Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | NUCANA PLC |
Entity Central Index Key | 0001709626 |
Current Fiscal Year End Date | --12-31 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
Research and development expenses | £ (3,959) | £ (6,406) | £ (10,764) | £ (15,852) |
Administrative expenses | (1,754) | (1,889) | (3,402) | (4,040) |
Net foreign exchange (losses) gains | (564) | 3,077 | (1,259) | 4,208 |
Operating loss | (6,277) | (5,218) | (15,425) | (15,684) |
Finance income | 178 | 132 | 465 | 163 |
Loss before tax | (6,099) | (5,086) | (14,960) | (15,521) |
Income tax credit | 685 | 1,194 | 1,679 | 3,226 |
Loss for the period | £ (5,414) | £ (3,892) | £ (13,281) | £ (12,295) |
Basic loss per share | £ (0.1) | £ (0.07) | £ (0.25) | £ (0.24) |
Diluted loss per share | £ (0.1) | £ (0.07) | £ (0.25) | £ (0.24) |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Loss - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Loss for the period | £ (5,414) | £ (3,892) | £ (13,281) | £ (12,295) |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of foreign operations | (19) | 43 | (38) | 56 |
Other comprehensive (expense) income for the period | (19) | 43 | (38) | 56 |
Total comprehensive loss for the period | (5,433) | (3,849) | (13,319) | (12,239) |
Attributable to: | ||||
Equity holders of the Company | £ (5,433) | £ (3,849) | £ (13,319) | £ (12,239) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Financial Position - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets | £ 2,553 | £ 2,365 |
Property, plant and equipment | 701 | 866 |
Deferred tax asset | 113 | 103 |
Total non-current assets | 3,367 | 3,334 |
Current assets | ||
Prepayments, accrued income and other receivables | 2,617 | 3,957 |
Current income tax receivable | 8,033 | 6,367 |
Other assets | 2,596 | 2,684 |
Cash and cash equivalents | 24,644 | 41,912 |
Total current assets | 37,890 | 54,920 |
Total assets | 41,257 | 58,254 |
Capital and reserves | ||
Share capital and share premium | 143,213 | 143,203 |
Other reserves | 77,709 | 75,872 |
Accumulated deficit | (193,540) | (180,573) |
Total equity attributable to equity holders of the Company | 27,382 | 38,502 |
Non-current liabilities | ||
Provisions | 58 | 46 |
Lease liabilities | 279 | 396 |
Total non-current liabilities | 337 | 442 |
Current liabilities | ||
Trade payables | 4,679 | 4,803 |
Payroll taxes and social security | 189 | 162 |
Accrued expenditure | 5,384 | 10,002 |
Lease liabilities | 286 | 243 |
Provisions | 3,000 | 4,100 |
Total current liabilities | 13,538 | 19,310 |
Total liabilities | 13,875 | 19,752 |
Total equity and liabilities | £ 41,257 | £ 58,254 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands | Total | Share Capital [member] | Share Premium [member] | Own Share Reserve [member] | Share Option Reserve [member] | Foreign Currency Translation Reserve [member] | Capital Reserve [member] | Accumulated Deficit [member] |
Beginning balance at Dec. 31, 2021 | £ 65,548 | £ 2,087 | £ 141,050 | £ (339) | £ 30,027 | £ (17) | £ 42,466 | £ (149,726) |
Loss for the period | (12,295) | (12,295) | ||||||
Other comprehensive income (expense) for the year | 56 | 56 | ||||||
Total comprehensive loss for the period | (12,239) | 56 | (12,295) | |||||
Share-based payments | 2,741 | 2,741 | ||||||
Exercise of share options | (15) | 1 | (118) | 102 | ||||
Lapse of share options | (172) | 172 | ||||||
Ending balance at Jun. 30, 2022 | 56,035 | 2,088 | 141,050 | (339) | 32,478 | 39 | 42,466 | (161,747) |
Beginning balance at Dec. 31, 2022 | 38,502 | 2,095 | 141,108 | (339) | 33,701 | 44 | 42,466 | (180,573) |
Loss for the period | (13,281) | (13,281) | ||||||
Other comprehensive income (expense) for the year | (38) | (38) | ||||||
Total comprehensive loss for the period | (13,319) | (38) | (13,281) | |||||
Share-based payments | 2,195 | 2,195 | ||||||
Exercise of share options | (5) | 1 | 0 | (90) | 84 | |||
Lapse of share options | (230) | 230 | ||||||
Issue of share capital | 11 | 1 | 10 | |||||
Share issue expenses | (2) | (2) | ||||||
Ending balance at Jun. 30, 2023 | £ 27,382 | £ 2,097 | £ 141,116 | £ (339) | £ 35,576 | £ 6 | £ 42,466 | £ (193,540) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Loss for the period | £ (13,281) | £ (12,295) |
Adjustments for: | ||
Income tax credit | (1,679) | (3,226) |
Amortization and depreciation | 288 | 470 |
Movement in provisions | (1,109) | |
Finance income | (465) | (163) |
