NuCana Reports Third Quarter 2026 Financial Results and Provides Business Update

Rhea-AI Summary

NuCana (NASDAQ: NCNA) reported a third-quarter 2026 net loss of £1.607 million while advancing development of its two cancer drug candidates. The loss widened from £0.281 million a year earlier, while the nine-month loss narrowed to £8.552 million from £26.868 million. Cash was £18.349 million at September 30, versus £24.251 million at December 31, 2025; the company expects funding to cover planned operations into 2029.

Recruitment is complete in the NUC-7738 Phase 2 expansion study with pembrolizumab in PD-1 inhibitor-resistant metastatic melanoma. Results and translational data are planned for three presentations at the December 14–16 ESMO congress in London. A European composition-of-matter patent was granted, and FDA discussions on a potential registration strategy continue following clearance to conduct U.S. clinical studies. NUC-3373 laboratory validation is underway to guide potential future clinical development.

16 points · 2 major

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0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointNine-month net loss narrowed to £8.552 million from £26.868 million in 2025.
• Major point. Forward-looking: it has not happened yet and may not happen.NuCana expects existing cash to fund planned operations into 2029.
• Moderate pointNUC-7738 Phase 2 expansion recruitment is complete for the pembrolizumab combination in resistant metastatic melanoma.
• Moderate pointNUC-7738 received Investigational New Drug application clearance earlier in 2026.
• Moderate pointThird-quarter research and development expenses fell to £772,000 from £2.172 million a year earlier.
• Moderate pointThird-quarter administrative expenses fell to £935,000 from £1.399 million a year earlier.
• Moderate pointNine-month research and development expenses fell to £6.235 million from £11.001 million a year earlier.
• Moderate pointNine-month administrative expenses fell to £3.690 million from £6.989 million a year earlier.
• Moderate pointNine-month share issuance proceeds were £742,000.

7 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.NUC-7738 results and translational data are planned for three presentations at ESMO, December 14–16, 2026.
• Minor pointNUC-7738 received a European composition-of-matter patent, adding to patents in the United States and China.
• Minor point. Forward-looking: it has not happened yet and may not happen.NuCana plans to advance additional indications and combinations for NUC-7738.
• Minor pointNUC-3373 analysis covered more than 800 cancer cell lines; NuCana believes it identified a development pathway.
• Minor pointNUC-3373 cell-line and patient-derived organoid testing is underway to guide potential future clinical studies.
• Minor pointNine-month finance expense was nil, versus £12.648 million from warrant revaluation in 2025.
• Minor pointTotal liabilities declined to £4.856 million at September 30, 2026, from £5.507 million at December 31, 2025.

Negative

• Moderate pointThird-quarter net loss widened to £1.607 million from £281,000 a year earlier.
• Moderate pointCash declined to £18.349 million at September 30, 2026, from £24.251 million at December 31, 2025.
• Moderate pointNine-month net operating cash use increased to £6.869 million from £6.317 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.NUC-7738's potential registration strategy remains under FDA discussion; regulatory guidance is a planned milestone.
• Moderate pointTotal equity declined to £19.558 million at September 30, 2026, from £24.327 million at December 31, 2025.

6 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.NUC-3373 findings require further laboratory validation before guiding potential future clinical development.
• Minor pointThird-quarter other income was nil, versus separate £841,000 and £1.851 million amounts a year earlier.
• Minor pointThird-quarter finance income fell to £118,000 from £153,000 a year earlier.
• Minor pointThird-quarter tax shifted to a £4,000 charge from a £345,000 credit a year earlier.
• Minor pointNine-month income tax credit fell to £739,000 from £1.026 million a year earlier.
• Minor pointNine-month share issue expenses were £241,000.

Key Figures

Cash and cash equivalents: £18.3 million Cash runway: Expected to fund planned operations into 2029 Net loss: £1.6 million vs. £0.3 million +1 more

Cash and cash equivalents

£18.3 million

As at September 30, 2026

Cash runway

Expected to fund planned operations into 2029

Based on cash and cash equivalents at September 30, 2026

Net loss

£1.6 million vs. £0.3 million

Quarter ended September 30, 2026 vs. comparable quarter in 2025

Net loss

£8.6 million vs. £26.9 million

Nine months ended September 30, 2026 vs. comparable period in 2025

Previous Earnings Reports

3 past events · Latest: Aug 13

Same Type 3 events

1. Aug 13

   Quarterly results

   24h Move

   +7.4%

   Recruitment completed in the NUC-7738 Phase 2 expansion; final data and FDA discussions remained pending.

