Company: NCNA
Filing Date: 2025-04-24
Form Type: F-1
Source: 0001193125-25-092131
Chunk: 23

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 23
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 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 16,049,383 ADSs, Pre-Funded Warrants to purchase up to 16,049,383 ADSs, Series A Warrants to purchase up to 16,049,383 ADSs and Series B Warrants to purchase up to 16,049,383
ADSs, based on an assumed combined public offering price of (i) $0.81 per ADS and accompanying Warrants which is the reported sale price of our ADSs on The Nasdaq Capital Market on April 21, 2025 or (ii) the assumed public offering price of an
ADS and accompanying Warrants, minus the United States dollar

10

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 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 A 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