# EDGAR Filing Document

**Accession Number:** 0001709626
**File Stem:** 0001193125-25-135874
**Filing Date:** 2025-6
**Character Count:** 259965
**Document Hash:** 33346b1182bd4f96ec9ff17c51ee7f98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135874.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135874

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250605

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NuCana plc
- **CENTRAL INDEX KEY:** 0001709626
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38215
- **FILM NUMBER:** 251027324

**BUSINESS ADDRESS:**
- **STREET 1:** 3 LOCHSIDE WAY
- **CITY:** EDINBURGH
- **STATE:** X0
- **ZIP:** EH12 9DT
- **BUSINESS PHONE:** 44-0-131-357-1111

**MAIL ADDRESS:**
- **STREET 1:** 3 LOCHSIDE WAY
- **CITY:** EDINBURGH
- **STATE:** X0
- **ZIP:** EH12 9DT

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NuCana BioMed Ltd
- **DATE OF NAME CHANGE:** 20170619

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of June 2025** 

**(Commission File No. 001-38215)** 

## NUCANA PLC
**(Translation of registrant's name into English)** 

**3 Lochside Way** 

**Edinburgh EH12 9DT** 

**United Kingdom** 

**(Address of registrant's principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): ☐

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**Other Events** 

On June 5, 2025, NuCana plc (the "Company") published its 2024 UK Annual Report (the "UK Annual Report") for the year ended December 31, 2024 and distributed a notice of its annual general meeting to be held on June 27, 2025 (the "AGM"), a form of proxy and its UK Annual Report to its ordinary shareholders. The notice of the AGM is attached as Exhibit 99.1 hereto and the UK Annual Report is attached as Exhibit 99.2 hereto.

On or about June 5, 2025, Citibank, N.A., in its capacity as the depositary bank (the "Depositary") for the Company's American Depositary Shares ("ADSs"), commenced mailing notice materials and voting cards to ADS holders to enable ADS holders of record as of May 29, 2025 to instruct the Depositary to vote the ordinary shares represented by their ADSs. If the Depositary receives timely voting instructions from an ADS holder, it will endeavor to vote the ordinary shares (in person or by proxy) represented by the holder's ADSs in accordance with the ADS holder's voting instructions. The ability of the Depositary to carry out voting instructions may be limited by practical and legal limitations and ADS holders may not receive voting materials in time to enable them to return voting instructions to the Depositary in a timely manner. The notice materials to be mailed by the Depositary to ADS holders will contain a link to the Company's website where ADS holders can view and download the AGM notice distributed by the Company to its ordinary shareholders (which contains explanatory notes for the resolutions being voted on at the AGM) and the UK Annual Report.

The information contained in Exhibits 99.1 and 99.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth by specific reference in such a filing.

**<u>Exhibits</u>**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Notice of Annual General Meeting](d891437dex991.htm) |
| 99.2 | [2024 UK Annual Report](d891437dex992.htm) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **NuCana plc** | **NuCana plc** |
| By: | /s/ Hugh S Griffith |
| Name: | Hugh S. Griffith |
| Title: | Chief Executive Officer |

---

Date: June 5, 2025

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g891437dsp001.jpg)

Notice of 2025 Annual General Meeting Friday, 27th June 2025 at 11.00am Venue: Lochside House 3 Lochside Way Edinburgh EH12 9DT U.K.

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![LOGO](g891437dsp2.jpg)

NuCana plc

77-78 Cannon Street, London, England, EC4N 6AF

Company number: 03308778

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![LOGO](g891437dsp3.jpg)

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

NOTICE is hereby given that the 2025 annual general meeting of NuCana plc (the "**Company**") will be held on 27 June 2025 at 11.00am at Lochside House, 3 Lochside Way, Edinburgh EH12 9DT, UK for transaction of the following business:

**Ordinary Resolutions** 

To consider and, if thought fit, pass the following resolutions (1 to 6 inclusive), which will be proposed as ordinary resolutions:

1. To re-elect (as a Class II director) Dr Cyrille Leperlier, who is
retiring by rotation in accordance with the Articles of Association of the Company, as a director of the Company.

2. To re-elect (as a Class II director), Dr Elliott Levy, who is
retiring by rotation in accordance with the Articles of Association of the Company, as a director of the Company.

3. To re-appoint Ernst & Young LLP as auditors of the Company to
hold office from the conclusion of this meeting until the conclusion of the next annual general meeting of the Company.

4. To authorise the directors to determine the remuneration of the auditors of the Company.

5. To receive the Company's audited accounts for the financial year ended 31 December 2024, together
with the Strategic Report, Directors' Report and Auditors' Report on those accounts.

6. To receive and approve the Directors' Remuneration Report for the financial year ended 31 December
2024. **Recommendation** 

The directors of the Company consider that all the proposals to be considered at the AGM are in the best interests of the Company and its shareholders as a whole and are most likely to promote the success of the Company. The directors unanimously recommend that you vote in favour of all the proposed resolutions as they intend to do in respect of their own beneficial holdings.

---

| | |
|:---|:---|
| **BY ORDER OF THE BOARD** | **Registered office** |
| ![LOGO](g891437dsp3a.jpg) | 77-78 Cannon Street |
| ![LOGO](g891437dsp3a.jpg) | London |
| ![LOGO](g891437dsp3a.jpg) | England |
| ![LOGO](g891437dsp3a.jpg) | EC4N 6AF |
| Martin Quinn |  |
| **Company Secretary** |  |
| 30 May 2025 |  |

---

**YOUR VOTE IS IMPORTANT. Members will be able to attend the AGM in person however you are strongly encouraged to vote on all resolutions in advance of the AGM by appointing the Chair of the meeting as your proxy. Further details on how shareholders can appoint the Chair of the meeting as their proxy are set out in this document.** 

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![LOGO](g891437dsp3.jpg)

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

**NOTES** 

The following notes explain your general rights as a member and your right to attend and vote at the annual general meeting or to appoint someone else to vote on your behalf.

1. Any member entitled to attend, speak and vote at the annual general meeting may appoint one or more proxies to
attend, speak and vote on his/her behalf. A proxy need not be a member of the Company but must attend the meeting. A member may appoint more than one proxy in relation to the annual general meeting provided that each proxy is appointed to exercise
the rights attached to a different share or shares held by that member. To appoint more than one proxy you should contact the Company's registrar, Computershare Investor Services PLC ()"**Computershare** "), at the address below.

2. Only those members registered in the register of members of the Company as at 11am on 25 June 2025 or, in
the event that the meeting is adjourned, in such register not later than 48 hours before the time of the adjourned meeting, shall be entitled to attend, or vote (whether in person or by proxy) at the meeting in respect of the number of shares
registered in their names at the relevant time.

3. A form of proxy has been provided for use by members. To be valid it should be completed, signed and delivered
(together with the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power or authority) to the Company's registrar, Computershare, at Computershare Investor Services PLC, The
Pavilions, Bridgwater Road, Bristol BS99 6ZY, not later than 48 hours (not including non-business days) before the time appointed for holding the annual general meeting or any adjourned meeting or, in the case
of a poll taken more than 48 hours after it is demanded, not less than 24 hours before the time appointed for the taking of the poll.

4. In the case of a corporation, the form of proxy must be executed under its common seal (or such form of
execution as has the same effect) or signed on its behalf by an attorney or a duly authorised officer of the corporation. A corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all its powers
as a member provided that they do not do so in relation to the same shares.

5. In the case of joint holders, the vote of the senior who tenders a vote whether in person or by proxy will be
accepted to the exclusion of the votes of any other joint holders. For these purposes, seniority shall be determined by the order in which the names stand in the Company's relevant register of members for the certificated or uncertificated
shares of the Company (as the case may be) in respect of the joint holding.

6. CREST members who wish to appoint a proxy or proxies by using the CREST electronic appointment service may do
so for the meeting and any adjournments of it by utilising the procedures described in the CREST Manual. The message, (a CREST proxy instruction) must be properly authenticated in accordance with the specifications of Euroclear UK & Ireland
Limited ()"**EUI**") and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it relates to the appointment of a proxy or to an amendment to the instruction
given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company's registrar, Computershare not later than the time stated in Note (3) above. For this purpose, the time of receipt will be
taken to be the time (as determined by the time stamp applied to the message by the CREST Applications Host) from which the Company's registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by EUI.

CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST proxy instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider, to procure that his CREST sponsor or voting service provider takes) such action as shall be necessary to ensure that a message is transmitted by any particular time. Reference should be made to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.

The Company may treat as invalid a CREST proxy instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.

7. Proxymity Voting. If you are an institutional investor you may also be able to appoint a proxy electronically
via the Proxymity platform, a process which has been agreed by the Company and approved by the Company's registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 11.00am BST on
25 June 2025 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound
by them and they will govern the electronic appointment of your proxy.

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![LOGO](g891437dsp3.jpg)

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

8. The completion and return of a form of proxy will not preclude a member from attending in person at the meeting
and voting should he/she wish to do so, but if a member appoints a proxy and attends the meeting in person, the proxy appointment will automatically be terminated. Further, the appointment under the form of proxy may be terminated by the member
prior to the commencement of the meeting (or any adjournment of the meeting). To be valid, the notice of termination of the authority of the person appointed to act as proxy must be deposited at the offices of the Company's registrar,
Computershare at, not less than 48 hours (not including non-business days) before the time fixed for the holding of the annual general meeting or any adjournment thereof (as the case may be).

9. Under Section 527 of the Companies Act 2006 (the "**Act** "), members meeting the threshold
requirement set out in that section have the right to require the Company to publish on a website a statement setting out any matter relating to: (a) the audit of the Company's accounts (including the auditor's report and the conduct
of the audit) that are to be laid before the annual general meeting; or (b) any circumstance connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance
with Section 437 of the Act. The Company may not require the members requesting any such website publication to pay its expenses in complying with Sections 527 or 528 of the Act. Where the Company is required to place a statement on a website
under Section 527 of the Act, it must forward the statement to the Company's auditors not later than the time when it makes the statement available on the website. The business which may be dealt with at the annual general meeting includes
any statement that the Company has been required, under Section 527 of the Act, to publish on a website.

10. Copies of the directors' service contracts and letters of appointment for non-executive directors will be available for inspection at the Global Headquarters of the Company at 3 Lochside Way, Edinburgh EH12 9DT during normal business hours on any week day (public holidays excepted)
from the date of this Notice of annual general meeting until the date of the annual general meeting, and at the place of the annual general meeting for one hour before the meeting and at the meeting itself.

11. Except as set out in the notes to this Notice, any communication with the Company in relation to the annual
general meeting, including in relation to proxies, should be sent to the Company's registrar, Computershare at Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY. No other means of communication will be
accepted. In particular, you may not use any electronic address provided either in this Notice or in any related documents to communicate with the Company for any purpose other than those expressly stated.

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![LOGO](g891437dsp3.jpg)

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

**EXPLANATORY NOTES TO THE RESOLUTIONS PROPOSED AT THE ANNUAL GENERAL MEETING** 

The resolutions to be proposed at the AGM of the Company to be held on 27 June 2025 at 11.00am are set out in this Notice of AGM. The following notes provide an explanation to the resolutions being put to shareholders.

**Ordinary Resolutions** 

Resolutions 1 to 6 are proposed as ordinary resolutions. Assuming that a quorum is present, an ordinary resolution is passed on a show of hands if it is approved by a simple majority (more than 50%) of the votes cast by shareholders present (in person or by proxy) at the meeting and entitled to vote. On a poll, an ordinary resolution is passed if it is approved by holders representing a simple majority of the total voting rights of shareholders present (in person or by proxy) who (being entitled to vote) vote on the resolution.

**Resolution 1 - 2: Re-election of directors** 

Under the Company's Articles of Association there are three classes of board members (Class I, Class II and Class III) with each class having a specified term of office. The Company's Articles of Association require the Class II directors to retire from office this year. Cyrille Leperlier currently serves as a Class II director. Cyrille Leperlier is retiring and (being eligible) is standing for re-election as a Class II director at the AGM. Elliott Levy currently serves as a Class II director. Elliott Levy is retiring and (being eligible) is standing for re-election as a Class II director at the AGM. Biographical information for each director standing for re-election is included on page 7 of this Notice.

THE BOARD RECOMMENDS A VOTE **FOR** THE RE-ELECTION OF EACH OF CYRILLE LEPERLIER AND ELLIOTT LEVY TO THE BOARD OF DIRECTORS.

**Resolution 3: Re-appointment of auditors** 

The Act requires that auditors be appointed at each general meeting, at which accounts are laid, to hold office until the next AGM. The appointment of Ernst & Young LLP as auditors of the Company terminates at the conclusion of the AGM. They have indicated their willingness to stand for reappointment as auditors of the Company until the conclusion of the AGM in 2026.

The Audit Committee has assessed the effectiveness, independence and objectivity of the auditors, Ernst & Young LLP, and concluded that the auditors were in all respects effective.

THE BOARD RECOMMENDS A VOTE **FOR** THE RE-APPOINTMENT OF ERNST & YOUNG LLP AS AUDITORS.

**Resolution 4: Authorising and fixing the remuneration of the auditors** 

This resolution gives authority to the directors to determine the auditors' remuneration.

It is normal practice for shareholders to resolve at the AGM that the directors shall decide on the level of remuneration of the auditors for the audit work to be carried out by them in the next financial year. The amount of the remuneration paid to the auditors for the next financial year will be disclosed in the next audited accounts of the Company.

THE BOARD RECOMMENDS A VOTE **FOR** THE AUTHORISATION OF THE DIRECTORS TO DETERMINE THE AUDITORS' REMUNERATION.

**Resolution 5: Laying of accounts** 

The directors are required to present to shareholders at the AGM, the annual accounts of the Company for the year ended 31 December 2024, the Strategic Report, the Directors' Report and the Auditors' Report on the accounts.

THE BOARD RECOMMENDS A VOTE **FOR** THE RESOLUTION TO RECEIVE THE ANNUAL ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2024, THE STRATEGIC REPORT, THE DIRECTORS' REPORT AND THE AUDITORS' REPORT ON THE ACCOUNTS.

**Resolution 6: Directors' Remuneration Report** 

Shareholders are invited to cast their vote on the Directors' Remuneration Report, in accordance with Section 439 of the Act. The Directors' Remuneration Report is set out on pages 17 to 26 of the Company's annual accounts and reports for the year ended 31 December 2024. The vote is advisory in nature and therefore no entitlement to remuneration is conditional on the passing of this resolution.

THE BOARD RECOMMENDS A VOTE **FOR** THE RESOLUTION TO RECEIVE AND APPROVE THE DIRECTORS' REMUNERATION REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024.

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![LOGO](g891437dsp3.jpg)

**NOTICE OF 2025 ANNUAL GENERAL MEETING** 

**Appendix A: Directors' Biography** 

**Cyrille Leperlier (Director, appointed 2018)** 

Cyrille Leperlier has served as a member of our board of directors since May 2018. He brings to NuCana over 40 years of experience in the pharmaceutical and biotechnology industry. Cyrille Leperlier also served as the Chief Executive Officer of Divlal SAS from June 2020 to November 2022. From 2009 to 2019, Cyrille Leperlier also served as Vice President of Medical Assessment for Corporate Strategy for Sanofi's Corporate Business Development and M&A Group, where, among other transactions, he was deeply involved in Sanofi's acquisition of Genzyme. Prior to this role, Cyrille Leperlier served at Sanofi as Medical Director in Japan from 2007 to 2009 and Head of Medical Affairs, International Region from 2004 to 2007. Before joining Sanofi, Cyrille Leperlier was Medical Director and Global Head of Clinical Development at Rhone Poulenc Rorer and previously worked for Takeda in a variety of operational and medical affairs roles. Cyrille Leperlier received an M.D. from the University of Paris, Saint-Antoine School of Medicine and a Master in Human Biology (major in physiology) from the Medical University of Paris. He is a recognized expert in oncology drug development, strategic portfolio prioritization, and business development, with extensive leadership experience at a number of global biotechnology and pharmaceutical companies. We believe that Cyrille Leperlier possesses specific attributes that qualify him to serve as a member of our board of directors, including his experience in global drug development and marketing.

THE BOARD RECOMMENDS A VOTE **FOR** THE RE-ELECTION OF CYRILLE LEPERLIER TO THE BOARD OF DIRECTORS.