Interest expense on lease liabilities | 16 | 5 |
Share-based payments | 2,195 | 2,741 |
Net foreign exchange losses (gains) | 1,285 | (4,283) |
Cash flows from (used in) operations before changes in working capital | (12,750) | (16,751) |
Movements in working capital: | ||
Decrease in prepayments, accrued income and other receivables | 1,288 | 295 |
(Decrease) increase in trade payables | (124) | 312 |
Decrease in payroll taxes, social security and accrued expenditure | (4,598) | (1,524) |
Movements in working capital | (3,434) | (917) |
Cash used in operations | (16,184) | (17,668) |
Net income tax paid | (2) | |
Net cash used in operating activities | (16,186) | (17,668) |
Cash flows from investing activities | ||
Interest received | 482 | 161 |
Payments for property, plant and equipment | (5) | (10) |
Payments for intangible assets | (291) | (276) |
Net cash from (used in) investing activities | 186 | (125) |
Cash flows from financing activities | ||
Payments for lease liabilities | (84) | (148) |
Proceeds from issue of share capital – exercise of share options | 1 | 1 |
Proceeds from issue of share capital | 11 | |
Share issue expenses | (2) | |
Net cash used in financing activities | (74) | (147) |
Net decrease in cash and cash equivalents | (16,074) | (17,940) |
Cash and cash equivalents at beginning of period | 41,912 | 60,264 |
Effect of exchange rate changes on cash and cash equivalents | (1,194) | 4,204 |
Cash and cash equivalents at end of period | £ 24,644 | £ 46,528 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
General information | 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 Depository Shares (“ADSs”) registered with the US Securities and Exchange Commission (“SEC”) and has been listed on The Nasdaq Global Select Market (“Nasdaq”) since October 2, 2017. 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, 2022 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. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Basis of preparation The unaudited condensed consolidated financial statements (the “financial statements”) for the three months and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting” 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, 2022. 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 three months and six months ended June 30, 2023 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2023. Going concern In common with many companies in the biopharmaceutical sector, the Company incurs significant expenditure in its early years as it researches and develops its potential products for market. The Company’s board of directors, having reviewed the operating budgets and development plans for the 15 month period to September 30, 2024, considers that the Company has adequate resources to continue in operation for the foreseeable future. The board of directors is therefore satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. The Company believes that its cash and cash equivalents of £24.6 million at June 30, 2023 will be sufficient to fund its current operating plan for at least the next 12 months. 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 to raise additional capital. 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 significant 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, 2022. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2023 | |
Major Components Of Tax Expense Income [Abstract] | |
Income tax | 3. Income tax For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) £ £ £ £ Current tax: In respect of current period U.K. 882 1,188 1,870 3,215 In respect of prior period U.K. (206 ) — (206 ) — In respect of current period U.S. — (1 ) (1 ) (1 ) 676 1,187 1,663 3,214 Deferred tax: In respect of current period U.S. 9 7 17 12 In respect of prior period U.S. — — (1 ) — Income tax credit 685 1,194 1,679 3,226 The income tax credit recognized primarily represents the U.K. research and development tax credit. 