NuCana Reports Fourth Quarter and Year-End 2022 Financial Results and Provides Business Update

Rhea-AI Summary

NuCana plc (NASDAQ: NCNA) reported its Q4 and full-year 2022 financial results, revealing a cash position of £41.9 million, down from £50.8 million in Q3 2022. The company faced a net loss of £15.2 million for Q4 2022 compared to £13.6 million in Q4 2021, and an annual net loss of £32.0 million, improving from £40.5 million in 2021. Loss per share was £0.29 for Q4 and £0.61 for FY 2022. CEO Hugh S. Griffith highlighted significant progress in their ProTide therapeutics, with important data readouts expected in 2023 for NUC-3373 and NUC-7738. The company anticipates a cash runway through 2025, supporting ongoing clinical trials and development efforts.

Positive

• Improvement in annual net loss from £40.5 million in 2021 to £32.0 million in 2022.
• Advancement of NUC-3373 and NUC-7738 into Phase 2 studies with multiple upcoming data releases in 2023.
• Ongoing clinical studies potentially optimizing treatment for colorectal cancer and solid tumors.

Negative

• Decline in cash reserves from £60.3 million in 2021 to £41.9 million in Q4 2022.
• Net loss increased from £13.6 million in Q4 2021 to £15.2 million in Q4 2022.

Multiple Important Data Readouts Expected in 2023

Well Capitalized with Anticipated Cash Runway into 2025

EDINBURGH, United Kingdom, April 04, 2023 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) announced financial results for the fourth quarter and year ended December 31, 2022 and provided an update on its broad clinical program with its transformative ProTide therapeutics.

As of December 31, 2022, NuCana had cash and cash equivalents of £41.9 million compared to £50.8 million as of September 30, 2022 and £60.3 million at December 31, 2021. NuCana continues to advance its various clinical programs and reported a net loss of £15.2 million for the quarter ended December 31, 2022, as compared to a net loss of £13.6 million for the quarter ended December 31, 2021. Net loss for the year ended December 31, 2022 was £32.0 million, compared to a net loss of £40.5 million for the year ended December 31, 2021. Basic and diluted loss per share was £0.29 for the quarter and £0.61 for the year ended December 31, 2022, as compared to £0.26 per share for the comparable quarter and £0.78 for the year ended December 31, 2021.

“We had a very productive 2022 as we achieved numerous development milestones for NUC-3373 and NUC-7738,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “During the year, we determined the recommended Phase 2 dose for both NUC-3373 and NUC-7738. Both of these product candidates have progressed to Phase 2 development and are being evaluated in novel combinations and additional indications. We also presented promising efficacy and safety data that continue to demonstrate the potential of our ProTides to offer more effective and safer treatment options for patients with cancer.”

Mr. Griffith continued: “Looking ahead to 2023, we expect to make several important data announcements across our pipeline. For NUC-3373, which we believe has the potential to replace 5-FU across multiple tumor types, we plan to provide updates from three clinical studies: the Phase 2 part of NuTide:302 in which NUC-3373 is being combined with leucovorin and either irinotecan (NUFIRI) or oxaliplatin (NUFOX) plus bevacizumab in patients with second-line colorectal cancer; NuTide:323, a randomized Phase 2 study of NUFIRI plus bevacizumab compared to the standard of care FOLFIRI plus bevacizumab for the second-line treatment of patients with colorectal cancer; and NuTide:303, a Phase 1b/2 modular study of NUC-3373 in combination with pembrolizumab in patients with various solid tumors and in combination with docetaxel in patients with lung cancer.”

Mr. Griffith added: “NuTide:323 will include 171 patients and compare NUFIRI plus bevacizumab based on weekly and alternate weekly NUC-3373 dosing schedules to FOLFIRI plus bevacizumab. We believe NuTide:323 has the potential to provide meaningful data in our target population of second-line patients with colorectal cancer and enable us to optimize a Phase 3 study. Additionally, given 5-FU’s broad usage across multiple tumor types, we are excited to be expediting the NuTide:303 study, which is designed to identify novel combinations and additional indications for development."

