NuCana (NASDAQ: NCNA) posts £29.4m 2025 loss but funds runway into 2029

Rhea-AI Filing Summary

NuCana plc reported fourth quarter and full-year 2025 results and updated progress on its oncology pipeline. The company recorded a net loss of £2.5 million for Q4 2025 and £29.4 million for the year.

Cash and cash equivalents were £24.3 million as of December 31, 2025, helped by a May 2025 financing that raised £9.6 million in gross proceeds and a July 2025 at-the-market raise of £19.0 million. Management expects existing cash resources to fund planned operations into 2029.

Lead candidate NUC-7738 showed clinical activity and a favorable safety profile in PD‑1 inhibitor‑resistant metastatic melanoma, with partial responses and durable stable disease reported. NuCana plans to complete enrollment in the Phase 2 NuTide:701 expansion study in the first half of 2026 and seek FDA guidance on a potential registrational pathway.

Insights

Biotech equity analyst

NuCana pairs encouraging NUC-7738 data with a cash runway into 2029.

NuCana remains a clinical-stage company with no product revenue, posting a full-year 2025 net loss of £29.4 million. Operating loss narrowed versus 2024, while R&D expenses fell from £18.0 million to £12.7 million, reflecting a more focused development plan.

The balance sheet strengthened meaningfully: cash and cash equivalents reached £24.3 million at December 31 2025, supported by a May financing and a £19.0 million at-the-market raise. Management believes this will fund planned operations into 2029, giving multi-year visibility to execute its trials.

Clinically, NUC‑7738 produced partial responses and durable stable disease in PD‑1 inhibitor‑resistant metastatic melanoma, an area of high unmet need. Key upcoming events include completing enrollment in the Phase 2 NuTide:701 expansion in the first half of 2026 and obtaining FDA feedback on a potential registrational pathway, which will help define the development trajectory.

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 March 2026

(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 March 19, 2026, NuCana plc (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2025 and providing an update on its clinical programs. The press release is attached as Exhibit 99.1 and is incorporated by reference herein.

The information in the attached Exhibit 99.1 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 shall be expressly set forth by specific reference in such a filing.

Exhibits

Exhibit		Description
99.1		Press Release Dated March 19, 2026

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/ Ian Webster
Name:		Ian Webster
Title:		Interim Chief Financial Officer (Principal Financial and Accounting Officer)

Date: March 19, 2026

Exhibit 99.1

NuCana Reports Fourth Quarter and Year-End 2025 Financial Results and

Provides Business Update

NUC-7738 Demonstrates Clinical Activity and Favorable Safety in Patients with PD-1

Inhibitor-Resistant Melanoma

Final Data from Phase 2 Expansion Study of NUC-7738 Expected in 2026

Advancing Additional Indications and Combination Strategies

Cash Runway Expected to Extend into 2029

Edinburgh, United Kingdom, March 19, 2026 (GLOBE NEWSWIRE) - NuCana plc (NASDAQ: NCNA) (“NuCana” or the “Company”) today announced financial results for the fourth quarter and year ended December 31, 2025 and provided an update on its clinical development program with its two lead anti-cancer medicines.

“We are excited to enter 2026 with significant momentum as we continue to advance the development of our ProTide pipeline with the aim to deliver significantly improved treatment outcomes for patients with cancer,” said Hugh S. Griffith, NuCana’s Chief Executive Officer. “In late 2025, we presented compelling data from our Phase 2 NuTide:701 study at the annual European Society for Medical Oncology Immuno-Oncology Congress, evaluating NUC-7738 in combination with pembrolizumab in patients with PD-1 inhibitor-resistant metastatic melanoma. These data demonstrated a favorable safety profile and evidence of clinical activity, including two partial responses, one of which was confirmed, and multiple cases of stable disease, including one patient whose disease converted to a complete metabolic response with no detectable active disease.”

Mr. Griffith continued, “We expect to complete enrollment in the Phase 2 NuTide:701 expansion study in the first half of 2026, with final data expected later this year. We also plan to obtain regulatory guidance from the U.S. Food and Drug Administration regarding a potential registrational pathway for NUC-7738 in melanoma. In parallel, we are evaluating additional indications and combination strategies to further explore the therapeutic potential of NUC-7738.”

Mr. Griffith concluded, “Earlier this year we appointed Theresa Bruce as our Chief Operating Officer. Ms. Bruce brings over 25 years of oncology research and development experience, and her operational leadership will support the continued advancement of our pipeline. Based on our current operating plan, we expect our existing cash resources to fund operations into 2029, positioning us to execute on our key anticipated clinical and regulatory objectives.”