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 incurred on or after April 1, 2023 (33.35% prior to April 1, 2023). June 30, 2023 December 31, 2022 (in thousands) £ £ Current income tax receivable U.K. tax 8,030 6,366 U.S. tax 3 1 8,033 6,367 Deferred tax asset U.S. deferred tax asset 113 103 |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and diluted loss per share | 4. Basic and diluted loss per share For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 (in thousands, except per share data) £ £ £ £ Loss for the period (5,414 ) (3,892 ) (13,281 ) (12,295 ) Basic and diluted weighted average number of shares 52,389 52,196 52,384 52,190 Basic and diluted loss per share (0.10 ) (0.07 ) (0.25 ) (0.24 ) Basic loss per share is calculated by dividing the loss for the period attributable to the equity holders of the Company by the weighted average number of shares outstanding during the period. The potential shares issued through equity settled transactions were considered to be anti-dilutive as they would have decreased the loss per share and were therefore excluded from the calculation of diluted loss per share. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 5. Intangible assets Intangible assets comprise patents with a carrying value of £2.6 million as of June 30, 2023 (as of December 31, 2022: £2.4 million). During the six months ended June 30, 2023, the Company acquired intangible assets with a cost of £0.3 million in relation to patents. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Assets [Abstract] | |
Other assets | 6. Other assets June 30, 2023 December 31, 2022 (in thousands) £ £ Other assets 2,596 2,684 In April 2021, the Company initiated legal proceedings against Gilead Sciences Ireland UC and Gilead Sciences GmbH in the German Regional Court of Dusseldorf (“RC Dusseldorf”) for patent infringement for the sale of Sovaldi as well as its combination products Harvoni, Vosevi and Epclusa in Germany. Later in 2021, the Company provided a security of €3.0 million by depositing funds with RC Dusseldorf to cover the legal costs of Gilead Sciences Ireland UC and Gilead Sciences GmbH in the event that the Company was unsuccessful in the final outcome of the patent infringement litigation in Germany. In May 2023, the Company abandoned all proceedings in Germany and reached a settlement agreement with Gilead Sciences Ireland UC and Gilead Sciences GmbH, and as a result, the security deposit has been repaid in full in July 2023. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 7. Cash and cash equivalents June 30, 2023 December 31, 2022 (in thousands) £ £ Cash and cash equivalents 24,644 41,912 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. |
Share-based Payments
Share-based Payments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based payments | 8. 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 six months ended June 30, 2023, 2,695,639 share options were granted under the 2020 Long-Term Incentive Plan (six months ended June 30, 2022: 1,115,925 share options granted). 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. As NuCana plc was unlisted until October 2, 2017, it is not possible to derive historical volatility from the Company’s ADSs prior to October 2017. For options with an estimated life of greater than five years, the underlying expected volatility was determined by using the average of the historical volatility of similar listed entities as a proxy. Options granted with an estimated life of five years or less, have been valued using the Company’s own historical volatility rates. Options granted on January 11, 2023 January 11, 2023 January 11, 2023 Vesting dates January 11, 2024 January 11, 2024 January 11, 2024 January 11, 2025 January 11, 2025 January 11, 2025 January 11, 2026 January 11, 2026 January 11, 2026 January 11, 2027 January 11, 2027 January 11, 2027 Volatility 97.11 % 105.11 % 116.33 % Dividend yield 0 % 0 % 0 % Risk-free investment rate 3.31 % 3.34 % 3.38 % Fair value of option at grant date £ 0.87 £ 1.19 £ 1.19 Fair value of share at grant date £ 1.23 £ 1.23 £ 1.23 Exercise price at date of grant £ 1.23 £ 0.04 £ 0.04 Lapse date January 11, 2033 January 11, 2033 — Expected option life (years) 4.5 3.5 2.5 Number of options granted 1,774,176 655,425 219,163 June 16, 2023 June 16, 2023 Vesting dates June 16, 2024 June 16, 2024 Volatility 121.58 % 124.98 % Dividend yield 0 % 0 % Risk-free investment rate 4.98 % 4.99 % Fair value of option at grant date £ 0.56 £ 0.55 Fair value of share at grant date £ 0.59 £ 0.59 Exercise price at date of grant £ 0.04 £ 0.04 Lapse date June 16, 2033 — Expected option life (years) 2.0 1.0 Number of options granted 37,500 9,375 For the three months ended June 30, 2023, the Company recognized £1.1 million of share-based payment expense in the statement of operations (three months ended June 30, 2022: £1.2 million). For the six months ended June 30, 2023, the Company has recognized £2.2 million of share-based payment expense in the statement of operations (six months ended June 30, 2022: £2.7 million). |