**Elliott Levy (Director, appointed 2021)** 

Elliott Levy has served as a member of our board of directors since November 2021. Elliott Levy has served as a Senior Advisor at Boston Consulting Group since May 2021 and as a Venture Partner at 5AM Ventures since April 2022. Elliott Levy was Senior Vice President of Research & Development, Strategy and Operations of Amgen Inc., a biotechnology firm from June 2020 to May 2021. Prior to June 2020, Elliott Levy was also Senior Vice President of Global Development at Amgen Inc. Elliott Levy has served as the Head of Intrepid Alliance, Inc., a non-profit whose objective is to facilitate the development of small molecule therapeutics for future pandemic agents, and as a director and Board Chair of Transcelerate Biopharma, Inc, a non-profit focused on improving and accelerating the development of new therapeutics. Further, Elliott Levy currently serves as a director of Editas Medicines (NASDAQ: EDIT) and Kinaset Therapeutics. Elliott Levy has 24 years' experience in the clinical development and regulatory approval of investigational medicines in the biopharmaceutical industry. Elliott Levy holds an M.D. from the Yale School of Medicine and a B.A. in History from Yale College. We believe that Elliott Levy possesses specific attributes that qualify him to serve as a member of our board of directors, including extensive experience in clinical development and regulatory approval of investigational medicines in the biopharmaceutical industry.

THE BOARD RECOMMENDS A VOTE **FOR** THE RE-ELECTION OF ELLIOTT LEVY TO THE BOARD OF DIRECTORS.

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![LOGO](g891437dsp8.jpg)

Lochside House,

3 Lochside Way,

Edinburgh,

EH12 9DT,

U.K.

T: +44 (0)131 357 1111

E: info@nucana.com

www.nucana.com

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g891437dsp009.jpg)

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![LOGO](g891437dsp10.jpg)

![LOGO](g891437dsp10a.jpg)

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| | |
|:---|:---|
| **Directors** | **Registered Office** |
| Hugh Griffith | 77-78 Cannon Street |
| Andrew Kay | London |
| Bali Muralidhar | EC4N 6AF |
| Martin Mellish | U.K. |
| Adam George (retired 21 March 2025) |  |
| Cyrille Leperlier | **Global Headquarters** |
| Elliott Levy | Lochside House |
|  | 3 Lochside Way |
| **Secretary** | Edinburgh |
| Martin Quinn | EH12 9DT |
|  | U.K. |
| **Auditors** | E: info@nucana.com |
| Ernst & Young LLP | www.nucana.com |
| 144 Morrison Street |  |
| Edinburgh |  |
| EH3 8EX | Registered No. 03308778 |
| U.K. |  |

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![LOGO](g891437dsp11.jpg)

**Contents** 

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| | | |
|:---|:---|:---|
|  01 | Strategic report | 2 |
|  02 | Directors' report | 14 |
|  03 | Directors' remuneration report | 17 |
|  04 | Statement of directors' responsibilities | 27 |
|  05 | Independent auditor's report to the members of NuCana plc | 29 |
|  06 | Financial statements | 37 |
|  07 | Notes to the financial statements | 44 |
|  08 | Advisers | 68 |

---

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![LOGO](g891437dsp012.jpg)

introduction NuCana was incorporated under the laws of England and Wales on 28 January 1997 under the name Biomed (UK) Limited and commenced operations in 2008. On 28 April 2008, we changed our name to NuCana BioMed Limited. On 29 August 2017, we re-registered as a public limited company and changed our name to NuCana plc. On 2 October 2017, we completed our initial public offering of American Depositary Shares, or ADSs, on the Nasdaq Global Select Market. On 9 November 2023 we transferred our listing to The Nasdaq Capital Market. Our ADSs are traded under the symbol "NCNA". NuCana plc on behalf of itself and its subsidiaries, NuCana, Inc., NuCana Limited (incorporated in Ireland) and NuCana Biomed Trustee Company Limited (which may be referred to as "the Group", "the Company", "we", "us" or "our"), is required to produce a strategic report complying with the requirements of the Companies Act 2006.

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp14.jpg)

**overview** 

We are a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide<sup>™</sup> technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and haematological tumours, they have significant shortcomings that limit their efficacy and they are often poorly tolerated. Utilising our proprietary technology, we are developing new medicines, ProTides, designed to overcome the key limitations of nucleoside analogs and generate much higher concentrations of anti-cancer metabolites in cancer cells. Our pipeline includes NUC-7738 and NUC-3373.

NUC-7738 is a novel anti-cancer agent that disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumour microenvironment, or TME. NUC-7738 is in the Phase 2 part of a Phase 1/2 clinical study (NuTide:701), which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumours and in combination with pembrolizumab in patients with melanoma. We anticipate expanding this Phase 1/2 study.

NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, or 5-FU, a widely used chemotherapy agent, which we believe has the potential to replace 5-FU as the standard of care in the treatment of a wide range of cancers. 5-FU is one of the world's most widely prescribed anti-cancer agents and is on the World Health Organisation's List of Essential Medicines. NUC-3373 has been evaluated in a Phase 1 clinical study for patients with advanced solid tumours; a Phase 1b/2 clinical study, in combination with other agents, for patients with metastatic colorectal cancer; and a randomised Phase 2 clinical study of NUC-3373, in combination with other agents, for the second-line treatment of patients with advanced colorectal cancer. NUC-3373 is currently being evaluated in a Phase 1b/2 modular clinical study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumours and in combination with docetaxel for patients with lung cancer.

The treatment of cancer can be divided into three major categories: surgery, radiotherapy and therapeutics. Therapeutics include chemotherapy, immunotherapy, cell-based therapies and targeted and hormonal agents. The backbone of treatment for patients with cancer consists of chemotherapeutics, which are expected to achieve global revenues of approximately $106 billion by 2030. Despite significant progress having been made in the development of new therapeutics, most patients continue to receive chemotherapy either in combination with other treatments or as single agents at some point in their treatment pathway. Thus, we believe that more effective and safer chemotherapeutic agents will have an important role to play in the treatment of patients with cancer for the foreseeable future. We are transforming an important class of chemotherapeutic agents, nucleoside analogs, by applying a well-validated medicinal chemistry approach to overcome their limitations.

Through harnessing the power of phosphoramidate chemistry, we convert nucleoside analogs into activated nucleotide analogs with the addition of a phosphate group, which is protected by specific combinations of aryl, ester and amino acid groupings. By adding and protecting this phosphate group, we design our ProTides to avoid or overcome the limitations associated with breakdown, uptake, activation and administration of nucleoside analogs. In the antiviral field, this phosphoramidate chemistry approach has resulted in the most successful drug launches in the history of medicine, Gilead's sofosbuvir, or Sovaldi<sup>®</sup> which is also a key component of Harvoni<sup>®</sup>, Vosevi<sup>®</sup> and Epclusa<sup>®</sup>; and tenofovir alafenamide fumarate, or TAF, which is a key component of Biktarvy<sup>®</sup>, Genvoya<sup>®</sup>, Descovy<sup>®</sup> and Odefsey<sup>®</sup>. In addition, phosphoramidate chemistry is used in Gilead's remdesivir, or Veklury<sup>®</sup>, for the treatment of patients with COVID-19.

In preclinical studies, NUC-7738 generated significantly higher levels of the key anti-cancer metabolite, 3'deoxyadenosine triphosphate,

or 3'-dATP, inside cancer cells compared to the parent nucleoside analog, 3'-deoxyadenosine, or 3'-dA, causing increased cancer cell injury. The anti-cancer effect of NUC-7738 is largely attributed to 3'-dATP, which disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells, and targets multiple aspects of the TME.

NUC-7738 is in the Phase 2 part of a Phase 1/2 clinical study (NuTide:701) which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumours and in combination with pembrolizumab in patients with melanoma. In September 2021, we presented interim data from the first 29 patients treated in this study at the European Society of Medical Oncology, or ESMO, Congress. These interim data indicated a favourable pharmacokinetic and safety profile for NUC-7738. Additionally, three case studies highlighted patients with encouraging tumour reductions who remained on NUC-7738 treatment for extended periods of time. In September 2022, we presented data from the Phase 1 dose-finding part of the NuTide:701 study in 38 patients at ESMO. NUC-7738 had a favourable safety profile with low rates of treatment-related AEs, or TRAEs, very few Grade 3 TRAEs, and no patients experiencing Grade 4 or 5 TRAEs. The maximum tolerated dose was established at 1350 mg/m². Encouraging signals of anti-tumour activity across a range of tumour types were observed with numerous patients staying on treatment for extended periods, including one patient with metastatic melanoma who became eligible for complete surgical resection following eleven months of treatment with NUC-7738. In April 2023, we presented data at the American Association of Cancer Research, or AACR, Annual Meeting indicating that NUC-7738 reduces soluble PD-L1 and exosomal PD-L1 in melanoma cell lines and in patients. Soluble and exosomal expression of PD-L1 have been implicated in resistance to PD-L1 and PD-1 inhibitors and these data indicate that NUC-7738 has the potential to act as an immune sensitiser and as an effective combination partner for PD-L1 pathway inhibitors. In October 2023, we presented interim data from the Phase 2 part of the NuTide:701 study at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics 2023. NUC-7738 was well tolerated both as a monotherapy and in combination with pembrolizumab. Encouraging signs of efficacy, including tumour volume reductions and prolonged time on treatment, were observed in both the monotherapy and combination cohorts. In the combination cohort of melanoma patients, who had all been previously treated with PD-1 inhibitor-based therapy, numerous patients achieved tumour volume reductions and prolonged time on treatment. One patient who was refractory to the anti-PD-1 plus anti-CTLA-4 therapy combination of nivolumab plus ipilimumab achieved a 50% reduction in tumour volume on NUC-7738 plus pembrolizumab. Seven of the eleven patients recruited remained on treatment at the time of the data cut-off for the presentation. Patient tumour biopsy data showed that, following treatment with NUC-7738 plus pembrolizumab, expression of PD-1 was reduced and CD8+ T-cells increased, indicating that NUC-7738 may have the ability to potentiate immunotherapy. This finding provides a rationale as to why NUC-7738 in combination with PD-1 inhibitor-based therapy, such as pembrolizumab, may be effective in patients who have progressed on prior immunotherapy. In April 2024, we presented data from the NuTide:701 study at the AACR Annual Meeting. First, NUC-7738 was found to increase polyunsaturated fatty acids within the TME, which is indicative of a shift to a less aggressive cancer type, and to decrease monounsaturated fatty acids which are associated with malignant behavior and chemotherapy resistance. In addition, NUC-7738 was shown to reduce lipids associated with protection against cancer cell death and to increase lipids associated with cancer cell death. Multi-modal imaging indicated that this lipid reprogramming is a result of the alteration in enzymes associated with lipid metabolism. Second, data from cancer cell lines, confirmed using paired biopsies from patients treated with NUC-7738, demonstrated that NUC-7738 caused PolyA tail shortening and significantly modulated the stability of RNAs that are important for translational control of protein synthesis. Furthermore, data also highlighted NUC-7738's potential to influence the regulation of genes critical for cancer cell

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growth and survival. Additionally, in September 2024, we presented promising data from the Phase 2 part of the NuTide:701 study at ESMO on NUC-7738 in combination with pembrolizumab for patients with metastatic melanoma who were refractory to or had relapsed on prior PD-1 inhibitor-based therapy. The data showed that 9 of the 12 patients achieved disease control when treated with NUC-7738 in combination with pembrolizumab. One of these patients, who had received two prior lines of PD-1 inhibitor-based therapy and had progressed on their latest treatment of ipilimumab plus nivolumab within two months, achieved a confirmed Partial Response with a 55% reduction in tumour volume. Another patient, who had progressed on three prior lines of PD-1 inhibitor-based therapy, achieved a Partial Response (unconfirmed) with a 32% reduction in tumour volume. These results showed encouraging median progression-free survival, or PFS, of over five months for patients receiving NUC-7738 plus pembrolizumab, which is highly atypical in this patient population. In 2025, we expect to initiate an expansion of the NuTide:701 study of NUC-7738 in combination with pembrolizumab in patients with metastatic melanoma and announce data from this NuTide:701 expansion study. We also anticipate obtaining regulatory guidance from the U.S. Food and Drug Administration, or FDA, on our registrational strategy for NUC-7738 in melanoma in 2025.

In preclinical studies, NUC-3373 was shown to be a targeted thymidylate synthase, or TS, inhibitor and overcame the key limitations associated with 5-FU, generating significantly higher intracellular levels of the active anti-cancer metabolite than 5-FU while not generating toxic metabolites commonly associated with 5-FU's side effects. NUC-3373 has been evaluated in a Phase 1 clinical study, known as the NuTide:301 study, in patients with advanced solid tumours. Enrolment in this study has been completed with 59 patients receiving NUC-3373. The maximum tolerated dose and schedule for NUC-3373 monotherapy was established as 2500 mg/m² weekly. NUC-3373 generated high levels of the active anti-cancer metabolite inside the patients' cells and demonstrated a favourable pharmacokinetic and safety profile. Evidence of durable anti-cancer activity was observed, with at least 10 patients remaining on treatment for more than four months and three of these patients achieving prolonged stable disease with PFS lasting more than nine months. The results of this study suggest that NUC-3373 has the potential to overcome the limitations associated with 5-FU and may be capable of achieving anti-cancer activity even in patients who have progressed on prior treatment with a fluoropyrimidine.

NUC-3373 was evaluated in a Phase 1b/2 study, known as the NuTide:302 study, in patients with metastatic colorectal cancer in which NUC-3373 was combined with agents typically used with 5-FU, including leucovorin, irinotecan, oxaliplatin and bevacizumab. Enrolment in this study has been completed with 107 patients receiving NUC-3373 in combination with other agents. In October 2019, we presented interim data from this study at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics. These interim data supported the previously reported favourable pharmacokinetic profile of NUC-3373. In April 2021, we presented further interim data from this study at the virtual AACR Annual Meeting. These interim data highlighted 38 patients who received NUC-3373 either as monotherapy or in combination with leucovorin. Eleven patient case studies showed NUC-3373's ability to stabilise disease in a heavily pre-treated population of patients with advanced colorectal cancer and achieve prolonged durations of PFS. Several patients achieved periods of PFS that were longer than those achieved on previous regimens and tumour size reductions were observed, including in a patient known to be refractory to all prior fluoropyrimidine-containing regimens. NUC-3373 was also shown to have a favourable safety profile with no hand-foot syndrome observed, which is associated with the toxic metabolite, FBAL, and no neutropenia or Grade 3 or 4 mucositis or diarrhea adverse events, which are associated with the toxic metabolite, FUTP. In September 2022, we presented data from this study at ESMO. These data demonstrated promising anti-tumour activity and a favourable safety and pharmacokinetic

profile in combination with leucovorin and either irinotecan, or NUFIRI, or oxaliplatin, or NUFOX, in heavily pre-treated patients with metastatic colorectal cancer. In October 2023, we presented data from this clinical study at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics 2023. In this study, NUC-3373 demonstrated a favourable safety profile when combined with NUFIRI and bevacizumab, or NUFIRI + bev, and with NUFOX and bevacizumab, or NUFOX + bev. Additionally, both regimens demonstrated encouraging signs of efficacy, including tumour volume reductions in patients who were refractory to or had progressed on prior fluoropyrimidine treatment. Several patients achieved a longer PFS, on NUFIRI + bev and NUFOX + bev as compared to the PFS achieved in their first-line treatment with 5-FU-based therapy.

A randomised Phase 2 study, known as the NuTide:323 study, comparing NUC-3373 in combination with irinotecan, leucovorin, and bevacizumab, or NUFIRI + bev, with 5-FU in combination with irinotecan, leucovorin, and bevacizumab, or FOLFIRI + bev, for the second-line treatment of patients with advanced colorectal cancer was initiated in 2022. In October 2023, we presented data from the NuTide:323 study at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics 2023. The study recruited well, and no new safety signals were observed from the aggregated safety data from the first 40 patients enroled. In August 2024, we announced the discontinuation of the NuTide:323 study following a pre-planned initial analysis and recommendation from the NuTide:323 study Steering Committee. While there were prognostic imbalances favouring the control arm, the Steering Committee believed that NUFIRI + bev was unlikely to achieve the study's primary objective of superior PFS compared to the control arm of FOLFIRI + bev in the final analysis. In all three arms, the treatment regimens were observed to have a favourable safety profile and to be generally well-tolerated, with only 12 of the 175 patients, four patients in each arm, discontinuing treatment due to adverse events.

In order to capitalise on the therapeutic potential of NUC-3373 across other cancer indications and the significant global commercial opportunity for a targeted TS inhibitor, we are conducting a Phase 1b/2 modularn study, known as the NuTide:303 study. The NuTide:303 study is evaluating NUC-3373 in combination with the PD-1 inhibitor pembrolizumab in patients with advanced solid tumours (Module 1) and in combination with docetaxel for patients with lung cancer (Module 2). In November 2024, we published initial data from the NuTide:303 study in MedRxiv. Module 1 included 12 patients who had exhausted all other treatment options, with the majority of patients having received prior PD-1 inhibitor-based therapy. Significant tumour volume reductions and prolonged PFS were observed, including a patient with urothelial bladder cancer who achieved 100% reduction in their target lesions and a patient with cutaneous melanoma who achieved an 81% reduction in tumour volume. These signals of anti-cancer activity indicate that NUC-3373, in addition to being a targeted TS inhibitor, may promote an anti-tumour immune response and potentiate the activity of immune checkpoint inhibitors.

