On August 20, 2025 NuCana plc (NASDAQ: NCNA) ("NuCana" or the "Company") reported financial results for the second quarter ended June 30, 2025 and provided an update on its clinical development program with its two lead anti-cancer medicines (Press release, Nucana, AUG 20, 2025, View Source [SID1234655404]).
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"We are pleased to announce that the first patients have been dosed on the expansion of our ongoing Phase 1/2 NuTide:701 study in patients with PD-1 inhibitor-resistant melanoma," said Andrew Kay, NuCana’s Executive Chairman. "Our lead program, NUC-7738 is a novel agent that profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. We remain encouraged by the clinical observations witnessed so far. We have observed a favorable safety profile, meaningful tumor volume reduction and prolonged progression free-survival in patients with PD-1 inhibitor refractory and resistant metastatic melanoma. The expansion study is expected to enroll an additional 28 patients, increasing the planned patient population treated in combination with pembrolizumab to 40 and further supporting our registrational path."
Mr. Kay continued, "Turning to our second program, NUC-3373 is a targeted thymidylate synthase inhibitor with immune modulating properties. We are encouraged by the data from the Phase 1b/2 NuTide:303 study, which is evaluating NUC-3373 in combination with pembrolizumab in patients with advanced solid tumors, and NUC-3373 with docetaxel in patients with lung cancer. Notable tumor volume reductions and prolonged progression free survival have been observed in these patients so far. We look forward to announcing additional data from this study later this year."
Mr. Kay concluded, "Lastly, we strengthened our balance sheet with a financing in May and the strategic execution of an at-the-market ("ATM") offering, extending our cash runway into 2029 and through key value-driving milestones. To date in 2025, these initiatives have raised gross proceeds of $38.4 million and with multiple data readouts ahead, we are well-positioned to deliver on our mission of improving treatment outcomes for patients with cancer."
Anticipated Milestones
NUC-7738
Announce initial data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2025;
Obtain regulatory guidance from the U.S. Food and Drug Administration on pivotal study design for NUC-7738 in melanoma in 2026; and
Announce final data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2026.
NUC-3373
Announce additional data from the Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with pembrolizumab in patients with solid tumors in 2025.
Second Quarter 2025 Financial Highlights and Cash Position
As of June 30, 2025, NuCana had cash and cash equivalents of £8.4 million compared to £4.0 million as of March 31, 2025 and £6.7 million at December 31, 2024. Subsequent to June 30, 2025, NuCana has raised, through the ATM offering, an additional £19.0 million in gross proceeds before expenses and commission.
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 of $3.6 million. This initiative fully eliminated all overhanging rights from the May 2025 financing.
NuCana expects that its cash and cash equivalents as of June 30, 2025, together with amounts raised via the ATM offering, will be sufficient to fund its planned operations into 2029.
NuCana continues to advance its clinical programs and reported a net loss of £24.1 million for the quarter ended June 30, 2025, which includes a loss on revaluation of the warrants issued in the May 2025 financing of £12.6 million, as compared to a net loss of £7.0 million for the quarter ended June 30, 2024. Basic and diluted loss per ordinary share was £0.00 for the quarter ended June 30, 2025, as compared to £0.12 per ordinary share for the comparable quarter ended June 30, 2024.