Exhibit 99.1
NUCANA PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
           
For the Three Months Ended
June 30,
    
For the Six Months Ended
June 30,
  
    
Notes
     
2025
    
2024
    
2025
    
2024
  
           
(in thousands, except per share data)
  
           
£
    
£
    
£
    
£
  
Research and development expenses
         (7,104 )      (6,769 )      (8,829 )      (13,552 ) 
Administrative expenses
         (4,523 )      (1,509 )      (5,590 )      (3,090 ) 
Net foreign exchange (losses) gains
         (202 )      (74 )      (261 )      21  
     
 
 
    
 
 
    
 
 
    
 
 
  
Operating loss
      
 
(11,829
) 
  
 
(8,352
) 
  
 
(14,680
) 
  
 
(16,621
) 
Finance income
         35       85       60       211  
Finance expense
      3        (12,648 )      —        (12,648 )      —   
     
 
 
    
 
 
    
 
 
    
 
 
  
Loss before tax
      
 
(24,442
) 
  
 
(8,267
) 
  
 
(27,268
) 
  
 
(16,410
) 
Income tax credit
      4        328       1,272       681       2,577  
     
 
 
    
 
 
    
 
 
    
 
 
  
Loss for the period
      
 
(24,114
) 
  
 
(6,995
) 
  
 
(26,587
) 
  
 
(13,833
) 
     
 
 
    
 
 
    
 
 
    
 
 
  
Basic and diluted loss per ordinary share
      5        (0.00 )      (0.12 )      (0.01 )      (0.25 ) 
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
NUCANA PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 
    
For the Three Months Ended
June 30,
    
For the Six Months Ended

June 30,
  
    
2025
    
2024
    
2025
    
2024
  
    
(in thousands)
  
    
£
    
£
    
£
    
£
  
Loss for the period
   
 
(24,114
) 
  
 
(6,995
) 
  
 
(26,587
) 
  
 
(13,833
) 
Other comprehensive (expense) income:
         
Items that may be reclassified subsequently to profit or loss:
         
Exchange differences on translation of foreign operations
      (49 )      —        (76 )      7  
  
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (expense) income for the period
      (49 )      —        (76 )      7  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive loss for the period
   
 
(24,163
) 
  
 
(6,995
) 
  
 
(26,663
) 
  
 
(13,826
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Attributable to:
         
Equity holders of the Company
   
 
(24,163
) 
  
 
(6,995
) 
  
 
(26,663
) 
  
 
(13,826
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
NUCANA PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT
 
           
  June 30,  

  2025  
    
December 31,
2024
  
           
(in thousands)
  
    
Notes
     
£
    
£
  
Assets
        
Non-current
assets
        
Intangible assets
      6        2,199       2,199  
Property, plant and equipment
         178       197  
Deferred tax asset
      4        112       113  
     
 
 
    
 
 
  
     
 
2,489
 
  
 
2,509
 
     
 
 
    
 
 
  
Current assets
        
Prepayments, accrued income and other receivables
         1,020       922  
Current income tax receivable
      4        4,266       4,594  
Cash and cash equivalents
      7        8,443       6,749  
     
 
 
    
 
 
  
     
 
13,729
 
  
 
12,265
 
     
 
 
    
 
 
  
Total assets
      
 
16,218
 
  
 
14,774
 
     
 
 
    
 
 
  
Equity and liabilities
        
Capital and reserves
        
Share capital and share premium
      9        171,673       151,827  
Other reserves
         86,407       78,421  
Accumulated deficit
         (250,696 )      (224,294 ) 
     
 
 
    
 
 
  
Total equity attributable to equity holders of the Company
      
 
7,384
 
  
 
5,954
 
     
 
 
    
 
 
  
Non-current
liabilities
        
Provisions
         58       37  
Lease liabilities
         79       117  
     
 
 
    
 
 
  
     
 
137
 
  
 
154
 
     
 
 
    
