Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 185

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 185
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asing of NUC-3373 manufacturing activity. Patent costs decreased by £5.0 million in 2023 compared with 2022 primarily due to 2022 including the recognition of total provisions of £4.1 million, as well as there was less patent defense activity in 2023. Other research and development costs decreased in 2023 by £1.2 million principally due to lower personnel costs and share-based payment expenses.
  The following table gives a breakdown of the research and development costs incurred by product for the years ended December 31, 2023 and 2022:
 

               Year Ended December 31,                
           2023                     2022              
               (unaudited)                            
               (in thousands)                         
NUC-3373       £     17,754               £     12,045
NUC-7738              3,603                      3,711
Acelarin              2,204                     19,315
Other                 1,501                      1,355
               £     25,062               £     36,426
Administrative Expenses
Administrative expenses were £6.1 million for the year ended December 31, 2023 as compared to £7.3 million for the year ended December 31, 2022, a decrease of £1.2 million. The decrease was primarily related to lower share-based payment expenses, professional fees and insurance costs.
Impairment of Intangible Assets
 We regularly review our patent portfolio and during 2023 further development associated with a limited number of patents, relating mainly to preclinical drug candidates, was discontinued. Management concluded that this was an indication of impairment and an impairment charge of £0.5 million has been recognized, representing the full aggregate carrying value of those patents as of December 31, 2023. This compared to an impairment charge of £0.3 million recognized as of December 31, 2022 .
Net Foreign Exchange (Losses) Gains
For the year ended December 31, 2023, we reported a net foreign exchange loss of £1.2 million as compared to a net foreign exchange gain of £4.9 million for the year ended December 31, 2022. In 2023, the loss primarily arose from cash balances held in U.S. dollars and the U.S. dollar depreciating relative to the U.K. pound sterling. Conversely in 2022, the gain arose from cash