NuCana Q3 2026 earnings: net loss widens to £1.6M

Available on EDGAR 11/12/2026 - 04:11 PM EST Accepted by SEC EDGAR 11/12/2026 - 04:10 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

NuCana plc reported a £1.6 million net loss for the third quarter of 2026, versus £0.3 million a year earlier. For the nine months ended September 30, 2026, net loss was £8.6 million, compared with £26.9 million in 2025; the 2025 period included a £12.6 million non-cash loss from warrant revaluation. Operating cash use was £6.9 million, versus £6.3 million.

Cash and cash equivalents were £18.3 million at September 30, 2026, down from £24.3 million at December 31, 2025. NuCana expects current cash to fund planned operations into 2029. It sold 655,039 ADSs under its at-the-market program during the nine months, raising £0.7 million gross, and sold a further 326,545 ADSs between September 30, 2026 and November 9, 2026, raising £0.3 million gross.

Recruitment is complete in the NUC-7738 Phase 2 expansion cohort of NuTide:701 for resistant metastatic melanoma; results and translational data are planned for presentation December 14, 2026 to December 16, 2026. NuCana said a European composition-of-matter patent was granted for NUC-7738. Further NUC-3373 testing in cancer cell lines and patient-derived organoid models is underway.

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0 major · 2 points

How the balance works

Positive

• Moderate pointNine-month net loss fell to £8.6 million from £26.9 million.

Negative

• Moderate pointThird-quarter net loss rose to £1.6 million from £0.3 million.
• Moderate pointNine-month operating cash use increased to £6.9 million from £6.3 million.

Filing Explained

At November 9, 2026, NuCana reported 25,717,774,947 ordinary shares outstanding and 5,141,855 ADSs, each representing 5,000 ordinary shares. At September 30, 2026, it also had 3,564,222,220,053 deferred shares, which carry no economic, dividend, or voting rights.

Key Figures

Net loss, third quarter 2026: £1.6 million Net loss, nine months 2026: £8.6 million Net cash used in operating activities: £6.9 million +5 more

8 metrics

Net loss, third quarter 2026 £1.6 million Compared with £0.3 million for the quarter ended September 30, 2025.

Net loss, nine months 2026 £8.6 million Compared with £26.9 million for the nine months ended September 30, 2025.

Net cash used in operating activities £6.9 million Nine months ended September 30, 2026; compared with £6.3 million in 2025.

Cash and cash equivalents £18.3 million At September 30, 2026; compared with £24.3 million at December 31, 2025.

Expected cash runway Into 2029 NuCana anticipates current cash and cash equivalents will fund planned operations.

ADSs sold under ATM program 655,039 ADSs During the nine months ended September 30, 2026; gross proceeds were £0.7 million.

ADSs sold under ATM program after September 30 326,545 ADSs Between September 30, 2026 and November 9, 2026; gross proceeds were £0.3 million.

Cancer cell lines in NUC-3373 data analysis More than 800 cancer cell lines Proprietary data analyzed alongside large public datasets.

Key Terms

ProTides, composition-of-matter patent, patient-derived organoid models, anti-dilutive, +2 more

6 terms

ProTides technical

"developing new medicines, ProTides"

composition-of-matter patent technical

"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

"testing is underway in cancer cell lines and 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.

anti-dilutive financial

"potential ordinary shares ... were considered to be anti-dilutive"

A claim, security feature, or action described as anti-dilutive prevents or does not cause a reduction in existing shareholders’ per-share values when additional shares could be issued. For example, certain convertible securities or corporate actions are treated as anti-dilutive for earnings-per-share calculations if including them would raise EPS rather than lower it; investors watch this because it affects reported per-share metrics, ownership percentages, and valuation comparisons, like keeping pie slices the same size instead of making them smaller.

ATM program financial

"sold and issued ADSs under the ATM program"

An at-the-market (ATM) program is an arrangement that lets a publicly traded company sell newly issued shares gradually into the open market at prevailing prices, through a designated broker-dealer, instead of raising money in one large offering. It gives the company flexible, lower-cost fundraising; for existing shareholders it matters because each sale adds to the share count, which can dilute their ownership stake.

registrational strategy regulatory

"dialogue with the FDA regarding a potential registrational strategy"

A registrational strategy is the planned set of clinical studies, data collection and regulatory filings a company will use to seek formal approval from health authorities to sell a medical product. Think of it as a roadmap or blueprint for proving a drug or device is safe and effective and getting the required paperwork accepted. Investors care because the strategy determines how long approval may take, how much it will cost, and the likelihood of reaching patients and generating revenue.

