Detailed financial statements for NuCana plc (NCNA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NuCana plc is a clinical-stage biopharmaceutical firm dedicated to pioneering advanced therapies for oncology. Its innovative product pipeline is underpinned by a proprietary ProTide technology platform.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.30, NCNA has negative trailing earnings (P/E not meaningful) and an ROE of -120.66%. Market capitalisation stands at $8M.
Balance sheet quality for NCNA: current ratio of 5.6, net cash position of $23.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $283000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | $283000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $7.9M | $17.7M | $16.8M | $19.7M | $25.9M | $36.8M | $36.4M | $25.1M | $18.0M | $12.7M |
| Selling, General & Admin | $1.1M | $4.6M | $5.2M | $6.0M | $7.0M | $8.5M | $7.3M | $6.1M | $5.0M | $8.1M |
| Operating Expenses | $9.0M | $24.0M | $22.0M | $25.7M | $32.9M | $47.9M | $39.1M | $32.8M | $22.8M | $20.1M |
| Operating Income | -$8.4M | -$22.2M | -$22.0M | -$26.7M | -$36.4M | -$47.9M | -$39.1M | -$32.8M | -$22.8M | -$20.1M |
| EBITDA | -$8.9M | 0 | 0 | 0 | -$28.6M | -$44.4M | -$43.0M | -$30.6M | -$22.5M | -$20.6M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$8.2M | -$25.5M | -$18.1M | -$25.7M | -$36.2M | -$47.8M | -$38.5M | -$32.0M | -$22.5M | -$30.5M |
| Income Tax | -$2.1M | -$2.4M | -$4.2M | -$4.2M | -$5.5M | -$7.3M | -$6.4M | -$4.4M | -$3.5M | -$1.2M |
| Net Income | -$6.0M | -$23.1M | -$13.8M | -$21.4M | -$30.7M | -$40.5M | -$32.0M | -$27.6M | -$19.0M | -$29.4M |
| EPS | $1359.22 | $-4747.43 | $-2886.02 | $-4224.99 | $-5193.15 | $-5355.91 | $-3775.53 | $-3266.68 | $-1635.98 | $-17.20 |
| EPS (Diluted) | $1359.22 | $-4747.43 | $-2886.02 | $-4224.99 | $-5193.15 | $-5355.91 | $-3775.53 | $-3266.68 | $-1635.98 | $-17.20 |
| Shares Outstanding (Diluted) | $6362 | $6262 | $6394 | $6465 | $7576 | $10408 | $10447 | $10514 | $14838 | $2.2M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.0M | $86.7M | $77.0M | $52.0M | $87.4M | $60.3M | $41.9M | $17.2M | $6.7M | $24.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.6M | $4.8M | $4.8M | $9.1M | $10.6M | $8.2M | $7.0M | $5.8M | $4.6M | $1.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $25.8M | $94.0M | $83.6M | $65.2M | $101.8M | $71.6M | $54.9M | $25.0M | $12.3M | $26.9M |
| Property, Plant & Equipment | $18000 | $358000 | $427000 | $1.1M | $1.2M | $851000 | $866000 | $521000 | $197000 | $658000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.4M | $1.9M | $3.1M | $4.0M | $4.8M | $2.4M | $2.4M | $2.1M | $2.2M | $2.2M |
| Total Assets | $27.2M | $96.4M | $87.2M | $70.3M | $107.8M | $77.5M | $58.3M | $27.8M | $14.8M | $29.8M |
| Accounts Payable | $728000 | $1.1M | $2.5M | $2.4M | $2.3M | $1.8M | $4.8M | $3.4M | $2.7M | $522000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.0M | $2.9M | $5.6M | $6.2M | $8.1M | $11.7M | $19.3M | $12.7M | $8.7M | $4.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.0M | $2.9M | $5.6M | $6.7M | $8.6M | $11.9M | $19.8M | $12.9M | $8.8M | $5.5M |
