Nucana PLC (NCNA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la thérapeutique en oncologie, Nucana plc apparaît comme une entreprise de biotechnologie pionnière avec une approche révolutionnaire du traitement du cancer. En tirant parti de leur technologie provide révolutionnaire, Nucana redéfinit le potentiel de thérapies contre le cancer plus efficaces et moins toxiques, ciblant les types de cancer difficiles qui ont historiquement résisté aux stratégies de traitement conventionnelles. Leur modèle commercial innovant, fondé sur des partenariats stratégiques, des recherches de pointe et un engagement axé sur le laser à développer des médicaments avancés à base de nucléotides, les positionne à l'avant-garde du développement transformateur des médicaments oncologiques.

Nucana PLC (NCNA) - Modèle d'entreprise: partenariats clés

Institutions et universités de recherche pharmaceutique

Nucana a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année initiée
Université de Glasgow	Développement de la technologie protégeait	2010
Université de Manchester	Collaboration de recherche en oncologie	2015

Organisations de recherche clinique axée sur l'oncologie

Nucana collabore avec des organisations de recherche clinique spécialisées:

• Icon PLC - Gestion des essais cliniques mondiaux
• MEDPACE - Services d'essais cliniques en oncologie
• Parexel International - Support de recherche clinique

Partenaires potentiels de licence et de collaboration pharmaceutique

Les principaux partenaires pharmaceutiques potentiels de Nucana comprennent:

Entreprise	Zone de collaboration potentielle	Statut d'interaction
Miserrer & Co.	Licence de technologie Nucarc	Discussions exploratoires
Astrazeneca	Développement de médicaments en oncologie	Engagement préliminaire

Centres médicaux universitaires pour les essais cliniques

Partenariats des essais cliniques de Nucana:

• MD Anderson Cancer Center
• Dana-Farber Cancer Institute
• Hôpital Royal Marsden
• Christie NHS Foundation Trust

Budget total de collaboration de recherche en 2023: 4,2 millions de dollars

Nombre de partenariats de recherche actifs: 8 collaborations institutionnelles

Nucana PLC (NCNA) - Modèle d'entreprise: activités clés

Développer des thérapies contre le cancer innovantes en utilisant la technologie Protide

L'activité clé de Nucana se concentre sur la plate-forme technologique Protide, avec 4 candidats de médicaments actifs en développement clinique à partir de 2024.

Drogue	Étape de développement	Type de cancer
NUC-3373	Phase 2	Cancer du pancréas
NUC-7738	Phase 1/2	Tumeurs solides avancées
NUC-1068	Préclinique	Cancer colorectal
NUC-3812	Préclinique	Cancer du sein

Effectuer des essais cliniques pour de nouveaux médicaments nucléotidiques

Les dépenses d'essais cliniques pour 2023 étaient d'environ 18,5 millions de dollars.

• Essais cliniques actifs à travers de multiples indications d'oncologie
• Essais de phase 2 en cours pour NUC-3373
• Suite des études de phase 1/2 pour NUC-7738

Recherche et développement de candidats en oncologie

L'investissement en R&D pour l'exercice 2023 a totalisé 22,3 millions de dollars.

Zone de focus R&D	Investissement
Plateforme de technologie Protider	12,5 millions de dollars
Recherche préclinique	6,8 millions de dollars
Conception de médicaments informatiques	3 millions de dollars

Processus de soumission et d'approbation réglementaires

Interactions et soumissions réglementaires gérées par des équipes internes spécialisées.

• Interactions de la FDA pour NUC-3373
• Communications réglementaires EMA
• Préparations Ind / CTA en cours

Total des dépenses de conformité réglementaire en 2023: 2,7 millions de dollars.

Nucana PLC (NCNA) - Modèle d'entreprise: Ressources clés

Plateforme de développement de médicaments Protider

La plate-forme technologique Protide de Nucana représente une ressource clé critique pour la stratégie de développement de médicaments de l'entreprise.

Caractéristique de la plate-forme	Détails spécifiques
Type de technologie	Plate-forme de modification de médicament à base de nucléotides
Protection des brevets	Plusieurs brevets accordés dans plusieurs juridictions
Coût de développement	Environ 15,2 millions de livres sterling investis dans le développement de la plate-forme en 2023

Portfolio de propriété intellectuelle en thérapeutique en oncologie

La propriété intellectuelle de Nucana représente une ressource clé importante pour l'entreprise.

