. Going concern The Company’s consolidated financial statements have been presented on the basis that it is a going concern. The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Company has incurred recurring losses, has an accumulated deficit totaling £219.4 million and cash flows used in operating activities of £7.1 million as of and for the six months ended June 30, 2024. The Company had £11.6 million of cash and cash equivalents at June 30, 2024. In reviewing the going concern assessment the Company’s board of directors have considered a going concern period of 12-months from the issuance of these financial statements. Based on our current operating plan, our cash and cash equivalents on hand will not be sufficient to fund our anticipated operations for the entirety of the going concern assessment period. As the Company intends to continue to progress its research and development activities, there will be a requirement to seek additional capital within the going concern period to fund operations, which the Company may obtain from additional equity financings, debt financings or other sources. If the Company is unable to obtain additional capital, the Company will be required to delay or reduce its research and development programs which could negatively impact its ability to generate future sustainable operating revenues and profits. As a result of these matters, there is uncertainty related to the ability of the Company to raise sufficient additional capital within the going concern period, prior to its cash balances being exhausted. These events or conditions raise substantial doubt about the Company’s ability to continue as a going concern and, therefore, that the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Judgements and estimates The accounting estimates and judgements made by management in applying the Group’s accounting policies that have the most material effect on the amounts included within these financial statements were the same as those that applied to the annual financial statements for the year ended December 31, 2023.

Income Tax

6 Months Ended

Jun. 30, 2024

Major Components Of Tax Expense Income [Abstract]

Income tax

3. Income tax


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024			2023
	(in thousands)					(in thousands)
	£		£			£			£
Current tax:
In respect of current period U.K.		1,260		882			2,532			1,870
In respect of prior period U.K.		—		(206	)		22			(206	)
In respect of current period U.S.		—		—			(1	)		(1	)

		1,260		676			2,553			1,663
Deferred tax:
In respect of current period U.S.		12		9			24			17
In respect of prior period U.S.		—		—			—			(1	)

Income tax credit		1,272		685			2,577			1,679


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Current income tax receivable
U.K. tax		3,660		5,121
U.S. tax		2		2

	3,662		5,123

Deferred tax asset
U.S. deferred tax asset		168		143

Basic and Diluted Loss Per Ordinary Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and diluted loss per ordinary share

4. Basic and diluted loss per ordinary share


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except per share data)
	£			£			£			£
Loss for the period		(6,995	)		(5,414	)		(13,833	)		(13,281	)

Basic and diluted weighted average number of ordinary shares		56,660			52,389			55,119			52,384
Basic and diluted loss per ordinary share		(0.12	)		(0.10	)		(0.25	)		(0.25	)

Intangible Assets	6 Months Ended
Intangible Assets	Jun. 30, 2024
Disclosure Of Intangible Assets [Abstract]
Intangible assets	5. Intangible assets Intangible assets comprise patents with a carrying value of £2.2 million as of June 30, 2024 (as of December 31, 2023: £2.1 million). During the six months ended June 30, 2024, the Company acquired intangible assets with a cost of £0.2 million in relation to patents.

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash And Cash Equivalents [Abstract]

Cash and cash equivalents

6. Cash and cash equivalents


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Cash and cash equivalents		11,639		17,225

Share-based Payments

6 Months Ended

Jun. 30, 2024

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share-based payments

7. Share-based payments

years.

RSU-style

options are automatically exercised on vesting.


Grant date	Mar-13-2024			Mar-14-2024			Mar-13-2024			Mar-13-2024
Vesting dates		Mar-13-2025			Mar-14-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			Mar-14-2026			—			Mar-13-2026
		Mar-13-2027			Mar-14-2027			—			Mar-13-2027
		Mar-13-2028			Mar-14-2028			—			Mar-13-2028
Volatility 1		104.73	%		104.73	%		110.40	%		111.25	%
Dividend yield		0	%		0	%		0	%		0	%
Risk-free investment rate 1		3.92	%		3.92	%		4.06	%		4.03	%
Fair value of option at grant date 1	£	0.22		£	0.22		£	0.20		£	0.27
Fair value of share at grant date	£	0.30		£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.30		£	0.30		£	0.30		£	0.04
Lapse date		Mar-13-2034			Mar-14-2034			Mar-13-2034			Mar-13-2034
Expected option life (years) 1		4.5			4.5			3.0			3.5
Number of options granted		1,946,480			2,585,833			234,375			842,000