Acelarin is a ProTide transformation of the nucleoside analog gemcitabine. In clinical studies, Acelarin was well tolerated and showed anti-cancer activity in patients who were refractory to, or had progressed on, prior gemcitabine treatment. Disease control, as well as tumour shrinkages, including partial and complete responses, were observed in challenging indications, including ovarian and biliary tract cancers. In March 2022, we announced the discontinuation of the Phase 3 clinical study, also known as the NuTide:121 study, investigating Acelarin in combination with cisplatin versus the standard of care, gemcitabine plus cisplatin, in patients with previously untreated locally advanced or metastatic biliary tract cancer. This decision was made following a pre-planned futility analysis by the study's Independent Data Monitoring Committee. Although a higher objective response rate, as assessed by Blinded Independent Central Review, was observed in the Acelarin plus cisplatin arm, this did not translate into an overall survival

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benefit. We are assessing future development options for Acelarin in biliary tract cancer which may explore lower doses of Acelarin, alternative combination partners or specific sub-sets of biliary tract cancer patients. Indications other than biliary tract cancer are also being assessed as future development options for Acelarin.

Our proprietary ProTide technology was invented in the Cardiff University laboratory of our late Chief Scientific Officer, Professor Christopher McGuigan, who conceived of and filed the original composition of matter patents for our initial ProTides. The unique feature of his discovery was the specific combination of aryl, ester and amino acid groupings that protect the activated, or phosphorylated, nucleoside analog. This phosphoramidate chemistry approach is the key to the ProTide technology. Every ProTide grouping is distinct, and Professor McGuigan and his team synthesised and tested thousands of compounds in order to identify the optimal ProTide grouping for each underlying nucleoside analog.

We have licensed what we believe to be the foundational patent estate for the application of phosphoramidate chemistry in oncology. We own granted patents in key markets, including the

United States, Europe and Japan, protecting the composition of matter of NUC-7738, NUC-3373, Acelarin and other of our product candidates. Professor McGuigan's work preceded and helped lead to the development of several FDA-approved anti-viral drugs containing ProTides, including: sofosbuvir, or Sovaldi<sup>®</sup>, which is also a key component of Harvoni<sup>®</sup>, Vosevi<sup>®</sup> and Epclusa<sup>®</sup>; and tenofovir alafenamide fumarate, or TAF, which is a key component of Biktarvy<sup>®</sup>, Genvoya<sup>®</sup>, Descovy<sup>®</sup> and Odefsey<sup>®</sup>; and remdesivir, or Veklury<sup>®</sup>.

We are led by Hugh Griffith, our founder and Chief Executive Officer, or CEO, who brings over 30 years of experience in the biopharmaceutical industry, including at Abbott Laboratories (now AbbVie Inc.) and Parke-Davis Warner Lambert (now Pfizer Inc.). Before founding NuCana, he led the operations of Bioenvision, Inc. from start-up through its acquisition by Genzyme Corporation. While at Bioenvision, he was instrumental in developing and commercialising clofarabine, a nucleoside analog for the treatment of pediatric acute leukemia. He also co-founded EdixoMed and 30 Technology who sold their wound care division to Convatec Group in 2023.

**our strategy** 

***"Our goal is to improve the survival outcomes and***

***the safety profile of treatment for patients with***

***cancer across a wide range of indications."***

**Our strategy includes the following key components:** 

**•** **Rapidly develop NUC-7738 as a treatment for patients with solid tumours.** 

In September 2024, we presented data from the NuTide:701 study at ESMO on NUC-7738 in combination with pembrolizumab for patients with metastatic melanoma who were refractory to or had relapsed on prior PD-1 inhibitor-based therapy. The data from the Phase 2 part of the NuTide:701 study showed that 9 of the 12 patients achieved disease control when treated with NUC-7738 in combination with pembrolizumab. Two patients, who had progressed on prior lines of PD-1 inhibitor-based therapy, achieved Partial Responses, one confirmed with a 55% reduction in tumour volume and one unconfirmed with a 32% reduction in tumour volume. These results showed encouraging median PFS of over five months.

In 2025, we expect to initiate an expansion of the NuTide:701 study of NUC-7738 in combination with pembrolizumab in patients with metastatic melanoma and announce data from this NuTide:701 expansion study. We also anticipate obtaining regulatory guidance from the FDA on our registrational strategy for NUC-7738 in melanoma in 2025.

**•** **Identify additional indications for development of NUC-3373.** 

In order to capitalise on the therapeutic potential of NUC-3373 across other cancer indications and the significant global commercial opportunity for a targeted TS inhibitor, we have initiated a Phase 1b/2 modular clinical study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumours and in combination with docetaxel for patients with lung cancer.

In November 2024, we published initial data from the NuTide:303 study in MedRxiv. Significant tumour volume reductions and prolonged PFS were observed, including a patient with urothelial bladder cancer who achieved 100% reduction in their target lesions and a patient with cutaneous melanoma who achieved an 81% reduction in tumour volume. These signals of anti-cancer activity indicate that NUC-3373, in addition to being a targeted TS inhibitor, may promote an anti-tumour immune response and potentiate the activity of immune checkpoint inhibitors.

In 2025, we expect to announce data from the NuTide:303 study of NUC-3373 in combination with pembrolizumab in patients with solid tumours.

**•** **Leverage our proprietary ProTide technology platform to develop additional product candidates.** 

We are pursuing the transformation of both widely used nucleoside analogs and novel nucleoside analogs, which we believe have the potential to address additional areas of unmet medical need in oncology.

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**•** **Continue to protect and strengthen our intellectual property position.** 

We own or have exclusive rights to the core technologies underlying our ProTide technology platform. We have been granted patents in key markets, including the United States, Europe, China and Japan, protecting the composition of matter of NUC-7738, NUC-3373 and other of our product candidates. We intend to further expand and enhance our intellectual property position. We are actively evaluating new intellectual property opportunities as they arise, with the intention of further expanding our intellectual property position and defending our patents when necessary.

**•** **Build a focused commercial organisation.** 

We have worldwide rights to all product candidates that we are developing. We believe that the healthcare professionals who treat the majority of patients with the cancers we are initially targeting with our ProTides can be addressed by a relatively focused sales and marketing team. We currently plan to commercialise any product candidates for which we receive regulatory marketing approval using a specialised sales force, either independently or in partnership with a commercialisation partner, in the United States and Europe.

**our pipeline** 

We take a scientifically driven approach to designing ProTides, which we believe have the potential to result in highly efficacious cancer therapies with improved tolerability. Our pipeline of product candidates in clinical development and their current development stage is summarised below.

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NuCana is currently developing a portfolio of new medicines to address a broad range of cancers, but we do not have any approved products. As further described in "Our Strategy", our current intention is to build a sales and marketing capability in the United States and Europe to commercialise our ProTides. We may also consider partnerships, co-promotion agreements or other commercial arrangements, in certain geographic areas or otherwise, to most effectively address our market opportunities.

**review of the business** 

Since our inception, we have incurred significant net losses and negative cash flows from operations. To date, we have financed our operations primarily through placements of equity securities, an initial public offering, a follow-on public offering and research and development tax credits.

**DEVELOPMENT AND PERFORMANCE DURING THE PERIOD** 

**Research and Development Expenses** 

Research and development expenses were £18.0 million for the year ended 31 December 2024 as compared to £25.1 million for the year ended 31 December 2023, a decrease of £7.1 million. Patent costs decreased by £2.4 million in 2024 compared with 2023 mainly due to patent defense activity in the first quarter of 2023. Clinical study expenses decreased by £1.4 million in 2024 compared with 2023 primarily due to reduced expenditure on NuTide:302 and NuTide:701, partly offset by higher expenditure on NuTide:323. Other research and development costs decreased in 2024 by £3.3 million principally due to lower personnel costs and share-based payment expenses.

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The following table gives a breakdown of the research and development costs incurred by product for the years ended 31 December 2024 and 2023:

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|:---|:---|:---|
|  | **Year ended 31 December** | **Year ended 31 December** |
|  | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  NUC-3373 | £14825 | £17754 |
|  NUC-7738 | 2630 | 3603 |
|  Acelarin | (467) | 2204 |
|  Other | 1029 | 1501 |
|  | £**18017** | £**25062** |

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**Administrative Expenses** 

Administrative expenses were £5.0 million for the year ended 31 December 2024 as compared to £6.1 million for the year ended 31 December 2023, a decrease of £1.1 million. The decrease was primarily related to lower share-based payment expenses, personnel costs, and insurance costs, partly offset by higher professional fees.

**Impairment of Intangible Assets** 

We regularly review our patent portfolio and during 2024 further development associated with a limited number of patents was discontinued. Management concluded that this was an indication of impairment and an impairment charge of £33,000 has been recognised, representing the full aggregate carrying value of those patents as of 31 December 2024. This compared to an impairment charge of £0.5 million recognised for the year ended 31 December 2023.

**Net Foreign Exchange Gains (Losses)** 

For the year ended 31 December 2024, we reported a net foreign exchange gain of £0.2 million as compared to a net foreign exchange loss of £1.2 million for the year ended 31 December 2023. In 2024, the gain primarily arose from cash balances held in U.S. dollars and the U.S. dollar appreciating relative to the U.K. pound sterling. Conversely in 2023, the loss arose from cash balances held in U.S. dollars and the U.S. dollar depreciating relative to the U.K. pound sterling.

**Finance Income** 

Finance income represents bank interest and was £0.4 million for the year ended 31 December 2024 and £0.8 million for the year ended 31 December 2023. The decrease in bank interest resulted from lower cash deposits.

**Income Tax Credit** 

The income tax credit, which is largely comprised of research and development tax credits, amounted to £3.5 million for the year ended 31 December 2024 and £4.4 million for the year ended 31 December 2023. The decrease in the income tax credit was primarily attributable to a decrease in our eligible research and development expenses, as well as a lower tax credit rate.

**POSITION OF GROUP AT YEAR END** 

**Liquidity and Capital Resources** 

**Overview** 

Since our inception, we have incurred significant operating losses and negative operating cash flows. We anticipate that we will continue to incur losses for at least the next several years. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity financings, debt financings, research funding, collaborations, contract and grant revenue or other sources.

As of 31 December 2024 and 31 December 2023, we had cash and cash equivalents of £6.7 million and £17.2 million, respectively. We do not currently have any approved products and have never generated any revenue from product sales. To date we have financed our operations primarily through the issuances of our equity securities. We expect that our existing cash and cash equivalents will be sufficient to meet our anticipated cash requirements into the fourth quarter of 2025. As a result, we will need substantial additional funding in order to permit us to continue our operations. If we are unable to raise additional capital, we could be forced to complete a wind down of our operations and/ or seek bankruptcy protection. Adequate additional financing may not be available to us on acceptable terms, or at all. Moreover, the terms of any financing may adversely affect the holdings or the rights of our shareholders. In addition, the issuance of additional securities, by us, or the possibility of such issuance, may cause the market price of our ADSs to decline. The sale of additional equity or convertible securities will substantially dilute all of our shareholders. We could also be required to seek funds through arrangements with potential collaboration partners, including at an earlier stage than otherwise would be desirable, and we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavourable to us, any of which may have a material adverse effect on our business, operating results and prospects. In addition, our board of directors, or Board or Board of Directors, will need to consider the interests of all our constituents and take appropriate action, including to restructure or wind down the business, if it appears that we are insolvent. As a result, our business, financial condition and results of operations would be materially affected and our shareholders would lose all of their investment.

In August 2021, we entered into an "at-the-market", or ATM, sales agreement with Jefferies LLC, or Jefferies, pursuant to which we may sell from time to time, ADSs having an aggregate offering price of up to $100.0 million through Jefferies, acting as our agent. Sales of our ADSs pursuant to this ATM program are subject to certain conditions specified in the sales agreement. Sales under the ATM program are registered on a shelf registration statement on Form F-3 that we filed with the SEC in August 2021, and which permits the offering, issuance and sale by us of up to

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a maximum aggregate offering price of $400.0 million of our securities, inclusive of our ADSs sold under the ATM program. Pursuant to General Instruction I.B.5 of Form F-3, in no event will we sell our ADSs representing ordinary shares with a value of more than one-third of the aggregate market value of our ordinary shares held by non-affiliates in any 12-month period, so long as the aggregate market value of our ordinary shares held by non-affiliates is less than $75.0 million. During the year ended 31 December 2024 we sold and issued 7,151,809 ADSs, representing 89,027,545 ordinary shares, under the ATM program, raising gross proceeds of £8.7 million. Subsequent to 31 December 2024 and through the date hereof, we sold and issued 394,303 ADSs, representing 9,857,575 ordinary shares, under the ATM program, raising gross proceeds of £0.5 million.

**Cash Flows** 

The following table summarises the results of our cash flows for the years ended 31 December 2024 and 2023.

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|:---|:---|:---|
|  | **Year ended 31 December** | **Year ended 31 December** |
|  | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Net cash used in operating activities | £(19118) | £(26439) |
|  Net cash from investing activities | 79 | 2888 |
|  Net cash from (used in) financing activities | 8184 | (53) |
|  **Net decrease in cash and cash equivalents** | £**(10855)** | £**(23604)** |

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**Operating activities** 

Net cash used in operating activities was £19.1 million in 2024 as compared to £26.4 million in 2023, a net decrease in cash outflows of £7.3 million. Operating loss cash flows were lower by £9.8 million in 2024, primarily reflecting lower research and development costs and movement in provisions in 2023. Working capital outflows were £2.2 million for the year ended 31 December 2024 as compared to working capital outflows of £1.3 million for the year ended 31 December 2023. In addition, a tax refund of £4.0 million was received in 2024 compared to £5.6 million in 2023.

**Investing activities** 

Net cash from investing activities was £0.1 million in 2024 as compared to £2.9 million in 2023. Repayment of other assets totalled £2.6 million in the year ended 31 December 2023 with no similar repayment in 2024. Interest received in 2024 was £0.4 million compared with £0.8 million in 2023, a decrease of £0.4 million. In 2024, cash used to acquire intangible assets was £0.2 million lower than in 2023.

**Financing activities** 

Net cash from financing activities was £8.2 million in 2024 as compared with net cash used in financing activities of £0.1 million in 2023 reflecting an increase in the proceeds from the issue of share capital.

**main business trends and factors** 

NUC-7738 is in the Phase 2 part of a Phase 1/2 study (NuTide:701) which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumours and in combination with pembrolizumab in patients with melanoma. NUC-3373 is currently being evaluated in a Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumours and in combination with docetaxel for patients with lung cancer. We have retained worldwide rights to these lead product candidates as well as our preclinical product candidates, all of which we refer to as ProTides. The key business trends affecting our development and performance during and at the period ended 31 December 2024 are detailed above.

In addition to these internal trends that have impacted our financial results, we may also in the future face competition for our products if they are approved. The most common methods of treating patients with cancer are surgery, radiation and drug therapy, including chemotherapy, hormone therapy, immunotherapy and targeted drug therapy. There are a variety of available drug therapies marketed for cancer, including many which are administered in combination to enhance efficacy. We believe that our product candidates, if approved, will principally face competition from other chemotherapies, immunotherapy and targeted drug therapies. In the field of chemotherapy, our competitors include companies that manufacture off-patent chemotherapies, including 5-FU, as well as companies that have developed new or improved chemotherapies. In addition, our product candidates, if approved, may face competition from cancer therapies developed by other companies using phosphoramidate chemistry, as well as other approved drugs or drugs that may be approved in the future for indications for which we may develop our product candidates.

The availability of reimbursement from government and other third-party payors will also significantly affect the pricing and competitiveness of our products. Our competitors also may obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. Many of the companies against which we may compete have significantly greater financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical studies, obtaining regulatory approvals and marketing approved products than we do.

Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical study sites and patient registration for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.

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**key performance indicators** 

As a measurement of liquidity, we review our total liquidity position (including cash and cash equivalents), as well as our operating cash flow. At 31 December 2024, the total liquidity position was £6.7 million (at 31 December 2023: £17.2 million). Net cash used in operating activities was £19.1 million for the year ended 31 December 2024 (year ended 31 December 2023: £26.4 million).

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| **Total liquidity position** | **Net cash used in operating activities** |
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**principal risks and uncertainties** 

In common with other pharmaceutical development companies NuCana faces a number of risks and uncertainties. Internal controls are in place to help identify, manage and mitigate these risks. Further details of risk factors considered by NuCana for the year ended 31 December 2024 are included on Form 20-F filed with the SEC on 20 March 2025.

