Company: NCNA
Filing Date: 2025-04-24
Form Type: F-1
Source: 0001193125-25-092131
Chunk: 20

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 20
---
 of the net proceeds from
this offering, including for any of the currently intended purposes described in the section entitled “Use of Proceeds.” Because of the number and variability of factors that will determine our use of the net proceeds from this offering,
their ultimate use may vary substantially from their currently intended use. Our management may not apply our cash from this offering in ways that ultimately increases the value of any investment in our securities or enhances shareholder value and
ADS holder value. The failure by our management to apply these funds effectively could harm our business. Pending their use, we may invest the net proceeds from this offering in a variety of capital preservation investments, including short-term,
investment-grade, interest-bearing instruments and government securities. These investments may not yield a favorable return to our shareholders and ADS holders. If we do not invest or apply our cash in ways that enhance shareholder value and ADS
holder value, we may fail to achieve expected financial results, which may result in a decline in the price of our ADSs, and, therefore, may negatively impact our ability to raise capital, invest in or expand our business, acquire products or
licenses, commercialize our products and services, or continue our operations. See “Use of Proceeds” on page 15 for a more complete description of the intended use of proceeds from this offering.

As the assumed public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.

If you purchase ADSs in this offering, you will pay more for your ADSs than the amount paid by our existing ADS holders
for their ADSs on a per ADS basis. As a result, you will experience immediate and substantial dilution in net tangible book value per ADS in relation to the price that you paid per ADS. We expect the dilution as a result of the offering to be $0.06
per ADS to new investors purchasing our ADSs and Series A Warrants and Series B Warrants in this offering. In addition, you will experience further dilution to the extent that we issue ADSs upon the exercise of any Warrants, including the Series A
Warrants and Series B Warrants, issued in this offering, or exercise of options under any equity incentive plans. See “Dilution” for a more complete description of how the value of your investment in our ADSs will be diluted upon
completion of this offering.

There is no public market for the Pre-FundedWarrants, Series A Warrants or Series B Warrants being offered in