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
     
   2026   
    
   2025   
    
   2026   
    
   2025   
  
           
(in thousands, except per share data)
  
           
£
    
£
    
£
    
£
  
Research and development expenses
         (2,250 )      (7,104 )      (5,463 )      (8,829 ) 
Administrative expenses
         (1,187 )      (4,523 )      (2,755 )      (5,590 ) 
Net foreign exchange (losses) gains
         (110 )      (202 )      253       (261 ) 
     
 
 
    
 
 
    
 
 
    
 
 
  
Operating loss
      
 
(3,547
) 
  
 
(11,829
) 
  
 
(7,965
) 
  
 
(14,680
) 
Finance income
         134       35       277       60  
Finance expense
      3        —        (12,648 )      —        (12,648 ) 
     
 
 
    
 
 
    
 
 
    
 
 
  
Loss before tax
      
 
(3,413
) 
  
 
(24,442
) 
  
 
(7,688
) 
  
 
(27,268
) 
Income tax credit
      4        333       328       743       681  
     
 
 
    
 
 
    
 
 
    
 
 
  
Loss for the period attributable to equity holders of the Company
      
 
(3,080
) 
  
 
(24,114
) 
  
 
(6,945
) 
  
 
(26,587
) 
     
 
 
    
 
 
    
 
 
    
 
 
  
Basic and diluted loss per ordinary share
      5        (0.00 )      (0.00 )      (0.00 )      (0.01 ) 
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,
  
    
   2026   
    
   2025   
    
   2026   
    
   2025   
  
    
(in thousands)
  
    
£
    
£
    
£
    
£
  
Loss for the period
   
 
(3,080
) 
  
 
(24,114
) 
  
 
(6,945
) 
  
 
(26,587
) 
Other comprehensive (expense) income:
         
Items that may be reclassified subsequently to profit or loss:
         
Exchange differences on translation of foreign operations
      (5 )      (49 )      13       (76 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (expense) income for the period
      (5 )      (49 )      13       (76 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive loss for the period
   
 
(3,085
) 
  
 
(24,163
) 
  
 
(6,932
) 
  
 
(26,663
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Attributable to:
         
Equity holders of the Company
   
 
(3,085
) 
  
 
(24,163
) 
  
 
(6,932
) 
  
 
(26,663
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
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,   

2026
    
 December 31, 

2025
  
           
(in thousands)
  
    
Notes
     
£
    
£
  
Assets
        
Non-current
assets
        
Intangible assets
      6        2,206       2,198  
Property, plant and equipment
         622       658  
Deferred tax asset
      4        125       117  
     
 
 
    
 
 
  
     
 
2,953
 
  
 
2,973
 
     
 
 
    
 
 
  
Current assets
        
Prepayments, accrued income and other receivables
         829       849  
Current income tax receivable
      4        2,498       1,761  
Cash and cash equivalents
      7        19,503       24,251  
     
 
 
    
 
 
  
     
 
22,830
 
  
 
26,861
 
     
 
 
    
 
 
  
Total assets
      
 
25,783
 
  
 
29,834
 
     
 
 
    
 
 
  
Equity and liabilities
        
Capital and reserves
        
Share capital and share premium
      9        189,657       189,586  
Other reserves
         84,352       87,075  
Accumulated deficit
         (253,749 )      (252,334 ) 
     
 
 
    
 
 
  
Total equity attributable to equity holders of the Company
      
 
20,260
 
  
 
24,327
 
     
 
 
    
 
 
  
Non-current
liabilities
        
Provisions
         58       58  
Lease liabilities
         637       656  
     
 
 
    
 
 
  
     
 
695
 
  
 
714
 
     
 
 
    
 
 
  
Current liabilities
        
Trade payables
         450       522  
Payroll taxes and social security
         125       99  
Accrued expenditure
         4,218       4,152  
Lease liabilities
         35       20  
     
 
 
    
 
 
  
     
 
4,828
 
  
 
4,793
 
Total liabilities
      
 
5,523
 
  
 
5,507
 
     
 
 
    
 
 
  
Total equity and liabilities
      
 
25,783
 
  
 
29,834
 
     
 
 
    
 
 
  
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, 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
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2026
  
 
14,340
 
  
 
175,246
 
  
 
(339
) 
  
 
44,991
 
  
 
(43
) 
  
 
42,466
 
  
 
(252,334
) 
  