FAQ

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

What was NCNA's net loss in the third quarter of 2026?

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

How long did NCNA expect its cash to fund operations?

NuCana expected its cash and cash equivalents to fund planned operations into 2029. Cash and cash equivalents were £18.3 million at September 30, 2026, compared with £24.3 million at December 31, 2025.

What is the latest update on NCNA's NUC-7738 melanoma study?

Recruitment was complete in the Phase 2 expansion cohort of the NuTide:701 study, evaluating NUC-7738 with pembrolizumab in patients with PD-1 inhibitor-resistant metastatic melanoma. NuCana planned to present results and translational data at the ESMO Immuno-Oncology & Advanced Therapies Congress in London from December 14, 2026 to December 16, 2026.

How is NCNA evaluating NUC-3373?

NuCana said the next phase of testing is underway in cancer cell lines and its in-house patient-derived organoid models. The work is intended to validate findings from an analysis of proprietary data from more than 800 cancer cell lines and large public datasets, and to help guide potential future clinical development opportunities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 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 of 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 November 12, 2026, NuCana plc (the “Company”) issued a press release announcing its third quarter 2026 financial results. The Company’s unaudited condensed consolidated financial statements as of September 30, 2026 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 as Exhibit 99.2 hereto and is incorporated by reference herein. The press release is attached as Exhibit 99.3 hereto and is incorporated by reference herein.

As of November 9, 2026, the Company had 25,717,774,947 ordinary shares issued and outstanding and 5,141,855 ADSs outstanding, with each ADS representing 5,000 ordinary shares.

The information in this Report on Form 6-K and 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, as amended (File Number 333-281576) and Form S-8 (File Number 333-223476, File Number 333-248135 and File Number 333-294466), 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 September 30, 2026 and for the Three and Nine Months Ended September 30, 2026 and 2025
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
99.3		Press Release dated November 12, 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, thereunto duly authorized.

NuCana plc
By:		/s/ Ian Webster
Name:		Ian Webster
Title:		Chief Financial Officer (Principal Financial and Accounting Officer)

Date: November 12, 2026

Exhibit 99.1

NUCANA PLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

				$				$				$				$
				For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		Notes		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		3			—				841				—				841
Net foreign exchange (losses) gains					(14	)			100				239				(161	)
Operating loss					(1,721	)			(2,630	)			(9,686	)			(17,310	)
Other income		3			—				1,851				—				1,851
Finance income					118				153				395				213
Finance expense		4			—				—				—				(12,648	)
Loss before tax					(1,603	)			(626	)			(9,291	)			(27,894	)
Income tax (charge) credit		5			(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		6			(0.00	)			(0.00	)			(0.00	)			(0.00	)

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 September 30,								For the Nine Months  Ended September 30,
		2026				2025				2026				2025
		(in thousands)
		£				£				£				£
Loss for the period			(1,607	)			(281	)			(8,552	)			(26,868	)
Other comprehensive income (expense):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations			—				14				13				(62	)
Other comprehensive income (expense) for the period			—				14				13				(62	)
Total comprehensive loss for the period			(1,607	)			(267	)			(8,539	)			(26,930	)
Attributable to:
Equity holders of the Company			(1,607	)			(267	)			(8,539	)			(26,930	)

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

				$				$
				September 30, 2026				December 31, 2025
				(in thousands)
		Notes		£				£
Assets
Non-current assets
Intangible assets		7			2,203				2,198
Property, plant and equipment					605				658
Deferred tax asset		5			127				117
					2,935				2,973
Current assets
Prepayments, accrued income and other receivables					639				849
Current income tax receivable		5			2,491				1,761
Cash and cash equivalents		8			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		10			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

