Company: NCNA
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001193125-25-103135
Chunk: 21

Company: NuCana plc
Filing Date: 2025-04-29
Form: F-1/A
Chunk 21
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 invest the net proceeds from this offering in a variety of capital preservation investments, including short-term,
investment-grade, interest-bearing instruments and government securities. These investments may not yield a favorable return to our shareholders and ADS holders. If we do not invest or apply our cash in ways that enhance shareholder value and ADS
holder value, we may fail to achieve expected financial results, which may result in a decline in the price of our ADSs, and, therefore, may negatively impact our ability to raise capital, invest in or expand our business, acquire products or
licenses, commercialize our products and services, or continue our operations. See “Use of Proceeds” on page 15 for a more complete description of the intended use of proceeds from this offering.

Existing ADS holders will experience immediate and substantial dilution based on the assumed public offering price.

We expect the dilution as a result of the offering to be $0.29 per ADS to existing ADS holders in this offering. In addition, all ADS holders
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