2. May 14

   Quarterly results

   24h Move

   +10.1%

   FDA cleared the NUC-7738 IND while enrollment continued in the Phase 2 melanoma expansion.

3. Mar 19

   Year-end results

   24h Move

   -3.5%

   Reported partial responses in PD-1-resistant melanoma and expected final Phase 2 expansion data in 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

investigational new drug application, composition-of-matter patent, patient-derived organoid models, thymidylate synthase inhibitor

4 terms

investigational new drug application regulatory

"clearance of our Investigational New Drug application"

An investigational new drug application is a formal request made to regulatory authorities to begin testing a new medication in humans. It is a critical step in the drug development process, as approval indicates the drug has passed initial safety checks and can be studied further. For investors, this signals that a potential new treatment is progressing through its early testing stages, which can impact the company's future growth prospects.

composition-of-matter patent regulatory

"The grant of a European composition-of-matter patent for NUC-7738"

A composition-of-matter patent protects a new chemical or biological substance, molecular structure, formulation, or compound and the way its atoms are arranged. It is like a legal lock on a specific “recipe” for a molecule, blocking others from making, using, or selling that exact substance without permission. Investors care because such patents can create exclusive rights that underlie product sales, licensing income, and company valuation, or conversely become a key legal or commercial risk if challenged or expired.

patient-derived organoid models medical

"cancer cell lines and our in-house patient-derived organoid models"

Three-dimensional lab-grown cell structures created from a specific patient’s tissue that mimic the architecture and biology of that patient’s organ or tumor. Like a miniaturized, living model of a person’s disease, these organoids let researchers test how drugs or treatments affect tissue that closely resembles the real thing. For investors, they matter because they can improve drug development predictability, help stratify patients, and potentially shorten or de-risk clinical programs.

thymidylate synthase inhibitor medical

"a targeted thymidylate synthase (“TS”) inhibitor"

A thymidylate synthase inhibitor is a drug that blocks the enzyme thymidylate synthase, which normally converts deoxyuridine monophosphate (dUMP) into deoxythymidine monophosphate (dTMP) needed for DNA synthesis. By preventing that chemical step, the inhibitor deprives cells of thymidine building blocks, disrupting DNA replication and repair and thereby slowing cell proliferation or causing cell death; this mechanism is commonly exploited in anticancer and some antiviral therapies. Different inhibitors vary in how they bind or are activated (direct enzyme binding, metabolic prodrug forms, or folate-pathway interference), and they can affect both rapidly dividing diseased cells and healthy proliferating tissues.

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Development Programme for NUC-7738 Advances with Three Presentations Planned at ESMO Immuno-Oncology & Advanced Therapies Congress in December 2026

European Composition-of-Matter Patent Granted for NUC-7738

NUC-3373 Development Pathway Established with Further Validation Underway

Cash Runway Expected to Extend into 2029

EDINBURGH, United Kingdom, Nov. 12, 2026 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) (“NuCana” or the “Company”) today announced financial results for the third quarter ended September 30, 2026 and provided an update on the development of its two lead anti-cancer product candidates, NUC-7738 and NUC-3373.

“NuCana’s priorities are to define the next stage of clinical development for NUC-7738 in melanoma following the anticipated December announcement of the Phase 2 NuTide:701 expansion study results and latest translational data,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “Recruitment is complete in our Phase 2 expansion cohort of NuTide:701, evaluating NUC-7738 in combination with Keytruda® (pembrolizumab) in patients with PD-1 inhibitor-resistant metastatic melanoma. We plan to present these results and the latest translational data at the ESMO Immuno-Oncology & Advanced Therapies Congress 2026, taking place December 14-16 in London. Following clearance of our Investigational New Drug application (“IND”) earlier this year, we are continuing our dialogue with the U.S. Food and Drug Administration (the “FDA”) regarding a potential registrational strategy for NUC-7738 in melanoma. The grant of a European composition-of-matter patent for NUC-7738 further strengthens our intellectual property position, building on similar patents in the United States and China.”

