Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 17

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 17
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s will ever equal or exceed the exercise price of the Warrants, and consequently, whether it will ever be profitable for holders of Warrants to exercise the
Warrants.

This is a best efforts offering, no minimum amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans, including our near-term business plans.

The Placement Agent has agreed to use its
reasonable best efforts to solicit offers to purchase the securities in this offering. The Placement Agent has no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the
securities. There is no required minimum number of securities that must be sold as a condition to completion of this offering. Because there is no minimum offering amount required as a condition to the closing of this offering, the actual offering
amount, Placement Agent fees and proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth above. We may sell fewer than all of the securities offered hereby, which may significantly reduce the
amount of proceeds received by us, and investors in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient to support our continued operations, including our near-term continued operations. Thus,
we may not raise the amount of capital we believe is required for our operations in the short-term and may need to raise additional funds, which may not be available or available on terms acceptable to us.

We are selling a substantial number of ADSs in this offering, which could cause the price of our ADSs to decline.

In this offering, we are offering up to ADSs, Pre-Funded
Warrants to purchase up to ADSs, Series A Warrants to purchase up to ADSs and Series B Warrants to purchase up to ADSs, based on an assumed combined public offering price of
$ per ADS and accompanying Series A Warrant and Series B Warrant, and $ (minus $ ) per Pre-Funded Warrant and accompanying Series A Warrant and Series B
Warrant, which is the last reported sale price of our ADSs on The Nasdaq Capital

9

Confidential Treatment Requested by Nucana plc

Pursuant to 17 C.F.R. Section 200.83

Market on , 2025. The existence of the potential additional ADSs in the public market, or the perception that such additional ADSs may be in the market, could