NuCana completes cancellation of all remaining Series A Warrants

EDINBURGH - NuCana plc (NASDAQ:NCNA), a clinical-stage biopharmaceutical company with a current market capitalization of $18.2 million, has successfully canceled all remaining Series A Warrants that were issued during its May 7, 2025 registered direct offering, the company announced Monday.

The company raised the full amount of capital required for the cancellation through its at-the-market offering. This follows NuCana’s June 27 announcement of agreements to cancel the remaining 59.5 million Series A Warrants in exchange for a payment of $3.6 million. According to InvestingPro data, while the company maintains more cash than debt on its balance sheet, it is quickly burning through its cash reserves.

The cancellation fully eliminates all overhanging rights from the May 2025 registered direct offering, according to the company’s statement. With a current ratio of 1.25 and minimal debt of $0.22 million, the company’s immediate financial position remains stable, though InvestingPro analysis indicates an overall WEAK financial health score of 1.57. Subscribers can access 12 additional ProTips about NuCana’s financial outlook.

NuCana is focused on developing improved cancer treatments by applying its ProTide technology to transform nucleoside analog chemotherapy agents. The company’s pipeline includes NUC-7738, currently in the Phase 2 portion of a Phase 1/2 study evaluating it as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in melanoma patients.

The company is also developing NUC-3373, a new chemical entity derived from 5-fluorouracil, which is being evaluated in a Phase 1b/2 modular study in combination with pembrolizumab for patients with advanced solid tumors and with docetaxel for lung cancer patients.

The information in this article is based on a press release issued by NuCana plc.

In other recent news, NuCana plc has announced several key developments. The company revealed a 1:200 reverse ADS split set to take effect on August 8, 2025, aiming to support liquidity and meet Nasdaq’s minimum bid price requirements. Additionally, NuCana has entered into a $100 million at-the-market sales agreement with A.G.P./Alliance Global Partners and Laidlaw & Company (UK) Ltd., allowing the company to offer and sell ADSs as needed. In another move, NuCana priced a direct offering expected to raise approximately $7 million, with proceeds intended to advance drug discovery and development programs.

The company also reported that CEO Hugh S. Griffith will take a leave of absence due to health reasons, with Chairman Andrew Kay stepping in as Executive Chairman during his absence. Furthermore, NuCana’s Board has approved the grant of options to purchase a significant number of ordinary shares to its officers, employees, consultants, and directors. These developments were disclosed in filings with the U.S. Securities and Exchange Commission. The company has also warned of potential risks related to its Series A and Series B ADS Purchase Warrants, which could affect its Nasdaq listing.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.