Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 23

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 23
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4 at an exercise price of £0.04 per ordinary share.                                                     |

In addition, subsequent to December 31, 2024 through the date of this registration statement, we have sold and issued 394,303 ADSs, representing 9,857,575 ordinary shares, pursuant to an “at-the-market”(ATM) sales agreement with Jefferies LLC, resulting in gross proceeds, before deducting sales commissions and other related expenses, of £0.5 million. 15

Confidential Treatment Requested by Nucana plc Pursuant to 17 C.F.R. Section 200.83 DILUTION If you invest in the ADSs, your interest will be diluted to the extent of the difference between the assumed public offering price per ADS (assuming the exercise for cash of all Pre-FundedWarrants) and our as adjusted net tangible book value per ADS immediately after this offering (assuming the exercise for cash of all Pre-FundedWarrants issued in this offering). Our net tangible book value as of December 31, 2024 was $4.7 million, or $0.03 per ordinary share and $0.83 per ADS, based on 142,037,199 ordinary shares outstanding at December 31, 2024. Net tangible book value represents the amount of total assets minus intangible assets and total tangible book value per share represents net tangible book value divided by the total number of ordinary shares outstanding. After giving effect to the sale and issuance, subsequent to December 31, 2024 through the date of this registration statement, of 394,303 ADSs, representing 9,857,575 ordinary shares, pursuant to an “at-the-market” (ATM) sales agreement with Jefferies LLC, resulting in net proceeds, after deducting sales commissions and other related expenses, of £0.5 million, our proforma net tangible book value as of December 31, 2024 would have been $5.3 million, or $0.03 per ordinary share and $0.87 per ADS. After giving effect to the sale of up to ADSs or up to Pre-FundedWarrants in lieu of ADSs (and the full exercise of those Pre-FundedWarrants), and accompanying Series A Warrants and Series B Warrants in this offering at an assumed combined public offering price of $ per ADS and accompanying Series A Warrant and Series B Warrant, which was the closing price of our ADSs on The Nasdaq Capital Market