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 Nine Months Ended September 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, 2025			5,681				146,146				(339	)			36,276				18				42,466				(224,294	)			5,954
Loss for the period			—				—				—				—				—				—				(26,868	)			(26,868	)
Other comprehensive expense for the period			—				—				—				—				(62	)			—				—				(62	)
Total comprehensive loss for the period			—				—				—				—				(62	)			—				(26,868	)			(26,930	)
Share-based payments			—				—				—				9,143				—				—				—				9,143
Exercise of share options			1				—				—				(43	)			—				—				43				1
Lapse of share options			—				—				—				(860	)			—				—				860				—
Issue of share capital			4,927				15,258				—				—				—				—				—				20,185
Exercise of warrants			3,731				15,188				—				—				—				—				—				18,919
Share issue expenses			—				(1,346	)			—				—				—				—				—				(1,346	)
Balance at September 30, 2025			14,340				175,246				(339	)			44,516				(44	)			42,466				(250,259	)			25,926
Balance at January 1, 2026			14,340				175,246				(339	)			44,991				(43	)			42,466				(252,334	)			24,327
Loss for the period			—				—				—				—				—				—				(8,552	)			(8,552	)
Other comprehensive income for the period			—				—				—				—				13				—				—				13
Total comprehensive loss for the period			—				—				—				—				13				—				(8,552	)			(8,539	)
Share-based payments			—				—				—				3,269				—				—				—				3,269
Lapse of share options			—				—				—				(6,346	)			—				—				6,346				—
Issue of share capital			13				729				—				—				—				—				—				742
Share issue expenses			—				(241	)			—				—				—				—				—				(241	)
Balance at September 30, 2026			14,353				175,734				(339	)			41,914				(30	)			42,466				(254,540	)			19,558

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 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

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 Depositary 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. On August 11, 2025, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing 25 ordinary shares, to one ADS representing 5,000 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, 2025 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.

2. Material accounting policies

Basis of preparation

The unaudited condensed consolidated financial statements (the “financial statements”) for the nine months ended September 30, 2026 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, 2025.

Comparative information has been reclassified to reflect the presentation adopted in the financial statements for the year ended December 31, 2025. Other income of £1.9 million relating to the ADR depositary contribution has been reclassified below operating loss. The reclassification has no impact on loss before tax or loss for the period.

No new standards, amendments or interpretations have had an impact on the financial statements for the nine months ended September 30, 2026. The financial statements comprise the financial statements of the Group at September 30, 2026. 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, 2025.

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 nine months ended September 30, 2026 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2026.

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 net losses, has an accumulated deficit totaling £254.5 million and cash flows used in operating activities of £6.9 million as of and for the nine months ended September 30, 2026. The Company had £18.3 million of cash and cash equivalents at September 30, 2026.

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 its current operating budgets and development plans, the Company’s cash and cash equivalents on hand will be sufficient to fund its anticipated operations for the entirety of the going concern assessment period. The board of directors is therefore satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

As the Company continues to incur losses, the transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and achieving a level of revenues adequate to support its cost structure. The Company may never achieve profitability, and unless and until it does, it will continue to need additional capital beyond the going concern assessment period. The Company may also need to raise additional funds if it chooses to expand its current development program. There can be no assurances, however, that additional funding will be available on acceptable terms.

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, 2025.

3. Other income

		$				$				$				$
		For the Three Months  Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands)
		£				£				£				£
Insurance proceeds			—				841				—				841
ADR depositary contribution			—				1,851				—				1,851
Total other income			—				2,692				—				2,692

In the nine months ended September 30, 2025, insurance proceeds represented a one-off payout under a key person policy and ADR depositary contribution related to an amount received from the ADR depositary in relation to the ADS ratio change completed in August 2025.

4. Finance expense

		$				$				$				$
		For the Three Months  Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands)
		£				£				£				£
Revaluation loss from derivative financial instruments			—				—				—				(12,648	)

The non-cash revaluation loss from derivative financial instruments of £12.6 million for the nine months ended September 30, 2025 related to the fair value remeasurement of Series A and Series B warrants.

5. Income tax

		$				$				$				$
		For the Three Months  Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands)
		£				£				£				£
Current tax:
In respect of current period U.K.			240				363				977				1,011
In respect of prior period U.K.			(247	)			(27	)			(247	)			(3	)
			(7	)			336				730				1,008
Deferred tax:
In respect of current period U.S.			3				9				9				18
Income tax (charge) credit			(4	)			345				739				1,026

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.

		$				$
		September 30, 2026				December 31, 2025
		(in thousands)
		£				£
Current income tax receivable
U.K. tax			2,489				1,759
U.S. tax			2				2
			2,491				1,761
Deferred tax asset
U.S. deferred tax asset			127				117

6. Basic and diluted loss per ordinary share

		$				$				$				$
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands, except per share data)
		£				£				£				£
Loss for the period			(1,607	)			(281	)			(8,552	)			(26,868	)
Basic and diluted weighted average number of ordinary shares			23,036,801				18,484,333				21,599,759				8,003,656
Basic and diluted loss per ordinary share			(0.00	)			(0.00	)			(0.00	)			(0.00	)

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.