 
 
  
Current liabilities
        
Trade payables
         1,098       2,705  
Payroll taxes and social security
         185       134  
Accrued expenditure
         4,735       5,714  
Lease liabilities
         75       73  
Provisions
         —        40  
Derivative financial instruments
      10        2,604       —   
     
 
 
    
 
 
  
     
 
8,697
 
  
 
8,666
 
Total liabilities
      
 
8,834
 
  
 
8,820
 
     
 
 
    
 
 
  
Total equity and liabilities
      
 
16,218
 
  
 
14,774
 
     
 
 
    
 
 
  
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
NUCANA PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
    
For the Six Months Ended June 30,
  
    
Share
capital
     
Share
premium
    
Own
share
reserve
    
Share
option
reserve
    
Foreign
currency
translation
reserve
    
Capital
reserve
     
Accumulated
deficit
    
Total
equity
attributable
to equity
holders
  
    
(in thousands)
  
    
£
     
£
    
£
    
£
    
£
    
£
     
£
    
£
  
Balance at January 1, 2024
   
 
2,114
 
   
 
141,306
 
  
 
(339
) 
  
 
37,043
 
  
 
3
 
  
 
42,466
 
   
 
(207,706
) 
  
 
14,887
 
Loss for the period
      —         —        —        —        —        —         (13,833 )      (13,833 ) 
Other comprehensive income for the period
      —         —        —        —        7       —         —        7  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Total comprehensive loss for the period
      —         —        —        —        7       —         (13,833 )      (13,826 ) 
Share-based payments
      —         —        —        1,292       —        —         —        1,292  
Exercise of share options
      2        1       —        (156 )      —        —         153       —   
Lapse of share options
      —         —        —        (1,943 )      —        —         1,943       —   
Issue of share capital
      150        1,342       —        —        —        —         —        1,492  
Share issue expenses
      —         (45 )      —        —        —        —         —        (45 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance at June 30, 2024
   
 
2,266
 
   
 
142,604
 
  
 
(339
) 
  
 
36,236
 
  
 
10
 
  
 
42,466
 
   
 
(219,443
) 
  
 
3,800
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance at January 1, 2025
   
 
5,681
 
   
 
146,146
 
  
 
(339
) 
  
 
36,276
 
  
 
18
 
  
 
42,466
 
   
 
(224,294
) 
  
 
5,954
 
Loss for the period
      —         —        —        —        —        —         (26,587 )      (26,587 ) 
Other comprehensive expense for the period
      —         —        —        —        (76 )      —         —        (76 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Total comprehensive loss for the period
      —         —        —        —        (76 )      —         (26,587 )      (26,663 ) 
Share-based payments
      —         —        —        8,247       —        —         —        8,247  
Exercise of share options
      1        —        —        (43 )      —        —         43       1  
Lapse of share options
      —         —        —        (142 )      —        —         142       —   
Issue of share capital
      419        803       —        —        —        —         —        1,222  
Exercise of warrants
      3,731        15,188       —        —        —        —         —        18,919  
Share issue expenses
      —         (296 )      —        —        —        —         —        (296 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance at June 30, 2025
   
 
9,832
 
   
 
161,841
 
  
 
(339
) 
  
 
44,338
 
  
 
(58
) 
  
 
42,466
 
   
 
(250,696
) 
  
 
7,384
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
NUCANA PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
    
For the Six Months Ended
June 30,
  
    
2025
    
2024
  
    
(in thousands)
  
    
£
    
£
  
Cash flows from operating activities
     
Loss for the period
      (26,587 )      (13,833 ) 
Adjustments for:
     
Income tax credit
      (681 )      (2,577 ) 
Amortization and depreciation
      136       272  
Movement in provisions
      (40 )      —   
Finance income
      (60 )      (211 ) 
Finance expense
      12,648       —   
Interest expense on lease liabilities
      5       10  
Share-based payments
      8,247       1,292  
Net foreign exchange losses (gains)
      387       (112 ) 
  