Share Capital and Share Premium
Share Capital and Share Premium | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share capital and share premium | 9. Share capital and share premium June 30, 2023 December 31, 2022 (in thousands) £ £ Share capital 2,097 2,095 Share premium 141,116 141,108 143,213 143,203 Number (in thousands) Issued share capital comprises: Ordinary shares of £0.04 each 52,403 52,373 Number of shares Share capital Share premium (in thousands) Fully paid shares: £ £ Balance at December 31, 2022 52,373 2,095 141,108 Issue of shares on exercise of options 14 1 — Issue of shares 16 1 8 Balance at June 30, 2023 52,403 2,097 141,116 |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2023 | |
Provisions [abstract] | |
Provisions | 10. Provisions Legal Dilapidations Total (in thousands) £ £ £ Balance at December 31, 2022 4,100 46 4,146 Additions — 21 21 Reverse unused (46 ) — (46 ) Utilized (801 ) (9 ) (810 ) Transfer from prepayments, accrued income and other receivables (247 ) — (247 ) Effect of foreign currency exchange differences (6 ) — (6 ) Balance at June 30, 2023 3,000 58 3,058 Classified as: Current 3,000 — 3,000 Non-current — 58 58 3,000 58 3,058 All obligations arising from the patent infringement litigation in the U.K. and Germany, reflected within legal proceedings, have been confirmed as at June 30, 2023. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The unaudited condensed consolidated financial statements (the “financial statements”) for the three months and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting” 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, 2022. 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 three months and six months ended June 30, 2023 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2023. |
Going concern | Going concern In common with many companies in the biopharmaceutical sector, the Company incurs significant expenditure in its early years as it researches and develops its potential products for market. The Company’s board of directors, having reviewed the operating budgets and development plans for the 15 month period to September 30, 2024, considers that the Company has adequate resources to continue in operation for the foreseeable future. The board of directors is therefore satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. The Company believes that its cash and cash equivalents of £24.6 million at June 30, 2023 will be sufficient to fund its current operating plan for at least the next 12 months. 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 to raise additional capital. There can be no assurances, however, that additional funding will be available on acceptable terms. |
Judgements and estimates | Judgements and estimates The accounting estimates and judgements made by management in applying the Group’s accounting policies that have the most significant 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, 2022. |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Major Components Of Tax Expense Income [Abstract] | |
Schedule of Major Components of Income Tax | For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) £ £ £ £ Current tax: In respect of current period U.K. 882 1,188 1,870 3,215 In respect of prior period U.K. (206 ) — (206 ) — In respect of current period U.S. — (1 ) (1 ) (1 ) 676 1,187 1,663 3,214 Deferred tax: In respect of current period U.S. 9 7 17 12 In respect of prior period U.S. — — (1 ) — Income tax credit 685 1,194 1,679 3,226 June 30, 2023 December 31, 2022 (in thousands) £ £ Current income tax receivable U.K. tax 8,030 6,366 U.S. tax 3 1 8,033 6,367 Deferred tax asset U.S. deferred tax asset 113 103 |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Loss Per Share | For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 (in thousands, except per share data) £ £ £ £ Loss for the period (5,414 ) (3,892 ) (13,281 ) (12,295 ) Basic and diluted weighted average number of shares 52,389 52,196 52,384 52,190 Basic and diluted loss per share (0.10 ) (0.07 ) (0.25 ) (0.24 ) |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Assets [Abstract] | |