Grant date	Mar-13-2024			Mar-13-2024			Mar-13-2024

Vesting dates		Mar-13-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			—			—
		Mar-13-2027			—			—
		Mar-13-2028			—			—
Volatility 1		111.50	%		125.90	%		103.00	%
Dividend yield		0	%		0	%		0	%
Risk-free investment rate 1		4.21	%		4.27	%		4.59	%
Fair value of option at grant date 1	£	0.27		£	0.27		£	0.26
Fair value of share at grant date	£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.04		£	0.04		£	0.04
Lapse date		—			Mar-13-2034			—
Expected option life (years) 1		2.5			2.0			1.0
Number of options granted		547,906			93,750			23,438

Represents the average for the options granted.

For the three months en

ded

June 30, 2024, the Company

recognized

Share Capital and Share Premium

6 Months Ended

Jun. 30, 2024

Disclosure Of Classes Of Share Capital [Abstract]

Share capital and share premium

8. Share capital and share premium


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Share capital		2,266		2,114
Share premium		142,604		141,306

		144,870		143,420


	Number (in thousands)
Issued share capital comprises:
Ordinary shares of £ 0.04 each		56,660	52,860


	Number of shares		Share capital		Share premium
	(in thousands)
Fully paid ordinary shares:			£		£
Balance at December 31, 2023		52,860		2,114		141,306
Exercise of share options		60		2		1
Issue of share capital		3,740		150		1,297

Balance at June 30, 2024		56,660		2,266		142,604

Material Accounting Policies (Policies)	6 Months Ended
Material Accounting Policies (Policies)	Jun. 30, 2024
Disclosure Of Summary Of Material Accounting Policies [Abstract]
Basis of preparation	Basis of preparation The unaudited condensed consolidated financial statements (the “financial statements”) for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting” (“IAS 34”). The material accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s annual financial statements for the year ended December 31, 2023. No new standards, amendments or interpretations have had an impact on the financial statements for the three months and six months ended June 30, 2024. The financial statements comprise the financial statements of the Group at June 30, 2024. The financial statements are presented in pounds sterling, which is also the Company’s functional currency. All values are rounded to the nearest thousand, except where otherwise indicated. The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023. In the opinion of management, these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of operations, financial position and cash flows. The results of operations for the three months and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2024.
Going concern	Going concern The Company’s consolidated financial statements have been presented on the basis that it is a going concern. The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Company has incurred recurring losses, has an accumulated deficit totaling £219.4 million and cash flows used in operating activities of £7.1 million as of and for the six months ended June 30, 2024. The Company had £11.6 million of cash and cash equivalents at June 30, 2024. In reviewing the going concern assessment the Company’s board of directors have considered a going concern period of 12-months from the issuance of these financial statements. Based on our current operating plan, our cash and cash equivalents on hand will not be sufficient to fund our anticipated operations for the entirety of the going concern assessment period. As the Company intends to continue to progress its research and development activities, there will be a requirement to seek additional capital within the going concern period to fund operations, which the Company may obtain from additional equity financings, debt financings or other sources. If the Company is unable to obtain additional capital, the Company will be required to delay or reduce its research and development programs which could negatively impact its ability to generate future sustainable operating revenues and profits. As a result of these matters, there is uncertainty related to the ability of the Company to raise sufficient additional capital within the going concern period, prior to its cash balances being exhausted. These events or conditions raise substantial doubt about the Company’s ability to continue as a going concern and, therefore, that the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Judgements and estimates	Judgements and estimates The accounting estimates and judgements made by management in applying the Group’s accounting policies that have the most material effect on the amounts included within these financial statements were the same as those that applied to the annual financial statements for the year ended December 31, 2023.