 
 
    
 
 
  
     (5,945 )      (15,159 ) 
Movements in working capital:
     
(Increase) decrease in prepayments, accrued income and other receivables
      (113 )      625  
(Decrease) increase in trade payables
      (1,607 )      2,734  
(Decrease) increase in payroll taxes, social security and accrued expenditure
      (929 )      725  
  
 
 
    
 
 
  
Movements in working capital
      (2,649 )      4,084  
  
 
 
    
 
 
  
Cash used in operations
   
 
(8,594
) 
  
 
(11,075
) 
  
 
 
    
 
 
  
Net income tax received
      999       4,015  
  
 
 
    
 
 
  
Net cash used in operating activities
   
 
(7,595
) 
  
 
(7,060
) 
  
 
 
    
 
 
  
Cash flows from investing activities
     
Interest received
      57       218  
Payments for property, plant and equipment
      —        (3 ) 
Payments for intangible assets
      (96 )      (176 ) 
  
 
 
    
 
 
  
Net cash (used in) from investing activities
   
 
(39
) 
  
 
39
 
  
 
 
    
 
 
  
Cash flows from financing activities
     
Payments for lease liabilities
      (41 )      (127 ) 
Proceeds from exercise of share options
      1       3  
Proceeds from issue of share capital
      1,222       1,492  
Proceeds from exercise of warrants
      4,436       —   
Proceeds from issue of warrants
      4,439       —   
Share issue expenses
      (296 )      (45 ) 
  
 
 
    
 
 
  
Net cash from financing activities
   
 
9,761
 
  
 
1,323
 
  
 
 
    
 
 
  
Net increase (decrease) in cash and cash equivalents
      2,127       (5,698 ) 
Cash and cash equivalents at beginning of period
   
 
6,749
 
  
 
17,225
 
  
 
 
    
 
 
  
Effect of exchange rate changes on cash and cash equivalents
      (433 )      112  
  
 
 
    
 
 
  
Cash and cash equivalents at end of period
   
 
8,443
 
  
 
11,639
 
  
 
 
    
 
 