7. Intangible assets

Intangible assets comprise patents with a carrying value of £2.2 million as of September 30, 2026 (as of December 31, 2025: £2.2 million).

During the nine months ended September 30, 2026, the Company acquired intangible assets with a cost of £0.2 million in relation to patents.

8. Cash and cash equivalents

		$				$
		September 30, 2026				December 31, 2025
		(in thousands)
		£				£
Cash and cash equivalents			18,349				24,251

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.

9. 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 10 years.

As detailed in the table below, during the nine months ended September 30, 2026, 4,121 million share options were granted under the 2020 Long-Term Incentive Plan (nine months ended September 30, 2025: 3,478 million). 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.

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		Jan-14-2026				Jan-14-2026				Jan-14-2026
Vesting dates			Jan-14-2026				Jan-14-2027				Jan-14-2027
			—				—				Jan-14-2028
			—				—				Jan-14-2029
			—				—				Jan-14-2030
Volatility1			260.56%				226.67%				193.02%
Dividend yield			0%				0%				0%
Risk-free investment rate1			3.51%				3.53%				3.67%
Fair value of option at grant date1			£ 0.0004				£ 0.0005				£ 0.0005
Fair value of share at grant date			£ 0.0005				£ 0.0005				£ 0.0005
Exercise price at date of grant			£ 0.0004				£ 0.0004				£ 0.0004
Lapse date			Jan-14-2036				Jan-14-2036				Jan-14-2036
Expected option life (years)1			1.0				2.0				3.5
Number of options granted			1,951,153,811				174,109,121				1,324,308,581

		$				$
Grant date		Jan-14-2026				Jan-14-2026
Vesting dates			Jan-14-2026				Jan-14-2027
			—				Jan-14-2028
			—				Jan-14-2029
			—				Jan-14-2030
Volatility1			226.67%				175.64%
Dividend yield			0%				0%
Risk-free investment rate1			3.53%				3.78%
Fair value of option at grant date1			£ 0.0005				£ 0.0005
Fair value of share at grant date			£ 0.0005				£ 0.0005
Exercise price at date of grant			£ 0.0005				£ 0.0005
Lapse date			Jan-14-2036				Jan-14-2036
Expected option life (years)1			2.0				4.5
Number of options granted			313,694,177				87,871,006

		$				$
Grant date		Apr-15-2026				Apr-15-2026
Vesting dates			Apr-15-2026				Apr-15-2027
			—				Apr-15-2028
			—				Apr-15-2029
			—				Apr-15-2030
Volatility1			256.68%				192.85%
Dividend yield			0%				0%
Risk-free investment rate1			4.07%				4.16%
Fair value of option at grant date1			£ 0.0002				£ 0.0003
Fair value of share at grant date			£ 0.0003				£ 0.0003
Exercise price at date of grant			£ 0.0004				£ 0.0004
Lapse date			Apr-15-2036				Apr-15-2036
Expected option life (years)1			1.0				3.5
Number of options granted			135,525,518				134,170,264

^1.  Represents the average for the options granted.

For the three months ended September 30, 2026, the Company recognized £0.5 million of share-based payment expense in the statement of operations (three months ended September 30, 2025: £0.9 million). For the nine months ended September 30, 2026, the Company recognized £3.3 million of share-based payment expense in the statement of operations (nine months ended September 30, 2025: £9.1 million).

10. Share capital and share premium

		$				$
		September 30, 2026				December 31, 2025
		(in thousands)
		£				£
Share capital			14,353				14,340
Share premium			175,734				175,246
			190,087				189,586

		$				$
		Number (in thousands)
		Nominal value £0.000004				Nominal value £0.0004
Issued share capital comprises:
Ordinary shares			24,085,050				20,809,855
Deferred shares			3,564,222,220				15,040,466
			3,588,307,270				35,850,321