• Familles totales de brevets: 12
• Couverture des brevets géographiques: États-Unis, Europe, Japon
• Plage d'expiration des brevets: 2030-2040

Expertise scientifique et de recherche dans les médicaments à base de nucléotides

Métrique de recherche	Valeur
Personnel de recherche total	32 personnel scientifique spécialisé
Titulaires de doctorat	18 membres de l'équipe de recherche
Investissement de recherche annuel	6,3 millions de livres sterling en 2023

Données d'essai cliniques et capacités de recherche

• Essais cliniques actifs: 3 études en oncologie en cours
• Investissement total des essais cliniques: 22,7 millions de livres sterling
• Inscription cumulative des patients: 287 patients à travers plusieurs études

Les capacités de recherche clinique de Nucana englobent le développement thérapeutique avancé à base de nucléotides avec un portefeuille d'oncologie ciblé.

Nucana PLC (NCNA) - Modèle d'entreprise: propositions de valeur

Options de traitement du cancer avancé avec une amélioration de l'efficacité

La plate-forme technologique Protide de Nucana se concentre sur le développement de versions améliorées des thérapies contre le cancer existantes. En 2024, la société a développé:

Drogue	Type de cancer	Étape de développement
NUC-3373	Cancer colorectal	Essai clinique de phase 2
NUC-7738	Tumeurs solides métastatiques	Essai clinique de phase 1/2

Développement innovant de médicaments ciblant les types de cancer difficile

Les principales caractéristiques de l'innovation comprennent:

• Plateforme de technologie Protiété propriétaire
• Conversion métabolique améliorée des médicaments nucléosidiques
• Potentiel pour améliorer les performances des médicaments et réduire la toxicité

Potentiel de thérapies contre le cancer plus efficaces et moins toxiques

Mesures financières liées au développement de médicaments:

Métrique	Valeur
Dépenses de R&D (2023)	24,7 millions de dollars
Cash and Cash équivalents (T4 2023)	40,2 millions de dollars

Approche pharmaceutique à base de nucléotides

Spécificiaires de la plate-forme technologique:

• Convertit les médicaments nucléosidiques en agents anticancéreux actifs
• Conçu pour surmonter les limites des thérapies existantes
• Potentiel pour améliorer les propriétés pharmacocinétiques

Indicateurs de performance des essais cliniques:

Drogue	Taux de réponse	Population de patients
NUC-3373	Réponse objective de 33%	Patients atteints de cancer colorectal avancé
NUC-7738	Taux de contrôle de la maladie de 22%	Patiens de tumeurs solides métastatiques

Nucana PLC (NCNA) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé en oncologie

Nucana PLC maintient un engagement direct grâce à des interactions ciblées avec des spécialistes en oncologie et des professionnels de la santé.

Méthode d'engagement	Fréquence	Public cible
Réunions médicales individuelles	Trimestriel	Leaders d'opinion clés en oncologie
Sessions du conseil consultatif clinique	Bi-annuellement	Spécialistes de la recherche en oncologie

Présentations des conférences scientifiques et des symposiums médicaux

Nucana présente stratégiquement les résultats de la recherche clinique lors de conférences internationales en oncologie.

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Congrès annuel de l'Association européenne de l'hématologie (EHA)

Communication transparente des résultats des essais cliniques

Nucana fournit une transparence complète dans la déclaration des données des essais cliniques.

Canal de communication	Fréquence de rapport	Plate-forme
Publications des résultats des essais cliniques	Une fois chaque phase d'essai terminée	Revues médicales évaluées par des pairs
Mises à jour du registre des essais cliniques publics	Trimestriel	ClinicalTrials.gov

Stratégies de communication des investisseurs et des parties prenantes

Nucana met en œuvre des approches de communication structurées pour les investisseurs et les parties prenantes.

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Communiqués de presse réguliers

Type de communication	Fréquence	Plate-forme primaire
Mises à jour des relations avec les investisseurs	Trimestriel	Site Web de l'entreprise
Rapports de résultats financiers	Annuellement	Bourse de Londres

Nucana PLC (NCNA) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Nucana PLC cible les départements en oncologie et les centres de traitement du cancer directement par le biais d'équipes de vente spécialisées. Depuis 2023, la stratégie de vente directe de l'entreprise se concentre sur les marchés du cancer de la prostate et du cancer de l'ovaire.

