Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 15

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 15
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 acquire products or
licenses, commercialize our products and services, or continue our operations. See “Use of Proceeds” on page 13 for a more complete description of the intended use of proceeds from this offering.

As the assumed public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.

If you purchase ADSs in this offering, you will pay more for your ADSs than the amount paid by our existing ADS holders
for their ADSs on a per ADS basis. As a result, you will experience immediate and substantial dilution in net tangible book value per ADS in relation to the price that you paid per ADS. We expect the dilution as a result of the offering to be
$ per ADS to new investors purchasing our ADSs and Series A Warrants and Series B Warrants in this offering. In addition, you will experience further dilution to the extent that we issue ADSs upon the exercise of any Warrants,
including the Series A Warrants and Series B Warrants, issued in this offering, or exercise of options under any equity incentive plans. See “Dilution” for a more complete description of how the value of your investment in our ADSs will be
diluted upon completion of this offering.

There is no public market for the Pre-FundedWarrants, Series A Warrants or Series B Warrants being offered in this offering.

There is no established public trading market for the Pre-Funded Warrants, Series A Warrants or Series B Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list the
Pre-Funded Warrants, Series A Warrants or Series B Warrants on any securities exchange or nationally recognized trading system, including The Nasdaq Capital Market. Without an active market, the liquidity of
the Pre-Funded Warrants, Series A Warrants and Series B Warrants will be limited.

Holders of Pre-FundedWarrants, Series A Warrants and Series B Warrants purchased in this offering will have no rights as ADS holders until such holders exercise such Pre-FundedWarrants and Warrants and acquire our ADSs.

Until holders of Pre-Funded Warrants, Series A Warrants
and Series B Warrants acquire ADSs upon exercise of such Pre-Funded Warrants and Warrants, holders of Pre-Funded Warrants, Series A Warrants and Series B Warrants will
have no rights with respect to