Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 89

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 89
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, 2014, the result of which was that Scotland remained part of the United Kingdom. There may in the future be a second referendum on Scottish independence from the United Kingdom. Any such referendum, even if it again ultimately resulted in Scotland remaining part of the United Kingdom, could lead to uncertainty and disrupt the markets in which we operate, and might cause us to lose potential customers, suppliers, collaborators and employees, including scientists and other key employees employed by us or our collaborators. In the event that Scotland determined to secede from the United Kingdom, the changes that would result are impossible to predict with certainty at present, and would depend on post-referendum negotiations and agreements between the Scottish Government and other organizations in the United Kingdom (and, potentially, the E.U.). Independence could result in changes in the monetary system, currency, taxation and the regulatory and legal framework, and even Scotland seeking to reinstate its membership of the European Union. Some possible outcomes of independence could significantly impact our costs, including levels of taxation applicable to us, and have an adverse effect on our business, financial condition and results of operations in the future.
 The income tax rates applicable to those individuals subject to Scottish taxation are more complicated, and higher, than those that apply to individuals subject to taxation in the remainder of the United Kingdom. This could negatively impact on our ability to attract and retain employees in Scotland, including scientists and other employees who are important for our research and development efforts, as they may be reticent to reside or work in Scotland due to the potential for less take-home pay.
 Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
 Our results of operations could be adversely affected by general conditions in the global economy and in the global financial markets. For example, the 2008 global financial crisis and the COVID-19 pandemic each caused volatility and disruptions in the capital and credit markets. A severe or prolonged economic downturn, such as resulted from each of the 2008 global financial crisis and the 2020 COVID-19 pandemic, could result in a variety of risks to our business, including our ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy could also strain our suppliers, possibly resulting in supply disruption.
 Our business and operations could suffer in the event of information technology and other internal infrastructure system failures.
 Despite the implementation of security measures, our information technology and other internal infrastructure systems and those of our third-party CROs and other contractors and consultants, including corporate fire