Income Tax (Tables)

6 Months Ended

Jun. 30, 2024

Major Components Of Tax Expense Income [Abstract]

Schedule of Major Components of Income Tax


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024			2023
	(in thousands)					(in thousands)
	£		£			£			£
Current tax:
In respect of current period U.K.		1,260		882			2,532			1,870
In respect of prior period U.K.		—		(206	)		22			(206	)
In respect of current period U.S.		—		—			(1	)		(1	)

		1,260		676			2,553			1,663
Deferred tax:
In respect of current period U.S.		12		9			24			17
In respect of prior period U.S.		—		—			—			(1	)

Income tax credit		1,272		685			2,577			1,679


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Current income tax receivable
U.K. tax		3,660		5,121
U.S. tax		2		2

	3,662		5,123

Deferred tax asset
U.S. deferred tax asset		168		143

Basic and Diluted Loss Per Ordinary Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except per share data)
	£			£			£			£
Loss for the period		(6,995	)		(5,414	)		(13,833	)		(13,281	)

Basic and diluted weighted average number of ordinary shares		56,660			52,389			55,119			52,384
Basic and diluted loss per ordinary share		(0.12	)		(0.10	)		(0.25	)		(0.25	)

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash And Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Cash and cash equivalents		11,639		17,225

Share-based Payments (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Principal Assumptions Used for Valuation of Share Options


Grant date	Mar-13-2024			Mar-14-2024			Mar-13-2024			Mar-13-2024
Vesting dates		Mar-13-2025			Mar-14-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			Mar-14-2026			—			Mar-13-2026
		Mar-13-2027			Mar-14-2027			—			Mar-13-2027
		Mar-13-2028			Mar-14-2028			—			Mar-13-2028
Volatility 1		104.73	%		104.73	%		110.40	%		111.25	%
Dividend yield		0	%		0	%		0	%		0	%
Risk-free investment rate 1		3.92	%		3.92	%		4.06	%		4.03	%
Fair value of option at grant date 1	£	0.22		£	0.22		£	0.20		£	0.27
Fair value of share at grant date	£	0.30		£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.30		£	0.30		£	0.30		£	0.04
Lapse date		Mar-13-2034			Mar-14-2034			Mar-13-2034			Mar-13-2034
Expected option life (years) 1		4.5			4.5			3.0			3.5
Number of options granted		1,946,480			2,585,833			234,375			842,000


Grant date	Mar-13-2024			Mar-13-2024			Mar-13-2024

Vesting dates		Mar-13-2025			Mar-13-2025			Mar-13-2025
		Mar-13-2026			—			—
		Mar-13-2027			—			—
		Mar-13-2028			—			—
Volatility 1		111.50	%		125.90	%		103.00	%
Dividend yield		0	%		0	%		0	%
Risk-free investment rate 1		4.21	%		4.27	%		4.59	%
Fair value of option at grant date 1	£	0.27		£	0.27		£	0.26
Fair value of share at grant date	£	0.30		£	0.30		£	0.30
Exercise price at date of grant	£	0.04		£	0.04		£	0.04
Lapse date		—			Mar-13-2034			—
Expected option life (years) 1		2.5			2.0			1.0
Number of options granted		547,906			93,750			23,438

Represents the average for the options granted.

Share Capital and Share Premium (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Of Classes Of Share Capital [Abstract]

Summary of Share Capital and Share Premium


	June 30, 2024		December 31, 2023
	(in thousands)
	£		£

Share capital		2,266		2,114
Share premium		142,604		141,306

		144,870		143,420


	Number (in thousands)
Issued share capital comprises:
Ordinary shares of £ 0.04 each		56,660	52,860

Summary of Movement in the Share Capital


	Number of shares		Share capital		Share premium
	(in thousands)
Fully paid ordinary shares:			£		£
Balance at December 31, 2023		52,860		2,114		141,306
Exercise of share options		60		2		1
Issue of share capital		3,740		150		1,297

Balance at June 30, 2024		56,660		2,266		142,604

General Information - Additional Information (Detail) - Subsidiary		6 Months Ended
	Apr. 16, 2024	Jun. 30, 2024
Disclosure Of General Information About Financial Statements [Abstract]
Description of nature of entity's operations		clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer.
Name of reporting entity		NuCana plc
Domicile of entity		United Kingdom
Country of incorporation		England and Wales
Number of subsidiaries		3
Name of subsidiary		NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited
Description of change In ratio of shares	one ADS representing one ordinary share, to one ADS representing 25 ordinary shares.

