Nucana (NCNA) AI Stock Analysis

• Market Cap: $10.74M
• Dividend Yield: N/A
• Average Volume (3M): 174.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: N/A
• EPS Growth: 94.52%
• Country: US
• Employees: 20
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.00
• Shares Outstanding: 1,906,479
• 10 Day Avg. Volume: 84,221
• 30 Day Avg. Volume: 174,327
• PEG Ratio: 1.57
• Price to Book (P/B): 189.59
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -58.15
• Enterprise Value/Market Cap: -1.35
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: 0.76
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -8
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $2.50 ▼(-24.92% Downside)

The score is driven primarily by weak financial performance (no revenue, continued losses, and negative cash flow despite low leverage). Technicals add pressure with a bearish trend (below key moving averages and negative MACD). Valuation offers limited support due to a negative P/E and no dividend yield.

Positive Factors

Intellectual property protection

The composition-of-matter patent in China plus a global portfolio (>85 issued patents) materially strengthens exclusivity for NUC-7738. Durable IP protection supports long-term commercialization strategy, increases licensing/partnering leverage, and defends future revenue opportunities if clinical success occurs.

Clinical efficacy signals for lead programs

Repeated clinical activity and a favorable safety profile in PD-1 inhibitor–resistant melanoma, including partial responses and durable disease control, increase the probability of a registrational pathway for NUC-7738. Persistent positive signals materially de-risk development and enhance partnership and commercialization prospects.

Low financial leverage and runway

Very low debt reduces refinancing and covenant risk for a pre-revenue biotech, providing financial flexibility to advance clinical programs. Management's stated runway into 2029 implies capital to fund multiple value-driving milestones, lowering near-term dilution risk and enabling strategic partnering or registration planning.

Negative Factors

No revenue and sustained negative cash flow

The company has no product revenue and consistently negative operating and free cash flow, reflecting ongoing burn to fund R&D. This structural funding gap necessitates recurrent external financing, which can dilute shareholders and heighten execution risk if capital markets tighten or clinical timelines slip.

Eroding equity base and negative ROE

Cumulative losses have materially reduced equity and total assets since 2020, producing deeply negative returns on equity. This erosion constrains the firm's ability to absorb setbacks, increases dependence on new capital, and weakens balance-sheet resilience over multi-year development cycles.

High binary clinical and commercialization risk

As a clinical-stage company with limited commercial infrastructure and a small workforce, NuCana's long-term success depends on a few binary clinical outcomes and external partnerships. Trial failures, delays, or inability to scale commercial operations would have outsized, lasting negative impacts on prospects.

Nucana Business Overview & Revenue Model

Company Description

NuCana plc, a clinical-stage biopharmaceutical company, engages in the development of products for the treatment of cancer. The company develops its products based on its proprietary ProTide technology. Its lead product candidate includes Acelarin, which is in Phase I clinical trial for patients with advanced solid tumors; Phase Ib for patients with recurrent ovarian cancer; Phase Ib clinical trials for the treatment of patients with biliary tract cancer; Phase II clinical trial for the treatment of patients with platinum-resistant ovarian cancer; and Phase III clinical trial for the treatment of patients with pancreatic cancer. The company is also developing NUC-3373, a ProTide transformation of the active anti-cancer metabolite of 5-fluorouracil, which is in Phase I clinical trial for the treatment of patients with advanced solid tumors and in a Phase 1b/2 clinical trial for patients with advanced colorectal cancer; and NUC-7738, a nucleoside analog that is in Phase 1/2 clinical trial for the treatment of patients with advanced solid tumors and hematological tumors. It has a research, collaboration, and license agreement with Cardiff University and University College Cardiff Consultants Ltd. for the design, synthesis, characterization, and evaluation of ProTides; and an assignment, license, and collaboration agreement with Cardiff ProTides Ltd. The company was formerly known as NuCana BioMed Limited and changed its name to NuCana plc in August 2017. NuCana plc was incorporated in 1997 and is headquartered in Edinburgh, the United Kingdom.

How the Company Makes Money

NuCana makes money primarily through the development and commercialization of its proprietary ProTide technology-based drugs. The company's revenue model is focused on advancing its pipeline of product candidates through clinical trials and eventually bringing them to market upon regulatory approval. Additionally, NuCana may generate income through strategic partnerships, licensing agreements, and collaborations with other pharmaceutical companies. These partnerships can provide upfront and milestone payments, as well as royalties on product sales. As a clinical-stage company, NuCana's earnings are currently dependent on its ability to successfully develop and commercialize its drug candidates.

Nucana Financial Statement Overview

Summary

Income statement and cash flow are weak (no revenue, persistent losses, and ongoing negative operating/free cash flow with an unstable burn-rate trend in TTM). Balance sheet leverage is low, which helps, but equity/assets have declined materially and returns on equity are deeply negative, elevating financing risk.

Income Statement

Across 2020–TTM (Trailing-Twelve-Months), the company reports no revenue and consistently large operating and net losses. Losses improved from 2022 to 2024 (EBIT and EBITDA became less negative), but TTM (Trailing-Twelve-Months) net income worsened versus 2024, signaling ongoing earnings volatility and continued dependence on funding rather than commercial operations.

Balance Sheet

Leverage is very low (debt-to-equity remains small across periods), which is a key positive for a biotech with no revenue. However, equity and total assets have declined sharply from 2020 levels, reflecting cumulative losses and cash burn; returns on equity are deeply negative, highlighting ongoing value erosion despite the light debt load.