Canal de vente	Segment cible des soins de santé	Couverture géographique
Équipe de vente spécialisée en oncologie	Centres de traitement du cancer	Royaume-Uni, États-Unis
Sensibilisation médicale directe	Réseaux de cancer complets	Marchés de l'Union européenne

Partenariats avec des distributeurs pharmaceutiques

Nucana maintient des partenariats de distribution stratégique pour étendre la portée du marché de son portefeuille pharmaceutique.

• Réseau de distribution couvrant 12 pays
• Partenariats avec 3 grandes sociétés de distribution pharmaceutique
• Accords de distribution mondiaux pour les traitements en oncologie à stade clinique de Nucana

Publications scientifiques et conférences médicales

L'entreprise tire parti des canaux de communication scientifiques pour promouvoir la recherche et les développements cliniques.

Type de publication	Numéro en 2023	Facteur d'impact
Publications de journal évaluées par des pairs	7	3,5-6.2 de 3,5.2
Présentations de conférence	12	Conférences d'oncologie majeures

Communications des relations avec les investisseurs

Nucana utilise plusieurs canaux de communication des investisseurs pour maintenir la transparence et l'engagement.

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs
• Dépôts de la SEC et divulgations financières

Canal de communication	Fréquence	Investisseur Reach
Site Web de relations avec les investisseurs	Mis à jour en continu	Base d'investisseurs mondiaux
Appel de bénéfices	Trimestriel	Investisseurs institutionnels

Nucana PLC (NCNA) - Modèle d'entreprise: segments de clientèle

Professionnels de la santé en oncologie

Nucana cible les professionnels en oncologie avec des paramètres de marché spécifiques:

Caractéristique du segment	Données quantitatives
Oncologues mondiaux	Environ 150 000 professionnels dans le monde
Marché cible potentiel	38 250 spécialistes en oncologie en Amérique du Nord et en Europe
Budget de recherche annuel	3,2 milliards de dollars dédiés aux traitements innovants du cancer

Centres de traitement du cancer

Le segment de clientèle de Nucana comprend des installations de traitement spécialisées:

• Total des centres de traitement du cancer dans le monde: 22 370
• Centres cibles potentiels: 5 600 installations d'oncologie avancées
• Budget de traitement annuel: 186,7 milliards de dollars

Institutions de recherche pharmaceutique

Détails du segment de la clientèle axés sur la recherche:

Type d'institution	Nombre	Investissement de recherche annuel
Centres de recherche universitaires	1,275	42,3 milliards de dollars
Laboratoires de recherche pharmaceutique	687	89,6 milliards de dollars

Patients avec des types de cancer difficile à traiter

Caractéristiques du segment des patients:

• Total des patients atteints de cancer avancé: 2,1 millions par an
• Population potentielle de patient cible: 620 000 avec des types de cancer complexes
• Coût médian du traitement par patient: 156 000 $ par an

Nucana PLC (NCNA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, Nucana PLC a déclaré des frais de recherche et de développement de 14,4 millions de livres sterling.

Année	Dépenses de R&D (£)
2022	14,400,000
2021	16,300,000

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour les clés de médicament clés de Nucana, notamment Nuc-3373 et Nuc-7738, étaient significatives:

• Phase 1/2 essais cliniques pour NUC-3373 estimés à environ 5,2 millions de livres sterling
• Essais cliniques de phase 1 pour NUC-7738 estimés à 3,8 millions de livres sterling

Processus de conformité et d'approbation réglementaires

Catégorie de conformité	Coût annuel estimé (£)
Coûts de soumission de la FDA	750,000
Conformité réglementaire EMA	650,000

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle pour le portefeuille de brevets de Nucana étaient d'environ 450 000 £ en 2022.

Catégorie IP	Nombre de brevets	Coût de maintenance annuel (£)
Brevets technologiques de base	12	350,000
Demandes de brevet supplémentaires	5	100,000

Nucana PLC (NCNA) - Modèle commercial: Strots de revenus

Accords potentiels de licence de médicament potentiel

En 2024, Nucana PLC a exploré les accords de licence potentiels pour son pipeline de médicaments en oncologie.

