Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 95

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 95
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 for our board of directors.
 However, these rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.
 Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, we are required to furnish a report by our senior management on our internal control over financial reporting. We no longer remain an EGC and we would now be required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm; however, we remain exempt from this requirement due to our current status as a non-accelerated filer. We ceased to be an EGC on the last day of 2022. To prepare for compliance with Section 404(b), once we no longer qualify as a non-accelerated filer, we are engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants, adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section 404(b). If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements.
 Certain of our existing shareholders, members of our board of directors and senior management maintain the ability to exercise significant control over us. Your interests may conflict with the interests of these existing shareholders.
 As of December 31, 2024, our senior management, board of directors and greater than 5% shareholders and their respective affiliates, in the aggregate, beneficially owned or controlled approximately 8.9% of our ordinary shares (including ordinary shares in the form of ADSs), after giving effect to the exercise of all outstanding vested options to purchase our ordinary shares held by our executive officers and directors. These