  
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
NUCANA PLC
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. General information
NuCana plc (“NuCana” or the “Company”) is a clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer. NuCana is harnessing the power of phosphoramidate chemistry to generate new medicines called ProTides. These compounds have the potential to improve cancer treatment by enhancing the efficacy and safety of several current standards of care.
The Company has had American Depository Shares (“ADSs”) registered with the US Securities and Exchange Commission (“SEC”) and has been listed on Nasdaq since October 2, 2017. From November 9, 2023 the Company transferred its listing to The Nasdaq Capital Market. On April 16, 2024, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing one ordinary share, to one ADS representing 25 ordinary shares. On August 11, 2025, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing 25 ordinary shares, to one ADS representing 5,000 ordinary shares.
The Company is incorporated in England and Wales and domiciled in the United Kingdom. The Company’s registered office is located at 77/78 Cannon Street, London EC4N 6AF, United Kingdom and its principal place of business is located at 3 Lochside Way, Edinburgh, EH12 9DT, United Kingdom.
The Company has three wholly owned subsidiaries, NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited (together referred to as the “Group”).
The financial information presented in these unaudited condensed consolidated financial statements does not constitute the Group’s statutory accounts within the meaning of section 434 of the U.K. Companies Act 2006.
The Group’s statutory accounts for the year ended December 31, 2024 have been reported on by the Company’s auditor, and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified and (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. However, the report of the auditor did include a material uncertainty related to going concern disclosure.
2. Material accounting policies
Basis of preparation
The unaudited condensed consolidated financial statements (the “financial statements”) for the six months ended June 30, 2025 have been prepared in accordance with International Accounting Standard 34, “
Interim Financial Reporting”
(“IAS 34”). The material accounting policies and methods of computation applied in the preparation of the financial statements are consistent with those applied in the Company’s annual financial statements for the year ended December 31, 2024, except as described below.
In May 2025, the Company completed a registered direct offering of ADSs,
pre-funded
warrants, and accompanying Series A and Series B warrants. The
pre-funded
warrants, Series A and Series B warrants are classified as derivative financial liabilities and measured at fair value through profit or loss in accordance with IFRS 9 and IAS 32. These warrants are remeasured prior to each exercise and at the end of the reporting period, with changes in fair value recognized within finance expense in the consolidated statement of operations. Due to the complexity of the instruments’ terms, fair value has been determined using a combination of approaches, including the Black-Scholes Option Pricing model and the Company’s share price at the measurement date.
No new standards, amendments or interpretations have had an impact on the financial statements for the six months ended June 30, 2025. The financial statements comprise the financial statements of the Group at June 30, 2025. The financial statements are presented in pounds sterling, which is also the Company’s functional currency. All values are rounded to the nearest thousand, except where otherwise indicated.
The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2024.
In the opinion of management, these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of operations, financial position and cash flows. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results that can be expected for the Company’s fiscal year ending December 31, 2025.
Going concern
The Company’s consolidated financial statements have been presented on the basis that it is a going concern. The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Company has incurred recurring losses, has an accumulated deficit totaling £250.7 million and cash flows used in operating activities of £7.6 million as of and for the six months ended June 30, 2025. The Company had £8.4 million of cash and cash equivalents at June 30, 2025.
In reviewing the going concern assessment the Company’s board of directors have considered a going concern period of
12-months
from the issuance of these financial statements. Based on our current operating plan, our cash and cash equivalents on hand together with the gross cash proceeds subsequently raised from the
“at-the-market”
(ATM) offering of £19.0 million disclosed in note 11, will be sufficient to fund our anticipated operations for the entirety of the going concern assessment period. The board of directors is therefore satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
As the Company continues to incur losses, the transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and achieving a level of revenues adequate to support its cost structure. The Company may never achieve profitability, and unless and until it does, it will continue to need additional capital. There can be no assurances, however, that additional funding will be available on acceptable terms.
Judgements and estimates
The accounting estimates and judgements made by management in applying the Group’s accounting policies that have the most material effect on the amounts included within these financial statements were the same as those that applied to the annual financial statements for the year ended December 31, 2024 except as described below.
Significant judgement was required in determining the classification and fair value measurement of the
pre-funded
warrants, Series A warrants, and Series B warrants issued in connection with the registered direct offering in May 2025. Management concluded that the warrants should be classified as derivative financial liabilities under IAS 32, as they do not meet the
“fixed-for-fixed”
equity classification criteria. This is due to certain features such as reset mechanisms, the “zero exercise price” option attached to the warrants, and the fact that the warrants are denominated in US dollars while the Company’s functional currency is pounds sterling.
The valuation of the warrants represents a key accounting estimate due to the significant judgement involved in determining fair value. The warrants are measured at fair value through profit or loss immediately prior to each exercise and at each reporting date. Due to the complexity of the instruments’ terms, fair value has been determined using a combination of approaches, including the Black-Scholes Option Pricing model and the Company’s share price at the measurement date. The valuation incorporates various o
bservabl
e inputs, includ
ing hist
orical volatility of the Company’s ADSs, expected life of the warrants, risk-free interest rates, and probabilities associated with certain market-based conditions. Changes in these assumptions can result in significant variation in fair value. At each revaluation date, management review the valuation methodology and key inputs used in the model and update them as appropriate.
3. Finance expense
 
    
For the Three Months Ended

June 30,
     
For the Six Months Ended
June 30,
  
    
2025
     
2024
     
2025
     
2024
  
    
(in thousands)
  
    
£
     
£
     
£
     
£
  
Revaluation loss from derivative financial instruments
       (12,648 )           —           (12,648 )            —   
  
 
 