Drogue	Valeur de licence potentielle	Stade de développement
NUC-3373	Potentiel initial de 45 millions de dollars	Essais cliniques de phase 2
NUC-7738	35 millions de dollars de paiement potentiel	Essais cliniques de phase 1/2

Partenariats de recherche collaborative

Nucana a établi des collaborations de recherche avec plusieurs entités pharmaceutiques.

• Collaboration avec l'Université de Glasgow - Valeur du partenariat estimé: 2,5 millions de dollars par an
• Partenariat de recherche en cours avec Cancer Research UK - Support du financement: 1,2 million de livres sterling

Subventions de recherche gouvernementales et privées

Source d'octroi	Montant d'octroi	Année
Innover au Royaume-Uni	£750,000	2023
Entreprise écossaise	£500,000	2023

Ventes de produits pharmaceutiques futures

Potentiel de revenus projeté:

• NUC-3373 Estimation des ventes annuelles de pointe: 150-200 millions de dollars
• NUC-7738 Estimation des ventes annuelles de pointe: 100 à 150 millions de dollars

Produit	Potentiel de marché estimé	Indication cible
NUC-3373	Marché mondial de 250 millions de dollars	Cancer du pancréas
NUC-7738	Marché mondial de 180 millions de dollars	Cancers métastatiques

NuCana plc (NCNA) - Canvas Business Model: Value Propositions

You're looking at the core promise NuCana plc is making to the oncology space. It boils down to making existing, proven chemotherapy better, safer, and more effective where it currently fails.

Transforming widely-used nucleoside analogs into more effective, safer medicines.

The ProTide technology is the engine here. It's designed to overcome the key limitations of nucleoside analogs, which are mainstays in cancer treatment but often have efficacy ceilings or poor tolerability profiles.

Potential for improved treatment outcomes in difficult-to-treat cancers.

The data supports this claim, especially in heavily pre-treated patient populations. We see durable responses that are atypical for these settings. For instance, in the NuTide:303 study, one patient with melanoma treated with NUC-3373 plus pembrolizumab remains progression-free at 23 months. Also, another patient achieved a 100% reduction in target lesions from NUC-3373 plus pembrolizumab and stayed on treatment for over 15 months.

The financial backing to pursue these outcomes is in place; NuCana anticipates its cash and cash equivalents of £25.2 million at September 30, 2025, will fund planned operations into 2029. The net loss for the nine months ended September 30, 2025, was £26.9 million.

NUC-7738 and NUC-3373 targeting PD-1 inhibitor-resistant melanoma and solid tumors.

These two assets are the current focus for delivering on the value proposition. NUC-7738 is specifically aimed at patients who have stopped responding to PD-1 inhibitors. The expansion study for NUC-7738 in PD-1 inhibitor-resistant melanoma is actively recruiting an additional 28 patients. Initial data from this expansion study is expected in Q4 2025.

Here's a quick look at the clinical evidence supporting the value of these two lead candidates:

Product/Study	Indication/Context	Key Metric/Finding	Data Point
NUC-7738 (NuTide:701)	PD-1 inhibitor-resistant metastatic melanoma	Disease Control Rate	75% (9/12 patients)
NUC-7738 (NuTide:701)	PD-1 inhibitor-resistant metastatic melanoma	PFS greater than five months	7 of 12 patients
NUC-3373 (NuTide:303)	Melanoma (exhausted standard options)	Progression-Free Survival	23 months (one patient)
NUC-3373 (NuTide:303)	Urothelial Carcinoma	Tumor Reduction	100% reduction in target lesions (one patient)

Enhanced metabolic conversion of chemotherapy drugs directly in cancer cells.

This is the mechanism that underpins the entire platform. The ProTides are designed to generate much higher concentrations of active anti-cancer metabolites inside the tumor cells compared to the parent drugs. This is what drives the potential for improved efficacy and safety.

The value proposition is further supported by the company's financial stability to see these programs through:

• Cash and cash equivalents as of September 30, 2025: £25.2 million.
• Cash runway extends into: 2029.
• Basic and diluted loss per ordinary share for Q3 2025: £0.00.
• Total gross proceeds raised via ATM program in July 2025: £19.0 million.

Finance: review Q4 2025 cash burn projections by end of January 2026.

