Nucana Stock Plunges 65.45% on Direct Offering

On May 8, 2025, Nucana's stock experienced a dramatic drop of 65.45% in pre-market trading, reflecting a significant shift in investor sentiment towards the biopharmaceutical company.

Nucana recently announced a registered direct offering, which included 10,845,985 American Depository Shares (ADSs) or pre-funded warrants. Each ADS or pre-funded warrant was accompanied by Series A and Series B warrants, with the combined public offering price set at $0.6454. The proceeds from this offering, expected to be around $7 million, are intended to support the company's drug discovery and development programs, as well as other general corporate purposes.

The offering is expected to close on or around May 7, 2025, subject to customary closing conditions. This move by Nucana is part of its broader strategy to advance its pipeline of cancer treatments, including NUC-7738 and NUC-3373, which are currently in various stages of clinical trials.