		$				$				$				$				$
		Number of ordinary shares				Number of deferred shares				Ordinary share capital				Deferred share capital				Share premium
		(in thousands)
										£				£				£
Fully paid shares:
Balance at December 31, 2025			20,809,855				15,040,466				8,324				6,016				175,246
Subdivision and reclassification of share capital			—				3,549,181,754				(8,241	)			8,241				—
Issue of share capital			3,275,195				—				13				—				729
Share issue expenses			—				—				—				—				(241	)
Balance at September 30, 2026			24,085,050				3,564,222,220				96				14,257				175,734

On June 8, 2026, the Company subdivided and redesignated its issued share capital as follows:

• Each of the 15,040,465,803 deferred shares of £0.0004 each in the issued share capital of the Company was sub-divided into 100 deferred shares of £0.000004 each; and

• Each of the 20,809,854,947 ordinary shares of £0.0004 each in the issued share capital of the Company was sub-divided into and redesignated as one ordinary share of £0.000004, having the same rights and being subject to the same restrictions as the existing ordinary shares in the capital of the Company, and 99 deferred shares of £0.000004 each.

The Company’s issued share capital after the subdivision and reclassification was comprised of 20,809,854,947 ordinary shares and 3,564,222,220,053 deferred shares of £0.000004 each. The deferred shares continue to have no economic value, dividend or voting rights.

As at September 30, 2026, the Company had 4,815,310 ADSs listed on The Nasdaq Capital Market.

11. Events after the reporting period

Subsequent to September 30, 2026 and through November 9, 2026, the Company sold and issued 326,545 ADSs, representing 1,632,725,000 ordinary shares, under the ATM program, raising gross proceeds of £0.3 million.

As at November 9, 2026, the Company had 5,141,855 ADSs listed on The Nasdaq Capital Market.

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 November 12, 2026. 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, 2025 filed with the SEC on March 19, 2026 (the “Annual Report”), as well as the “Supplemental Risk Factors” filed with our Form 6-Ks from time to time with the SEC.

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. Our 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 trial 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 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, and we are currently evaluating further characterization of mode of action and target indications for further clinical studies of NUC-3373.

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 outsourced;

• 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.

Other Income

Other income represents income unrelated to ordinary business activities and therefore does not meet the definition of revenue. Other income consists of ADR depositary contributions and insurance proceeds.

Net Foreign Exchange (Losses) Gains

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

Finance Income

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

Finance Expense

Finance expense relates to revaluation losses from derivative financial instruments.

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. 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%. 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. Research and development expenditure on overseas subcontractors is not eligible unless certain criteria are met. Overseas subcontractor expenditure is only eligible when there are conditions present overseas which are not present in the United Kingdom and it would be ‘wholly unreasonable’ to replicate those conditions within the United Kingdom.

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 R&D-intensive loss-making small or medium-sized company. However, in that scenario, we may be able to file under the merged scheme R&D expenditure credit.

Results of Operations

Comparison of the Three Months Ended September 30, 2026 and September 30, 2025

The following table summarizes the results of our operations for the three months ended September 30, 2026 and 2025.

		$				$
		For the Three Months Ended September 30,
		2026				2025
		(unaudited)
		(in thousands)
		£				£
Research and development expenses			(772	)			(2,172	)
Administrative expenses			(935	)			(1,399	)
Other income			—				841
Net foreign exchange (losses) gains			(14	)			100
Operating loss			(1,721	)			(2,630	)
Other income			—				1,851
Finance income			118				153
Loss before tax			(1,603	)			(626	)
Income tax (charge) credit			(4	)			345
Loss for the period			(1,607	)			(281	)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations			—				14
Total comprehensive loss for the period			(1,607	)			(267	)

Research and Development Expenses

Research and development expenses were £0.8 million for the three months ended September 30, 2026 as compared to £2.2 million for the three months ended September 30, 2025.

In the three months ended September 30, 2026:

• Clinical trial expenses decreased by £0.6 million predominately due to the finalization of certain liabilities associated with the NuTide:323 study, partially offset by increased expenditure on NuTide:701; and

• Other research and development costs decreased by £0.8 million principally due to lower personnel costs, share-based payment expenses and manufacturing costs.

The following table gives a breakdown of the research and development costs incurred by product candidate for the three months ended September 30, 2026 and 2025:

		$				$
		For the Three Months Ended September 30,
		2026				2025
		(in thousands)
		£				£
NUC-7738			1,612				1,712
NUC-3373			(950	)			480
Acelarin			9				(157	)
Other			101				137
			772				2,172

Administrative Expenses

Administrative expenses were £0.9 million for the three months ended September 30, 2026 as compared to £1.4 million for the three months ended September 30, 2025.