     
 
 
     
 
 
     
 
 
  
The
revaluation
loss from derivative financial instruments of £12.6 million relates to the remeasurement of Series A and Series B warrants.
4. Income tax
 
    
For the Three Months Ended

June 30,
     
For the Six Months Ended
June 30,
  
    
2025
     
2024
     
2025
     
2024
  
    
(in thousands)
  
    
£
     
£
     
£
     
£
  
Current tax:
            
In respect of current period U.K.
      301        1,260        648        2,532  
In respect of prior period U.K.
      24        —         24        22  
In respect of current period U.S.
      —         —         —         (1 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
     325        1,260        672        2,553  
Deferred tax:
            
In respect of current period U.S.
      3        12        9        24  
In respect of prior period U.S.
      —         —         —         —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Income tax credit
   
 
  328
 
   
 
1,272
 
   
 
  681
 
   
 
2,577
 
  
 
 
     
 
 
     
 
 
     
 
 
  
The income tax credit recognized primarily represents the U.K. research and development tax credits. In the United Kingdom, the Company is able to surrender some of its losses for a cash rebate of up to 26.97% of expenditure related to eligible research and development projects incurred on or after April 1, 2023.
 
    
  June 30,  

  2025  
     
December 31,
2024
  
    
(in thousands)
  
    
£
     
£
  
Current income tax receivable
      
U.K. tax
      4,263        4,591  
U.S. tax
      3        3  
  
 
 
     
 
 
  
  
 
4,266
 
   
 
4,594
 
  
 
 
     
 
 
  
Deferred tax asset
      
U.S. deferred tax asset
   
 
112
 
   
 
113
 
  
 
 
     
 
 
  
5. Basic and diluted loss per ordinary share
 
    
For the Three Months Ended

June 30,
     
For the Six Months Ended
June 30,
  
    
2025
     
2024
     
2025
     
2024
  
    
(in thousands, except per share data)
  
    
£
     
£
     
£
     
£
  
Loss for the period
      (24,114 )       (6,995 )       (26,587 )       (13,833 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic and diluted weighted average number of ordinary shares
      5,173,376           56,660         2,676,461           55,119  
Basic and diluted loss per ordinary share
      (0.00 )       (0.12 )       (0.01 )       (0.25 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic loss per ordinary share is calculated by dividing the loss for the period attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
The potential ordinary shares issued through equity settled transactions were considered to be anti-dilutive as they would have decreased the loss per ordinary share and were therefore excluded from the calculation of diluted loss per ordinary share.
6. Intangible assets
Intangible assets comprise patents with a carrying value of £2.2 million as of June 30, 2025 (as of December 31, 2024: £2.2 million).
During the six months ended June 30, 2025, the Company acquired intangible assets with a cost of £0.1 million in relation to patents.
7. Cash and cash equivalents
 
    
  June 30,  

2025
     
December 31,
2024
  
    
(in thousands)
  
    
£
     
£
  
Cash and cash equivalents
      8,443        6,749  
  
 
 
     
 
 
  
Cash and cash equivalents comprise cash at banks with deposit maturity terms of three months or less. Cash at banks earns interest at fixed or variable rates based on the terms agreed for each account.
8. Share-based payments
The Company has six share-based payment plans for employees, directors and consultants. The share options granted will be settled in equity. If the Company determines, and at its discretion, an arrangement may be made under the 2020 Long-Term Incentive Plan to substitute the right to acquire shares with a cash alternative of equivalent value. Options granted under each of the six plans have a maximum life of 10 years.
As detailed in the table below, during the six months ended June 30, 2025, 3,478,076,733 share options were granted under the 2020 Long-Term Incentive Plan (six months ended June 30, 2024: 6,273,782). Options granted under this plan will vest if the option holder remains under respective contract of employment or contract of service for the agreed vesting period. The share options granted in the period will vest over a period of up to four years.
During the three months ended June 30, 2025, the Company cancelled 14,380,933 share options granted under the 2016 Share
Option Scheme and 2020 Long-Term Incentive Plan (three months ended June 30, 2024: nil). The incremental fair value of the new options was £13.5 million, calculated using the Black-Scholes model fair value of cancelled options at the date of cancellation compared with the fair value at grant date of new options awarded.
The fair values of options granted were determined using the Black-Scholes model that takes into account factors specific to the share incentive plan such as the assumption that the options are exercised at a point in time of up to two years after vesting. This has been incorporated into the measurement by means of actuarial modelling.
Grant date
   
