Company: NCNA
Filing Date: 2025-04-24
Form Type: DRSLTR
Source: 0000950123-25-003671
Chunk: 1

Company: NuCana plc
Filing Date: 2025-04-24
Form: DRSLTR
Chunk 1
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 of the respective warrants, disclose that the number of ADSs issuable upon the exercise of such warrants increases as the stock price falls further below the initial exercise price of such warrants. BOSTON LOS ANGELES MIAMI NEW YORK SAN DIEGO SAN FRANCISCO TORONTO WASHINGTON MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Response 1: The Company respectfully acknowledges the Staff’s comment and has revised this disclosure on the cover page headings, the cover page narrative and the Prospectus Summary, as well as pages 11, 50, and 52 of the Form F-1in accordance with the Staff’s comment. Comment 2: With respect to the “alternative cashless exercise” feature of the Series B Warrants, please revise the cover page narrative and Prospectus Summary to explain, if true, that as a result of this feature you do not expect to receive any cash proceeds from the exercise of those warrants because it is highly unlikely that a warrant holder would wish to pay an exercise price to receive one ADS when they could choose the “alternative cashless exercise” option and pay no money, except for the mandatory nominal exercise price, to receive three ADSs. Additionally, please include in your disclosure, where appropriate, the value of the “mandatory nominal exercise price” referenced on page 10. Response 2: The Company respectfully acknowledges the Staff’s comment and has revised this disclosure on the cover page narrative and Prospectus Summary and pages 11 and 52 of the Form F-1in accordance with the Staff’s comment. Risk Factors Risks Related to This Offering We are selling a substantial number of ADSs in this offering, which could cause the price of our ADSs to decline., page 9 Comment 3: We note your risk factor disclosure on page 10 that the Series A Warrants and the Series B Warrants contain exercise price adjustments, adjustments to increase the number of ADSs “issuable” upon exercise, and, in the case of the Series B Warrants, an “alternative cashless exercise” feature, which, if triggered, may cause substantial dilution. Please revise the risk factor disclosure, or add a new risk factor, to address potential dilution from the reset provisions that could adjust upward the number of ADSs underlying the Series A Warrants and the Series B Warrants and from the “alternative cashless exercise” feature of the Series B Warrants. The risk factor should disclose the