Material accounting policies - Additional Information (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Summary Of Material Accounting Policies [Line Items]
Accumulated deficit	£ (219,443)		£ (207,706)
Cash flows from (used in) operating activities	(7,060)	£ (16,186)
Cash and cash equivalents	£ 11,639	£ 24,644	£ 17,225	£ 41,912

Income Tax - Schedule of Major Components of Income Tax Credit (Detail) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Current tax:
Total current tax	£ 1,260	£ 676	£ 2,553	£ 1,663
Deferred tax:
Income tax credit	1,272	685	2,577	1,679
U.K. [member]
Current tax:
In respect of current period	1,260	882	2,532	1,870
In respect of prior period		(206)	22	(206)
U.S. [member]
Current tax:
In respect of current period			(1)	(1)
Deferred tax:
In respect of current period	£ 12	£ 9	£ 24	17
In respect of prior period				£ (1)

Income Tax - Additional Information (Detail)	3 Months Ended	6 Months Ended
Income Tax - Additional Information (Detail)	Mar. 31, 2023	Jun. 30, 2024
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of losses surrendered for R&D tax credit	33.35%
U.K. [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Percentage of losses surrendered for R&D tax credit		26.97%

Income Tax - Schedule of Major Components of Income Tax Assets (Detail) - GBP (£) £ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current income tax receivable
Current income tax receivable	£ 3,662	£ 5,123
Deferred tax asset
Deferred tax asset	168	143
U.K. [member]
Current income tax receivable
Current income tax receivable	3,660	5,121
U.S. [member]
Current income tax receivable
Current income tax receivable	2	2
Deferred tax asset
Deferred tax asset	£ 168	£ 143

Basic and Diluted Loss Per Ordinary Share - Schedule of Basic and Diluted Loss Per Share (Detail) - GBP (£) £ / shares in Units, £ in Thousands, shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Loss for the period	£ (6,995)	£ (5,414)	£ (13,833)	£ (13,281)
Basic and diluted weighted average number of shares	56,660	52,389	55,119	52,384
Basic loss per ordinary share	£ (0.12)	£ (0.1)	£ (0.25)	£ (0.25)
Diluted loss per ordinary share	£ (0.12)	£ (0.1)	£ (0.25)	£ (0.25)

Intangible Assets - Additional Information (Detail) - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about intangible assets [line items]
Intangible assets, carrying value	£ 2,214	£ 2,128
Patents [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets, carrying value	2,200	£ 2,100
Intangible assets, acquired	£ 200

Cash and Cash Equivalents - Schedule of Detailed Information About Cash and Cash Equivalents (Detail) - GBP (£) £ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	£ 11,639	£ 17,225	£ 24,644	£ 41,912

Share-based Payments - Additional Information (Detail) £ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 GBP (£)	Jun. 30, 2023 GBP (£)	Jun. 30, 2024 GBP (£) yr shares Plan	Jun. 30, 2023 GBP (£) shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expense \| £	£ 0.7	£ 1.1	£ 1.3	£ 2.2
Number of equity settled share-based payment plans \| Plan			6
Maximum [member] \| Employees [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected option life (years)			10
Maximum [member] \| Directors [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected option life (years)			10
Maximum [member] \| Consultants [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected option life (years)			10
Long-Term Incentive Plan [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted in share-based payment arrangement \| shares			6,273,782	2,695,639