Jun-20-2025
    
Jun-20-2025
    
Jun-20-2025
  
Vesting dates
     
Jun-20-2026
      
Jun-20-2026
      
Jun-20-2026
  
    
Jun-20-2027
      
Jun-20-2027
       —   
    
Jun-20-2028
      
Jun-20-2028
       —   
    
Jun-20-202
9
      
Jun-20-2029
       —   
Volatility
1
      190.44 %      211.97 %      253.88 % 
Dividend yield
      0 %      0 %      0 % 
Risk-free investment rate
1
      3.91 %      3.84 %      3.75 % 
Fair value of option at grant date
1
    £ 0.004     £ 0.004     £ 0.004  
Fair value of share at grant date
    £ 0.004     £ 0.004     £ 0.004  
Exercise price at date of grant
    £ 0.004     £ 0.0004     £ 0.0004  
Lapse date
     
Jun-20-2035
      
Jun-20-2035
      
Jun-20-2035
  
Expected option life (years)
1
      4.5       3.5       2.0  
Number of options granted
      196,266,198       1,108,027,715       157,982,220  
  
 
 
    
 
 
    
 
 
  
      
Grant date
   
Jun-20-2025
    
Jun-20-2025
  
Vesting dates
     
Jun-20-2025
      
Jun-20-2025
  
Volatility
1
      348.99 %      253.88 % 
Dividend yield
      0 %      0 % 
Risk-free investment rate
1
      3.62 %      3.75 % 
Fair value of option at grant date
1
    £ 0.004     £ 0.004  
Fair value of share at grant date
    £ 0.004     £ 0.004  
Exercise price at date of grant
    £ 0.0004     £ 0.004  
Lapse date
     
Jun-20-2035
      
Jun-20-2035
  
Expected option life (years)
1
      1.0       2.0  
Number of options granted
      1,304,702,251       711,098,349  
  
 
 
    
 
 
  
 
1.
 
Represents the average for the options granted.
For the three months ended June 30, 2025, the Company recognized £8.0 million of share-based payment expense in the statement of operations (three months ended June 30, 2024: £0.7 million). For the six months ended June 30, 2025, the Company recognized £8.2 million of share-based payment expense in the statement of operations (six months ended June 30, 2024: £1.3 million).
9. Share capital and share premium
 
    
  June 30,  

2025
     
December 31,
2024
  
    
(in thousands)
  
    
£
     
£
  
Share capital
      9,832        5,681  
Share premium
      161,841        146,146  
  
 
 
     
 
 
  
  
 
171,673
 
   
 
151,827
 
  
 
 
     
 
 
  
     
    
Number

(in thousands)
  
    
Nominal value

£0.0004
     
Nominal value

£0.04
  
Issued share capital comprises:
      
Ordinary shares
      9,540,891        142,037  
Deferred shares
      15,040,466        —   
  
 
 
     
 
 
  
  
 
24,581,357
 
   
 
   142,037
 
  
 
 
     
 
 
  
 
    
Number
     
Ordinary share
capital
     
Deferred share
capital
     
Share premium
  
    
(in thousands)
  
Fully paid shares:
          
