Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 14

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 14
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 9.99%), will have an exercise price equal to the United States dollar equivalent of £0.01, based on the exchange rate on the
date of exercise. For each Pre-Funded Warrant that we sell, the number of ADSs offered will be decreased on a one-for-one basis.

Each
Series A Warrant will have an exercise price equal to 125% of the combined public offering price, is exercisable on the Initial Exercise Date, and will expire on the five-year anniversary of the Initial Exercise Date. The holders of the Series A
Warrants will be issued a maximum of 12,497,768 ADSs upon the cash exercise of the Series A Warrants.

Each Series B Warrant will have an
exercise price equal to 250% of the combined public offering price, is exercisable on the Initial Exercise Date, and will expire on the two and one half-year anniversary of the Initial

3

Exercise Date. A holder of Series B Warrants may, at any time after the Series B Reset Date and in its sole discretion, exercise its Series B Warrants in whole or in part through the “zero exercise price” option. Each Series B Warrant is initially exercisable for one ADS at an exercise price equal to 250% of the combined public offering price; however if the holder elects the “zero exercise price” option, the number of ADSs issuable upon exercise of each Series B Warrant would increase by three times the number of ADSs a holder would have received had the holder exercised for cash. As a result of this feature, we do not expect to receive any cash proceeds from the exercise of the Series B Warrants because it is highly unlikely that a Series B Warrant holder will elect to pay an exercise price in cash to receive one ADS when they could elect the “zero exercise price” option in these circumstances to receive more ADSs than they would receive if they did pay an exercise price. In addition, the holders of the Series B Warrants have agreed to certain restrictions on the exercise of the Series B Warrants, as more fully described in the section entitled “Description of Securities We Are Offering.” Additionally, the Warrants contain exercise price adjustments and adjustments to increase the number of ADSs issuable upon the exercise of the Warrants which will increase as the price of our ADSs falls further below the initial exercise price of such Warrants. Implications of Being a Foreign Private Issuer We report under the Exchange Act as a non-U.S.company with foreign