Mr. Griffith continued, “We believe we have established a clear development pathway for NUC-3373 through an extensive AI-enabled analysis of proprietary data from more than 800 cancer cell lines alongside large public datasets. We believe this work has further characterized NUC-3373’s mechanism of action and differentiation from 5-fluorouracil (5-FU), supporting its greater anti-cancer activity in preclinical models compared with 5-FU and enabling us to prioritize tumor types, identify potential biomarkers of sensitivity and select rational combination strategies for further evaluation. The next phase of testing is now under way in cancer cell lines and our in-house patient-derived organoid models, which is intended to validate these findings and help guide the selection of potential future clinical development opportunities. This work gives us a focused basis for advancing NUC-3373 in settings where its differentiated biology may offer the greatest potential to benefit patients.”

Mr. Griffith concluded, “With cash resources anticipated to fund our planned operations into 2029, we are focused on delivering the NUC-7738 Phase 2 expansion results, defining its potential registrational strategy and advancing the preclinical validation of NUC-3373. We are excited by the opportunities ahead and look forward to updating shareholders on these priorities.”

2026 Anticipated Milestones

• NUC-7738
  
  
  • Announce final data from the Phase 2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in patients with PD-1 inhibitor-resistant melanoma;
    
  • Obtain regulatory guidance from the FDA regarding a potential registrational strategy for NUC-7738 in melanoma; and
  • Advance evaluation of additional indications and combination strategies.
    
    
• NUC-3373
  
  
  • Complete evaluation of optimal combinations and indications to inform potential future clinical studies of NUC-3373.
    
    

Third Quarter 2026 Financial Highlights and Cash Position

As at September 30, 2026, NuCana had cash and cash equivalents of £18.3 million compared to £19.5 million at June 30, 2026 and £24.3 million at December 31, 2025. NuCana anticipates its cash and cash equivalents at September 30, 2026 will be sufficient to fund its planned operations into 2029.

NuCana reported a net loss of £1.6 million for the quarter ended September 30, 2026, as compared to a net loss of £0.3 million for the quarter ended September 30, 2025. Basic and diluted loss per ordinary share was £0.00 for the quarter ended September 30, 2026, as compared to a loss per ordinary share of £0.00 for the comparable quarter ended September 30, 2025.

NuCana reported a net loss of £8.6 million for the nine months ended September 30, 2026, as compared to a net loss of £26.9 million for the nine months ended September 30, 2025. The net loss for the nine months ended September 30, 2026 and for the comparable period included the following non-cash or non-recurring items:

• Share-based payment expenses of £3.3 million (2025: £9.1 million);
• Professional fees of £nil (2025: £1.4 million) relating to the issue of warrants; and
• Finance expense of £nil (2025: £12.6 million) relating to the non-cash loss on fair value revaluation of the warrants issued in the May 2025 financing; partly offset by
• Total other income of £nil (2025: £2.7 million).
  
  

Basic and diluted loss per ordinary share was £0.00 for the nine months ended September 30, 2026, as compared to a loss per ordinary share of £0.00 for the comparable nine months ended September 30, 2025.

About NuCana

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

Forward-Looking Statements
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of the Company. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-7738 and NUC-3373; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; the Company’s goals with respect to the development, regulatory pathway and potential use, if approved, of each of its product candidates; the utility of prior non-clinical and clinical data in determining future clinical results; and the sufficiency of the Company’s current cash and cash equivalents to fund its planned operations into 2029. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to raise additional capital sufficient to fund our planned operations and the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026, 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 September 30,					For the Nine Months Ended September 30,
	2026		2025			2026		2025
	(in thousands, except per share data)
	£		£			£		£
Research and development expenses	(772)		(2,172)			(6,235)		(11,001)
Administrative expenses	(935)		(1,399)			(3,690)		(6,989)
Other income	-		841			-		841
Net foreign exchange (losses) gains	(14)		100			239		(161)
Operating loss	(1,721)		(2,630)			(9,686)		(17,310)
Other income	-		1,851			-		1,851
Finance income	118		153			395		213
Finance expense	-		-			-		(12,648)
Loss before tax	(1,603)		(626)			(9,291)		(27,894)
Income tax (charge) credit	(4)		345			739		1,026
Loss for the period attributable to equity holders of the Company	(1,607)		(281)			(8,552)		(26,868)
Basic and diluted loss per ordinary share	(0.00)		(0.00)			(0.00)		(0.00)

