Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 186

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 186
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 balances held in U.S dollars and the U.S. dollar appreciating relative to the U.K. pound sterling.
 Finance Income
Finance income represents bank interest and was £0.8 million for the year ended December 31, 2023 and £0.7 million for the year ended December 31, 2022. The increase in bank interest resulted from higher rates of interest being earned on cash deposits.
 Income Tax Credit
The income tax credit, which is largely comprised of research and development tax credits, amounted to £4.4 million for the year ended December 31, 2023 and £6.4 million for the year ended December 31, 2022. The decrease in the income tax credit was primarily attributable to a decrease in our eligible research and development expenses, a decrease in the tax credit rate and an adjustment relating to prior periods of £0.2 million.
B.  Liquidity and Capital Resources
 Overview
Since our inception, we have incurred significant operating losses and negative operating cash flows. We anticipate that we will continue to incur losses for at least the next several years. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity financings, debt financings, research funding, collaborations, contract and grant revenue or other sources.
As of December 31, 2024 and December 31, 2023, we had cash and cash equivalents of £6.7 million and £17.2 million, respectively. We do not currently have any approved products and have never generated any revenue from product sales. To date we have financed our operations primarily through the issuances of our equity securities. We expect that our existing cash and cash equivalents will be sufficient to meet our anticipated cash requirements into the third quarter of 2025. As a result, we will need substantial additional funding in order to permit us to continue our operations. If we are unable to raise additional capital, we could be forced to complete a wind down of our operations and/or seek bankruptcy protection. Adequate additional financing may not be available to us on acceptable terms, or at all. Moreover, the terms of any financing may adversely affect the holdings or the rights of our shareholders. In addition, the issuance of additional securities, by us, or the possibility of such issuance, may cause the market price of our ADSs to decline. The sale of additional equity or convertible securities will substantially dilute all of our shareholders. We could also be required to seek funds through arrangements with potential