Company: NCNA
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151464
Chunk: 8

Company: NuCana plc
Filing Date: 2025-06-27
Form: 424B5
Chunk 8
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 to an increased number of ADSs available for sale in the market.

You may experience future dilution as a result of future equity offerings.

In order to raise additional capital, we may in the future offer additional of our ADSs or other securities convertible into or exchangeable
for our ADSs. We cannot assure you that we will be able to sell ADSs or other securities in any other offering at a price ADS or per share that is equal to or greater than the price per ADS paid by investors in this offering, and investors
purchasing ADSs or other securities in the future could have rights superior to existing shareholders. The price per ADS at which we sell additional ADSs or other securities convertible into or exchangeable for our ADSs in future transactions may be
higher or lower than the price per ADS in this offering.

Risks Related to Our ADSs

The May 2025 offering may result in an immediate trading halt or delisting of our ADSs from The Nasdaq Capital Market due to public interest concerns.

Under Nasdaq Listing Rule 5101, The Nasdaq Stock Market has broad discretionary authority to terminate the
listing of securities, subject to a timely-requested hearing, if it determines that continued listing is not in the public interest, even if the issuer is in compliance with The Nasdaq Stock Market’s enumerated listing criteria. The Series A
Warrants contain exercise price reset and share combination event provisions that may result in a downward adjustment to the exercise price, subject to a floor price, and a corresponding increase in the number of ADSs issuable upon exercise
therefor, such that the aggregate exercise price would remain unchanged. As a result of such features, the number of ADSs issuable upon exercise of the Series A Warrants may increase significantly. Further, the Series B ADS Purchase Warrants (the
“Series B Warrants”) offered in the May 2025 offering contained similar exercise price reset and share combination event provisions to the Series A Warrants and contained a “zero exercise price” option, where the maximum number
of ADSs issuable upon exercise of the Series B Warrants equaled the product of (a) the aggregate number of ADSs that would be issuable upon exercise of the Series B Warrant in accordance with the terms of such Series B Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise multiplied by (b) 3.0. If The Nasdaq Stock Market determines the terms of the May 2025 offering raise