Summary by Moomoo AI
NuCana plc announced its Q2 2024 financial results on August 15, 2024. The clinical-stage biopharmaceutical company reported a loss of £7.0 million for the quarter, compared to £5.4 million in Q2 2023. Research and development expenses increased to £6.8 million from £4.0 million, primarily due to higher clinical trial costs for NUC-3373.As of June 30, 2024, NuCana's cash and cash equivalents stood at £11.6 million, down from £17.2 million at the end of 2023. The company raised £1.5 million through its ATM program in the first half of 2024. NuCana acknowledged that its current cash reserves are insufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern.NuCana's pipeline includes NUC-3373 and NUC-7738, both in ongoing clinical trials. The company expects its cash burn rate to decrease in 2024 compared to 2023, partly due to the settlement of patent litigation expenses. However, NuCana will require additional capital to fund its research and development programs and continue operations.