In the three months ended September 30, 2026:

• Share-based payment expenses decreased by £0.2 million primarily due to the vesting profile of the options granted in the second quarter of 2025; and

• Other administrative expenses decreased by £0.3 million principally due to lower professional fees.

Other Income

Other income was £nil for the three months ended September 30, 2026, as compared to one off insurance proceeds of £0.8 million and ADR depositary contributions of £1.9 million received in the three months ended September 30, 2025.

Net Foreign Exchange (Losses) Gains

For the three months ended September 30, 2026, we reported a net foreign exchange loss of £14,000 as compared to a net foreign exchange gain of £0.1 million for the three months ended September 30, 2025. In the three months ended September 30, 2026, the loss arose from cash balances held in U.S. dollars and the U.S. dollar depreciating relative to the U.K. pound sterling. Conversely in the three months ended September 30, 2025, the loss arose from cash balances held in U.S. dollars and the U.S. dollar appreciating relative to the U.K. pound sterling.

Finance Income

Finance income represents bank interest and was £0.1 million for the three months ended September 30, 2026 and £0.2 million for the three months ended September 30, 2025. The decrease in bank interest resulted from lower cash deposits.

Income Tax (Charge) Credit

The income tax charge for the three months ended September 30, 2026 amounted to £4,000 as compared to a £0.3 million income tax credit for the three months ended September 30, 2025. The decrease in the income tax credit was primarily attributable to an adjustment relating to prior periods of £0.2 million.

Results of Operations

Comparison of the Nine Months Ended September 30, 2026 and September 30, 2025

The following table summarizes the results of our operations for the nine months ended September 30, 2026 and 2025.

		$				$
		For the Nine Months Ended September 30,
		2026				2025
		(unaudited)
		(in thousands)
		£				£
Research and development expenses			(6,235	)			(11,001	)
Administrative expenses			(3,690	)			(6,989	)
Other income			—				841
Net foreign exchange gains (losses)			239				(161	)
Operating loss			(9,686	)			(17,310	)
Other income			—				1,851
Finance income			395				213
Finance expense			—				(12,648	)
Loss before tax			(9,291	)			(27,894	)
Income tax credit			739				1,026
Loss for the period			(8,552	)			(26,868	)
Other comprehensive income (expense):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations			13				(62	)
Total comprehensive loss for the period			(8,539	)			(26,930	)

Research and Development Expenses

Research and development expenses were £6.2 million for the nine months ended September 30, 2026 as compared to £11.0 million for the nine months ended September 30, 2025.

In the nine months ended September 30, 2026:

• Share-based payment expenses decreased by £4.2 million primarily due to the lower fair value of options granted in the nine months ended September 30, 2026 compared with the fair value of options granted in the nine months ended September 30, 2025; and

• Other research and development costs decreased by £0.6 million principally due to lower personnel and manufacturing costs.

The following table gives a breakdown of the research and development costs incurred by product candidate for the nine months ended September 30, 2026 and 2025:

		$				$
		For the Nine Months Ended September 30,
		2026				2025
		(in thousands)
		£				£
NUC-7738			5,889				6,885
NUC-3373			(219	)			3,651
Acelarin			66				6
Other			499				459
			6,235				11,001

Administrative Expenses

Administrative expenses were £3.7 million for the nine months ended September 30, 2026 as compared to £7.0 million for the nine months ended September 30, 2025.

In the nine months ended September 30, 2026:

• Share-based payment expenses decreased by £1.6 million primarily due to the lower fair value of options granted in the nine months ended September 30, 2026 compared with the fair value of options granted in the nine months ended September 30, 2025;

• Professional fees related to the issue of warrants were £nil in the nine months ended September 30, 2026 compared with £1.4 million in the nine months ended September 30, 2025; and

• Other administrative expenses decreased by £0.3 million principally due to lower professional fees.

Other Income

Other income was £nil for the nine months ended September 30, 2026, as compared to one off insurance proceeds of £0.8 million and ADR depositary contributions of £1.9 million received in the nine months ended September 30, 2025.