NuCana plc (NCNA) - Canvas Business Model: Customer Relationships

You're looking at how NuCana plc manages its crucial relationships with the scientific community and the capital markets as of late 2025. For a clinical-stage biotech, these relationships are the lifeblood, directly influencing trial progression and the ability to fund the next data readout.

High-touch engagement with clinical investigators and key opinion leaders

NuCana plc's engagement with the medical community is highly focused, centered on the clinical development of its lead assets, NUC-7738 and NUC-3373. This relationship management is about validating the science directly with the people who will eventually use the medicine. The expansion of the Phase 1/2 NuTide:701 study for NUC-7738 in PD-1 inhibitor-resistant melanoma involved dosing an additional 28 patients, bringing the total cohort size to a planned 40 patients. This direct involvement with investigators is critical for gathering the safety and efficacy data that supports the registrational path.

The scientific validation process relies on timely data dissemination. Initial data from that NUC-7738 expansion study is anticipated in Q4 2025, with final data expected in 2026. Furthermore, additional data from the NUC-3373 Phase 1b/2 study remained on track for presentation in 2025.

Investor relations and communication to maintain capital access

Maintaining capital access is a continuous, high-stakes relationship with investors. NuCana plc has executed several significant financing events in 2025 to extend its cash runway, which is a direct measure of investor confidence in their near-term milestones. You need to track these capital movements closely, as they directly impact shareholder value through dilution.

Here's a snapshot of the financial maneuvers and resulting cash position through the third quarter of 2025:

Financial Metric/Event	Date/Period End	Amount
Cash and Cash Equivalents	March 31, 2025	£4.0 million
Gross Proceeds from May 2025 Financing	May 2025	£8.8 million
Cash Runway Extension (Post-May Financing)	As of Q1 2025 Update	Into Q4 2026
Cash and Cash Equivalents	June 30, 2025	£8.4 million
Gross Proceeds from ATM Offering (Subsequent to Q2)	After June 30, 2025	£19.0 million
Total Gross Proceeds Raised in 2025 (May + ATM)	To Q2 2025 Update	$38.4 million
Cash Runway Extension (Post-ATM)	As of Q2 2025 Update	Into 2029
Payment to Cancel Series A Warrants	July 21, 2025	$3.6 million
Cash and Cash Equivalents	September 30, 2025	£25.2 million
Net Loss	Nine Months Ended Sept 30, 2025	£26.9 million

The market reaction to the May 6, 2025, offering, which raised $7 million, was telling; the stock price collapsed by 67.5% the following day, signaling skepticism about whether that capital could cover the reported $23.94 million annual free cash burn. The subsequent ATM offering, however, was framed as successfully extending the runway into 2029. The company also took steps to clean up the balance sheet by canceling remaining Series A Warrants for a payment of $3.6 million in July 2025.

Regulatory dialogue with agencies like the FDA for Fast Track designation

Dialogue with the U.S. Food and Drug Administration (FDA) is a key relationship for advancing NUC-7738 toward commercialization. Following the compelling initial data from the Phase 1/2 study, NuCana plc explicitly stated a plan to meet with the FDA to determine the optimal regulatory strategy for NUC-7738's pivotal study in melanoma. While the most recent Fast Track designation mentioned was granted in September 2021 to Acelarin (NUC-1031), the ongoing dialogue for NUC-7738 is focused on securing guidance for a pivotal study design. This interaction is vital for ensuring the clinical path meets the agency's requirements for potential accelerated review.

Presenting clinical data at major oncology congresses for scientific validation

Scientific validation is achieved by presenting data at high-impact forums, which directly influences the perception of clinical investigators and KOLs. NuCana plc presented encouraging data at the ESMO Congress 2025 in October 2025. Specifically, data on NUC-7738 in combination with PD-1 inhibitors was presented using primary patient-derived organoids and autologous tumor-infiltrating lymphocytes. The company also announced encouraging data for NUC-3373 in combination with anti-PD-1 therapy around the same time. This consistent presence at major congresses is how NuCana plc builds scientific credibility with its most important external stakeholders.

The company utilizes several communication channels for investors, including:

• Quarterly earnings conference calls.
• Annual shareholder meetings.
• Regular press releases.
• Corporate presentations, with the latest one noted for December 2025.

