Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 24

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 24
---
 B Warrants to purchase up to 12,497,768
ADSs, based on an assumed combined public offering price of (i) $0.5601 per ADS and accompanying Warrants which was the reported sale price of our ADSs on The Nasdaq Capital Market on April 28, 2025 or (ii) the assumed public offering
price of an ADS and accompanying Warrants, minus the United States dollar equivalent of £0.01, based on the exchange rate on the date of pricing per Pre-Funded Warrant and accompanying Warrants. The existence of the potential additional ADSs
in the public market, or the perception that such additional ADSs may be in the market, could adversely affect the price of our ADSs. We cannot predict the effect, if any, that market sales of those ADSs or the availability of those ADSs for
sale will have on the market price of our ADSs. In addition, the Warrants contain exercise price adjustments, adjustments to increase the number of shares issuable upon exercise, and, in the case of the Series B Warrants, a “zero exercise
price” option, which, if triggered, may cause substantial dilution. For example, the Series A Warrants and Series B Warrants contain reset provisions that may result in a downward adjustment to the

10

exercise price of such warrants, and which may result in a corresponding increase to the number of ADSs issuable upon exercise thereof (as further described in “Description of Securities We
Are Offering — Series A Warrants — Exercise Price Adjustments” and “Description of Securities We Are Offering — Series B Warrants — Exercise Price Adjustments”). As such, the number of ADSs issuable upon the
exercise of the Warrants will increase as the price of our ADSs falls further below the initial exercise price of the Warrants. Additionally, if the Series B Warrants are exercised by way of a “zero exercise price” option, such exercising
holder will be issued three times the number of ADSs for each ADS they would have been issued in a cash exercise for each Series B Warrant they exercise, without any cash payment to us (save for the Mandatory Nominal Exercise Price). If any of
the above provisions in the Warrants are utilized, our shareholders may suffer substantial dilution.

If the holders of the Series B Warrants elect to exercise such Series B Warrants using the “zero exercise price” option, our shareholders will suffer substantial dilution.

The Series B W