 
24,327
 
Loss for the period
     —        —        —        —        —        —        (6,945 )      (6,945 ) 
Other comprehensive income for the period
     —        —        —        —        13       —        —        13  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive loss for the period
     —        —        —        —        13       —        (6,945 )      (6,932 ) 
Share-based payments
     —        —        —        2,794       —        —        —        2,794  
Lapse of share options
     —        —        —        (5,530 )      —        —        5,530       —   
Issue of share capital
     3       203       —        —        —        —        —        206  
Share issue expenses
     —        (135 )      —        —        —        —        —        (135 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at June 30, 2026
  
 
14,343
 
  
 
175,314
 
  
 
(339
) 
  
 
42,255
 
  
 
(30
) 
  
 
42,466
 
  
 
(253,749
) 
  
 
20,260
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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,
  
    
   2026   
    
   2025   
  
    
(in thousands)
  
    
£
    
£
  
Cash flows from operating activities
     
Loss for the period
      (6,945 )      (26,587 ) 
Adjustments for:
     
Income tax credit
      (743 )      (681 ) 
Amortization and depreciation
      139       136  
Movement in provisions
      —        (40 ) 
Finance income
      (277 )      (60 ) 
Finance expense
      —        12,648  
Interest expense on lease liabilities
      25       5  
Share-based payments
      2,794       8,247  
Net foreign exchange (gains) losses
      (269 )      387  
  
 
 
    
 
 
  
     (5,276 )      (5,945 ) 
Movements in working capital:
     
Decrease (increase) in prepayments, accrued income and other receivables
      10       (113 ) 
Decrease in trade payables
      (72 )      (1,607 ) 
Increase (decrease) in payroll taxes, social security and accrued expenditure
      93       (929 ) 
  
 
 
    
 
 
  
Movements in working capital
      31       (2,649 ) 
  
 
 
    
 
 
  
Cash used in operations
   
 
(5,245
) 
  
 
(8,594
) 
  
 
 
    
 
 
  
Net income tax received
      —        999  
  
 
 
    
 
 
  
Net cash used in operating activities
   
 
(5,245
) 
  
 
(7,595
) 
  
 
 
    
 
 
  
Cash flows from investing activities
     
Interest received
      286       57  
Payments for intangible assets
      (111 )      (96 ) 
  
 
 
    
 
 
  
Net cash from (used in) investing activities
   
 
175
 
  
 
(39
) 
  
 
 
    
 
 
  
Cash flows from financing activities
     
Payments for lease liabilities
      (27 )      (41 ) 
Proceeds from exercise of share options
      —        1  
Proceeds from issue of share capital
      206       1,222  
Proceeds from exercise of warrants
      —        4,436  
Proceeds from issue of warrants
      —        4,439  
Share issue expenses
      (135 )      (296 ) 
  
 
 
    
 
 
  
Net cash from financing activities
   
 
44
 
  
 
9,761
 
  
 
 
    
 
 
  
Net (decrease) increase in cash and cash equivalents
      (5,026 )      2,127  
Cash and cash equivalents at beginning of period
   
 
24,251
 
  
 
6,749
 
  
 
 
    
 
 
  
Effect of exchange rate changes on cash and cash equivalents
      278       (433 ) 
  
 
 
    
 
 
  
Cash and cash equivalents at end of period
   
 
19,503
 
  
 
8,443
 
  
 
 
    
 
 
  
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 Deposit
a
ry 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, 2025 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.
2. Material accounting policies
Basis of preparation
The unaudited condensed consolidated financial statements (the “financial statements”) for the six months ended June 30, 2026 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, 2025.
No new standards, amendments or interpretations have had an impact on the financial statements for the six months ended June 30, 2026. The financial statements comprise the financial statements of the Group at June 30, 2026. 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, 2025.
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, 2026 are not necessarily indicative of the results that can be expected for the Company’s
fiscal
year ending December 31, 2026.
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 net losses, has an accumulated deficit totaling £253.7 million and cash flows used in operating activities of £5.2 million as of and for the six months ended June 30, 2026. The Company had £19.5 million of cash and cash equivalents at June 30, 2026.
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 its current operating budgets and development plans, the Company’s cash and cash equivalents on hand will be sufficient to fund its 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 beyond the going concern assessment period. The Company may also need to raise additional funds if it chooses to expand its current development program. 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, 2025.
3. Finance expense
 