Disclosure of Other Assets | June 30, 2023 December 31, 2022 (in thousands) £ £ Other assets 2,596 2,684 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | June 30, 2023 December 31, 2022 (in thousands) £ £ Cash and cash equivalents 24,644 41,912 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Principal Assumptions Used for Valuation of Share Options | Options granted on January 11, 2023 January 11, 2023 January 11, 2023 Vesting dates January 11, 2024 January 11, 2024 January 11, 2024 January 11, 2025 January 11, 2025 January 11, 2025 January 11, 2026 January 11, 2026 January 11, 2026 January 11, 2027 January 11, 2027 January 11, 2027 Volatility 97.11 % 105.11 % 116.33 % Dividend yield 0 % 0 % 0 % Risk-free investment rate 3.31 % 3.34 % 3.38 % Fair value of option at grant date £ 0.87 £ 1.19 £ 1.19 Fair value of share at grant date £ 1.23 £ 1.23 £ 1.23 Exercise price at date of grant £ 1.23 £ 0.04 £ 0.04 Lapse date January 11, 2033 January 11, 2033 — Expected option life (years) 4.5 3.5 2.5 Number of options granted 1,774,176 655,425 219,163 June 16, 2023 June 16, 2023 Vesting dates June 16, 2024 June 16, 2024 Volatility 121.58 % 124.98 % Dividend yield 0 % 0 % Risk-free investment rate 4.98 % 4.99 % Fair value of option at grant date £ 0.56 £ 0.55 Fair value of share at grant date £ 0.59 £ 0.59 Exercise price at date of grant £ 0.04 £ 0.04 Lapse date June 16, 2033 — Expected option life (years) 2.0 1.0 Number of options granted 37,500 9,375 |
Share Capital and Share Premi_2
Share Capital and Share Premium (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Share Capital and Share Premium | June 30, 2023 December 31, 2022 (in thousands) £ £ Share capital 2,097 2,095 Share premium 141,116 141,108 143,213 143,203 Number (in thousands) Issued share capital comprises: Ordinary shares of £0.04 each 52,403 52,373 |
Summary of Movement in the Share Capital | Number of shares Share capital Share premium (in thousands) Fully paid shares: £ £ Balance at December 31, 2022 52,373 2,095 141,108 Issue of shares on exercise of options 14 1 — Issue of shares 16 1 8 Balance at June 30, 2023 52,403 2,097 141,116 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Provisions [abstract] | |
Summary of Provisions | Legal Dilapidations Total (in thousands) £ £ £ Balance at December 31, 2022 4,100 46 4,146 Additions — 21 21 Reverse unused (46 ) — (46 ) Utilized (801 ) (9 ) (810 ) Transfer from prepayments, accrued income and other receivables (247 ) — (247 ) Effect of foreign currency exchange differences (6 ) — (6 ) Balance at June 30, 2023 3,000 58 3,058 Classified as: Current 3,000 — 3,000 Non-current — 58 58 3,000 58 3,058 |
General Information - Additiona
General Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 Subsidiary | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Description of nature of entity's operations | clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer |
Name of reporting entity | NuCana plc |
Domicile of entity | United Kingdom |
Country of incorporation | England and Wales |
Number of subsidiaries | 3 |
Name of subsidiary | NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | £ 24,644 | £ 41,912 | £ 46,528 | £ 60,264 |
Income Tax - Schedule of Major
Income Tax - Schedule of Major Components of Income Tax Credit (Detail) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current tax: | ||||
Total current tax | £ 676 | £ 1,187 | £ 1,663 | £ 3,214 |
Deferred tax: | ||||
Income tax credit | 685 | 1,194 | 1,679 | 3,226 |
U.K. [member] | ||||
Current tax: | ||||
In respect of current period | 882 | 1,188 | 1,870 | 3,215 |
In respect of prior period | (206) | (206) | ||
U.S. [member] | ||||
Current tax: | ||||
In respect of current period | (1) | (1) | (1) | |
Deferred tax: | ||||
In respect of current period | £ 9 | £ 7 | 17 | £ 12 |
In respect of prior period | £ (1) |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Percentage of losses surrendered for R&D tax credit | 33.35% | |
U.K. [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Percentage of losses surrendered for R&D tax credit | 26.97% |
Income Tax - Schedule of Majo_2
Income Tax - Schedule of Major Components of Income Tax Assets (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current income tax receivable | ||
Current income tax receivable | £ 8,033 | £ 6,367 |
Deferred tax asset | ||
Deferred tax asset | 113 | 103 |
U.K. [member] | ||
Current income tax receivable | ||
Current income tax receivable | 8,030 | 6,366 |
U.S. [member] | ||
Current income tax receivable | ||