Cash Flow

Operating and free cash flow are consistently negative, indicating sustained cash burn. Cash outflows improved materially from 2023 to 2024, but TTM (Trailing-Twelve-Months) free cash flow turned worse again (with negative growth), suggesting the burn rate is not yet on a stable downward path; cash flow roughly tracks net losses, reinforcing that profitability is not near-term.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-18.94M	-22.48M	-31.78M	-52.15M	-41.88M	0.00
Net Income	-27.52M	-19.00M	-27.63M	-32.02M	-40.53M	-30.68M
Balance Sheet
Total Assets	32.31M	14.77M	27.81M	58.25M	77.47M	107.79M
Cash, Cash Equivalents and Short-Term Investments	25.25M	6.75M	17.23M	41.91M	60.26M	87.36M
Total Debt	136.00K	190.00K	396.00K	639.00K	371.00K	645.00K
Total Liabilities	6.39M	8.82M	12.92M	19.75M	11.93M	8.56M
Stockholders Equity	25.93M	5.95M	14.89M	38.50M	65.55M	99.23M
Cash Flow
Free Cash Flow	-13.97M	-19.41M	-26.92M	-23.68M	-24.89M	-23.25M
Operating Cash Flow	-13.77M	-19.12M	-26.44M	-23.16M	-23.82M	-21.62M
Investing Cash Flow	47.00K	79.00K	2.89M	120.00K	-3.56M	-1.31M
Financing Cash Flow	27.18M	8.18M	-53.00K	-161.00K	-98.00K	61.80M

Nucana Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NCNA, the sentiment is Negative. The current price of 3.33 is above the 20-day moving average (MA) of 3.23, below the 50-day MA of 3.55, and below the 200-day MA of 16.17, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 26.91 is Positive, neither overbought nor oversold. The STOCH value of 8.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NCNA.

Nucana Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLTO	56 Neutral	$43.70M	-2.12	-114.81%	―	―	37.42%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NCNA	46 Neutral	$10.74M	-0.01	-179.40%	―	―	94.52%
APRE	43 Neutral	$5.25M	-0.31	-74.72%	―	-62.75%	23.87%
XBIO	42 Neutral	$5.15M	-1.06	-57.43%	―	13.30%	22.70%
IMRN	38 Underperform	$7.80M	-1.44	-49.00%	―	47.17%	26.84%

Nucana Corporate Events

NuCana Names Theresa Bruce Chief Operating Officer to Drive Oncology Pipeline

On January 6, 2026, NuCana announced the appointment of Theresa Bruce as Chief Operating Officer, effective January 1, 2026, elevating her from her previous role as Senior Vice President of Clinical Operations. Bruce brings over 25 years of oncology R&D and global clinical development experience from leadership positions at Nexus Oncology, Chiltern, Veristat and as a consultant to U.S. biotech companies, and is expected to play a key role in advancing NuCana’s oncology pipeline, including the Phase 1/2 expansion study of NUC-7738 in melanoma, preparations for a potential registration strategy for NUC-7738, and further work to define the mode of action and target indications for NUC-3373, at a time when the company highlights an anticipated cash runway extending into 2029, underscoring both operational continuity and long-term strategic focus for stakeholders.

The most recent analyst rating on (NCNA) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Nucana stock, see the NCNA Stock Forecast page.

NuCana Announces Return of CEO Hugh S. Griffith Following Health Leave

On December 15, 2025, NuCana announced the return of Hugh S. Griffith as Chief Executive Officer following his health-related leave of absence, reinstating him as the company’s principal executive officer. Andrew Kay, who had been serving as Executive Chairman and acting CEO during this period, has returned to his role as Chairman of the Board. This leadership update marks a return to continuity for NuCana and is expected to support the company’s strategic operations and bolster stakeholder confidence.

NuCana Showcases Promising Results for NUC-7738 in Melanoma Treatment

On December 10, 2025, NuCana announced the presentation of new clinical data at the ESMO Immuno-Oncology Congress 2025, showcasing the potential of NUC-7738 in treating PD-1 inhibitor-resistant metastatic melanoma. The data demonstrated clinical activity and a favorable safety profile, with partial responses and durable disease control observed in patients. These findings support further clinical advancement and enrollment, potentially leading to a registrational pathway. The study’s positive results were also highlighted in a UK documentary, emphasizing the potential impact on patients who have exhausted current treatment options.

NuCana Reports Q3 2025 Financial Results and Board Resignation

On November 13, 2025, NuCana plc announced its financial results for the third quarter of 2025. The company reported a significant reduction in operating losses compared to the previous year, with a loss of £779,000 for the quarter, down from £5.3 million in the same period in 2024. Despite the improvement, NuCana continues to face financial challenges, with a total comprehensive loss of £267,000 for the quarter. Additionally, the company announced the resignation of Dr. Bali Muralidhar from its Board of Directors, effective October 21, 2025, noting that the resignation was not due to any disagreements with the company.

NuCana Secures Key Patent for NUC-7738 in China

On November 5, 2025, NuCana announced the issuance of a new patent by the China National Intellectual Property Administration for NUC-7738’s composition of matter. This patent strengthens NuCana’s global intellectual property strategy and supports opportunities for innovative cancer therapies in China. The patent is a key milestone in the company’s efforts to address unmet needs in cancer treatment, particularly in combination with pembrolizumab for melanoma patients.