Liquidity remains under pressure as evidenced by persistent negative free cash flow, including a $7.5 million outflow in 2024Q4, and erratic OCF/NI ratios that reached 11.42 in the same period.
| Cash from Operations | -7.24M | -6.96M | -19.12M | -26.44M | -23.16M | -23.82M | -21.62M | -23.83M | -12.22M | -8.71M | -9.26M | -4.47M | -5.25M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | -3077.03% | - | - | - |
| Operating CF Growth % | -65.53% | 63.6% | 27.69% | -14.17% | 2.8% | -10.2% | 9.29% | -94.97% | -40.38% | 6% | -107.39% | 14.83% | - |
| Net Income | -30.83M | -28.71M | -19M | -27.63M | -32.02M | -40.53M | -30.68M | -21.41M | -13.84M | -23.09M | -6.05M | -5.33M | -6.17M |
| Depreciation & Amortization | 207.48K | 0 | 522K | 575K | 732K | 942K | 890K | 718K | 371K | 194K | 101K | 44K | 32.57K |
| Stock-Based Compensation | 8.88M | 0 | 1.65M | 3.86M | 4.89M | 6.66M | 4.3M | 3.23M | 1.79M | 11.73M | 1.13M | 785K | 1.55M |
| Deferred Taxes | -673K | 0 | -3.45M | -4.4M | -6.43M | -7.27M | -5.49M | -4.24M | -4.22M | -2.4M | -2.12M | -1.18M | 0 |
| Other Non-Cash Items | 17.48M | 25.42M | 3.35M | 2.44M | 5.95M | 12.28M | 7.41M | -24K | 200K | 3.45M | 819K | 625K | 895.87K |
| Working Capital Changes | -2.34M | -3.67M | -2.18M | -1.28M | 3.72M | 4.09M | 1.95M | -2.1M | 3.47M | 1.4M | -3.15M | 587K | -125.8K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36K | -126 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.73M | -2.18M | -670K | -1.43M | 2.97M | -428K | -155K | -43K | 1.33M | 392K | 220K | 133K | 0 |
| Cash from Investing | -91.34K | -188.77K | 79K | 2.89M | 120K | -3.56M | -1.31M | -145K | -651K | -933K | 14.93M | -181K | -97.95K |
| Capital Expenditures | -231.34K | -188.77K | -4K | -4K | -518K | -64K | -361K | -46K | -210K | -370K | -554K | -6K | -15.95K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | 130.74% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 140K | 0 | 83K | 2.89M | 638K | -3.5M | -952K | -99K | -441K | -563K | 410K | -100K | -82.01K |
| Cash from Financing | 24.48M | 24.46M | 8.18M | -53K | -161K | -98K | 61.8M | -47K | 207K | 77.75M | 200K | 0 | 0 |
| Debt Issued (Net) | -41K | -54K | -223K | -270K | 0 | -296K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 19.63M | 27.11M | 8.73M | 249K | 0 | 0 | 66.58M | 0 | 0 | 79.83M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.9M | -2.6M | -322K | -32K | -161K | 198K | -4.78M | -47K | 207K | -2.09M | 200K | 0 | 0 |
| Net Change in Cash | 17.07M | 17.94M | -10.48M | -24.69M | -18.35M | -27.09M | 35.39M | -25.01M | -9.73M | 66.71M | 5.88M | -4.65M | -5.34M |
| Free Cash Flow | -4.24M | -6.96M | -19.41M | -26.92M | -23.68M | -24.89M | -23.25M | -25.09M | -13.85M | -9.8M | -9.82M | -4.86M | -5.26M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | -3463.96% | - | - | - |
| FCF Growth % | 74.44% | 64.15% | 27.89% | -13.69% | 4.87% | -7.04% | 7.34% | -81.21% | -41.26% | 0.15% | -101.89% | 7.56% | - |
| FCF per Share | -1.15 | -1.88 | -3.27 | -5.11 | -4.53 | -5.98 | -6.14 | -7.76 | -4.33 | -3.76 | -3.18 | -1.58 | -1.70 |
| FCF Conversion (FCF/Net Income) | 0.14x | 0.24x | 1.01x | 0.96x | 0.72x | 0.59x | 0.70x | 1.11x | 0.88x | 0.38x | 1.53x | 0.84x | 849.61x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Limited clinical cash runway
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.01 to 11.42, indicating that accounting losses provide little insight into the actual pace of cash depletion for this clinical-stage biotechnology firm.
The extreme volatility in the OCF/NI ratio suggests that non-cash items and working capital swings are the primary drivers of reported figures rather than operational performance. Investors should monitor these fluctuations as they obscure the underlying burn rate required to sustain the company's R&D pipeline.
Based on NuCana's reported figures, free cash flow remains consistently negative, with the company burning through capital to fund clinical trials, as evidenced by the $7.5 million outflow in 2024Q4, which highlights the structural inability to generate self-sustaining cash flows in the current development phase.
The lack of a positive FCF trajectory underscores the company's total dependence on external financing to maintain its research operations. This trend appears likely to persist until a successful clinical readout or strategic partnership can fundamentally alter the firm's financial profile.
According to recent SEC filings, working capital changes have been a significant source of cash flow instability, with a $6.1 million outflow in 2024Q4 followed by a $710.2K inflow in 2025Q4, reflecting the unpredictable timing of clinical trial vendor payments and accruals.
These swings in working capital suggest that the company's cash position is highly sensitive to the timing of research-related liabilities. Such volatility warrants further investigation into whether these shifts represent genuine operational efficiencies or merely the deferral of necessary clinical expenditures.
As disclosed in the cash flow statements, stock-based compensation reached $8.0 million in 2025Q2, a figure that significantly distorts the reported net loss and masks the true economic cost of retaining specialized scientific talent during this high-risk clinical development period.
The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet the magnitude of these adjustments complicates the assessment of shareholder dilution. Analysts should treat these non-cash expenses as a real cost of capital when evaluating the company's long-term sustainability.
Quick answers to the most common questions about buying NCNA stock.
NuCana plc (NCNA) generated $-7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NuCana plc (NCNA) reported negative free cash flow of $7.0M in 2025, indicating capital requirements exceeded cash from operations.
NuCana plc (NCNA) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.