    
For the Three Months Ended

June 30,
     
For the Six Months Ended
June 30,
  
    
   2026   
     
   2025   
     
   2026   
     
   2025   
  
    
(in thousands)
  
    
£
     
£
     
£
     
£
  
Revaluation loss from derivative financial instruments
      —         (12,648 )       —         (12,648 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
The
non-cash
revaluation loss from derivative financial instruments of £12.6 million for the six months ended June 30, 2025 related to the fair value 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,
  
    
   2026   
     
   2025   
     
   2026   
     
   2025   
  
    
(in thousands)
  
    
£
     
£
     
£
     
£
  
Current tax:
            
In respect of current period U.K.
      330        301        737        648  
In respect of prior period U.K.
      —         24        —         24  
  
 
 
     
 
 
     
 
 
     
 
 
  
     330        325        737        672  
Deferred tax:
            
In respect of current period U.S.
      3        3        6        9  
  
 
 
     
 
 
     
 
 
     
 
 
  
Income tax credit
   
 
333
 
   
 
328
 
   
 
743
 
   
 
681
 
  
 
 
     
 
 
     
 
 
     
 
 
  
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.
    
  June 30,  

2026
     
December 31,

2025
  
    
(in thousands)
  
    
£
     
£
  
Current income tax receivable
      
U.K. tax
      2,496        1,759  
U.S. tax
      2        2  
  
 
 
     
 
 
  
  
 
2,498
 
   
 
1,761
 
  
 
 
     
 
 
  
Deferred tax asset
      
U.S. deferred tax asset
   
 
125
 
   
 
117
 
  
 
 
     
 
 
  
5. Basic and diluted loss per ordinary share
 
    
For the Three Months Ended

June 30,
     
For the Six Months Ended
June 30,
  
    
   2026   
     
   2025   
     
   2026   
     
   2025   
  
    
(in thousands, except per share data)
  
    
£
     
£
     
£
     
£
  
Loss for the period
      (3,080 )       (24,114 )       (6,945 )       (26,587 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic and diluted weighted average number of ordinary shares
      20,928,149        5,173,376        20,869,329        2,676,461  
Basic and diluted loss per ordinary share
      (0.00 )       (0.00 )       (0.00 )       (0.01 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
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, 2026 (as of December 31, 2025: £2.2 million).
During the six months ended June 30, 2026, the Company acquired intangible assets with a cost of £0.1 million in relation to patents.
7. Cash and cash equivalents
 
    
   June 30,   

2026
     
 December 31, 

2025
  
    
(in thousands)
  
    
£
     
£
  
Cash and cash equivalents
      19,503        24,251  
  
 
 
     
 
 
  
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, 2026, 4,121 million share options were granted under the 2020 Long-Term Incentive Plan (six months ended June 30, 2025: 3,478 million). 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.
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
   
Jan-14-2026
    
 
     
Jan-14-2026
    
 
     
Jan-14-2026
  
Vesting dates
     
Jan-14-2026
         
Jan-14-2027
         
Jan-14-2027
  
     —           —          
Jan-14-2028
  
     —           —          
Jan-14-2029
  
     —           —          
Jan-14-2030
  
Volatility
1
      260.56 %         226.67 %         193.02 % 
Dividend yield
      0 %         0 %         0 % 
Risk-free investment rate
1
      3.51 %         3.53 %         3.67 % 
Fair value of option at grant date
1
    £ 0.0004        £ 0.0005        £ 0.0005  
Fair value of share at grant date
    £ 0.0005        £ 0.0005        £ 0.0005  
Exercise price at date of grant
    £ 0.0004        £ 0.0004        £ 0.0004  
Lapse date
     
Jan-14-2036
         
Jan-14-2036
         
Jan-14-2036
  
Expected option life (years)
1
      1.0          2.0          3.5  
Number of options granted
      1,951,153,811          174,109,121          1,324,308,581  
  
 
 
       
 
 
       
 
 
  
 
Grant date
   
Jan-14-2026
    
 
     
Jan-14-2026
    
 
     
          
Vesting dates
     
Jan-14-2026
         
Jan-14-2027
    
     —          
Jan-14-2028
    
     —          
Jan-14-2029
    
     —          
Jan-14-2030
    
Volatility
1
      226.67 %         175.64 %   
Dividend yield
      0 %         0 %   
Risk-free investment rate
1
      3.53 %         3.78 %   
Fair value of option at grant date
1
    £ 0.0005        £ 0.0005    
Fair value of share at grant date
    £ 0.0005        £ 0.0005    
Exercise price at date of grant
    £ 0.0005        £ 0.0005    
Lapse date
     