Mr. Griffith said: “For NUC-7738, which is based on a novel nucleoside, 3’-deoxyadenosine, we look forward to announcing data from the Phase 2 part of the NuTide:701 study which is investigating NUC-7738 both as a monotherapy in patients with solid tumors and in combination with pembrolizumab in patients with melanoma.”

Mr. Griffith concluded: “Overall, we are pleased with the progress we have made with NUC-3373 and NUC-7738 in 2022. With a cash runway expected to fund operations into 2025, we look forward to an exciting year for NuCana.”

2023 Anticipated Milestones

• NUC-3373 (a ProTide transformation of 5-FU) 

In 2023, NuCana expects to:

• Announce data from the Phase 2 (NuTide:302) study of NUC-3373 combined with irinotecan and bevacizumab and in combination with oxaliplatin and bevacizumab in second-line patients with colorectal cancer;
• Announce data from the randomized, controlled Phase 2 (NuTide:323) study of NUC-3373 in combination with irinotecan/bevacizumab for the second-line treatment of patients with colorectal cancer; and
• Announce data from the Phase 1b (NuTide:303) modular study of NUC-3373 in combination with pembrolizumab in patients with various solid tumors and in combination with docetaxel in patients with lung cancer to identify additional indications for development.
  

• NUC-7738 (a ProTide transformation of 3’-deoxyadenosine)

In 2023, NuCana expects to:

• Announce data from the Phase 1 part of the NuTide:701 study of NUC-7738 in patients with solid tumors; and
• Announce data from the Phase 2 part of the NuTide:701 study of NUC-7738 both as monotherapy in patients with solid tumors and in combination with pembrolizumab in patients with melanoma.

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-3373 and NUC-7738. NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373, in combination with other agents, is in a Phase 1b/2 study in patients with metastatic colorectal cancer. NuCana has also initiated a randomized Phase 2 study of NUC-3373, in combination with other agents, for the second-line treatment of patients with advanced colorectal cancer. In addition, NuCana has initiated a Phase 1b/2 modular study of NUC-3373 in combination with other agents, including the PD-1 inhibitor pembrolizumab, in patients with advanced solid tumors to identify additional indications for development. NUC-7738 is a transformation of 3’-deoxyadenosine, a novel anti-cancer nucleoside analog. NUC-7738 is in the Phase 2 part of a Phase 1/2 study in patients with advanced solid tumors which is evaluating NUC-7738 as a monotherapy and in combination with pembrolizumab.

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 NuCana plc (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-3373 and NUC-7738; 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, cash equivalents and marketable securities to fund its planned operations into 2025. 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, 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, 2022 filed with the Securities and Exchange Commission (“SEC”) on April 4, 2023, 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.

Condensed Consolidated Statements of Operations

		For the Three Months Ended December 31,					For the Year Ended December 31,
		2022		2021			2022		2021
		(in thousands, except per share data)
		(unaudited)
		£		£			£		£
Research and development expenses		(13,188	)	(10,634	)		(36,426	)	(36,834	)
Administrative expenses		(1,535	)	(2,073	)		(7,291	)	(8,529	)
Impairment of intangible assets		(292	)	(2,809	)		(292	)	(2,809	)
Net foreign exchange (losses) gains		(2,233	)	(221	)		4,887		267
Operating loss		(17,248	)	(15,737	)		(39,122	)	(47,905	)
Finance income		289		22			669		103
Loss before tax		(16,959	)	(15,715	)		(38,453	)	(47,802	)
Income tax credit		1,760		2,071			6,432		7,269
Loss for the period		(15,199	)	(13,644	)		(32,021	)	(40,533	)
Basic and diluted loss per share		(0.29	)	(0.26	)		(0.61	)	(0.78	)