The relationship with Nasdaq is also managed, as NuCana announced compliance with all Nasdaq continued listing criteria in September 2025.

NuCana plc (NCNA) - Canvas Business Model: Channels

You're looking at how NuCana plc gets its science and potential products in front of the right people, which is crucial when you're still in the clinical stage, so let's break down the channels they use as of late 2025.

Global network of clinical trial sites and academic medical centers

The primary channel for generating clinical evidence involves a network of trial sites. For the NUC-7738 program, specifically the expansion trial of the NuTide:701 study in PD-1 inhibitor-resistant melanoma, NuCana plc is actively recruiting an additional 28 patients, which brings the total treated population to 40 patients in that expansion cohort as of late 2025. The ongoing Phase 1b/2 modular study (NuTide:303) for NUC-3373 also relies on this site network, with additional data expected in 2025. These sites are the ground-level channel for testing the ProTide technology in real-world patient populations.

Direct communication with regulatory bodies for drug approval pathways

Direct engagement with regulatory agencies serves as a critical channel for defining the path to market. Following the compelling initial data from the NUC-7738 study, NuCana plc plans to meet with the U.S. Food and Drug Administration (FDA) to discuss the data from the expansion study and determine the optimal registration strategy for potential marketing approval. The company intends to seek formal FDA guidance on a pivotal study design in 2026, establishing a clear sequence for regulatory milestones.

Scientific publications and conference presentations to disseminate data

Disseminating clinical and nonclinical findings through peer-reviewed channels and major medical meetings is how NuCana plc validates its science. The company presented data at the European Society for Medical Oncology (ESMO) Congress held from October 17-21, 2025, in Berlin, Germany. The presentation details included the Abstract Title: Patient Derived Organoids Reveal Synergy Between NUC-7738 and PD-1 Inhibition in Renal Cell Cancer, with Poster Number 1530P, presented on Sunday, October 19, 2025. All accepted abstracts for that event were scheduled for online publication on Monday, October 13 at 6:05 p.m. ET in the ESMO Congress 2025 Abstract Book, a supplement to Annals of Oncology. Also, nonclinical data for NUC-3373 were published in September 2025.

Future pharmaceutical distribution networks post-commercialization

While NuCana plc is currently clinical-stage, its business model anticipates future distribution channels, though specific network details aren't public yet. The company's focus as of late 2025 is on advancing its pipeline to support potential marketing approval. However, the financial health supporting this future build-out is quantifiable. Following financing activities, including raising $38.4 million in gross proceeds during 2025, the company reported cash and cash equivalents of £25.2 million as of September 30, 2025, with an anticipated cash runway extending into 2029. This financial stability is the underlying channel supporting the eventual build-out of commercial infrastructure.

Here's a quick look at some key operational and financial metrics as of the third quarter of 2025:

Metric Category	Specific Data Point	Amount/Value (As of Late 2025)
Clinical Trial Expansion	Additional NUC-7738 expansion patients	28 patients
Clinical Trial Status	NUC-7738 Expansion Data Expected	Q4 2025
Regulatory Pathway	Planned FDA Guidance for Pivotal Design	2026
Scientific Dissemination	ESMO Congress 2025 Poster Number	1530P
Financial Position	Cash and Cash Equivalents (Sept 30, 2025)	£25.2 million
Financing Activity	Gross Proceeds Raised in 2025	$38.4 million
Financial Outlook	Anticipated Cash Runway	Into 2029
Financial Performance	Net Loss (Nine Months Ended Sept 30, 2025)	£26.9 million

Also, you should note the corporate structure channel adjustment: the ADS Ratio change became effective on August 11, 2025, moving from one ADS representing 25 ordinary shares to one ADS representing 5,000 ordinary shares. This was done to support liquidity and Nasdaq compliance, which they reported being compliant with as of November 13, 2025.

Finance: confirm the final Q4 2025 cash position against the runway projection by January 15, 2026.

NuCana plc (NCNA) - Canvas Business Model: Customer Segments

You're looking at the core groups NuCana plc targets to validate and eventually commercialize its ProTide technology. For a clinical-stage company like NuCana, these segments are less about immediate sales and more about clinical validation, strategic partnerships, and securing development capital. Here's the breakdown based on their late 2025 progress.