£
     
£
     
£
  
Balance at December 31, 2024
      142,037        5,681        —         146,146  
Exercise of share options
      29        1        —         —   
Issue of share capital
      9,858        394        —         81  
Share issue expenses
      —         —         —         (14 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance
pre-subdivision
and reclassification
      151,924        6,076        —         146,213  
Subdivision and reclassification of share capital
      15,040,466        (6,016 )       6,016        —   
Issue of share capital
      61,323        25        —         722  
Exercise of warrants
      9,327,644        3,731        —         15,188  
Share issue expenses
      —         —         —         (282 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance at June 30, 2025
   
 
24,581,357
 
   
 
3,816
 
   
 
6,016
 
   
 
161,841
 
  
 
 
     
 
 
     
 
 
     
 
 
  
On April 23, 2025, the Company subdivided and redesignated the issued share capital of 151,923,897 ordinary shares of £0.04 each into 151,923,897 ordinary shares and 15,040,465,803 deferred shares, in each case, of £0.0004 each. The deferred shares have no economic value, dividend or voting rights.
10. Derivative financial instruments
 
    
  June 30,  

2025
     
December 31,
2024
  
    
(in thousands)
  
    
£
     
£
  
Opening Balance
      —              —   
Initial recognition on issuance of warrants
      4,439        —   
Losses on warrant remeasurement
      12,648        —   
Exercise of warrants
       (14,483 )       —   
  
 
 
     
 
 
  
Closing Balance
   
 
2,604
 
   
 
— 
 
  
 
 
     
 
 
  
In May 2025, the Company completed a registered direct offering comprising 2,452,935 ADSs, representing 61,323,375 ordinary shares, and 8,393,050
pre-funded
warrants, representing 209,826,250 ordinary shares, with each ADS or
pre-funded
warrant accompanied by one Series A and Series B warrant to purchase one ADS. Of the £5.2 million initial proceeds, £4.4 million was allocated to the warrants, which were classified as derivative financial instruments. Both Series A and Series B warrants contained a net settlement option and a reset mechanism allowing the exercise price to be adjusted with a proportional adjustment to the number of warrants outstanding, such that the aggregate exercise price payable remained the same. In addition, the Series B warrants included a “zero exercise price” option, allowing the holder, upon payment of the nominal value, to receive three ADSs for each warrant, based on the number that would have been issued under a traditional cash exercise.
During the period, all 8,393,050
pre-funded
warrants issued in the offering were exercised for gross proceeds of £0.1 million. Following the offering, the exercise price of the Series B warrants was reset from $1.61 to $0.3643 and subsequently to the floor price of $0.1291, increasing the number of Series B warrants to 118,804,235. During the three months ended June 30, 2025 all Series B warrants were exercised under the “zero exercise price” option. This resulted in the issuance of 356,412,705 ADSs, representing 8,901,317,625 ordinary shares, and gross proceeds of £3.5 million, representing the nominal value of the ADSs issued. The exercise price of the Series A warrants was also reset to the floor price of $0.1291, increasing the number of Series A warrants to 67,781,105. As of June 30, 2025, 8,300,000 Series A warrants, representing 207,500,000 ordinary shares had been exercised for gross proceeds of £0.8 million. The total fair value of all options exercised during the period was £14.5 million.
The closing balance of £2.6 million relates to the fair value of the Series A warrants that were outstanding as of June 30, 2025. The fair value of these warrants reflects the terms of a cancellation agreement entered into on June 27, 2025, under which the Company and the warrant holders agreed to cancel the outstanding Series A warrants in exchange for a fixed cash payment. As a result, the valuation at June 30, 2025 was based on the expected economic outflow under this agreement, rather than the Black-Scholes Option Pricing model.
11. Events after the reporting period
Subsequent to June 30, 2025, the Company sold and issued 450,758,552 ADSs, representing 11,268,963,800 ordinary shares, under the ATM program, raising gross proceeds of £19.0 million.
In July 2025, the Company cancelled all remaining Series A warrants, totaling 59,481,105, in exchange for a payment to warrant holders of £2.7 million ($3.6 million).