Current income tax receivable | 3 | 1 |
Deferred tax asset | ||
Deferred tax asset | £ 113 | £ 103 |
Basic and Diluted Loss per Sh_3
Basic and Diluted Loss per Share - Schedule of Basic and Diluted Loss Per Share (Detail) - GBP (£) £ / shares in Units, £ in Thousands, shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Loss for the period | £ (5,414) | £ (3,892) | £ (13,281) | £ (12,295) |
Basic and diluted weighted average number of shares | 52,389 | 52,196 | 52,384 | 52,190 |
Basic loss per share | £ (0.1) | £ (0.07) | £ (0.25) | £ (0.24) |
Diluted loss per share | £ (0.1) | £ (0.07) | £ (0.25) | £ (0.24) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets, carrying value | £ 2,553 | £ 2,365 |
Patents [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets, carrying value | 2,600 | £ 2,400 |
Intangible assets, acquired | £ 300 |
Other Assets - Additional Info
Other Assets - Additional Information (Detail) € in Millions | Jun. 30, 2023 EUR (€) |
Disclosure Of Other Assets [Abstract] | |
Security deposit to cover legal costs | € 3 |
Other Assets - Disclosure of Ot
Other Assets - Disclosure of Other Assets (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Other Assets [Abstract] | ||
Other assets | £ 2,596 | £ 2,684 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Detailed Information About Cash and Cash Equivalents (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | £ 24,644 | £ 41,912 | £ 46,528 | £ 60,264 |
Share-based Payments - Addition
Share-based Payments - Additional Information (Detail) £ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 GBP (£) | Jun. 30, 2022 GBP (£) | Jun. 30, 2023 GBP (£) yr shares Plan | Jun. 30, 2022 GBP (£) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment expense | £ | £ 1.1 | £ 1.2 | £ 2.2 | £ 2.7 |
Number of equity settled share-based payment plans | Plan | 6 | |||
Maximum [member] | Employees [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected option life (years) | 10 | |||
Maximum [member] | Directors [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected option life (years) | 10 | |||
Maximum [member] | Consultants [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected option life (years) | 10 | |||
Long-Term Incentive Plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options granted in share-based payment arrangement | shares | 2,695,639 | 1,115,925 |
Share Based Payments - Summary
Share Based Payments - Summary of Principal Assumptions used for Valuation of Share Options (Detail) - 2023 Share Options [member] | 6 Months Ended |
Jun. 30, 2023 GBP (£) Plan shares £ / shares | |
Grant Date January 11 2023 One [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Volatility | 97.11% |
Dividend yield | 0% |
Risk-free investment rate | 3.31% |
Fair value of option at grant date | £ | £ 870 |
Fair value of share at grant date | £ 1.23 |
Exercise price at date of grant | £ 1.23 |
Lapse date | Jan. 11, 2033 |
Expected option life (years) | Plan | 4.5 |
Number of options granted | shares | 1,774,176 |
Grant Date January 11 2023 One [Member] | Vesting Dates One [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2024 |
Grant Date January 11 2023 One [Member] | Vesting Dates Two [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2025 |
Grant Date January 11 2023 One [Member] | Vesting Dates Three [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2026 |
Grant Date January 11 2023 One [Member] | Vesting Dates Four [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2027 |
Grant Date January 11, 2023 Two [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Volatility | 105.11% |
Dividend yield | 0% |
Risk-free investment rate | 3.34% |
Fair value of option at grant date | £ | £ 1,190 |
Fair value of share at grant date | £ 1.23 |
Exercise price at date of grant | £ 0.04 |
Lapse date | Jan. 11, 2033 |
Expected option life (years) | Plan | 3.5 |
Number of options granted | shares | 655,425 |
Grant Date January 11, 2023 Two [Member] | Vesting Dates One [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2024 |
Grant Date January 11, 2023 Two [Member] | Vesting Dates Two [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2025 |
Grant Date January 11, 2023 Two [Member] | Vesting Dates Three [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2026 |
Grant Date January 11, 2023 Two [Member] | Vesting Dates Four [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2027 |