Oncologists and Specialized Cancer Treatment Facilities Globally

This group is crucial because they are the ones treating the patients in the ongoing trials and will be the prescribers post-approval. NuCana plc is focusing its current efforts on specific, hard-to-treat indications where their lead candidates show the most promise. The clinical sites are the gatekeepers for the data that drives future value.

The current clinical focus involves specific patient cohorts:

• Patients with PD-1 inhibitor-resistant metastatic melanoma receiving NUC-7738 in combination with pembrolizumab.
• Patients with advanced solid tumors receiving NUC-3373 in combination with pembrolizumab.
• Patients with lung cancer receiving NUC-3373 in combination with docetaxel.

The data being generated is meant to impress these specialists. For instance, NUC-7738 previously showed a median progression-free survival (PFS) of over five months in this refractory patient group, which is described as highly atypical.

Patients with Difficult-to-Treat Cancers, Including Advanced Solid Tumors

These patients represent the unmet medical need NuCana is trying to address. Their participation is the direct source of the clinical evidence needed to move forward. The patient population is highly specific based on prior treatment failures.

The key patient cohorts being actively studied as of late 2025 include:

• Patients in the NUC-7738 expansion study (NuTide:701) who are PD-1 inhibitor-resistant melanoma patients; the total planned population for this combination cohort is 40 patients, having added 28 new patients to the initial group.
• Patients in the NUC-3373 study (NuTide:303) who have exhausted all standard treatment options, including prior PD-1 inhibitors.

Durability of response is a key metric for this segment; honestly, seeing one patient on NUC-3373 plus pembrolizumab remain progression-free at 23 months is a powerful signal for this patient group. Initial data from the NUC-7738 expansion study is anticipated in Q4 2025.

Pharmaceutical Companies for Potential Regional or Global Licensing Deals

This segment is the ultimate exit or value-realization partner for a clinical-stage biotech. They provide the capital, infrastructure, and market access for late-stage development and commercialization. NuCana plc retains worldwide rights to its lead candidates, NUC-7738 and NUC-3373, positioning them for potential out-licensing deals once key data milestones are hit.

The company is positioning itself for these discussions by targeting regulatory clarity:

• Planning to meet with the U.S. Food and Drug Administration to discuss the NUC-7738 data to determine the optimal registration strategy to support potential marketing approval.

While specific deal values aren't public, the company's financial maneuvers are geared toward maximizing leverage in these future negotiations. For example, they strengthened their balance sheet by raising approximately £19.0 million in gross proceeds via an ATM offering in July 2025.

Investors and Capital Markets Funding the Development Stage

This group provides the necessary fuel-cash-to fund the expensive clinical trials until a value inflection point is reached. NuCana plc has been actively tapping this market to extend its operational runway.

Here are the key financial metrics relevant to this segment as of late 2025:

Financial Metric	Value as of September 30, 2025	Context/Period
Cash and Cash Equivalents	£25.2 million	As of Q3 2025 close
Anticipated Cash Runway	Into 2029	Post-Q3 2025 financing
Gross Proceeds Raised (ATM July 2025)	£19.0 million	From ATM offering
Net Loss	£26.9 million	Nine months ended September 30, 2025
Net Loss	£0.3 million	Quarter ended September 30, 2025
May 2025 Offering Proceeds (Gross)	Approximately $7 million	Registered direct offering

The May 2025 offering, which raised about $7 million, saw the company sell 10.8 million American Depository Shares (ADSs) at $0.6454 each. The market's reaction to that raise was telling; the stock price collapsed by 67.5% the following day, showing skepticism about whether that capital could cover the cash burn. To be fair, the company has managed to extend its runway significantly since then, projecting funding into 2029.

Finance: draft 13-week cash view by Friday.

NuCana plc (NCNA) - Canvas Business Model: Cost Structure

You're looking at the cost side of NuCana plc's business, which, as a clinical-stage biopharma, is heavily weighted toward the science and the trials needed to prove it works. The primary cost driver here is definitely the Heavy Research and Development (R&D) expenses for clinical trials, which is typical for this sector.

The financial reality for the nine months ended September 30, 2025, shows a Net loss of £26.9 million. This loss reflects the ongoing investment required to move their ProTide technology candidates, like NUC-7738 and NUC-3373, through development stages.