2026 Anticipated Milestones

• NUC-7738

• Complete patient recruitment in the Phase 2 expansion study (NuTide:701) evaluating NUC-7738 in combination with pembrolizumab in patients with PD-1 resistant melanoma;

• Announce final data from the Phase 2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in patients with PD-1 resistant melanoma;

• Obtain regulatory guidance from the U.S. Food and Drug Administration regarding a potential registrational strategy for NUC-7738 in melanoma; and

• Advance evaluation of additional indications and combination strategies.

• NUC-3373

• Evaluate optimal combinations and indications to inform potential future clinical studies of NUC-3373.

Fourth Quarter and Year-End 2025 Financial Highlights and Cash Position

As at December 31, 2025, NuCana had cash and cash equivalents of £24.3 million compared to £25.2 million at September 30, 2025 and £6.7 million at December 31, 2024.

In May 2025, NuCana completed a financing, raising £9.6 million in gross proceeds, £5.2 million upfront and £4.4 million from the exercise of warrants, before expenses and commissions.

Subsequently, in July 2025, NuCana raised, through the at-the-market program, £19.0 million in gross proceeds before expenses and commissions. On July 21, 2025, having raised the full amount of capital required, NuCana announced it had successfully canceled all remaining Series A Warrants issued in the May 2025 financing, in exchange for payments totaling $3.6 million. This initiative fully eliminated all overhanging rights from the May 2025 financing.

NuCana anticipates its cash and cash equivalents at December 31, 2025 will be sufficient to fund its planned operations into 2029.

NuCana reported a net loss of £2.5 million for the quarter ended December 31, 2025, as compared to a net loss of £0.7 million for the quarter ended December 31, 2024. Basic and diluted loss per ordinary share was £0.00 for the quarter ended December 31, 2025, as compared to a loss per ordinary share of £0.01 for the comparable quarter ended December 31, 2024.

NuCana reported a net loss of £29.4 million for the year ended December 31, 2025, as compared to a net loss of £19.0 million for the year ended December 31, 2024. The net loss for the year ended December 31, 2025 included the following non-cash or non-recurring items:

• Finance expense of £12.6 million (2024: £nil) relating to the non-cash loss on fair value revaluation of the warrants issued in the May 2025 financing;

• Professional fees of £1.4 million (2024: £nil) related to the issue of warrants; and

• Share-based payment expenses of £10.0 million (2024: £1.6 million); partly offset by

• Total other income of £2.7 million (2024: £nil).

Basic and diluted loss per ordinary share was £0.00 for the year ended December 31, 2025, as compared to a loss per ordinary share of £0.26 for the year ended December 31, 2024.

About NuCana

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

Condensed Consolidated Statements of Operations

		$				$				$				$
		For the Three Months  Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
		(in thousands, except per share data)
		(unaudited)
		£				£				£				£
Research and development expenses			(1,736	)			(729	)			(12,737	)			(18,017	)
Administrative expenses			(1,107	)			(540	)			(8,096	)			(4,988	)
Impairment of intangible assets			—				(33	)			—				(33	)
Other income			—				—				841				—
Net foreign exchange gains (losses)			43				437				(118	)			229
Operating loss			(2,800	)			(865	)			(20,110	)			(22,809	)
Other income			—				—				1,851				—
Finance income			173				75				386				358
Finance expense			—				—				(12,648	)			—
Loss before tax			(2,627	)			(790	)			(30,521	)			(22,451	)
Income tax credit			142				137				1,168				3,454
Loss for the period attributable to equity holders of the Company			(2,485	)			(653	)			(29,353	)			(18,997	)
Basic and diluted loss per ordinary share			(0.00	)			(0.01	)			(0.00	)			(0.26	)

Condensed Consolidated Statements of Financial Position As At

		December 31, 2025				December 31, 2024
		(in thousands)
		£				£
Assets
Non-current assets
Intangible assets			2,198				2,199
Property, plant and equipment			658				197
Deferred tax asset			117				113
			2,973				2,509
Current assets
Prepayments, accrued income and other receivables			849				922
Current income tax receivable			1,761				4,594
Cash and cash equivalents			24,251				6,749
			26,861				12,265
Total assets			29,834				14,774
Equity and liabilities
Capital and reserves
Share capital and share premium			189,586				151,827
Other reserves			87,075				78,421
Accumulated deficit			(252,334	)			(224,294	)
Total equity attributable to equity holders of the Company			24,327				5,954
Non-current liabilities
Provisions			58				37
Lease liabilities			656				117
			714				154
Current liabilities
Trade payables			522				2,705
Payroll taxes and social security			99				134
Accrued expenditure			4,152				5,714
Lease liabilities			20				73
Provisions			—				40
			4,793				8,666
Total liabilities			5,507				8,820
Total equity and liabilities			29,834				14,774