**Financial** 

We have incurred significant operating losses since our inception. We incurred net losses of £19.0 million for the year ended 31 December 2024 and £27.6 million for the year ended 31 December 2023. As of 31 December 2024, we had an accumulated deficit of £224.3 million. Our product candidate, NUC-7738, is currently in the Phase 2 part of a Phase 1/2 clinical study (NuTide:701) for patients with advanced solid tumours which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumours and in combination with pembrolizumab in patients with melanoma. Our product candidate, NUC-3373, is currently being evaluated in a Phase 1b/2 modular clinical study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumours and in combination with docetaxel for patients with lung cancer. It may be several years, if ever, before we have a product candidate ready for commercialisation. To date, we have financed our operations primarily through public and private placements of our equity securities. We expect to continue to incur significant expenses and operating losses for the foreseeable future. The net losses we incur may fluctuate significantly from quarter to quarter.

We anticipate that our expenses will increase substantially if and as we conduct larger-scale clinical studies of, and seek marketing approval for, our product candidates. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialisation expenses related to product sales, marketing, manufacturing and distribution. We may also need to raise additional funds sooner if we choose to pursue additional indications or geographies for our product candidates or otherwise expand more rapidly than we presently anticipate. Furthermore, we will continue to incur costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we fail to obtain additional financing, we may be unable to complete the development and commercialisation of our product candidates or continue our development programmes.

**Dependence on Clinical Candidates** 

We do not currently generate any revenues from sales of any products, and we may never be able to develop or commercialise a marketable product. We have invested substantially all of our efforts and financial resources to date in the development of NUC-7738 and NUC-3373, as well as Acelarin, for which we discontinued the NuTide:121 clinical study in March 2022. Our ability to generate product revenues, which we do not expect will occur for at least the next several years, if ever, will depend heavily on the successful development and eventual commercialisation of these product candidates, if approved, which may never occur. Each of NUC-7738 and NUC-3373 will require additional clinical development, management of clinical, preclinical and manufacturing activities, regulatory approval in multiple jurisdictions, procurement of manufacturing supply, commercialisation, substantial additional investment and significant marketing efforts before we generate any revenues from product sales, if at all. We are not permitted to market or promote any product candidates in the United States, Europe or other countries before we receive regulatory approval from the FDA, the European Medicines Agency, or EMA, or comparable foreign regulatory authorities, and we may never receive such regulatory approval for NUC-7738, NUC-3373 or any future product candidate. We have not submitted a New Drug Application to the FDA, a Marketing Authorisation Application to the EMA or comparable applications to other regulatory authorities for any of our product candidates and do not expect to be in a position to do so in the foreseeable future.

**Going Concern** 

The development of pharmaceutical drugs is capital-intensive. We have incurred recurring losses from our operations, have an accumulated deficit totalling £224.3 million and cash flows used in operating activities of £19.1 million as of and for the year ended 31 December 2024. We had cash and cash equivalents of £6.7 million at 31 December 2024. We expect our expenses to increase in the medium to long-term with our ongoing activities, particularly if we conduct larger-scale clinical studies of, and seek marketing approval for, our product candidates.

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In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialisation expenses related to product sales, marketing, manufacturing and distribution. Furthermore, we will continue to incur costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. In addition, we have based estimates of our cash runway on assumptions including, but not limited to, our expectations as to our future expenses and costs and our continued eligibility to receive and timing of R&D tax credits in the United Kingdom. There is no assurance that these assumptions will be correct and, as a result, we could use our available capital resources sooner than we currently expect. The timing of R&D tax credits is outwith management's control and any significant delay in receipt of these tax credits would result in the company exhausting its cash balances earlier than forecast within the going concern assessment period. Because of these funding needs and related risks, and the current cash balance on hand, there is material uncertainty related to our ability to raise sufficient additional capital within the going concern period, prior to our cash balances being exhausted, which is forecast to occur in the going concern assessment period.

These events or conditions give rise to a material uncertainty that may cast doubt on the Group and Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialisation of any product candidate or be unable to expand our operations or otherwise capitalise on our business opportunities, or cease trading. We may also need to raise additional funds if we choose to pursue additional indications or geographies for development and commercialisation of our product candidates or otherwise expand more rapidly than we presently anticipate.

Considering the foregoing, we have disclosed in the notes to our financial statements that there is material uncertainty related to the ability of us to raise sufficient additional capital within the going concern assessment period, prior to the cash balances being exhausted. The independent auditor's report to the members of NuCana plc includes an explanatory paragraph stating that we have concluded that a material uncertainty exists about our ability to continue as a going concern. The inclusion of these may negatively impact the trading price of our securities, have an adverse impact on our relationship with third parties with whom we do business, including our customers, vendors and employees, and could make it challenging and difficult for us to raise additional equity or debt financing to the extent needed, all of which could have a material adverse impact on our business, results of operations, financial condition and prospects.

**Economic and Political** 

As a company based in the United Kingdom, our business is subject to risks associated with conducting business internationally. Many of our suppliers and collaborative and clinical study relationships are located outside of the United Kingdom and United States. Accordingly, our future results or our ability to raise additional capital could be harmed by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business interruptions resulting from geo-political actions, including
war and terrorism, or natural disasters including earthquakes, typhoons, floods and fires; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial markets or general economic conditions, including the effects of recession or slow economic
growth, interest rates, fuel prices, international currency fluctuations, corruption, political instability, acts of war, including the ongoing conflict in Ukraine and any potential spread of the conflict into a wider war, acts of terrorism, and
pandemics or other public health crises.

**Manufacturing** 

We do not currently own or operate, nor do we have any plans to establish in the future, any manufacturing facilities. We rely, and expect to continue to rely, on third parties for the manufacture and shipment of our product candidates for preclinical studies and clinical studies, as well as for the commercial manufacture of our drugs if any of our product candidates receive marketing approval. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or drugs or such quantities at an acceptable cost or quality, which could delay, prevent or impair our development or commercialisation efforts.

**Commercialisation** 

We currently have no marketing capability or sales force, but we intend to commercialise or participate in the commercialisation of our product candidates for which we receive regulatory approval in major markets, such as the United States and Europe. This may necessitate building a specialised sales force and other commercial capabilities in such markets. To achieve commercial success for any approved product candidate for which we retain sales and marketing responsibilities, we must build our sales, marketing, managerial and other non-technical capabilities or make arrangements with third parties to perform these services. There are risks involved with both establishing our own sales and marketing capabilities and entering into arrangements with third parties to perform these services. For example, recruiting and training a sales force is expensive and time consuming and could delay any drug launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialisation expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our sales and marketing personnel.

**Regulation** 

Our product candidates and the activities associated with their development and commercialisation, including their design, testing, manufacture, safety, efficacy, recordkeeping, labelling, storage, approval, advertising, promotion, sale, distribution, import and export are subject to comprehensive regulation by the FDA and other regulatory agencies in the United States and by comparable authorities in other countries.

The process of obtaining marketing approvals, both in the United States and in other countries, is expensive and takes several years, if approval is obtained at all, and can vary substantially based upon a variety of factors, including the type, complexity and novelty of the product candidates involved. Failure to obtain marketing approval for a product candidate will prevent us from commercialising. We have not received approval to market any of our product candidates from regulatory authorities in any jurisdiction. We have limited experience in planning and conducting the clinical studies required for marketing approvals, and we expect to rely on third-party contract research organisations, or CROs, to assist us in this process. Obtaining marketing approval requires the submission of extensive preclinical and clinical data and supporting information to regulatory authorities for each therapeutic indication to establish the product candidate's safety and efficacy. Securing marketing approval also requires the submission of

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information about the product manufacturing process, and in many cases the inspection of manufacturing facilities by the regulatory authorities. Our product candidates may not be effective, may be only moderately effective or may prove to have undesirable or unintended side effects, toxicities or other characteristics that may preclude our obtaining marketing approval or prevent or limit commercial use. Regulatory authorities have substantial discretion in the new drug approval process and may refuse to accept any application or may decide that our data are insufficient for approval and require additional preclinical studies or clinical studies. Our product candidates could be delayed in receiving, or fail to receive, marketing approval.

**Intellectual Property** 

If we are unable to obtain and maintain intellectual property protection for our technology and products, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could commercialise technology and products similar or identical to ours, and our ability to successfully commercialise our technology and products may be impaired. In addition, if we infringe the valid patent rights of others, we may be prevented from making, using or selling our products or may be subject to damages or penalties. Even if our patent applications issue as patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our owned or licensed patents by developing similar or alternative technologies or products in a non-infringing manner. We may become involved in administrative adversarial proceedings in the United States Patent and Trademark Office or in the patent offices of other countries brought by a third party to attempt to cancel or invalidate our patent rights, which could be expensive, time consuming and cause a loss of patent rights. We may have to file one or more lawsuits in court to prevent a third party from selling a product or using a product in a manner that infringes our patent, which could be expensive, time consuming and unsuccessful, and ultimately result in the loss of our proprietary market. Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could hurt our business. We may not be able to effectively enforce our intellectual property rights throughout the world. Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements. Our intellectual property licenses with third parties may be subject to disagreements over contract interpretation, which could narrow the scope of our rights to the relevant intellectual property or technology or increase our financial or other obligations to our licensors. We may be subject to claims by third parties asserting that our employees or we have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual property. If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Our proprietary information, or that of our suppliers and any future collaborators, may be lost or we may suffer security breaches. Intellectual property rights do not necessarily address all potential threats to our competitive advantage.

We may not have sufficient financial or other resources to adequately conduct litigation or proceedings relating to intellectual property claims. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources and more mature and developed intellectual property portfolios. Accordingly, despite our efforts, we may not be able to prevent third parties from infringing upon, misappropriating or successfully challenging our intellectual property rights.

**Conduct of Clinical Studies** 

We rely on, and expect to continue to rely on, third parties to conduct our clinical studies for our product candidates. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain marketing approval for or commercialise our product candidates, and our business could be substantially harmed. We do not have the ability to independently conduct clinical studies. Nevertheless, we will be responsible for ensuring that each of our clinical studies are conducted in accordance with the applicable protocol, legal and regulatory requirements and scientific standards.

**Employees** 

We currently have a limited number of employees, and our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel. We are a clinical development-stage group, and, as of 31 December 2024, had 22 employees, including four executive officers. We are highly dependent on the research and development, clinical and business development expertise of Hugh Griffith, our founder and CEO, as well as the other principal members of our management team and our collaborators' scientific and clinical teams. Recruiting and retaining qualified scientific, clinical, manufacturing, finance, sales and marketing personnel will also be critical to our success. The loss of the services of our executive officers or other key employees could impede the achievement of our research, development and commercialisation objectives and seriously harm our ability to successfully implement our business strategy.

**environmental matters** 

We currently outsource our research, development and manufacturing activities.

Our leased offices in the United Kingdom drive the majority of our carbon emissions. The building currently has a current Energy Performance Certificate, with a Building Energy Performance Rating of "A" (between 0 to 15 kgCO<sub>2</sub> per m² per year). The certificate has been produced under the Energy Performance of Buildings (Scotland) Regulations 2008 from data lodged to the Scottish EPC register. The building energy performance rating is a measure of the effect of a building on the environment in terms of carbon dioxide CO2 emission, with ratings ranging between "A+" (net zero carbon) to "G" (very poor). The better the rating, the less impact on the environment. The current rating is based upon an assessor's survey of the building, using EPCgen, V6.1.e.0.

Our report on greenhouse gas emissions is included in our Directors' Report on page 16 of this Annual Report.

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**employees** 

The number of employees by function and geographic location at 31 December 2024 and 2023 was as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **By Function:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 16 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management and administrative | 6 | 6 |
|  **Total** | **22** | **28** |
|  **By Geography:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 20 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 2 | 2 |
|  **Total** | **22** | **28** |

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As of 31 December 2024, we had 20 full-time employees and 2 part-time employees. We have never had a work stoppage and none of our employees are covered by collective bargaining agreements or represented by a labour union. We believe our employee relations are good.

**Diversity** 

We make appointments based on merit according to the balance of skills and experience offered by prospective candidates. Whilst acknowledging the benefits of diversity, individual appointments are made irrespective of personal characteristics such as sex, race, disability, gender, sexual orientation, religion or age.

A breakdown of the statistics as at 31 December 2024 is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Position** | **Male** | **Female** | **Total** |
|  **Company Director** | **7** | **—** | **7** |
|  Senior Manager | 6 | 5 | 11 |
|  Other Employees | 5 | 5 | 10 |
|  **Total Employees<sup>(1)</sup>**  | **12** | **10** | **22** |

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(1) Total Employees includes one executive director, the CEO.

**employee consultation and human rights** 

We place considerable value on the involvement of our employees. Meetings are held with employees to discuss the operations and progress of the business and employees are encouraged to become involved in the success of the Group through share option schemes (see note 15 to the financial statements). We endeavour to impact positively on the communities in which we operate. We do not, at present, have a specific policy on human rights. However, we have several policies that promote the principles of human rights, including our Anti-Slavery and Human Trafficking Policy, which governs our zero-tolerance approach to modern slavery and our commitment to acting ethically and with integrity in all our business dealings; and an Anti-Corruption and Bribery Policy in order to reflect our policy to conduct our business in an honest and ethical manner. Our Health & Safety policy sets out our commitment to provision of a safe working environment for our employees. Furthermore, our Equal Opportunities Policy promotes the right of every employee to be treated with dignity and respect and not to be harassed or bullied on any grounds. Accordingly, we have a policy framework in place to ensure that we will respect the human rights of all our employees, including: provision of a safe, clean working environment; ensuring employees are free from discrimination and coercion; not using child or forced labour and respecting the rights of privacy and protecting access and use of employee personal information. This report does not contain information relating to social or community matters as such information is not relevant in understanding our development, performance, or position.

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**section 172(1) statement** 

Section 172 of the Companies Act 2006 requires each of directors to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so, have regard (amongst other matters) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the likely consequences of any decision in the long term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the interests of the company's employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the need to foster the company's business relationships with suppliers, customers and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the impact of the company's operations on the community and the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the desirability of the company maintaining a reputation for high standards of business conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the need to act fairly between members of the company.

The directors continue to have regard to the interests of our key stakeholders, including our shareholders, holders of ADSs, and employees. The Board recognises its responsibility to take into consideration the needs and concerns of all our stakeholders as part of our discussion and decision-making processes.

Details of our interactions and engagement with shareholders, ADSs holders and analysts are summarised below.

---

| | |
|:---|:---|
| **Interests** – issues and factors which are most important to shareholders, ADSs holders and analysts | • Successful research and development of our pipeline<br> • Sufficient cash and cash equivalents on hand to fund our anticipated operations |
|  | • Annual General Meeting in June 2024 |
| **Engagement** – examples of engagement in 2024 | • Directors and senior management meet investors and analysts<br> • Quarterly financial results and regular press releases<br> • Investor outreach programme, including regular investor conferences and events |
| **Outcomes** – any actions which resulted | • Helped to inform the objectives and strategy of the business, as outlined in the Our Strategy section of this Strategic Report on page 5<br> • Attracted new investors in the Group |

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Our engagement and consultation with employees are outlined in the Employee Consultation and Human Rights section of this Strategic Report on page 12.

The consideration and impact of our operations on the environment are contained in the Environmental Matters section of this Strategic Report on page 11.

The Strategic Report was approved by the Board on 2 June 2025.

On behalf of the Board

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Hugh S. Griffith

Chief Executive Officer

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directors' report

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**directors' report** 

**Company registration** 

NuCana plc is registered in England and Wales with the registered number 03308778.

**Results and dividends** 

The loss for the year after taxation amounted to £19.0 million (2023: £27.6 million). The directors do not recommend a final dividend (2023: £nil).

**Principal activities** 

NuCana is a clinical-stage biopharmaceutical Group developing a portfolio of new medicines (ProTides) to treat patients with cancer. The unique feature of ProTides is their ability to overcome the key limitations associated with many widely used anti-cancer medicines and have the potential to be more effective and safer treatments for patients with cancer.

**Future developments** 

The future developments have been set out in the Strategic Report on page 2.

**Research and development activities** 

NuCana's research and development strategy and activities have been set out in the Strategic Report on pages 2 to 13.

**Directors** 

The directors who served the Company during the year and up to the date of this report were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugh Griffith | Cyrille Leperlier |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew Kay | Bali Muralidhar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adam George (retired 21 March 2025) | Elliott Levy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Mellish |  |

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**Going concern** 

The Group's financial statements have been presented on the basis that it is a going concern. The Group has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Group has incurred recurring net losses, has an accumulated deficit totalling £224.3 million and cash flows used in operating activities of £19.1 million for the year ended 31 December 2024. The Group had £6.7 million of cash and cash equivalents at 31 December 2024.

