Nucana (NCNA) AI Stock Analysis

• Market Cap: $6.87M
• Dividend Yield: N/A
• Average Volume (3M): 174.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• 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: 0.11
• Price to Book (P/B): 0.49
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 10.36
• Enterprise Value/Market Cap: -2.51
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: 0.91
• 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: 44 Neutral
• Price Target: $1.50 ▼(-54.95% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is weighed down primarily by weak financial performance (no revenue, ongoing losses, and continued cash burn with reliance on financing), alongside a clearly bearish technical setup with the price below all key moving averages and negative MACD. Valuation is difficult to support because the company is loss-making (negative P/E) and has no dividend yield data.

Positive Factors

Extended cash runway

Management’s statement that cash is expected to fund operations into 2029 materially reduces near-term financing pressure, allowing the company to complete ongoing Phase 2 work, seek regulatory clarity, and execute strategic development without immediate dilutive capital raises.

Low financial leverage

Debt under $1M indicates a low-interest-burden capital structure, preserving flexibility to fund R&D or strategic partnerships. Low leverage reduces solvency risk through clinical development, enhancing the ability to negotiate deals and manage cash runway without large fixed obligations.

Clinical progress and regulatory path

Positive Phase 2 activity in PD-1 inhibitor-resistant melanoma and pursuit of FDA guidance represent structural advances: completing enrollment and defining a registrational path can materially de-risk the program, clarify development strategy, and increase the probability of a transition from pre-revenue to commercial-stage.

Negative Factors

Pre-revenue profile

The company generates no product revenue, making it structurally dependent on external funding, partnerships, or milestones. Until regulatory approvals and commercialization occur, there is no self-sustaining cash flow from operations, increasing execution and financing risk over the medium term.

Persistent cash burn

Consistent negative operating and free cash flow requires recurrent financing or partnerships to sustain R&D and trials. Although operating cash outflows improved in 2025, volatility in free cash flow signals ongoing funding dependency that can constrain program choices and lengthen time to self-sufficiency.

Equity volatility and dilution

Large swings in equity and prior financings/warrant restructurings indicate reliance on dilutionary capital raises to fund operations. Recurrent dilution risks compress long-term shareholder value and may raise future financing costs or complicate partner negotiations as the company advances clinical programs.

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 does not have recurring product sales; as a clinical-stage biotechnology company, its ability to generate revenue is primarily tied to (i) collaboration and licensing arrangements (e.g., upfront payments, research funding, milestone payments tied to development/regulatory/commercial events, and royalties on partner sales if products are commercialized) and (ii) raising capital through equity and other financings to fund operations. When present, reported revenue typically reflects amounts recognized under collaboration or licensing agreements rather than sales of approved medicines. Specific details on current revenue-producing partnerships, milestone structures, royalty terms, or material collaboration income are null.

Nucana Financial Statement Overview

Summary

Pre-revenue profile with no revenue in the provided periods and continued material losses (2025 net loss about -$28.7M). Cash burn remains persistent despite improvement in 2025 operating cash flow (~-$7.0M vs. ~-$19.1M in 2024). Balance sheet leverage is low (debt under $1M), but assets/equity volatility and drawdown indicate ongoing reliance on external funding.

Income Statement

The company reports no revenue across all provided annual periods, consistent with an early-stage biotech profile, but it also means there is no visible path to self-funding from operations in the current statements. Losses remain material, with net income still deeply negative in 2025 (-$28.7M) and operating losses sizable, though operating losses have narrowed versus 2021–2022 levels. Overall, profitability remains weak and highly dependent on external funding until revenue generation begins.

Balance Sheet

Leverage is very low (debt remains under $1M across periods), which reduces financial risk. However, the equity base has been volatile and has declined sharply from 2020–2021 levels to 2024, before rebounding in 2025 (equity ~$24.3M), signaling meaningful dilution and/or valuation swings over time. Total assets have also contracted materially since 2020, suggesting the cash/resource runway has been drawn down, even though the company is not burdened by debt.

Cash Flow

Cash burn is persistent, with negative operating and free cash flow every year provided. The burn rate improved notably in 2025 (operating cash flow about -$7.0M vs. -$19.1M in 2024), but free cash flow growth is sharply negative in 2025, indicating year-to-year volatility. Overall, the business still relies on financing to fund operations, despite a recent improvement in annual cash usage.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Mar 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	-267.99K	0.00	0.00	0.00	0.00
EBITDA	-18.94M	-20.38M	-22.48M	-31.78M	-52.15M	-41.88M
Net Income	-27.52M	-28.71M	-19.00M	-27.63M	-32.02M	-40.53M
Balance Sheet
Total Assets	32.31M	29.78M	14.77M	27.81M	58.25M	77.47M
Cash, Cash Equivalents and Short-Term Investments	25.25M	24.21M	6.75M	17.23M	41.91M	60.26M
Total Debt	136.00K	674.81K	190.00K	396.00K	639.00K	371.00K
Total Liabilities	6.39M	5.50M	8.82M	12.92M	19.75M	11.93M
Stockholders Equity	25.93M	24.28M	5.95M	14.89M	38.50M	65.55M
Cash Flow
Free Cash Flow	-13.97M	-6.96M	-19.41M	-26.92M	-23.68M	-24.89M
Operating Cash Flow	-13.77M	-6.96M	-19.12M	-26.44M	-23.16M	-23.82M
Investing Cash Flow	47.00K	-188.77K	79.00K	2.89M	120.00K	-3.56M
Financing Cash Flow	27.18M	24.46M	8.18M	-53.00K	-161.00K	-98.00K

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 2.02, above the 50-day MA of 2.48, and below the 200-day MA of 5.87, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 29.64 is Positive, neither overbought nor oversold. The STOCH value of 5.68 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XBIO	50 Neutral	$7.47M	-1.38	-60.33%	―	13.30%	22.70%
APRE	47 Neutral	$8.73M	-0.67	-87.05%	―	-62.75%	23.87%
NCNA	44 Neutral	$6.87M	-11.35	-253.43%	―	―	94.52%
IMRN	40 Underperform	$6.21M	-1.04	-49.00%	―	47.17%	26.84%

Nucana Corporate Events

NuCana Posts 2025 Results, Highlights NUC-7738 Progress and Cash Runway Into 2029

NuCana on March 19, 2026 reported its fourth quarter and full-year 2025 results, highlighting clinical progress with its ProTide-based oncology pipeline and a strengthened balance sheet. The company said NUC-7738 showed encouraging safety and clinical activity in late-2025 Phase 2 NuTide:701 data in PD-1 inhibitor-resistant metastatic melanoma, and it aims to complete patient enrollment in the Phase 2 expansion and report final data in 2026 while seeking U.S. FDA regulatory guidance on a potential registrational path in melanoma.

Management also noted it is evaluating additional indications and combinations for NUC-7738 and refining development strategy for NUC-3373, supported by the appointment of a new chief operating officer to drive pipeline execution. NuCana ended 2025 with £24.3 million in cash and cash equivalents after May and July 2025 financings and warrant restructuring, and it expects this cash runway to fund planned operations into 2029 despite a wider 2025 net loss driven by non-cash warrant revaluation, professional fees, and higher share-based payment expenses.

The most recent analyst rating on (NCNA) stock is a Sell with a $2.50 price target. To see the full list of analyst forecasts on Nucana stock, see the NCNA Stock Forecast page.

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.