Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 3

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 3
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 and our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
 •We expect to expand our development and regulatory capabilities and potentially implement sales, marketing and distribution capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
 Risks Related to the ADSs
 •The price of our ADSs may be volatile and may fluctuate due to factors beyond our control.
 •We will continue to incur increased costs as a result of operating as a public company in the United States, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices.
 •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.
 •Future sales, or the possibility of future sales, of a substantial number of our ADSs or ordinary shares could adversely affect the price of our ADSs.
 •Holders of our ADSs may be subject to limitations on transfer of their ADSs.
 Risks Related to Our Business and Industry
 We have incurred significant operating losses since our inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
 We have incurred significant operating losses since our inception. We incurred net losses of £30.7 million for the year ended December 31, 2020, £40.5 million for the year ended December 31, 2021, £32.0 million for the year ended December 31, 2022, £27.6 million for the year ended December 31, 2023, and £19.0 million for the year ended December 31, 2024. As of December 31, 2024, we had an accumulated deficit of £224.3 million. Our product candidate, NUC-7738, is currently in the Phase 2 part of a Phase 1/2 clinical trial (NuTide:701) for patients with advanced solid tumors which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in patients with melanoma. Our product candidate, NUC-3373, is currently being evaluated in a Phase 1b/2 modular clinical trial

(NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumors and in