The Group's board of directors have reviewed the operating budgets and development plans for the 24-month period to 31 December 2026 (the "going concern assessment period"). The base case forecast prepared for the going concern assessment period includes assumptions regarding, among other things, research and development expenses, administrative expenses, staff costs and R&D tax credits. The timing of R&D tax credits is outwith management's control and any significant delay in receipt of these tax credits would result in the company exhausting its cash balances earlier than forecast within the going concern assessment period. The forecast includes the post year end gross cash proceeds from the "at-the-market" (ATM) of £0.5 million and the registered direct offering of £8.8 million disclosed in note 18 to the financial statements on page 67. The base case forecast has been reviewed and approved by the board of directors in accordance with the Group's normal budgeting and forecasting processes.

Based on the base case forecast, the Group's cash and cash equivalents on hand will not be sufficient to fund the Group's anticipated operations for the entirety of the going concern assessment period and are forecast to be exhausted in the fourth quarter of 2026. As the Group intends to continue to progress its research and development activities, there will be a requirement to seek additional capital within the going concern assessment period, which the Group may obtain from additional equity financings, debt financings, partnerships, or other sources.

If the Group is unable to obtain additional capital, the Group will be required to delay or reduce its research and development programs, which could negatively impact its ability to generate future sustainable operating revenues and profits or its ability to continue as a going concern, or cease trading.

The Group's board of directors, having successfully completed several financings in the past, believe the Group will be successful in raising sufficient additional capital to allow the Group and the Company to continue as a going concern.

As a result of these matters there is material uncertainty related to the ability of the Group and the Company to raise sufficient additional capital within the going concern assessment period, prior to its cash balances being exhausted. These events or conditions give rise to a material uncertainty that may cast significant doubt upon the Group and the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not contain the adjustments that would result if the company was unable to continue as a going concern.

**Financial instruments** 

Details of financial instruments are set out in note 17 to the financial statements on page 66.

**Charitable and political contributions** 

No charitable contributions were paid during the 2024 financial year (2023: £nil).

No donations were made during the 2024 financial year to political organisations (2023: £nil).

**Structure of group's capital** 

Details of the structure of the Group's capital are set out in note 13 to the financial statements on page 59.

**Directors' insurance and indemnities** 

The directors have the benefit of the indemnity provisions contained in the Company's Articles of Association, and the Company has maintained throughout the year directors' and officers' liability insurance for the benefit of the Company, the directors and its officers. The Company has entered into qualifying third-party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

**Overseas branches** 

The Company has no overseas branches.

**Environmental matters** 

The Group measures and reports its greenhouse gas emissions.

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As 2020 was the first year of reporting, it is reported as the baseline year against which future performance is measured.

***Quantification and reporting methodology***

This report was compiled by management. The 2019 U.K. Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed to ensure the Streamlined Energy and Carbon Reporting ("SECR") requirements were met.

The energy data was collated using existing reporting mechanisms for the Group's leased offices in the United Kingdom, where the majority of the Group's employees are based. These methodologies provided a continuous record of electricity use.

The energy data was converted to carbon emissions using the 2024 U.K. Government GHG Conversion Factors for Company Reporting. The associated emissions are divided into the combustion of fuels and the operation of facilities (scope 1), purchased electricity, heating and cooling (scope 2) and indirect emissions that occur as a consequence of company activities (scope 3). During the year the Group only had emissions relating to scope 2.

***Estimations***

The electricity use was compiled from invoices and meter readings.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Energy used by the company (in KWH) | 75576 | 77495 | 111631 | 128699 | 164026 |
|  Emissions associated with the reported energy use (tCO<sub>2</sub>e) | 16 | 16 | 22 | 27 | 38 |

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***Intensity Ratio***

The chosen primary intensity ratio is total gross emissions in metric tonnes CO<sub>2</sub>e (mandatory emissions) per employee.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Tonnes of CO<sub>2</sub>e per employee | 0.65 | 0.59 | 0.72 | 1.01 | 1.37 |

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***Energy efficiency action during current financial year***

We will continue to monitor our carbon emissions and look for cost-effective improvements of energy performance.

Energy consumption is expected to be broadly stable this year as we continue to adopt a blended approach to working, with a mix of remote and office working.

***Climate change***

The Group relies on third parties to manufacture and ship our product candidates for preclinical studies and clinical studies, as well as conducting the associated preclinical and clinical studies. As a result, the Group's direct operational footprint is such that it does not expect any material impact on their operations and financial position as a result of climate change.

The Audit Committee makes recommendations to the Board on the principal risks of relevance to the business. Climate-related issues are considered in terms of potential for contribution to these principal risks. The issues considered include both the risk of physical disruption to the business from climate change, and the risks and opportunities as the global economy transitions to significantly lower carbon emissions. In the current period, the Audit Committee concluded that climate-related risks did not rise to the level of a principal risk.

**Events after the reporting period** 

Details of important events affecting the Group, which have occurred since 31 December 2024, are set out in note 18 to the financial statements on page 67.

**Disclosure of information to the auditors** 

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the Group's auditor, each director has taken all the steps that they are obliged to take as directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

**Auditors** 

Resolutions to re-appoint Ernst & Young LLP as auditor of the Company and to authorise the Board to set its remuneration will be proposed at the Company's forthcoming annual general meeting ("AGM").

The Directors' Report was approved by the Board on 2 June 2025.

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|:---|
| On behalf of the Board |
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| <br> Hugh S. Griffith |
| Director |

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directors' remuneration report

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**remuneration committee chair's annual statement** 

***The information provided in this part of the Directors' Remuneration Report is not subject to audit.***

On behalf of the Board of Directors of NuCana, I am pleased to present the Directors' Remuneration Report for the year ended 31 December 2024.

Voting at our 2024 AGM was conducted on a poll. At the 2024 AGM, the resolution to approve the 2023 Directors' Remuneration Report was approved by a majority of the votes cast as follows:

• 53,994,987 votes for and 1,031,850 votes against which equates to over 98% of the proxy vote being in favour of
the resolution. 158,400 votes were withheld.

Voting at our 2023 AGM was conducted on a show of hands by those shareholders (or their proxies, as applicable) in attendance at the 2023 AGM. The resolution to approve the existing Directors' Remuneration Policy was approved by a majority of the votes cast at the 2023 AGM on a show of hands. Had a poll been called the proxy vote directions given to the Chairman of the 2023 AGM (and other officers of the Company) would have been exercised as follows:

• Resolution 8 regarding approval of the Directors' Remuneration Policy: 49,749,595 votes for and 1,069,642
votes against which equates to over 97% of the proxy vote in favour of the resolution. 118,152 votes were withheld.

A copy of the Directors' Remuneration Policy (approved to take effect from 15 June 2023) is available for inspection at the Global Headquarters of the Company at 3 Lochside Way, Edinburgh, EH12 9DT, United Kingdom, and is also available on pages 25 to 29 of our 2022 Annual Report, which is on our website at https://www.nucana.com.

**Remuneration Committee** 

The Remuneration Committee consists of two independent non-executive directors, Bali Muralidhar (Chair from 27 April 2022 and Member since 5 February 2021), and Elliott Levy (Member since 6 May 2022).

The Remuneration Committee is responsible for reviewing and establishing our executive remuneration policy and philosophy, including reviewing the performance of the senior executive officers and setting the scale and structure of their remuneration and the basis of their service agreements with due regard to the interests of the shareholders. It is the policy of the Remuneration Committee that no individual can participate in discussions or decisions concerning his or her own remuneration.

The Directors' Remuneration Report that follows is for the year from 1 January 2024 to 31 December 2024 except where otherwise stated.

The Directors' Remuneration Policy is designed to:

• Increase shareholder value;

• Reward senior executive officers for their contribution to the Company's development and value creation;

• Recognise individual initiative, leadership, achievement, and other contributions; and

• Provide competitive compensation that will attract and retain qualified executives.

**Activities and major decisions** 

During the year ended 31 December 2024, the Remuneration Committee undertook the following activities and major decisions:

• Performed a review of director and senior executive officer compensation, which was undertaken to ensure that
remuneration for our directors and senior executive officers remains competitive for the retention and engagement of key talent.

As a result of the review completed in 2024, and in order to extend the Group's cash runway, no annual bonuses or increased base salaries were received by the CEO, Chief Financial Officer, or CFO, and Chief Medical Officer, or CMO, for the year ended 31 December 2024.

• Awarded share options to certain employees in March 2024.

**2025 Annual General Meeting** 

On behalf of the Board, I wish to thank our shareholders for their input and support during the year ended 31 December 2024. The Remuneration Committee and the Board of Directors welcome feedback from our shareholders on the Directors' Remuneration Report. We look forward to receiving the support of our shareholders for the Directors' Remuneration Report at our 2025 AGM to be held on 27 June 2025.

![LOGO](g891437dsp28b.jpg)

Bali Muralidhar <br> Non-Executive Director & Chair of Remuneration Committee 2 June 2025

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

**report on remuneration** 

***The information provided in this part of the Directors' Remuneration Report is subject to audit.***

The Remuneration Committee presents the Report on Remuneration for the year ended 31 December 2024, which will be put to shareholders for a non-binding vote at the 2025 AGM to be held on 27 June 2025.

***Single Total Figure for Remuneration of each Director***

The following table shows the remuneration received by the directors for the years ended 31 December 2024 and 31 December 2023.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Director** |  | Salary &<br>Fees<sup>(1)</sup> <br>£ | Taxable<br>Benefits<sup>(2)</sup><br>£ | Annual<br>Bonus<br>£ | Share<br>Options<sup>(3)</sup><br>£ | Pension<br>Benefit<sup>(4)</sup><br>£ | Total<br>£ | Total Fixed<br>Remuneration<sup>(5)</sup><br>£ | Total Variable<br>Remuneration<sup>(6)</sup><br>£ |
|  **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  | **Executive Directors<sup>(7)</sup>**  |
|  Hugh Griffith | YE 31 Dec 2024 | 596636 | 4865 |  | 2418 | 59664 | 663583 | 661165 | 2418 |
|  Hugh Griffith | YE 31 Dec 2023 | 573688 | 3791 | 339738 | 98598 | 57369 | 1073184 | 634848 | 438336 |
|  **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** |
|  Andrew Kay | YE 31 Dec 2024 | 79723 |  |  |  |  | 79723 | 79723 |  |
|  Andrew Kay | YE 31 Dec 2023 | 78774 |  |  | 11922 |  | 90696 | 78774 | 11922 |
|  Adam George<sup>(8)</sup>  | YE 31 Dec 2024 | 57184 |  |  |  |  | 57184 | 57184 |  |
|  Adam George<sup>(8)</sup>  | YE 31 Dec 2023 | 56555 |  |  | 3059 |  | 59614 | 56555 | 3059 |
|  Martin Mellish | YE 31 Dec 2024 | 48384 |  |  |  |  | 48384 | 48384 |  |
|  Martin Mellish | YE 31 Dec 2023 | 47852 |  |  | 2744 |  | 50596 | 47852 | 2744 |
|  Cyrille Leperlier | YE 31 Dec 2024 | 65898 |  |  |  |  | 65898 | 65898 |  |
|  Cyrille Leperlier | YE 31 Dec 2023 | 65080 |  |  | 2744 |  | 67824 | 65080 | 2744 |
|  Bali Muralidhar | YE 31 Dec 2024 |  |  |  |  |  |  |  |  |
|  Bali Muralidhar | YE 31 Dec 2023 |  |  |  |  |  |  |  |  |
|  Elliot Levy | YE 31 Dec 2024 | 54914 |  |  |  |  | 54914 | 54914 |  |
|  Elliot Levy | YE 31 Dec 2023 | 54232 |  |  | 3059 |  | 57291 | 54232 | 3059 |
|  **Total** | **YE 31 Dec 2024** | **902739** | **4865** | **—** | **2418** | **59664** | **969686** | **967268** | **2418** |
|  **Total** |  |  |  |  |  |  |  |  |  |
|  | **YE 31 Dec 2023** | **876181** | **3791** | **339738** | **122126** | **57369** | **1399205** | **937341** | **461864** |

---

(1) The majority of the remuneration was set and paid in pounds sterling (£). For the purposes of this table,
the fees paid in any other currency in which remuneration was paid have been converted into pounds sterling based on the currency/pounds sterling average exchange rate for the period the costs relate to. All of the figures in the table above are in
pounds sterling.

(2) The amount for taxable benefits represents the Company's contribution to medical insurance.

(3) These options only have service conditions attached. There are no performance conditions. The values of these
share option awards are therefore recorded in this table at the date of grant. Where the options have vested before the date of this report the value is based on the market value of the shares at the date of vesting, less the exercise price. Where
the options have not vested the market value of the options at the date of vesting is not ascertainable. Therefore, the value included in this table is based on the average market value of the shares over the three months to 31 December 2024
and 31 December 2023 respectively, less the applicable exercise price.

(4) The amount for pension benefit represents the Company's contribution into a money purchase plan.

(5) Total fixed remuneration includes salary and fees, taxable benefits and pension benefit.

(6) Total variable remuneration includes annual bonus and share options.

(7) Changes to the compensation for our executive directors take effect from 1 January in each year.

(8) Adam George retired from the Board on 21 March 2025.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

**Annual bonus** 

Our executive directors are eligible for an annual bonus at the discretion of the Remuneration Committee. Bonus awards are reviewed at the end of each calendar year and any such awards are determined by the performance of the individual and the company as a whole, based upon the achievement of strategic objectives set at the beginning of the year. In determining executive director compensation for the year ended 31 December 2024, the Remuneration Committee considered achievement of specific performance measures which had been previously approved by the Remuneration Committee to be achieved by the executive team during 2024. These are considered to be commercially sensitive and will not be disclosed in detail, but are linked to our business strategies which include to:

• Rapidly develop NUC-7738 as a treatment for patients with solid tumours;

• Identify additional indications for development of NUC-3373;

• Leverage our proprietary ProTide technology platform to develop additional product candidates; and

• Continue to protect and strengthen our intellectual property position

Whilst the executive team performed well against the strategic objectives it was deemed prudent not to award annual bonuses for 2024 so that the Group's cash runway could be extended.

**Share options awarded during the financial year** 

The table below shows, for each director, the total number of options awarded in the year ended 31 December 2024. The face value of the award is calculated as the share price per ordinary share at date of grant, in pounds sterling, multiplied by the number of options granted. The options granted have no performance conditions, only service conditions.

We periodically grant share options to employees, directors and consultants to enable them to share in our successes and to reinforce a corporate culture that aligns their interests with that of our shareholders.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of director** | **Type of plan** | **Number of<br>options granted** | **Exercise<br>price**<br>**£** | **Share price at<br>date of grant<br>£** | **Value at<br>date of<br>grant**<br>**£** | **Performance<br>period end** | **Date of<br>expiry** |
|  **Executive Directors** |  |  |  |  |  |  |  |
|  Hugh Griffith | 2020 Long-Term<br> Incentive Plan | 850667 | 0.30 | 0.30<sup>(1)</sup> | 255200 | 13-Mar-28 | 13-Mar-34 |
|  Hugh Griffith | 2020 Long-Term<br> Incentive Plan | 833333 | 0.30 | 0.30<sup>(2)</sup> | 250000 | 14-Mar-28 | 14-Mar-34 |
|  Hugh Griffith | 2020 Long-Term<br> Incentive Plan | 842000 | 0.04 | 0.30<sup>(3)</sup> | 252600 | 13-Mar-28 | 13-Mar-34 |
|  **Non-Executive Directors** |  |  |  |  |  |  |  |
|  Andrew Kay | 2020 Long-Term<br> Incentive Plan | 46875 | 0.30 | 0.30<sup>(1)</sup> | 14063 | 13-Mar-25 | 13-Mar-34 |
|  Andrew Kay | 2020 Long-Term<br> Incentive Plan | 23438 | 0.04 | 0.30<sup>(3)</sup> | 7031 | 13-Mar-25 | 13-Mar-34 |
|  Adam George<sup>(4)</sup>  | 2020 Long-Term<br> Incentive Plan | 46875 | 0.30 | 0.30<sup>(1)</sup> | 14063 | 13-Mar-25 | 13-Mar-34 |
|  Adam George<sup>(4)</sup>  | 2020 Long-Term<br> Incentive Plan | 23438 | 0.04 | 0.30<sup>(3)</sup> | 7031 | 13-Mar-25 | 13-Mar-34 |
|  Martin Mellish | 2020 Long-Term<br> Incentive Plan | 46875 | 0.30 | 0.30<sup>(1)</sup> | 14063 | 13-Mar-25 | 13-Mar-34 |
|  Martin Mellish | 2020 Long-Term<br> Incentive Plan | 23438 | 0.04 | 0.30<sup>(3)</sup> | 7031 | 13-Mar-25 | 13-Mar-34 |
|  Cyrille Leperlier | 2020 Long-Term<br> Incentive Plan | 46875 | 0.30 | 0.30<sup>(1)</sup> | 14063 | 13-Mar-25 | 13-Mar-34 |
|  Cyrille Leperlier | 2020 Long-Term<br> Incentive Plan | 23438 | 0.04 | 0.30<sup>(3)</sup> | 7031 | 13-Mar-25 | 13-Mar-34 |
|  Elliott Levy | 2020 Long-Term<br> Incentive Plan | 46875 | 0.30 | 0.30<sup>(1)</sup> | 14063 | 13-Mar-25 | 13-Mar-34 |
|  Elliott Levy | 2020 Long-Term<br> Incentive Plan | 23438 | 0.04 | 0.30<sup>(3)</sup> | 7031 | 13-Mar-25 | 13-Mar-34 |

---

(1) The share options were granted on 13 March 2024.

