Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 72

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 72
---
.S. Holder’s holding period in the Pre-Funded Warrant is longer than one year. The deductibility of capital losses is subject to limitations. In addition, a U.S. Holder may, in its
discretion, elect to undertake a cashless exercise of the Pre-Funded Warrants into ADSs. The U.S. federal income tax treatment of a cashless exercise of Pre-Funded
Warrants into ADSs is unclear, and the tax consequences of a cashless exercise could differ from the consequences upon the exercise of a Pre-Funded Warrant described in this paragraph. U.S. Holders should
consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of Pre-Funded Warrants.

However, characterizing Pre-Funded Warrants as ADSs for U.S. federal income tax purposes is not
binding on the U.S. Internal Revenue Service, or IRS, and the IRS may treat our Pre-Funded Warrants as warrants to acquire our ADSs. In that case, the amount and character of a U.S. Holder’s gain with
respect to an investment in Pre-Funded Warrants could change, and a U.S. Holder may not be entitled to timely make the “qualified electing fund” election described below with respect to Pre-Funded Warrants to mitigate passive foreign investment company, or PFIC, consequences in the event that we are classified as a PFIC. Based on the foregoing, the amount and character of a U.S. Holder’s gain
with respect to an investment in our Pre-Funded Warrants could be materially different than the discussion set forth below.

In addition, the market-to-market election will likely not be
available with respect to the Pre-Funded Warrants in the event that we are classified as a PFIC because the Pre-Funded Warrants are not treated as “marketable
stock” as they are not expected to be “regularly traded” (as such terms are defined below).

Accordingly, each U.S. Holder
should consult his, her or its tax advisor regarding the risks associated with the acquisition of Pre-Funded Warrants pursuant to this offering (including potential alternative characterizations). Except where
specifically noted, the remainder of this discussion assumes a Pre-Funded Warrant is treated as an ADS for U.S. federal income tax purposes.

54

Confidential Treatment Requested by Nucana plc

Pursuant to 17 C.F.R. Section 200.83

Tax Basis of