Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 2

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 2
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iting an offer to buy these securities in any state where the offer or sale is not permitted.

PRELIMINARY PROSPECTUS – SUBJECT TO COMPLETION, DATED , 2025

Up to American Depositary Shares Representing Ordinary Shares

Up to Series A Warrants to Purchase up to American Depositary Shares Representing up to Ordinary Shares

Up to Series B Warrants to Purchase up to American Depositary Shares Representing up to Ordinary Shares

Up to Pre-FundedWarrants to Purchase American Depositary Shares Representing Ordinary Shares

Up to American Depositary Shares Underlying the Series A Warrants, Pre-FundedWarrants and Series B Warrants Representing up to Ordinary Shares

This is a reasonable best efforts offering of up to American Depositary Shares, or ADSs, together with Series
A ADS purchase warrants to purchase up to ADSs, or the Series A Warrants, and Series B ADS purchase warrants to purchase up to ADSs, or the Series B Warrants, and together with the
Series A Warrants, the Warrants. Each ADS or a Pre-Funded Warrant (as defined below) in lieu thereof, is being sold together with a Series A Warrant to purchase one ADS and a Series B Warrant to purchase
one ADS. The ADSs and Warrants are immediately separable and will be issued separately in this offering, but must be purchased together in this offering. The assumed combined public offering price for each ADS and accompanying Warrants is
$ , which was the closing price of our ADSs on The Nasdaq Capital Market on , 2025. Each Series A Warrant will have an exercise price of $ per ADS and will be
exercisable beginning on the date on which each warrant is issued, or the Initial Exercise Date. Each Series B Warrant will have an exercise price of $ per ADS and will be exercisable beginning on the Initial Exercise
Date. The Series A Warrants will expire on the five-year anniversary of the Initial Exercise Date and the Series B Warrants will expire on the two and one-half anniversary of the Initial Exercise Date.

Because a purchaser’s purchase of ADSs in this offering could otherwise result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% (or at the election of the purchaser, 9.99%) of our outstanding ADSs immediately following consummation of this offering, we are offering to the purchasers
pre-funded warrants to purchase up to ADS