(2) The share options were granted on 14 March 2024.

(3) The share options were granted on 13 March 2024. The exercise price of these share options is the nominal value
of our ordinary shares of £0.04 rather than at the share price at the date of grant of £0.30. The exercise price of the share options has not changed since the date of the grant. Following a share subdivision and redesignation of the
Company's ordinary share capital on 23 April 2025, the share options granted are now over ordinary shares of £0.0004 each but otherwise remain unamended.

(4) Adam George retired from the Board on 21 March 2025. All unvested options lapsed on the date of his
retiral.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

**Statement of directors' shareholdings and share interests** 

The table below shows, for each director, the total number of shares owned, the total number of share options held and the number of share options vested as at 31 December 2024. The table only reflects shares held individually by each director and does not include shares held by any investment fund with which the director is affiliated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of director** | **Shares<br>owned** | **Share options<br>Vested not yet<br>exercised<sup>(1)</sup>** | **Share options<br>Unvested with<br>performance conditions<sup>(1)</sup>** | **Share options<br>Exercised during<br>the year** | **Total<br>(Shares and Share<br>Options)** |
|  **Executive Directors** |  |  |  |  |  |
|  Hugh Griffith | 1265026 | 4698682 | 4038531 |  | 10002239 |
|  **Non-Executive Directors** |  |  |  |  |  |
|  Andrew Kay |  | 213281 | 169532 |  | 382813 |
|  Adam George<sup>(2)</sup>  |  | 219049 | 118238 |  | 337287 |
|  Martin Mellish | 33230 | 181975 | 139332 | 5278 | 354537 |
|  Cyrille Leperlier |  | 197955 | 139332 |  | 337287 |
|  Bali Muralidhar<sup>(3)</sup>  | 540 | 87525 | 47925 |  | 135990 |
|  Elliott Levy | 18751 | 104999 | 120938 | 14063 | 244688 |

---

(1) All share options that were outstanding as at 31 December 2024 use time-based vesting and are not subject to
performance targets other than continued service until the date of vesting.

(2) Adam George retired from the Board on 21 March 2025. All unvested options lapsed on the date of his retiral.

(3) Consists of 540 ADSs. Excludes 3,333,333 ADSs held by Abingworth Bioventures VII, LP ("Abingworth
VII"). Abingworth VII (acting by its general partner Abingworth Bioventures VII GP LP, acting by its general partner Abingworth General Partner VII LLP) has delegated to Abingworth LLP ("Abingworth"), all investment and dispositive
power over the securities held by Abingworth VII. Abingworth holds the reported securities indirectly through Abingworth VII. Bali Muralidhar is a managing partner and investment committee member of Abingworth and disclaims beneficial ownership of
the ADSs held by Abingworth VII.

**Policy on shareholding requirements** 

We do not currently have a policy requiring our directors to hold a certain number or value of our shares.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

**Directors' equity-based awards held at 31 December 2024** 

The table below presents the interests of the directors in options to acquire our ordinary shares with a nominal value of Ł0.04 per share as at 31 December 2024. A total of 2,877,565 options were granted to directors during the year ended 31 December 2024. Two of our directors exercised options during the year ended 31 December 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of director** | **Options held** | **Grant date** | **Start date for vesting** | **Earliest date of**<br> **potential exercise of**<br> **any options<sup>(1)</sup>**  | **Date of expiry** |
|  **Executive Directors** | **Executive Directors** | **Executive Directors** | **Executive Directors** | **Executive Directors** | **Executive Directors** |
|  Hugh Griffith | 1028533 | 15-Sep-2017 | 15-Sep-2017 | 15-Sep-2017 | 15-Sep-2027 |
|  Hugh Griffith | 428600 | 15-May-2019 | 15-May-2019 | 15-May-2020 | 15-May-2029 |
|  Hugh Griffith | 1105775 | 10-Jun-2020 | 10-Jun-2020 | 10-Jun-2021 | 10-Jun-2030 |
|  Hugh Griffith | 221155 | 9-Sep-2020 | 9-Sep-2020 | 9-Sep-2021 | 9-Sep-2030 |
|  Hugh Griffith | 590775 | 10-Feb-2021 | 10-Feb-2021 | 10-Feb-2022 | 10-Feb-2031 |
|  Hugh Griffith | 1223800 | 15-Sep-2021 | 15-Sep-2021 | 15-Sep-2022 | 15-Sep-2031 |
|  Hugh Griffith | 401450 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Hugh Griffith | 200725 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
|  Hugh Griffith | 1010400 | 11-Jan-2023 | 11-Jan-2023 | 11-Jan-2024 | 11-Jan-2033 |
|  Hugh Griffith | 1692667 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
|  Hugh Griffith | 833333 | 14-Mar-2024 | 14-Mar-2024 | 14-Mar-2025 | 14-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **8737213** |  |  |  |  |
|  **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** |
|  Andrew Kay | 200000 | 13-Jan-2021 | 13-Jan-2021 | 13-Jan-2022 | 13-Jan-2031 |
|  Andrew Kay | 56250 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Andrew Kay | 28125 | 11-Jan-2023 | 11-Jan-2023 | 11-Jan-2024 | 11-Jan-2033 |
|  Andrew Kay | 28125 | 16-Jun-2023 | 16-Jun-2023 | 16-Jun-2024 | 16-Jun-2033 |
|  Andrew Kay | 70313 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **382813** |  |  |  |  |
|  Adam George<sup>(2)</sup>  | 21000 | 8-May-2018 | 8-May-2018 | 8-May-2019 | 8-May-2028 |
|  Adam George<sup>(2)</sup>  | 25000 | 15-May-2019 | 15-May-2019 | 15-May-2020 | 15-May-2029 |
|  Adam George<sup>(2)</sup>  | 47832 | 10-Jun-2020 | 10-Jun-2020 | 10-Jun-2021 | 10-Jun-2030 |
|  Adam George<sup>(2)</sup>  | 9567 | 9-Sep-2020 | 9-Sep-2020 | 9-Sep-2021 | 9-Sep-2030 |
|  Adam George<sup>(2)</sup>  | 34650 | 10-Feb-2021 | 10-Feb-2021 | 10-Feb-2022 | 10-Feb-2031 |
|  Adam George<sup>(2)</sup>  | 44550 | 15-Sep-2021 | 15-Sep-2021 | 15-Sep-2022 | 15-Sep-2031 |
|  Adam George<sup>(2)</sup>  | 37500 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Adam George<sup>(2)</sup>  | 18750 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
|  Adam George<sup>(2)</sup>  | 9375 | 16-Jun-2023 | 16-Jun-2023 | 16-Jun-2024 | 16-Jun-2033 |
|  Adam George<sup>(2)</sup>  | 18750 | 12-Jul-2023 | 12-Jul-2023 | 12-Jul-2024 | 12-Jul-2033 |
|  Adam George<sup>(2)</sup>  | 70313 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **337287** |  |  |  |  |
|  Martin Mellish | 23250 | 16-May-2017 | 28-Oct-2016 | 28-Oct-2017 | 16-May-2027 |
|  Martin Mellish | 25000 | 15-May-2019 | 15-May-2019 | 15-May-2020 | 15-May-2029 |
|  Martin Mellish | 47832 | 10-Jun-2020 | 10-Jun-2020 | 10-Jun-2021 | 10-Jun-2030 |
|  Martin Mellish | 25987 | 10-Feb-2021 | 10-Feb-2021 | 10-Feb-2022 | 10-Feb-2031 |
|  Martin Mellish | 44550 | 15-Sep-2021 | 15-Sep-2021 | 15-Sep-2022 | 15-Sep-2031 |
|  Martin Mellish | 37500 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Martin Mellish | 18750 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
|  Martin Mellish | 28125 | 11-Jan-2023 | 11-Jan-2023 | 11-Jan-2024 | 11-Jan-2033 |
|  Martin Mellish | 70313 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **321307** |  |  |  |  |
|  Cyrille Leperlier | 21000 | 8-May-2018 | 8-May-2018 | 8-May-2019 | 8-May-2028 |
|  Cyrille Leperlier | 25000 | 15-May-2019 | 15-May-2019 | 15-May-2020 | 15-May-2029 |
|  Cyrille Leperlier | 47832 | 10-Jun-2020 | 10-Jun-2020 | 10-Jun-2021 | 10-Jun-2030 |
|  Cyrille Leperlier | 9567 | 9-Sep-2020 | 9-Sep-2020 | 9-Sep-2021 | 9-Sep-2030 |
|  Cyrille Leperlier | 34650 | 10-Feb-2021 | 10-Feb-2021 | 10-Feb-2022 | 10-Feb-2031 |
|  Cyrille Leperlier | 44550 | 15-Sep-2021 | 15-Sep-2021 | 15-Sep-2022 | 15-Sep-2031 |
|  Cyrille Leperlier | 37500 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Cyrille Leperlier | 18750 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
|  Cyrille Leperlier | 28125 | 11-Jan-2023 | 11-Jan-2023 | 11-Jan-2024 | 11-Jan-2033 |
|  Cyrille Leperlier | 70313 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **337287** |  |  |  |  |
|  |  |  |  |  | *cont* |

---

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of director** | **Options held** | **Grant date** | **Start date for vesting** | **Earliest date of**<br> **potential exercise of**<br> **any options<sup>(1)</sup>**  | **Date of expiry** |
|  Bali Muralidhar | 34650 | 10-Feb-2021 | 10-Feb-2021 | 10-Feb-2022 | 10-Feb-2031 |
|  Bali Muralidhar | 44550 | 15-Sep-2021 | 15-Sep-2021 | 15-Sep-2022 | 15-Sep-2031 |
|  Bali Muralidhar | 37500 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Bali Muralidhar | 18750 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **135450** |  |  |  |  |
|  | 90000 | 15-Dec-2021 | 15-Dec-2021 | 15-Dec-2022 | 15-Dec-2031 |
|  | 37500 | 9-Mar-2022 | 9-Mar-2022 | 9-Mar-2023 | 9-Mar-2032 |
|  Elliot Levy | 9374 | 12-Jul-2022 | 12-Jul-2022 | 12-Jul-2023 | 12-Jul-2032 |
|  | 18750 | 12-Jul-2023 | 12-Jul-2023 | 12-Jul-2024 | 12-Jul-2033 |
|  | 70313 | 13-Mar-2024 | 13-Mar-2024 | 13-Mar-2025 | 13-Mar-2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **225937** |  |  |  |  |

---

(1) All share options awarded to directors that were outstanding as at 31 December 2024 use time-based vesting and
are not subject to performance targets other than continued service until the date of vesting.

(2) Adam George retired from the Board on 21 March 2025. All unvested options lapsed on the date of his
retiral.

The closing market price of our ADSs on 31 December 2024 was $1.19 or $0.05 per ordinary share. One ADS represents twenty-five ordinary shares.

**Payments made to past directors** 

During the year ended 31 December 2024, no payments were made to former directors of the Company.

**Payments for loss of office** 

During the year ended 31 December 2024, no payments were made with respect to a director's loss of office.

**Policy on payments for loss of office** 

Our approach to payments in the event of termination of an executive director is to take account of the individual circumstances including the reason for termination, individual performance, contractual obligations and the terms of the share option scheme in which the executive director participates.

Payment obligations would include base salary, target bonus and benefits. In addition, our option scheme rules allow some or all of the options held by our executive directors and senior executive officers to vest in certain circumstances upon the event of a change of control.

There are no contractual provisions agreed prior to 27 June 2012 that could impact on the quantum of the payment.

We will comply with applicable disclosure and reporting requirements of the Securities and Exchange Commission with respect to remuneration arrangements with a departing executive director.

**Illustration of total shareholder return** 

***The information provided in this part of the Directors' Remuneration Report is not subject to audit.***

The graph below shows the daily movements by 31 December 2024, of $100 invested in NuCana plc ADS at our IPO price on 28 September 2017 compared with the value of $100 invested in the SPDR Series Trust SPDR S&P Biotech ETF (XBI). We believe this graph reflects our relative performance against a group of similarly situated comparator companies.

![LOGO](g891437dsp33.jpg)

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp28a.jpg)

**Chief Executive Officer historical remuneration** 

The table below sets out total remuneration delivered to the CEO over the last nine years valued using the methodology applied to the single total figure of remuneration. The Remuneration Committee does not believe that the remuneration payable in its earlier years as a private company bears any comparative value to that paid in its later years and therefore the Remuneration Committee has chosen to disclose remuneration only for the nine most recent financial years.

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Single total figure<br>of remuneration**<br>**£** | **Annual bonus payout**<br>**against maximum**<br>**opportunity** | **Long term incentive<br>vesting rates against<br>maximum opportunity** |
|  Year ended 31 December 2024<sup>(1)</sup>  | 663583 | 0% | 100% |
|  Year ended 31 December 2023<sup>(1)</sup>  | 1073184 | 59% | 100% |
|  Year ended 31 December 2022<sup>(1)</sup>  | 1292730 | 78% | 100% |
|  Year ended 31 December 2021<sup>(1)</sup>  | 2158116 | 60% | 100% |
|  Year ended 31 December 2020<sup>(1)</sup>  | 1709183 | 60% | 100% |
|  Year ended 31 December 2019 | 827586 | 57% | 100% |
|  Year ended 31 December 2018 | 786311 | 58% | n/a |
|  Year ended 31 December 2017<sup>(1)</sup>  | 11033025 | 82% | 100% |
|  Year ended 31 December 2016 | 407533 | 35% | 100% |

---

(1) The years ended 31 December 2024, 31 December 2023, 31 December 2022, 31 December 2021, 31 December 2020 and 31
December 2017 include unrealised gains on share options, which have not been exercised.

**Change in director remuneration compared to other employees** 

The following table below shows the percentage change in the remuneration of directors and the average change per employee from 2020 onwards.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** |
|  |  | **Salary & Fees%** | **Taxable Benefits%** | **Annual Bonus%** |
|  **Executive Directors** | **Executive Directors** | **Executive Directors** | **Executive Directors** |  |
|  Hugh Griffith | 2023 to 2024 | 4.0 | 28.3 | (100.0) |
|  Hugh Griffith | 2022 to 2023 | 4.0 | 11.4 | (18.0) |
|  Hugh Griffith | 2021 to 2022 | 3.8 | (2.9) | 30.0 |
|  Hugh Griffith | 2020 to 2021 | (3.7) | 17.6 | 3.0 |
|  Hugh Griffith | 2019 to 2020 | 10.8 | 24.7 | 9.6 |
|  **Non-Executive Directors<sup>(1)</sup>**  | **Non-Executive Directors<sup>(1)</sup>**  | **Non-Executive Directors<sup>(1)</sup>**  | **Non-Executive Directors<sup>(1)</sup>**  |  |
|  Andrew Kay | 2023 to 2024 | 1.2 |  |  |
|  Andrew Kay | 2022 to 2023 | 9.3 |  |  |
|  Andrew Kay | 2021 to 2022 | 22.4 |  |  |
|  Andrew Kay | 2020 to 2021 | 3219.8 |  |  |
|  Andrew Kay | 2019 to 2020 |  |  |  |
|  Adam George<sup>(2)</sup>  | 2023 to 2024 | 1.1 |  |  |
|  Adam George<sup>(2)</sup>  | 2022 to 2023 | 7.4 |  |  |
|  Adam George<sup>(2)</sup>  | 2021 to 2022 | 15.6 |  |  |
|  Adam George<sup>(2)</sup>  | 2020 to 2021 | (3.9) |  |  |
|  Adam George<sup>(2)</sup>  | 2019 to 2020 | (1.1) |  |  |
|  Martin Mellish | 2023 to 2024 | 1.1 |  |  |
|  Martin Mellish | 2022 to 2023 | 7.5 |  |  |
|  Martin Mellish | 2021 to 2022 | 16.3 |  |  |
|  Martin Mellish | 2020 to 2021 | (3.5) |  |  |
|  Martin Mellish | 2019 to 2020 | 22.8 |  |  |

---

cont

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** | **Percentage change in remuneration** |
|  |  | **Salary & Fees%** | **Taxable Benefits%** | **Annual Bonus%** |
|  Cyrille Leperlier | 2023 to 2024 | 1.3 |  |  |
|  Cyrille Leperlier | 2022 to 2023 | 7.7 |  |  |
|  Cyrille Leperlier | 2021 to 2022 | 57.8 |  |  |
|  Cyrille Leperlier | 2020 to 2021 | 10.5 |  |  |
|  Cyrille Leperlier | 2019 to 2020 | 7.2 |  |  |
|  Bali Muralidhar | 2023 to 2024 |  |  |  |
|  Bali Muralidhar | 2022 to 2023 | (100.0) |  |  |
|  Bali Muralidhar | 2021 to 2022 | (31.7) |  |  |
|  Bali Muralidhar | 2020 to 2021 | 378.2 |  |  |
|  Bali Muralidhar | 2019 to 2020 |  |  |  |
|  Elliott Levy | 2023 to 2024 | 1.3 |  |  |
|  Elliott Levy | 2022 to 2023 | 12.3 |  |  |
|  Elliott Levy | 2021 to 2022 | 656.3 |  |  |
|  Elliott Levy | 2020 to 2021 |  |  |  |
|  Elliott Levy | 2019 to 2020 |  |  |  |
|  ***Employees***<sup>(3)</sup>  | 2023 to 2024 | 13.3 | 53.1 | (100.0) |
|  ***Employees***<sup>(3)</sup>  | 2022 to 2023 | 7.9 | 97.7 | (2.3) |
|  ***Employees***<sup>(3)</sup>  | 2021 to 2022 | (1.4) | 18.3 | 25.3 |
|  ***Employees***<sup>(3)</sup>  | 2020 to 2021 | 8.9 | (1.3) | 14.3 |
|  ***Employees***<sup>(3)</sup>  | 2019 to 2020 | 12.8 | 4.3 | 25.4 |

---

(1) Fees for non-executive directors are set in US dollars and converted to pounds sterling (£) at the
average rate for each year. Fees paid also reflect membership of various sub-committees, such as the Audit, Remuneration or Nominations Committee, in each respective year.