Unaudited Condensed Consolidated Statements of Financial Position As At

	September 30, 2026			December 31, 2025
	(in thousands)
	£			£
Assets
Non-current assets
Intangible assets	2,203			2,198
Property, plant and equipment	605			658
Deferred tax asset	127			117
	2,935			2,973
Current assets
Prepayments, accrued income and other receivables	639			849
Current income tax receivable	2,491			1,761
Cash and cash equivalents	18,349			24,251
	21,479			26,861
Total assets	24,414			29,834
Equity and liabilities
Capital and reserves
Share capital and share premium	190,087			189,586
Other reserves	84,011			87,075
Accumulated deficit	(254,540	)		(252,334	)
Total equity attributable to equity holders of the Company	19,558			24,327
Non-current liabilities
Provisions	58			58
Lease liabilities	626			656
	684			714
Current liabilities
Trade payables	310			522
Payroll taxes and social security	143			99
Accrued expenditure	3,681			4,152
Lease liabilities	38			20
	4,172			4,793
Total liabilities	4,856			5,507
Total equity and liabilities	24,414			29,834

Unaudited Condensed Consolidated Statements of Cash Flows

	For the Nine Months Ended September 30,
	2026			2025
	(in thousands)
	£			£
Cash flows from operating activities
Loss for the period	(8,552	)		(26,868	)
Adjustments for:
Income tax credit	(739	)		(1,026	)
Amortization and depreciation	209			205
Movement in provisions	-			(40	)
Finance income	(395	)		(213	)
Finance expense	-			12,648
Interest expense on lease liabilities	37			7
Share-based payments	3,269			9,143
Net foreign exchange (gains) losses	(257	)		221
	(6,428	)		(5,923	)
Movements in working capital:
Decrease (increase) in prepayments, accrued income and other receivables	199			(2,023	)
Decrease in trade payables	(213	)		(1,044	)
Decrease in payroll taxes, social security and accrued expenditure	(427	)		(1,315	)
Movements in working capital	(441	)		(4,382	)
Cash used in operations	(6,869	)		(10,305	)
Net income tax received	-			3,988
Net cash used in operating activities	(6,869	)		(6,317	)
Cash flows from investing activities
Interest received	405			168
Payments for intangible assets	(160	)		(143	)
Net cash from investing activities	245			25
Cash flows from financing activities
Payments for lease liabilities	(48	)		(61	)
Proceeds from exercise of share options	-			1
Proceeds from issue of share capital	742			20,185
Proceeds from exercise of warrants	-			4,436
Proceeds from issue of warrants	-			4,439
Payment for cancellation of warrants	-			(2,655	)
Share issue expenses	(241	)		(1,346	)
Net cash from financing activities	453			24,999
Net (decrease) increase in cash and cash equivalents	(6,171	)		18,707
Cash and cash equivalents at beginning of period	24,251			6,749
Effect of exchange rate changes on cash and cash equivalents	269			(207	)
Cash and cash equivalents at end of period	18,349			25,249

For more information, please contact:

NuCana plc
Hugh S. Griffith
Chief Executive Officer
+44 131-357-1111
info@nucana.com

ICR Healthcare
Chris Brinzey
+1 339-970-2843
Chris.Brinzey@ICRHealthcare.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were NuCana's third-quarter 2026 financial results and expected cash runway?

NuCana reported a £1.607 million net loss for the quarter ended September 30, 2026, compared with £281,000 a year earlier. Cash and cash equivalents were £18.349 million at quarter-end. The company expects those resources to fund planned operations into 2029.

When will NuCana present its NUC-7738 Phase 2 expansion results?

NuCana plans to present the Phase 2 expansion results and latest translational data at the ESMO Immuno-Oncology & Advanced Therapies Congress on December 14–16, 2026, in London. The study evaluates NUC-7738 with pembrolizumab in patients with PD-1 inhibitor-resistant metastatic melanoma, and recruitment is complete.