Net Foreign Exchange Gains (Losses)

For the nine months ended September 30, 2026, we reported a net foreign exchange gain of £0.2 million as compared to a net foreign exchange loss of £0.2 million for the nine months ended September 30, 2025. In the nine months ended September 30, 2026, 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 nine months ended September 30, 2025, 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 £0.4 million for the nine months ended September 30, 2026 and £0.2 million for the nine months ended September 30, 2025. The increase in bank interest resulted from higher cash deposits.

Finance Expense

Finance expense relates to non-cash revaluation losses from derivative financial instruments being remeasured at fair value through profit or loss and was £nil for the nine months ended September 30, 2026 as compared to £12.6 million for the nine months ended September 30, 2025.

Income Tax Credit

The income tax credit for the nine months ended September 30, 2026, which is largely composed of U.K. research and development tax credits, amounted to £0.7 million as compared to £1.0 million for the nine months ended September 30, 2025. The decrease in the income tax credit was primarily attributable to an adjustment relating to prior periods of £0.2 million.

Liquidity and Capital Resources

Overview

Since our inception, we have incurred significant operating losses and negative operating 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 September 30, 2026 and December 31, 2025, we had cash and cash equivalents of £18.3 million and £24.3 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. We expect that our existing cash and cash equivalents will be sufficient to meet our anticipated cash requirements into 2029. However, we may need to raise additional funds if we choose to expand our current development program.

In June 2025, we entered into an ATM sales agreement with A.G.P./Alliance Global Partners, or A.G.P., and Laidlaw & Company (UK) Ltd., or Laidlaw, pursuant to which we may periodically sell ADSs having an aggregate offering price of up to $100.0 million through A.G.P. and Laidlaw acting as our agents. 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 June 2025, and which permits the offering, issuance and sale by us of up to a maximum aggregate offering price of $150.0 million of our securities, inclusive of our ADSs sold under the ATM program. During the nine months ending September 30, 2026 we sold and issued 655,039 ADSs, representing 3,275,195,000 ordinary shares, under the ATM program, raising gross proceeds of £0.7 million. Subsequent to September 30, 2026 and through November 9, 2026, we sold and issued 326,545 ADSs, representing 1,632,725,000 ordinary shares, under the ATM program, raising gross proceeds of £0.3 million.

Cash Flows Comparison of the Nine Months Ended September 30, 2026 and September 30, 2025

The following table summarizes the results of our cash flows for the nine months ended September 30, 2026 and 2025.

		$				$
		For the Nine Months Ended September 30,
		2026				2025
		(unaudited)
		(in thousands)
		£				£
Net cash used in operating activities			(6,869	)			(6,317	)
Net cash from investing activities			245				25
Net cash from financing activities			453				24,999
Net (decrease) increase in cash and cash equivalents			(6,171	)			18,707

Operating Activities

Net cash used in operating activities was £6.9 million for the nine months ended September 30, 2026 as compared to £6.3 million for the nine months ended September 30, 2025, a net increase in cash outflows of £0.6 million.

In the nine months ended September 30, 2026:

• Operating loss cash outflows were higher by £0.5 million;

• Working capital outflows were £0.4 million as compared to £4.4 million in the nine months ended September 30, 2025; and

• No tax refund was received in the nine months ended September 30, 2026 compared to a receipt of £4.0 million in the nine months ended September 30, 2025.

Investing Activities

Net cash from investing activities was £0.2 million for the nine months ended September 30, 2026 as compared to £25,000 for the nine months ended September 30, 2025.

In the nine months ended September 30, 2026, interest income was higher by £0.2 million.

Financing Activities

Net cash from financing activities was £0.5 million for the nine months ended September 30, 2026 as compared to £25.0 million for the nine months ended September 30, 2025.

In the nine months ended September 30, 2026:

• No proceeds were received from the issue, exercise or cancellation of warrants, compared with net proceeds of £6.2 million in the nine months ended September 30, 2025; and

• Net proceeds from the issue of share capital decreased to £0.5 million compared with £18.8 million in the nine months ended September 30, 2025.

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.

We believe that our existing capital resources will be sufficient to fund our operations, including currently anticipated research and development activities and planned capital spending, into 2029. We carefully manage our capital resources and have sufficient controllable mitigating actions identified to manage our expenditure, including management of third-party expenses, such as timing of clinical trial activities, and internal resource costs.

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 Third Quarter 2026 Financial Results and Provides Business Update

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, November 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

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 363.3 KB
• EX-99.2 EX-99.2 118.9 KB
• EX-99.3 EX-99.3 124.6 KB