Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 18

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 18
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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, an alternative cashless exercise feature, 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. Additionally, if the Series B Warrants are exercised by way of an alternative cashless exercise, such exercising holder will receive three ADSs for each ADS they would receive in a cash exercise for the Series B Warrants they
exercise, without any cash payment to us (save for the mandatory nominal exercise price (as defined in the Series B Warrants)). If any of the above provisions in the Warrants are utilized, our shareholders may suffer substantial dilution.

10

Confidential Treatment Requested by Nucana plc Pursuant to 17 C.F.R. Section 200.83 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This prospectus and the documents incorporated by reference herein contain estimates and forward-looking statements that involve substantial risks and uncertainties. Some of the matters discussed concerning our operations and financial performance include forward-looking statements and estimates within the meaning of the Private Securities Litigation Reform Act, the Securities Act of 1933, as amended, or the Securities Act, and the Exchange Act. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements and estimates. Forward-looking statements include, but are not limited to, statements about:

| • |     | the development of NUC-7738 and                                                                                                                            
 NUC-3373, as well as Acelarin, including statements regarding the expected initiation, timing, progress and availability of data from our clinical trials; |

| • |     | the potential attributes and benefit of our ProTides and their competitive positions; |

| • |     | our ability to successfully commercialize our ProTides, if approved; |

| • |     | our