To give you a clearer picture of where the cash is going, here's a breakdown of the major operating costs for the nine-month period ending September 30, 2025, compared to the third quarter alone:

Expense Category	Q3 2025 (in millions £)	Nine Months Ended Sep 30, 2025 (in millions £)
Research and Development Expenses	3.736	11.001
Administrative Expenses (part of G&A)	1.399	6.989

The R&D spend for the nine months reached £11.001 million. This substantial figure covers everything from running the Phase 1/2 NuTide:701 study expansion for NUC-7738 to the ongoing work with NUC-3373.

Next up are the General and administrative expenses, including personnel and legal costs. These cover the overhead to run the company, not just the labs. For the nine months ended September 30, 2025, administrative expenses totaled £6.989 million. Personnel costs, especially for specialized scientific and executive staff, are a big part of this, along with the legal fees associated with patent filings, like the one announced for NUC-7738 in China.

It's worth noting that NuCana plc appears to be actively managing its burn rate. The company reported that Operating expenses were £3.57 million for Q3 2025, a sharp reduction compared to prior periods. This reduction suggests a deliberate effort to conserve cash, especially following the financing activities in July 2025.

Here are some key components that feed into those administrative and R&D buckets:

• Share-based payment expenses included in the nine-month loss were £9.1 million.
• Finance expense related to the non-cash loss on fair value revaluation of warrants was £12.6 million for the nine months.
• Professional fees related to warrant issuance accounted for £1.4 million over the nine months.

The cost structure is clearly front-loaded on future value creation. Finance: draft 13-week cash view by Friday.

NuCana plc (NCNA) - Canvas Business Model: Revenue Streams

You're looking at the current state of NuCana plc's revenue generation, and honestly, it's what you expect for a clinical-stage biopharma company right now. Product sales revenue is sitting at zero, which is the reality when you're focused on late-stage development rather than commercialization. To be fair, analyst consensus reflects this, with the forecast for 2025 revenue coming in at exactly $0.

Here's a quick look at the financial inflows for the period closest to late 2025, which really shows where the money is coming from while the pipeline matures:

Revenue/Income Source	Period/Date	Amount	Currency/Context
Product Sales Revenue	Fiscal Year 2025 (Forecast)	$0	Analyst Consensus
Other Income	Q3 2025 (ended September 30)	£2.7 million	Reported
Equity Financing (ATM)	July 2025	£19.0 million	Gross Proceeds
Equity Financing (RDO)	May 2025	Approx. $7 million	Gross Proceeds Expected
Warrant Cancellation Payment	July 21, 2025	$3.6 million	Payment Received

The primary engine keeping the lights on and funding those critical trials is equity financing. You saw a significant capital raise in July 2025 when NuCana plc pulled in £19.0 million in gross proceeds through the At-The-Market (ATM) program. This followed an earlier registered direct offering in May 2025, which was expected to bring in approximately $7 million in gross proceeds. Also, as part of that strategic ATM execution in July 2025, the company canceled all remaining Series A Warrants, receiving payments totaling $3.6 million. That's how you bridge the gap between discovery and data readouts.

Still, the operational burn rate means you see losses, but the 'Other Income' line helps offset that. For the third quarter ended September 30, 2025, NuCana plc reported other income of £2.7 million. This income was part of the Q3 2025 results where the company reported a net loss of £0.3 million for the quarter, a significant improvement from the £4.5 million net loss reported in the comparable quarter of 2024. The basic and diluted loss per ordinary share for the nine months ended September 30, 2025, was £0.00.

This financing activity directly impacts the balance sheet and runway, which is crucial for a company without product revenue. You want to see a strong cash position to fund the path to potential future revenue:

• Cash and cash equivalents as of September 30, 2025, stood at £25.2 million.
• This cash position, combined with recent financing, extends the anticipated cash runway into 2029.
• The Q1 2025 financing alone was expected to support planned operations into Q4 2026.

The future revenue streams are entirely dependent on successfully navigating the clinical path for NUC-7738 and NUC-3373. You're looking at potential revenue generation contingent on positive data from the NUC-7738 expansion study, with initial data expected in Q4 2025, and subsequent meetings with the U.S. Food and Drug Administration to discuss a registration strategy. Success here translates directly into milestone payments, licensing fees, or ultimately, product sales, which is the ultimate goal for any biopharma business model.

Finance: draft 13-week cash view by Friday.