The company lacks recurring revenue, and its operational performance is heavily impacted by R&D volatility, evidenced by a $24.1 million net loss in 2025Q2.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283K | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 69.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -69.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | 100% | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | -100% | - | - | - | - |
| Operating Expenses | 21.68M | 20.11M | 22.9M | 31.13M | 43.72M | 45.36M | 32.95M | 25.68M | 22.03M | 24.04M | 9.05M | 6.91M | 7.58K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 8494.7% | - | - | - |
| Selling, General & Admin | 8.6M | 8.1M | 4.99M | 6.06M | 7.29M | 8.53M | 7.05M | 5.95M | 5.18M | 4.57M | 1.14M | 1.25M | 2.13K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 1615.9% | - | - | - |
| Research & Development | 15.34M | 12.74M | 18.02M | 25.06M | 36.43M | 36.83M | 25.9M | 19.73M | 16.85M | 17.67M | 7.9M | 5.66M | 5.45K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 6244.88% | - | - | - |
| Other Operating Expenses | -798K | -723K | -101K | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 0 | 0 | 0 |
| Operating Income | -21.68M | -20.11M | -22.81M | -32.78M | -43.7M | -45.34M | -32.92M | -26.7M | -22.03M | -22.25M | -8.45M | -6.91M | -7.58K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -7860.78% | - | - | - |
| Operating Income Growth % | - | 11.83% | 30.43% | 24.97% | 3.64% | -37.73% | -23.31% | -21.2% | 0.97% | -163.33% | -22.19% | -91111.75% | - |
| EBITDA | -21.4M | -19.84M | -22.29M | -32.21M | -42.96M | -44.4M | -32.03M | -26.7M | -22.03M | -22.25M | -8.45M | -6.87M | -7.55K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | -7860.71% | - | - | - |
| EBITDA Growth % | -26.35% | 11% | 30.81% | 25.03% | 3.24% | -38.62% | -19.98% | -21.2% | 0.97% | -163.33% | -22.97% | -90922.43% | - |
| D&A (Non-Cash Add-back) | 276.48K | 274K | 522K | 575K | 732K | 942K | 890K | 718 | 371 | 194 | 101 | 44K | 33 |
| EBIT | -22.93M | -20.83M | -23M | -32.36M | -52.89M | 0 | 0 | 0 | 0 | 0 | 0 | -6.91M | -7.58K |
| Net Interest Income | 553.68K | 386K | 358K | -349K | 669K | 103K | 246K | 1.05M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 553.68K | 386K | 358K | 754K | 669K | 103K | 246K | 1.05M | 1.06M | 208K | 283K | 406K | 236 |
| Interest Expense | 0 | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.29M | -10.41M | 358K | 754K | 5.24M | -2.46M | -3.25M | 1.05M | 3.97M | -3.24M | 283K | 406K | 231.47K |
| Pretax Income | -31.97M | -30.52M | -22.45M | -32.03M | -38.45M | -47.8M | -36.17M | -25.65M | -18.06M | -25.49M | -8.16M | -6.51M | -7.35K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -9005.65% | - | - | - |
| Income Tax | -1.23M | -1.17M | -3.45M | -4.4M | -6.43M | -7.27M | -5.49M | -4.24M | -4.22M | -2.4M | -2.12M | -1.18M | -1.18K |
| Effective Tax Rate % | 3.83% | 3.83% | 15.38% | 13.73% | 16.73% | 15.21% | 15.18% | 16.53% | 23.38% | 9.42% | 25.92% | 18.07% | 15.99% |
| Net Income | -30.83M | -29.35M | -19M | -27.63M | -32.02M | -40.53M | -30.68M | -21.41M | -13.84M | -23.09M | -6.05M | -5.33M | -6.17K |
| Net Margin % | - | - | - | - | - | - | - | - | - | -8157.24% | - | - | - |
| Net Income Growth % | -110.7% | -54.51% | 31.25% | 13.71% | 21% | -32.11% | -43.29% | -54.71% | 40.05% | -281.63% | -13.45% | -86269.33% | - |
| Net Income (Continuing) | -30.75M | -29.35M | -19M | -27.63M | -32.02M | -40.53M | -30.68M | -21.41M | -13.84M | -23.09M | -6.05M | -5.33M | -6.17K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.34 | -7.75 | -3.27 | -5.25 | -6.12 | -9.75 | -10.12 | -6.62 | -4.25 | -8.87 | -2.00 | -1.75 | -0.00 |
| EPS Growth % | 94.34% | -137% | 37.71% | 14.22% | 37.23% | 3.66% | -52.87% | -55.76% | 52.09% | -343.5% | -14.29% | - | - |
| EPS (Basic) | - | -7.75 | -3.27 | -5.25 | -6.25 | -9.75 | -10.12 | -6.75 | -4.25 | -8.87 | -2.00 | -1.75 | -0.00 |
| Diluted Shares Outstanding | 3.7M | 3.7M | 5.94M | 5.27M | 5.22M | 4.16M | 3.79M | 3.23M | 3.2M | 2.61M | 3.09M | 3.09M | 3.09M |
| Basic Shares Outstanding | 3.7M | 3.7M | 5.94M | 5.27M | 5.17M | 4.16M | 3.79M | 3.18M | 3.2M | 2.61M | 3.09M | 3.09M | 3.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited clinical cash runway
As reported in recent financial statements, NuCana's R&D expenditure remains the primary driver of operational outflows, with quarterly costs fluctuating significantly between $0.7 million and $7.1 million, reflecting the inherent volatility of clinical trial milestones and the associated costs of managing specialized oncology research programs.
The company's cost structure is almost entirely composed of R&D and SG&A, which underscores its status as a pre-revenue clinical entity. Investors should note that the lack of consistent expense scaling suggests that clinical trial progress is not linear, potentially complicating long-term financial forecasting for the firm.
Based on the provided income statement data, NuCana's net income figures are frequently distorted by non-operating items and stock-based compensation, which reached $8.0 million in 2025Q2, obscuring the underlying operational efficiency of the company's core drug development activities and complicating the assessment of true shareholder dilution.
The significant variance in quarterly net income, ranging from losses of $0.3 million to $24.1 million, indicates that reported earnings are highly sensitive to accounting adjustments rather than operational milestones. This volatility warrants caution, as it may mask the true rate of capital consumption required to sustain the ProTide platform.
According to historical income statement trends, the 2025Q2 period marked a critical inflection point where elevated R&D spending of $7.1 million coincided with a $24.1 million net loss, signaling the financial fallout from the discontinuation of the Acelarin program and the subsequent shift in corporate strategy.
This period represents a fundamental reset for the company, as it forced a reallocation of limited resources toward the NUC-3373 candidate. The resulting financial profile suggests that the company is now operating under a more constrained capital environment, increasing the pressure on future clinical data readouts.
Analysis of the company's reported figures reveals a precarious liquidity position, as the $24.25 million cash reserve is rapidly depleted by ongoing operational losses, suggesting that the firm may face significant dilutive financing risks if clinical milestones are not achieved within the next several quarters.
While the company maintains a low debt-to-equity ratio, the absence of revenue streams means that the current cash balance is the only buffer against insolvency. Investors should monitor whether the current burn rate necessitates a capital raise, which would likely exert downward pressure on existing equity valuations.
Quick answers to the most common questions about buying NCNA stock.
For fiscal year 2025, NuCana plc (NCNA) reported total revenue of $0.0M.
NuCana plc (NCNA) reported a net loss of $29.4M for the fiscal year ending 2025.