Condensed Consolidated Statements of Financial Position as at

		December 31, 2022		December 31, 2021
		(in thousands)
		£		£
Assets
Non-current assets
Intangible assets		2,365		2,410
Property, plant and equipment		866		851
Deferred tax asset		103		60
Other assets		-		2,540
		3,334		5,861
Current assets
Prepayments, accrued income and other receivables		3,957		4,161
Current income tax receivable		6,367		7,188
Other assets		2,684		-
Cash and cash equivalents		41,912		60,264
		54,920		71,613
Total assets		58,254		77,474
Equity and liabilities
Capital and reserves
Share capital and share premium		143,203		143,137
Other reserves		75,872		72,137
Accumulated deficit		(180,573)		(149,726)
Total equity attributable to equity holders of the Company		38,502		65,548
Non-current liabilities
Provisions		46		46
Lease liabilities		396		164
		442		210
Current liabilities
Trade payables		4,803		1,829
Payroll taxes and social security		162		170
Accrued expenditure		10,002		9,510
Lease liabilities		243		207
Provisions		4,100		-
		19,310		11,716
Total liabilities		19,752		11,926
Total equity and liabilities		58,254		77,474

Condensed Consolidated Statements of Cash Flows

	For the Year Ended December 31,
	2022			2021
	(in thousands)
	£			£
Cash flows from operating activities
Loss for the period	(32,021)			(40,533)
Adjustments for:
Income tax credit	(6,432)			(7,269)
Amortization, depreciation and loss on disposal	732			942
Impairment of intangible assets	292			2,809
Movement in provisions	4,100			-
Finance income	(669)			(103)
Interest expense on lease liabilities	21			18
Share-based payments	4,890			6,664
Net foreign exchange gains	(5,014)			(335)
	(34,101)			(37,807)
Movements in working capital:
Decrease in prepayments, accrued income and other receivables	307			473
Increase (decrease) in trade payables	2,974			(428)
Increase in payroll taxes, social security and accrued expenditure	442			4,050
Movements in working capital	3,723			4,095
Cash used in operations	(30,378)			(33,712)
Net income tax received	7,220			9,888
Net cash used in operating activities	(23,158)			(23,824)
Cash flows from investing activities
Interest received	638			101
Payments for property, plant and equipment	(12)			(64)
Payments for intangible assets	(506)			(1,001)
Payments for other non-current assets	-			(2,597)
Net cash from (used in) investing activities	120			(3,561)
Cash flows from financing activities
Payments for lease liabilities	(227)			(296)
Proceeds from issue of share capital	66			198
Net cash used in financing activities	(161)			(98)
Net decrease in cash and cash equivalents	(23,199)			(27,483)
Cash and cash equivalents at beginning of year	60,264			87,356
Effect of exchange rate changes on cash and cash equivalents	4,847			391
Cash and cash equivalents at end of year	41,912			60,264

For more information, please contact:

NuCana plc
Hugh S. Griffith
Chief Executive Officer
+44 131 357 1111
info@nucana.com

Westwicke, an ICR Company
Chris Brinzey
+1 339-970-2843
chris.brinzey@westwicke.com

FAQ

What were NuCana's financial results for Q4 2022?

NuCana reported a net loss of £15.2 million for Q4 2022, an increase from £13.6 million in Q4 2021.

What is the projected cash runway for NuCana?

NuCana has a cash runway expected to fund operations into 2025.

What are the upcoming milestones for NUC-3373 in 2023?

NuCana plans to announce data from three clinical studies of NUC-3373 in 2023, including combinations with irinotecan and bevacizumab for colorectal cancer.

What is the current status of NUC-7738?

NUC-7738 is advancing to Phase 2 studies, with data announcements expected in 2023 for both monotherapy and combination treatments.

How much cash did NuCana have at the end of 2022?

NuCana had cash and cash equivalents of £41.9 million at the end of 2022.