(2) Adam George retired from the Board on 21 March 2025.

(3) The employee group comprises employees of the Company. The percentage change compares the average annualised
costs for all employees employed by the Company in a specific year.

**Relative importance of spend on pay** 

The following table sets forth the total amounts spent by the Group on remuneration for the year ended 31 December 2024 and the year ended 31 December 2023. The comparator chosen to reflect the relative importance of the Group's spend on pay is the Group's research and development expenses as shown in its consolidated income statement on page 38 of its Annual Report and Financial Statements for the year ended 31 December 2024. Dividend distribution and share buyback comparators have not been included as the Group has no history of such transactions.

---

| | | |
|:---|:---|:---|
| **Period:** | **Year ended 31 December 2024** | **Year ended 31 December 2023** |
|  | £ | £ |
|  | (in thousands) | (in thousands) |
|  Total spend on remuneration<sup>(1)</sup>  | 7025 | 10819 |
|  Research and development expenses | 18017 | 25062 |

---

(1) The total spend on remuneration includes the value of equity-based awards as recognised in the financial
statements in accordance with International Financial Reporting Standard 2 "Share-Based Payments".

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**statement of implementation of the directors' remuneration policy in financial year ending 31 December 2025** 

In January 2025, the Remuneration Committee considered the extent to which the 2024 strategic objectives were achieved by the executive team and the bonus incentive awards payable in respect of the 2024 calendar year. The Remuneration Committee concluded that the vast majority of our strategic objectives had been achieved. However, in order to conserve cash and extend the Group's cash runway, and in full agreement with the CEO and executive team, no bonus payments were made.

In January 2025, the Remuneration Committee also considered the award of share options to the directors and executive team in respect of services provided and performance attained during 2024, in accordance with the Remuneration Policy. The Remuneration Committee chose not to award additional share options in relation to performance in 2024.

In January 2025, the Remuneration Committee determined that the executive team should continue to focus on achieving the Group's core objectives during 2025. These are considered to be commercially sensitive and will not be disclosed in detail, but are linked to our business strategies which include to:

• Rapidly develop NUC-7738 as a treatment for patients with solid tumours;

• Identify additional indications for development of NUC-3373;

• Leverage our proprietary ProTide technology platform to develop additional product candidates; and

• Continue to strengthen our intellectual property position.

**The Remuneration Committee** 

The Remuneration Committee consists of two independent non-executive directors, Bali Muralidhar and Elliott Levy.

Each of these non-executive director members is a non-employee director as defined in Rule 166-3 under the Securities Exchange Act of 1934, as amended, and an outside director as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended. Bali Muralidhar serves as Chairperson of the Remuneration Committee. The Remuneration Committee reviews, among other things, the performance of the executive officers and sets the scale and structure of their remuneration and the basis of their service agreements with due regard to the interests of the shareholders.

It is a policy of the Remuneration Committee that no individual participates in discussions or decisions concerning his or her own specific remuneration (although the members of the Remuneration Committee do consider the remuneration generally of the non-executive directors as a class).

All members have continued to serve until the date of this Report on Remuneration. The terms of reference of the Remuneration Committee is set forth on our website at https://www.nucana.com.

**Advice provided to the Remuneration Committee** 

The Remuneration Committee had retained Radford, an Aon Hewitt company, in previous years to provide independent advice and consultation with respect to remuneration arrangements for the CEO, CFO, CMO and non-executive directors. For the year ended 31 December 2024 Radford were not engaged, but the Remuneration Committee relied on their previous consistent advice from earlier years. Radford are global remuneration consultants with a well-established reputation for the design and implementation of remuneration programmes, including the design and implementation of equity-based award programmes. Radford have no other connection to, or business relationship with, NuCana. Based on Radford's extensive experience with similar assignments and the fact that Radford have no other connections to, or business relationships, with NuCana, the Remuneration Committee believes the advice received in the past from Radford is objective and independent.

In addition, the Remuneration Committee solicited and received input from the CEO concerning the remuneration of employees other than himself.

**Approval** 

This report was approved by the Board of Directors on 2 June 2025 and signed on its behalf by:

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Bali Muralidhar

Non-Executive Director

2 June 2025

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**statement of directors' responsibilities** 

The directors are responsible for preparing the Strategic Report, the Directors' Report, the Directors' Remuneration Report and the financial statements in accordance with applicable United Kingdom law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in conformity with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and in conformity with U.K.-adopted international accounting standards.

Under Company law, the directors must not approve the financial statements unless they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group and Company for that period. In preparing those financial statements the directors are required to:

• present fairly the financial position, financial performance and cash flows of the Group and Company for that
period;

• prepare them on the going concern basis unless it is inappropriate to presume that the Group will continue in
business;

• select suitable accounting policies in accordance with IAS 8: Accounting Policies, Changes in Accounting
Estimates and Errors and then apply them consistently;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable
users to understand the impact of particular transactions, other events and conditions on the Group's and Company's financial position and financial performance;

• state that the Group and Company have complied with IFRSs, subject to any material departures disclosed and
explained in the financial statements; and

• make judgements and estimates that are reasonable and prudent.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

The names of the directors are set out on page 15 of this report.

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**opinion** 

**In our opinion:** 

• NuCana plc's Group financial statements and Company financial statements (the "financial
statements") give a true and fair view of the state of the Group's and of the Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;

• the Group financial statements have been properly prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in conformity with U.K. adopted international accounting standards;

• the Company financial statements have been properly prepared in accordance with IFRS as issued by the IASB and in
conformity with U.K. adopted international accounting standards as applied in accordance with section 408 of the Companies Act; and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

**We have audited the financial statements of NuCana plc (the 'Company') and its subsidiaries (the 'Group') for the year ended** 

**31 December 2024 which comprise:** 

---

| | |
|:---|:---|
| **Group** | **Company** |
| Group statement of financial position as at 31 December 2024 | Company statement of financial position as at 31 December 2024 |
| Group income statement for the year then ended | Company statement of changes in equity for the year then ended |
| Group statement of comprehensive loss for the year then ended | Company statement of cash flows for the year then ended |
| Group statement of changes in equity for the year then ended | Related notes 1 to 18 to the financial statements including |
| Group statement of cash flows for the year then ended |  |
| Related notes 1 to 18 to the financial statements, including material accounting policy information |  |

---

The financial reporting framework that has been applied in the preparation is applicable law and IFRS as issued by the IASB and in conformity with U.K. adopted international accounting standards and as regards to the Company financial statements, as applied in accordance with section 408 of the Companies Act 2006.

**basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U.K., including the FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**material uncertainty related to going concern** 

We draw attention to note 2 in the financial statements, which indicates that there is material uncertainty related to the ability of the Group and Company to raise sufficient additional capital within the going concern period, prior to its cash balances being exhausted. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our opinion is not modified in respect of this matter.

Going concern has also been determined to be a Key Audit Matter.

Our evaluation of the directors' assessment of the Group and Company's ability to continue to adopt the going concern basis of accounting included:

**Risk assessment procedures** 

• We have obtained an understanding of management's basis for use of the going concern basis of accounting. To
challenge the completeness of this assessment, we have independently identified factors that may indicate events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. Events or conditions were
identified, and we have designed our audit procedures to evaluate the effect of these risks on the Group and Company's ability to continue as a going concern.

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**Management's method** 

• In conjunction with our walkthrough of the Group's financial statement close process, we confirmed our
understanding of management's going concern assessment process.

• We obtained management's board approved clinical development plan and their going concern assessment
covering the period to 31 December 2026.

• In order to assess management's forecasting accuracy, we have compared prior year budgets against actuals
and challenged rationale for variances.

**Assumptions and stress testing** 

• We evaluated the relevance and reliability of the underlying data used to make the assessment by challenging
management on the assumptions underpinning the forecasts.

• We corroborated the assumptions used by reconciling forecast clinical spend in the going concern assessment
period to master clinical study agreements and latest change orders in place, including those signed post year end and held discussions with the clinical team on the status of each clinical study to assess the contract status.

• We assessed the payroll assumptions by performing analytical review of the forecast payroll in comparison to
previous periods actual payroll costs incurred, factoring in changes in headcount and wage inflation.

• We challenged the completeness of the expenditure included in cashflow forecasts against the current clinical
programs in place.

• We obtained historic SME R&D tax credit submissions and compared to actual cash receipt to assess the
expected value of tax credits to be received. We vouched the expenditure incurred during 2024 and assessed the nature and eligibility of these amounts forming part of the future SME claim and the cash inflows assumed within the going concern period.
We also calculated the historic time between submission and receipt to assess the expected timing of the future SME R&D tax credits is reasonable.

• We challenged the completeness of management's cash flow projections to understand the earliest point in
time the Group is forecast to exhaust liquidity reserves.

• We evaluated management's controllable cost mitigations to determine whether such actions are feasible in
the circumstances and considering management's intention and likely timing of implementing these mitigations.

• As part of our subsequent events procedures, we performed a reassessment of the status of the clinical trials,
specifically progress made in relation to the NuTide:701 study and vouched the net ATM and Registered Direct Offering cash proceeds.

**Liquidity and management's plans for future actions** 

• We verified year-end actual cash positions against bank confirmations and
balances as at 31 March 2025 to bank statements.

• We vouched the proceeds received from the Registered Direct Offering through to supporting documentation.

• We held discussions with the clinical team to determine the timelines of the clinical studies in progress and
likely timing of receipt of clinical data for publication.

• We held a discussion with the financial adviser used to complete the May 2025 Registered Direct Offering to
obtain an understanding of their assessment of the current and likely future market conditions for a small company in the life sciences sector to raise additional capital in the going concern period.

**Disclosures** 

• We reviewed the appropriateness and completeness of the Group's going concern disclosures included in the
annual report and assessed that the disclosures were in conformity with the reporting standards.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group's ability to continue as a going concern.

**overview of our audit approach** 

---

| | |
|:---|:---|
| **Audit scope** | • We performed an audit of the complete financial information of two components.<br>• The components where we performed full or specific audit procedures accounted for 100% of loss before tax and 100% of total assets. |
| **Key audit matters** | <br> • Recognition of clinical study investigator grant expenses.<br>• Going concern (as detailed in the material uncertainty related to going concern section above).<br>|
| **Materiality** | • Overall group materiality of £428,000 which represents 2% of operating expenses. |

---

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**an overview scope of the Company and Group audits** 

**Tailoring the scope** 

In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised). We have followed a risk-based approach when developing our audit approach to obtain sufficient appropriate audit evidence on which to base our audit opinion. We performed risk assessment procedures, with input from our component auditors, to identify and assess risks of material misstatement of the Group financial statements and identified significant accounts and disclosures. When identifying components at which audit work needed to be performed to respond to the identified risks of material misstatement of the Group financial statements, we considered our understanding of the Group and its business environment, the potential impact of climate change, the applicable financial framework, the group's system of internal control at the entity level, the existence of centralised processes, applications and any relevant internal audit results.

We determined that centralised audit procedures can be performed on all components in the Group.

We identified two components as being individually relevant to the Group due to their materiality or financial size of the components relative to the Group. These were NuCana Inc and the parent company NuCana plc. No additional components were identified as being individually relevant to the Group based on the materiality of specific accounts or due to the presence of significant events or conditions underlying the identified risks of material misstatement of the Group's financial statements.

For those individually relevant components, we identified the significant accounts where audit work needed to be performed at these components by applying professional judgement, having considered the Group significant accounts on which centralised procedures will be performed, the reasons for identifying the financial reporting component as an individually relevant component and the size of the component's account balance relative to the Group significant financial statement account balance.

We then considered whether the remaining Group significant account balances not yet subject to audit procedures, in aggregate, could give rise to a risk of material misstatement of the Group financial statements.

Having identified the components for which work was required to be performed, we determined the scope to assign to each component. Of the two components selected, we designed and performed audit procedures on the entire financial information of two components ("full scope components"). We identified no components for which we designed and performed audit procedures on specific significant financial statement account balances or disclosures of the financial information of the component ("specific scope components").

**Involvement with component teams** 

All audit work performed for the purposes of the audit was undertaken by the Group audit team.

**Climate change** 

Stakeholders are increasingly interested in how climate change will impact NuCana plc. The Group has determined it does not expect material future impacts from climate change on their operations. This is explained within the financial statements on page 44 in the material accounting policies. It is also explained on page 16 in the Directors Report. These disclosures in the Directors Report form part of the "Other information," rather than the audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with our responsibilities on "Other information".

In planning and performing our audit we assessed the potential impacts of climate change on the Group's business and any consequential material impact on its financial statements.

As explained in the Basis of Preparation in note 2, management have considered the impact of climate change on its operations when preparing the financial statements and concluded that it does not have a material impact on the financial statements as at 31 December 2024. Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating management's assessment of the impact of climate risk, physical and transition risks, and ensuring that the effects of climate risks disclosed on page 16 have been appropriately reflected by management in reaching areas of judgement in the financial statements. As part of this evaluation, we performed our own risk assessment to determine the risks of material misstatement in the financial statements from climate change which needed to be considered in our audit.

We also challenged the directors' considerations of climate change risks in their assessment of going concern and associated disclosures. Where considerations of climate change were relevant to our assessment of going concern, these are described above.

Based on our work we have not identified the impact of climate change on the financial statements to be a Key Audit Matter or to impact a Key Audit Matter.

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**key audit matters** 

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| | | |
|:---|:---|:---|
| **Risk** | **Our response to the risk** | **Key observations communicated**<br> **to the Audit Committee** |
| **Recognition of clinical study investigator grant expenses** | **Our principal audit procedures included:** | **We communicated to the audit committee that:** |
| *Refer to Accounting policies and note 2 of the financial statements (page 45).*<br>The risk has been refined to focus on investigator grant expenses within clinical study expenses.<br>At 31 December 2024, the Company has recognised accruals for clinical study investigator grant fees of £3.9 million, within the total of £4.9 million of accruals for clinical study expenses. As disclosed in note 2 of the consolidated financial statements, the Company recognises within clinical study expenses, investigator grant fees for clinical studies in the Group income statement in the period in which they are incurred, which depends on management's assessment of the progress of clinical studies and the estimated costs incurred at the period end.<br>A significant risk has been associated with clinical study investigator grant expenses as a result of the level of management judgement involved in the estimate and the estimation uncertainty involved in assessing the completeness of accruals and the stage of progress of the clinical studies. | Reviewing management's assessment for investigator grant fees for clinical studies, and the basis of which expenses are accrued at year end, including agreeing information to supporting documents (contracts, contract amendments, invoices, press releases and other communications).<br>Assessing terms and conditions of significant new contracts, and contract amendments for existing contracts, entered into during the year, and challenging the accounting adopted, ensuring consistency with contract terms and accounting policies.<br>We agreed a sample of unpaid costs at year end to creditors and/or accrual balances.<br>Agreeing values for stages of completion to the signed contracts and the calculation of total costs incurred as at the year end and agreeing the stage of completion of the services under contract to information from the third parties and agreeing payments made to invoices from the third parties.<br>Challenging management on the accounting adopted on investigator grant fees through independent review of a sample of contracts and through engagement with the clinical operational teams (such as clinical activities undertaken). We held discussions with project managers, the Director of Finance, the Senior VP of Clinical Operations and the CFO to understand the progress of clinical studies.<br>We challenged the stage of completion of the clinical studies by directly obtaining confirmations from the Contract Research Organisations (CROs) of the total costs incurred, status of invoices paid and any amounts outstanding and the completeness of their tracker for investigator grant expenses. We also corroborated the number of sites open and patients enrolled for a sample of studies to online government clinical study websites.<br>| As a result of our procedures, we have concluded that clinical study investigator grant fees have been recognised and valued appropriately.<br>We also concluded that disclosures in the financial statements were free from material misstatement. |
|  | We agreed and corroborated trade payable balances, total invoiced amounts, underlying contracts and latest contract amendments via third party supplier confirmations with CROs for a sample of clinical studies.<br>|  |
|  | We tested a sample of material post balance sheet payments to determine completeness of clinical study investigator grant accruals.<br>We have reviewed the completeness and accuracy of the related disclosures related to clinical studies. |  |

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**our application of materiality** 

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion.