Share Based Payments - Summary of Principal Assumptions used for Valuation of Share Options (Detail) - 2023 Share Options [member]	6 Months Ended
	Jun. 30, 2024 GBP (£) shares yr $ / shares
Grant Date March 13 2024 One [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	104.73%
Dividend yield	0.00%
Risk-free investment rate	3.92%
Fair value of option at grant date \| £	£ 220
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.3
Lapse date	Mar. 13, 2034
Expected option life (years) \| yr	4.5
Number of options granted \| shares	1,946,480
Grant Date March 13 2024 One [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 13 2024 One [Member] \| Vesting Dates Two [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2026
Grant Date March 13 2024 One [Member] \| Vesting Dates Three [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2027
Grant Date March 13 2024 One [Member] \| Vesting Dates Four [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2028
Grant Date March 13 2024 Two [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	110.40%
Dividend yield	0.00%
Risk-free investment rate	4.06%
Fair value of option at grant date \| £	£ 200
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.3
Lapse date	Mar. 13, 2034
Expected option life (years) \| yr	3
Number of options granted \| shares	234,375
Grant Date March 13 2024 Two [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 13 2024 Three [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	111.25%
Dividend yield	0.00%
Risk-free investment rate	4.03%
Fair value of option at grant date \| £	£ 270
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.04
Lapse date	Mar. 13, 2034
Expected option life (years) \| yr	3.5
Number of options granted \| shares	842,000
Grant Date March 13 2024 Three [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 13 2024 Three [Member] \| Vesting Dates Two [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2026
Grant Date March 13 2024 Three [Member] \| Vesting Dates Three [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2027
Grant Date March 13 2024 Three [Member] \| Vesting Dates Four [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2028
Grant Date March 13 2024 Four [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	111.50%
Dividend yield	0.00%
Risk-free investment rate	4.21%
Fair value of option at grant date \| £	£ 270
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.04
Expected option life (years) \| yr	2.5
Number of options granted \| shares	547,906
Grant Date March 13 2024 Four [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 13 2024 Four [Member] \| Vesting Dates Two [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2026
Grant Date March 13 2024 Four [Member] \| Vesting Dates Three [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2027
Grant Date March 13 2024 Four [Member] \| Vesting Dates Four [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2028
Grant Date March 13 2024 Five [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	125.90%
Dividend yield	0.00%
Risk-free investment rate	4.27%
Fair value of option at grant date \| £	£ 270
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.04
Lapse date	Mar. 13, 2034
Expected option life (years) \| yr	2
Number of options granted \| shares	93,750
Grant Date March 13 2024 Five [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 13 2024 Six [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	103.00%
Dividend yield	0.00%
Risk-free investment rate	4.59%
Fair value of option at grant date \| £	£ 260
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.04
Expected option life (years) \| yr	1
Number of options granted \| shares	23,438
Grant Date March 13 2024 Six [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 13, 2025
Grant Date March 14 2024 One [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Volatility	104.73%
Dividend yield	0.00%
Risk-free investment rate	3.92%
Fair value of option at grant date \| £	£ 220
Fair value of share at grant date	£ 0.3
Exercise price at date of grant	£ 0.3
Lapse date	Mar. 14, 2034
Expected option life (years) \| yr	4.5
Number of options granted \| shares	2,585,833
Grant Date March 14 2024 One [Member] \| Vesting Dates One [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 14, 2025
Grant Date March 14 2024 One [Member] \| Vesting Dates Two [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 14, 2026
Grant Date March 14 2024 One [Member] \| Vesting Dates Three [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 14, 2027
Grant Date March 14 2024 One [Member] \| Vesting Dates Four [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting dates	Mar. 14, 2028

Share Capital and Share Premium - Summary of Share Capital and Share Premium (Detail) - GBP (£) £ in Thousands, shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Classes Of Share Capital [Abstract]
Share capital	£ 2,266	£ 2,114
Share premium	142,604	141,306
Share capital and share premium	£ 144,870	£ 143,420
Ordinary shares of £0.04 each	56,660	52,860

Share Capital and Share Premium - Summary of Share Capital and Share Premium (Parenthetical) (Detail) - £ / shares	Jun. 30, 2024	Dec. 31, 2023
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Par value per share	£ 0.04	£ 0.04

Share Capital and Share Premium - Summary of Movement in the Share Capital (Detail) £ in Thousands, shares in Thousands	6 Months Ended
	Jun. 30, 2024 GBP (£) shares	Jun. 30, 2023 GBP (£)
Disclosure of classes of share capital [line items]
Beginning balance, Shares \| shares	52,860
Beginning balance	£ 14,887	£ 38,502
Exercise of share options \| shares	60
Exercise of share options		(5)
Issue of share capital \| shares	3,740
Ending balance, Shares \| shares	56,660
Ending balance	£ 3,800	27,382
Share Capital [member]
Disclosure of classes of share capital [line items]
Beginning balance	2,114	2,095
Exercise of share options	2	1
Issue of share capital	150
Ending balance	2,266	2,097
Share Premium [member]
Disclosure of classes of share capital [line items]
Beginning balance	141,306	141,108
Exercise of share options	1
Issue of share capital	1,297
Ending balance	£ 142,604	£ 141,116

NuCana (NASDAQ:NCNA)
Historical Stock Chart
From Nov 2024 to Dec 2024

NuCana (NASDAQ:NCNA)
Historical Stock Chart
From Dec 2023 to Dec 2024

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

NCNA NuCana PLC

Latest NCNA Messages

Loading Messages....

NuCana PLC News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

NCNA NuCana PLC

Latest NCNA Messages

Loading Messages....

NuCana PLC News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App

Go Ad-Free