Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 190

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 190
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 not included any such contingent payment obligations in the table above as the amount, timing and likelihood of such payments are not fixed or determinable.
Operating and Capital Expenditure Requirements
We have not achieved profitability on an annual basis since our inception, and we expect to continue to incur net losses in the future.
In assessing the requirements necessary to continue progressing our research and development activities as currently anticipated there will also be a requirement to seek additional capital to fund operations. If we are unable to obtain additional capital, we will be required to delay or reduce our research and development programs, which could adversely affect our future business prospects and our ability to continue as a going concern. We believe, based upon our current operating plan, that, our cash and cash equivalents on hand will not be sufficient to fund our anticipated operations for the next twelve months.
Consequently, we plan to commence an equity financing process having considered several options to raise funds. However, our ADSs are currently trading at a price below the nominal value of our ordinary shares of £0.04 each, which means we are unable to issue new ordinary shares/ADSs at market value. Therefore, to facilitate the equity financing process, on March 18, 2025, we distributed a notice of our general meeting to be held on April 7, 2025 to approve the sub-division and related redesignation of our ordinary shares. Our board of directors believe there is a reasonable prospect that the financing process will be completed successfully in the coming months.
In addition, we carefully manage our capital resources and review our cost structure on an ongoing basis, with the aim of improving our cash burn rate and reducing our operating expenses. We have controllable mitigating actions identified to manage our expenditure, including management of third-party expenses and internal resource costs, as well as prioritization of development programs.
However, there is uncertainty related to our ability to raise sufficient additional capital within the going concern period, prior to our cash balances being exhausted. These events or conditions raise substantial doubt on our ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
However, our future funding requirements will depend on many factors, including but not limited to:
•the scope, rate of progress and cost of our clinical trials taking place in the near term, preclinical programs and other related activities; 
 •the extent of success in our