Condensed Consolidated Statements of Cash Flows

		For the Year Ended December 31,
		2025				2024
		(in thousands)
		£				£
Cash flows from operating activities
Loss for the period			(29,353	)			(18,997	)
Adjustments for:
Income tax credit			(1,168	)			(3,454	)
Amortization and depreciation			274				522
Impairment of intangible assets			—				33
Movement in provisions			(40	)			10
Finance income			(386	)			(358	)
Finance expense			12,648				—
Interest expense on lease liabilities			20				17
Share-based payments			10,028				1,646
Net foreign exchange losses (gains)			194				(369	)
			(7,783	)			(20,950	)
Movements in working capital:
Decrease in prepayments, accrued income and other receivables			109				1,737
Decrease in trade payables			(2,183	)			(670	)
Decrease in payroll taxes, social security and accrued expenditure			(1,598	)			(3,250	)
Movements in working capital			(3,672	)			(2,183	)
Cash used in operations			(11,455	)			(23,133	)
Net income tax received			3,988				4,015
Net cash used in operating activities			(7,467	)			(19,118	)
Cash flows from investing activities
Interest received			352				372
Payments for property, plant and equipment			—				(4	)
Payments for intangible assets			(193	)			(289	)
Net cash from investing activities			159				79
Cash flows from financing activities
Payments for lease liabilities			(54	)			(223	)
Proceeds from exercise of share options			1				7
Proceeds from issue of share capital			20,185				8,729
Proceeds from exercise of warrants			4,436				—
Proceeds from issue of warrants			4,439				—
Payment for cancellation of warrants			(2,655	)			—
Share issue expenses			(1,346	)			(329	)
Net cash from financing activities			25,006				8,184
Net increase (decrease) in cash and cash equivalents			17,698				(10,855	)
Cash and cash equivalents at beginning of period			6,749				17,225
Effect of exchange rate changes on cash and cash equivalents			(196	)			379
Cash and cash equivalents at end of period			24,251				6,749

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

What were NuCana (NCNA) key financial results for full-year 2025?

NuCana reported a full-year 2025 net loss of £29.4 million, compared with £19.0 million in 2024. Operating loss was £20.1 million, and research and development expenses declined to £12.7 million, reflecting a more focused clinical development strategy and cost structure.

What is NuCana’s cash position and runway as of December 31, 2025?

As of December 31, 2025, NuCana held £24.3 million in cash and cash equivalents. Management states that, based on the current operating plan, these resources are expected to fund planned operations into 2029, providing several years of funding for ongoing and planned clinical studies.

What recent financings did NuCana complete in 2025?

In May 2025, NuCana raised £9.6 million in gross proceeds, including £5.2 million upfront and £4.4 million from warrant exercises. In July 2025, it raised an additional £19.0 million through an at-the-market program, significantly strengthening the company’s overall liquidity position.

What clinical results did NuCana report for NUC-7738 in melanoma?

NUC-7738 showed a favorable safety profile and evidence of clinical activity in PD-1 inhibitor-resistant metastatic melanoma, including two partial responses and multiple cases of stable disease. One patient’s disease converted to a complete metabolic response with no detectable active disease reported.

What are NuCana’s planned milestones for the NUC-7738 program in 2026?

NuCana expects to complete enrollment in the Phase 2 NuTide:701 expansion study in the first half of 2026, with final data anticipated later in 2026. The company also plans to obtain FDA regulatory guidance regarding a potential registrational pathway for NUC-7738 in melanoma.

How did NuCana’s operating expenses change between 2024 and 2025?

Research and development expenses decreased from £18.0 million in 2024 to £12.7 million in 2025, while administrative expenses rose from £5.0 million to £8.1 million. Overall, operating loss narrowed from £22.8 million in 2024 to £20.1 million in 2025.

What progress has NuCana made with its second candidate NUC-3373?

NUC-3373, a targeted thymidylate synthase inhibitor, has been evaluated in a Phase 1b/2 modular study (NuTide:303) in combination with pembrolizumab for advanced solid tumors and with docetaxel for lung cancer. NuCana is currently assessing mode of action and target indications for future clinical studies.

Filing Exhibits & Attachments

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• EX-99.1 EX-99.1 110.9 KB