Grant Date January 11, 2023 Three [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Volatility | 116.33% |
Dividend yield | 0% |
Risk-free investment rate | 3.38% |
Fair value of option at grant date | £ | £ 1,190 |
Fair value of share at grant date | £ 1.23 |
Exercise price at date of grant | £ 0.04 |
Expected option life (years) | Plan | 2.5 |
Number of options granted | shares | 219,163 |
Grant Date January 11, 2023 Three [Member] | Vesting Dates One [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2024 |
Grant Date January 11, 2023 Three [Member] | Vesting Dates Two [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2025 |
Grant Date January 11, 2023 Three [Member] | Vesting Dates Three [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2026 |
Grant Date January 11, 2023 Three [Member] | Vesting Dates Four [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jan. 11, 2027 |
Grant Date June16, 2023 One [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jun. 16, 2024 |
Volatility | 121.58% |
Dividend yield | 0% |
Risk-free investment rate | 4.98% |
Fair value of option at grant date | £ | £ 560 |
Fair value of share at grant date | £ 0.59 |
Exercise price at date of grant | £ 0.04 |
Lapse date | Jun. 16, 2033 |
Expected option life (years) | Plan | 2 |
Number of options granted | shares | 37,500 |
Grant Date June16 2023 Two [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting dates | Jun. 16, 2024 |
Volatility | 124.98% |
Dividend yield | 0% |
Risk-free investment rate | 4.99% |
Fair value of option at grant date | £ | £ 550 |
Fair value of share at grant date | £ 0.59 |
Exercise price at date of grant | £ 0.04 |
Expected option life (years) | Plan | 1 |
Number of options granted | shares | 9,375 |
Share Capital and Share Premi_3
Share Capital and Share Premium - Summary of Share Capital and Share Premium (Detail) - GBP (£) £ in Thousands, shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Classes Of Share Capital [Abstract] | ||
Share capital | £ 2,097 | £ 2,095 |
Share premium | 141,116 | 141,108 |
Share capital and share premium | £ 143,213 | £ 143,203 |
Ordinary shares of £0.04 each | 52,403 | 52,373 |
Share Capital and Share Premi_4
Share Capital and Share Premium - Summary of Share Capital and Share Premium (Parenthetical) (Detail) - £ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Par value per share | £ 0.04 | £ 0.04 |
Share Capital and Share Premi_5
Share Capital and Share Premium - Summary of Movement in the Share Capital (Detail) £ in Thousands, shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 GBP (£) shares | Jun. 30, 2022 GBP (£) | |
Disclosure of classes of share capital [line items] | ||
Beginning balance, Shares | shares | 52,373 | |
Beginning balance | £ 38,502 | £ 65,548 |
Issue of shares on exercise of options | shares | 14 | |
Issue of shares on exercise of options | £ (5) | (15) |
Issue of shares | shares | 16 | |
Ending balance, Shares | shares | 52,403 | |
Ending balance | £ 27,382 | 56,035 |
Share Capital [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 2,095 | 2,087 |
Issue of shares on exercise of options | 1 | 1 |
Issue of shares | 1 | |
Ending balance | 2,097 | 2,088 |
Share Premium [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 141,108 | 141,050 |
Issue of shares on exercise of options | 0 | |
Issue of shares | 8 | |
Ending balance | £ 141,116 | £ 141,050 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Provisions [Line Items] | ||
Balance at December 31, 2022 | £ 4,146 | |
Additions | 21 | |
Reverse unused | (46) | |
Utilized | (810) | |
Transfer from prepayments, accrued income and other receivables | (247) | |
Effect of foreign currency exchange differences | (6) | |
Balance at June 30, 2023 | 3,058 | |
Current | 3,000 | £ 4,100 |
Non-current | 58 | £ 46 |
Provisions | 3,058 | |
Legal proceedings provision [member] | ||
Disclosure Of Provisions [Line Items] | ||
Balance at December 31, 2022 | 4,100 | |
Reverse unused | (46) | |
Utilized | (801) | |
Transfer from prepayments, accrued income and other receivables | (247) | |
Effect of foreign currency exchange differences | (6) | |
Balance at June 30, 2023 | 3,000 | |
Current | 3,000 | |
Provisions | 3,000 | |
Dilapidations [Member] | ||
Disclosure Of Provisions [Line Items] | ||
Balance at December 31, 2022 | 46 | |
Additions | 21 | |
Utilized | (9) | |
Balance at June 30, 2023 | 58 | |
Non-current | 58 | |
Provisions | £ 58 |