| Retained Earnings | -$22.3M | -$45.2M | -$58.8M | -$80.1M | -$110.6M | -$149.7M | -$180.6M | -$207.7M | -$224.3M | -$252.3M |
| Total Equity | $25.2M | $93.4M | $81.6M | $63.5M | $99.2M | $65.5M | $38.5M | $14.9M | $6.0M | $24.3M |
| Total Debt | 0 | 0 | 0 | $806000 | $645000 | $371000 | $639000 | $396000 | $190000 | $676000 |
| Net Debt | -$20.0M | -$86.7M | -$77.0M | -$51.2M | -$86.7M | -$59.9M | -$41.3M | -$16.8M | -$6.6M | -$23.6M |
| Working Capital | $23.8M | $91.1M | $78.0M | $59.0M | $93.7M | $59.9M | $35.6M | $12.3M | $3.6M | $22.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$6.0M | -$23.1M | -$13.8M | -$21.4M | -$30.7M | -$40.5M | -$32.0M | -$27.6M | -$19.0M | -$29.4M |
| Depreciation & Amortization | $101000 | $194000 | $371000 | $718000 | $890000 | $942000 | $732000 | $575000 | $522000 | $274000 |
| Stock-based Compensation | $1.1M | $11.7M | $1.8M | $3.2M | $4.3M | $6.7M | $4.9M | $3.9M | $1.6M | $10.0M |
| Change in Working Capital | -$3.2M | $1.4M | $3.5M | -$2.1M | $1.9M | $4.1M | $3.7M | -$1.3M | -$2.2M | -$3.7M |
| Operating Cash Flow | -$9.3M | -$8.7M | -$12.2M | -$23.8M | -$21.6M | -$23.8M | -$23.2M | -$26.4M | -$19.1M | -$7.5M |
| Capital Expenditure | -$554000 | -$1.1M | -$1.6M | -$1.3M | -$1.6M | -$1.1M | -$518000 | -$478000 | -$293000 | -$193000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.8M | -$9.8M | -$13.8M | -$25.1M | -$23.3M | -$24.9M | -$23.7M | -$26.9M | -$19.4M | -$7.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | |||||||||
| Net Income Growth (YoY) | -281.6% | +40.0% | -54.7% | -43.3% | -32.1% | +21.0% | +13.7% | +31.2% | -54.5% | |
| EPS Growth (YoY) | -449.3% | +39.2% | -46.4% | -22.9% | -3.1% | +29.5% | +13.5% | +49.9% | +98.9% | |
| Shares Change (YoY) | -1.6% | +2.1% | +1.1% | +17.2% | +37.4% | +0.4% | +0.6% | +41.1% | +15038.9% | |
| FCF Growth (YoY) | +0.2% | -41.3% | -81.2% | +7.3% | -7.0% | +4.9% | -13.7% | +27.9% | +60.5% | |
| Gross Margin | 100.0% | |||||||||
| Operating Margin | -7860.8% | |||||||||
| EBITDA Margin | 0.0% | |||||||||
| Net Margin | -8157.2% | |||||||||
| FCF Margin | -3464.0% | |||||||||
| Effective Tax Rate | 25.9% | 9.4% | 23.4% | 16.5% | 15.2% | 15.2% | 16.7% | 13.7% | 15.4% | 3.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1543.23 | $-1565.47 | $-2165.78 | $-3881.52 | $-3069.03 | $-2391.33 | $-2266.30 | $-2560.11 | $-1308.20 | $-3.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6362 | $6262 | $6394 | $6465 | $7576 | $10408 | $10447 | $10514 | $14838 | $2.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -120.66% |
| Return on Invested Capital | -77.17% |
| Return on Assets | -98.39% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 5.60 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -12.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 48.12 | -7.88 | -19.69 | -5.44 | -3.16 | -1.64 | -0.72 | -0.36 | -0.12 | -0.16 |
| P/B | 16.49 | 2.51 | 4.45 | 2.34 | 1.25 | 1.40 | 0.74 | 0.82 | 0.47 | 0.25 |
| P/S | 0.00 | 827.95 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | -7860.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | -8157.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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