Jan-14-2036
         
Jan-14-2036
    
Expected option life (years)
1
      2.0          4.5    
Number of options granted
      313,694,177          87,871,006    
  
 
 
       
 
 
    
 
Grant date
   
Apr-15-2026
    
 
     
Apr-15-2026
    
 
     
          
Vesting dates
     
Apr-15-2026
         
Apr-15-2027
    
     —          
Apr-15-2028
    
     —          
Apr-15-2029
    
     —          
Apr-15-2030
    
Volatility
1
      256.68 %         192.85 %   
Dividend yield
      0 %         0 %   
Risk-free investment rate
1
      4.07 %         4.16 %   
Fair value of option at grant date
1
    £ 0.0002        £ 0.0003    
Fair value of share at grant date
    £ 0.0003        £ 0.0003    
Exercise price at date of grant
    £ 0.0004        £ 0.0004    
Lapse date
     
Apr-15-2036
         
Apr-15-2036
    
Expected option life (years)
1
      1.0          3.5    
Number of options granted
      135,525,518          134,170,264    
  
 
 
       
 
 
    
 
1.
 
Represents the average for the options granted.
For the three months ended June 30, 2026, the Company recognized £0.9 million of share-based payment expense in the statement of operations (three months ended June 30, 2025: £8.0 million). For the six months ended June 30, 2026, the Company re
co
g
n
ized £2.8 million of share-based payment expense in the statement of operations (six months ended June 30, 2025: £8.2 million).
9.
Share
capital and share premium
 
    
    June 30,    

2026
     
   December 31,   

2025
  
    
(in thousands)
  
    
£
     
£
  
Share capital
      14,343        14,340  
Share premium
      175,314        175,246  
  
 
 
     
 
 
  
  
 
189,657
 
   
 
189,586
 
  
 
 
     
 
 
  
 
    
Number

(in thousands)
  
    
  Nominal value  

£0.000004
     
  Nominal value  

£0.0004
  
Issued share capital comprises:
      
Ordinary shares
      21,547,775        20,809,855  
Deferred shares
      3,564,222,220        15,040,466  
  
 
 
     
 
 
  
  
 
3,585,769,995
 
   
 
35,850,321
 
  
 
 
     
 
 
  
 
    
Number of

 ordinary shares 
     
Number of

 deferred shares 
     
 Ordinary share 

capital
    
 Deferred share 

capital
     
 Share premium 
  
    
(in thousands)
  
                  
£
    
£
     
£
  
Fully paid shares:
              
Balance at December 31, 2025
      20,809,855        15,040,466        8,324       6,016        175,246  
Subdivision and reclassification of share capital
      —         3,549,181,754        (8,241 )      8,241        —   
Issue of share capital
      737,920     
 
— 
 
      3       —         203  
Share issue expenses
      —      
 
— 
 
      —        —         (135 ) 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Balance at June 30, 2026
   
 
21,547,775
 
   
 
3,564,222,220
 
   
 
86
 
  
 
14,257
 
   
 
175,314
 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
On June 8, 2026, the Company subdivided and redesignated its issued share capital as follows:
 
  •  
Each of the 15,040,465,803 deferred shares of £0.0004 each in the issued share capital of the Company was
sub-divided
into 100 deferred shares of £0.000004 each; and
 
  •  
Each of the 20,809,854,947 ordinary shares of £0.0004 each in the issued share capital of
the
Company was
sub-divided
into and redesignated as one ordinary share of £0.000004, having the same rights and being subject to the same restrictions as the existing ordinary shares in the capital of the Company, and 99 deferred shares of £0.000004 each.
The Company’s issued share capital after the subdivision and reclassification was comprised of 20,809,854,947 ordinary shares and 3,564,222,220,053 deferred shares of £0.000004 each. The deferred shares continue to have no economic value, dividend or voting rights.
As at June 30, 2026, the Company had 4,307,855 ADSs listed on The Nasdaq Capital Market.
10. Events after the reporting period
Subsequent to June 30, 2026, the Company sold and issued 275,712 ADSs, representing 1,378,560,000 ordinary shares, under the ATM program, raising gross proceeds of £0.3 million.
As at August 13, 2026, the Company had 4,583,567 ADSs listed on The Nasdaq Capital Market.