**Materiality** 

*The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions* *****of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.* 

We determined materiality for the Group and Company to be £428,000 (2023: £545,000), which is 2% (2023: 2%) of operating expenses excluding share-based payment expense. We believe that operating expenses provides us with an appropriate basis for determining materiality since the Group is in the development stage of its life cycle and is investing in research and development, with no operating income to date. Furthermore, we have based materiality on this measure due to our understanding of the perspective of users of the financial statements. The decrease from prior year reflects the decreased level of activity of the Group.

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**Performance materiality** 

*The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.* 

On the basis of our risk assessments, together with our assessment of the Group's overall control environment, our judgement was that performance materiality was 75% (2023: 75%) of our planning materiality, namely £321,000 (2023: £409,000). We have set performance materiality at this percentage due to various considerations including our ability to assess the likelihood of misstatements, the effectiveness of the internal control environment and other factors affecting the entity and its financial reporting.

Audit work at component locations for the purpose of obtaining audit coverage over significant financial statement accounts is undertaken based on a percentage of total performance materiality. The performance materiality set for each component is based on the relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that component. In the current year, the range of performance materiality allocated to components was £80,000 to £321,000 (2023: £109,000 to £409,000).

**Reporting threshold** 

*An amount below which identified misstatements are considered as being clearly trivial.* 

We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £21,000 (2023: £27,000), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion.

**other information** 

The other information comprises the information included in the annual report set out on pages 2 to 28, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

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**opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, the part of the directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the directors' report for the financial year for which the
financial statements are prepared is consistent with the financial statements and those reports have been prepared in accordance with applicable legal requirements;

• the information about internal control and risk management systems in relation to financial reporting processes
and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Rules and Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial statements and has
been prepared in accordance with applicable legal requirements; and

• information about the company's corporate governance statement and practices and about its administrative,
management and supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.

**matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in:

• the strategic report or the directors' report; or

• the information about internal control and risk management systems in relation to financial reporting processes
and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 of the FCA Rules.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been
received from branches not visited by us; or

• the Company financial statements and the part of the Directors' Remuneration Report to be audited are not in
agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit

**responsibilities of directors** 

As explained more fully in the directors' responsibilities statement set out on page 28 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

**auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp41a.jpg)

***Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.***

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and
determined that the most significant are those that are directly relevant to specific assertions in the financial statements, those that relate to the reporting framework (IFRS and the Companies Act 2006), and the relevant tax compliance regulations
in the jurisdictions in which the Group operates. In addition, we concluded that there are certain significant laws and regulations in relation to health and safety, employee matters and anti-bribery and corruption practices. We understood how the
Group is complying with those frameworks by making enquiries of management, those responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of board minutes and papers provided to the
Audit Committee.

• We assessed the susceptibility of the Group's financial statements to material misstatement, including how
fraud might occur by meeting with management, including within various parts of the business, to understand where they considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence reports
made by management to manage earnings or influence the perceptions of analysts. Where the risk was considered higher, we performed specific procedures including testing of manual journals to provide reasonable assurance that the financial statements
were free from fraud and error. Further details of the procedures performed, and our observations are included in the Key audit matters section of this report.

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of board minutes, review of management reports made to the Audit Committee, enquiries of external legal counsel, enquiries of
management as well as the application of data analytical tools with a focus on manual journals and transactions that have heightened risk by nature

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

**use of our report** 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

![LOGO](g891437dsp46.jpg)

Kevin Weston (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

Edinburgh

3 June 2025

------

![LOGO](g891437dsp047.jpg)

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp48.jpg)

**group income statement** 

**for the year ended 31 December 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | *2024* | *2023* |
|  |  | (in thousands) | (in thousands) |
|  | Notes | £ | £ |
|  Research and development expenses |  |  |  |
|  Administrative expenses |  |  |  |
|  Impairment of intangible assets | 7 |  |  |
|  Net foreign exchange gains (losses) |  |  |  |
|  **Operating loss** |  |  |  |
|  Finance income |  |  |  |
|  **Loss before tax** | **3** |  |  |
|  Income tax credit | 4 |  |  |
|  **Loss for the year** |  |  |  |
|  Attributable to: |  |  |  |
|  **Equity holders of the Company** |  |  |  |
|  |  | £ | £ |
|  Basic and diluted loss per ordinary share | 5 |  |  |

---

**group statement of comprehensive loss** 

**for the year ended 31 December 2024** 

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Loss for the year** |  |  |
|  **Other comprehensive income (expense):** |  |  |
|  **Items that may be reclassified subsequently to profit or loss:** |  |  |
|  Exchange differences on translation of foreign operations |  |  |
|  Other comprehensive income (expense) for the year |  |  |
|  **Total comprehensive loss for the year** |  |  |
|  Attributable to: |  |  |
|  **Equity holders of the Company** |  |  |

---

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![LOGO](g891437dsp3.jpg)

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**group statement of financial position** 

**at 31 December 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | | 2024 | 2023 |
|  | | (in thousands) | (in thousands) |
|  | Notes | £ | £ |
|  **Assets** |  |  |  |
|  **Non-current assets** |  |  |  |
|  Intangible assets | 7 |  |  |
|  Property, plant and equipment | 8 |  |  |
|  Deferred tax asset | 4 |  |  |
|  **Current assets** |  |  |  |
|  Prepayments, accrued income and other receivables | 11 |  |  |
|  Current income tax receivable | 4 |  |  |
|  Cash and cash equivalents | 12 |  |  |
|  **Total assets** |  |  |  |
|  **Equity and liabilities** |  |  |  |
|  **Capital and reserves** |  |  |  |
|  Share capital and share premium | 13 |  |  |
|  Other reserves | 14 |  |  |
|  Accumulated deficit) |  |  |  |
|  **Total equity attributable to equity holders of the Company** |  |  |  |
|  **Non-current liabilities** |  |  |  |
|  Provisions |  |  |  |
|  Lease liabilities | 16 |  |  |
|  **Current liabilities** |  |  |  |
|  Trade payables |  |  |  |
|  Payroll taxes and social security |  |  |  |
|  Accrued expenditure |  |  |  |
|  Lease liabilities | 16 |  |  |
|  Provisions |  |  |  |
|  **Total liabilities** |  |  |  |
|  **Total equity and liabilities** |  |  |  |
|  On behalf of the Board |  |  |  |

---

![LOGO](g891437dsp49.jpg)

Hugh S. Griffith

*Director* 

2 June 2025

------

![LOGO](g891437dsp3.jpg)

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**company statement of financial position**

---

| | | | |
|:---|:---|:---|:---|
| **at 31 December 2024** |  | *2024* | *2023* |
|  |  | (in thousands) | (in thousands) |
|  | Notes | £ | £ |
|  **Assets** |  |  |  |
|  **Non-current assets** |  |  |  |
|  Intangible assets | 7 |  |  |
|  Property, plant and equipment | 8 |  |  |
|  Investment in subsidiaries | 9 |  |  |
|  Loan receivable from subsidiary | 10 |  |  |
|  **Current assets** |  |  |  |
|  Prepayments, accrued income and other receivables | 11 |  |  |
|  Current income tax receivable | 4 |  |  |
|  Cash and cash equivalents | 12 |  |  |
|  **Total assets** |  |  |  |
|  **Equity and liabilities** |  |  |  |
|  **Capital and reserves** |  |  |  |
|  Share capital and share premium | 13 |  |  |
|  Other reserves | 14 |  |  |
|  Accumulated deficit |  |  |  |
|  **Total equity** |  |  |  |
|  **Non-current liabilities** |  |  |  |
|  Provisions |  |  |  |
|  Lease liabilities | 16 |  |  |
|  **Current liabilities** |  |  |  |
|  Trade payables |  |  |  |
|  Payroll taxes and social security |  |  |  |
|  Loan payable to subsidiary | 10 |  |  |
|  Accrued expenditure |  |  |  |
|  Lease liabilities | 16 |  |  |
|  Provisions |  |  |  |
|  **Total liabilities** |  |  |  |
|  **Total equity and liabilities** |  |  |  |

---

The Company's loss for the year was £19.0 million (2023: £27.8 million)

On behalf of the Board

![LOGO](g891437dsp49.jpg)

Hugh S. Griffith

*Director* 

2 June 2025

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp48.jpg)

**group statement of changes in equity** 

**for the year ended 31 December 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share<br>capital** | **Share<br>premium** | **Own<br>share<br>reserve** | **Share<br>option<br>reserve** | **Foreign<br>currency<br>translation<br>reserve** | **Capital<br>reserve** | **Accumulated<br>deficit** | **Total equity<br>attributable**<br>**to equity<br>holders**<br>**of the<br>Company** |
|  | | | | (in thousands) | (in thousands) | | | |
|  |<br>£ |<br>£ |<br>£ | £ | £ |<br>£ |<br>£ |<br>£ |
|  **Balance at 1 January 2023** | **2095)** |  |  |  |  | **42466)** |  |  |
|  Loss for the year |  |  |  |  |  | —) |  |  |
|  Other comprehensive expense for the year | —) |  |  |  |  | —) |  |  |
|  Total comprehensive loss for the year | —) |  |  |  |  | —) |  |  |
|  Share-based payments |  |  |  |  |  |  |  |  |
|  Exercise of share options | 3) |  |  |  |  | —) |  |  |
|  Lapse of share options | —) |  |  |  |  |  |  |  |
|  Issue of share capital | 16 |  |  |  |  |  |  |  |
|  Share issue expenses | —) |  |  |  |  | —) |  |  |
|  **Balance at 31 December 2023** | **2114)** |  |  |  |  | **42466)** |  |  |
|  Loss for the year |  |  |  |  |  | —) |  |  |
|  Other comprehensive income for the year |  |  |  |  |  |  |  |  |
|  Total comprehensive loss for the year |  |  |  |  |  | —) |  |  |
|  Share-based payments |  |  |  |  |  |  |  |  |
|  Exercise of share options | 6) |  |  |  |  |  |  |  |
|  Lapse of share options | —) |  |  |  |  |  |  |  |
|  Issue of share capital | 3561 |  |  |  |  |  |  |  |
|  Share issue expenses | —) |  |  |  |  | —) |  |  |
|  **Balance at 31 December 2024** | **5681)** |  |  |  |  | **42466)** |  |  |

---

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp48.jpg)

**company statement of changes in equity** 

**for the year ended 31 December 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share<br>capital** | **Share<br>premium** | **Share<br>option<br>reserve** | **Capital<br>reserve** | **Accumulated<br>deficit** | **Total equity<br>attributable<br>to equity<br>holders**<br>**of the<br>Company** |
|  | | | (in thousands) | (in thousands) | | |
|  |<br>£ |<br>£ | £ | £ |<br>£ |<br>£ |
|  **Balance at 1 January 2023** | **2095** |  |  | **42466)** |  |  |
|  Loss for the year |  |  |  | —) |  |  |
|  Share-based payments |  |  |  |  |  |  |
|  Exercise of share options | 3) |  |  | —) |  |  |
|  Lapse of share options | —) |  |  |  |  |  |
|  Issue of share capital | 16 |  |  |  |  |  |
|  Share issue expenses | —) |  |  | —) |  |  |
|  **Balance at 31 December 2023** | **2114** |  |  | **42466)** |  |  |
|  Loss for the year |  |  |  | —) |  |  |
|  Share-based payments |  |  |  |  |  |  |
|  Exercise of share options | 6) |  |  |  |  |  |
|  Lapse of share options | —) |  |  |  |  |  |
|  Issue of share capital | 3561 |  |  |  |  |  |
|  Share issue expenses | —) |  |  | —) |  |  |
|  **Balance at 31 December 2024** | **5681** |  |  | **42466)** |  |  |

---

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp48.jpg)

**group and company statement of cash flows** 

**for the year ended 31 December 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Company** | **Company** |
|  | *2024* | *2023* | *2024* | *2023* |
|  |  | (in thousands) |  |  |
|  | £ | £ | £ | £ |
|  **Cash flows from operating activities** |  |  |  |  |
|  Loss for the year |  |  |  |  |
|  Adjustments for: |  |  |  |  |
|  Income tax credit |  |  |  |  |
|  Amortisation and depreciation |  |  |  |  |
|  Impairment of intangible assets |  |  |  |  |
|  Movement in provisions |  |  |  |  |
|  Finance income |  |  |  |  |
|  Interest expense on lease liabilities |  |  |  |  |
|  Share-based payments |  |  |  |  |
|  Net foreign exchange (gains) losses |  |  |  |  |
|  Movements in working capital: |  |  |  |  |
|  Decrease in prepayments, accrued income and other receivables |  |  |  |  |
|  Decrease in trade payables |  |  |  |  |
|  Decrease in payroll taxes, social security, accrued expenditure and payable to subsidiary |  |  |  |  |
|  Movements in working capital |  |  |  |  |
|  **Cash used in operations** |  |  |  |  |
|  Net income tax received |  |  |  |  |
|  **Net cash used in operating activities** |  |  |  |  |
|  **Cash flows from investing activities** |  |  |  |  |
|  Interest received |  |  |  |  |
|  Payments for property, plant and equipment |  |  |  |  |
|  Payments for intangible assets |  |  |  |  |
|  Repayment of other assets |  |  |  |  |
|  **Net cash from investing activities** |  |  |  |  |
|  **Cash flows from financing activities** |  |  |  |  |
|  Payments of lease liabilities |  |  |  |  |
|  Proceeds from issue of share capital – exercise of share options |  |  |  |  |
|  Proceeds from issue of share capital |  |  |  |  |
|  Share issue expenses |  |  |  |  |
|  **Net cash from (used in) financing activities** |  |  |  |  |
|  Net decrease in cash and cash equivalents |  |  |  |  |
|  **Cash and cash equivalents at beginning of year** |  |  |  |  |
|  Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |
|  **Cash and cash equivalents at end of year** |  |  |  |  |

---

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**notes to the financial statements** 

**1. Authorisation of financial statements** 

The financial statements of NuCana plc ("Company") and together with its subsidiaries ("Group") for the year ended 31 December 2024 were authorised for issue by the board of directors on 2 June 2025.

The Group is a clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer. We are harnessing the power of phosphoramidate chemistry to generate new medicines called ProTides. These compounds have the potential to be more effective and safer than some of the current agents used for the treatment of patients with cancer.

On 29 August 2017 the Company re-registered as a public limited company and changed its name from NuCana BioMed Limited to NuCana plc.

The Company has had American Depository Shares ("ADSs") registered with the US Securities and Exchange Commission ("SEC") and has been listed on Nasdaq since 2 October 2017. From 9 November 2023 the Company transferred its listing to The Nasdaq Capital Market. The Company is incorporated in England and Wales and domiciled in the United Kingdom (registration number 03308778) and is limited by shares.

The address of the Company's registered office and principal place of business are disclosed in the introduction to the report and financial statements.

**2. Material accounting policies** 

**Basis of preparation** 

The financial statements have been prepared in conformity with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in conformity with U.K.-adopted international accounting standards. As permitted by section 408 of the Companies Act 2006, no Income Statement is presented for the Company.

The Group financial statements comprise the financial statements of the Company and its subsidiaries at 31 December 2024. The financial statements are presented in pounds sterling, which is also the Company's functional currency. All values are rounded to the nearest thousand, except where otherwise indicated.

In preparing the financial statements, management has considered the impact of the physical and transition risks of climate change and identified this as an emerging risk as set out on page 16 but have concluded that it does not have a material impact on the recognition and measurement of the assets and liabilities in these financial statements as at 31 December 2024.

**Going concern** 

The Group's financial statements have been presented on the basis that it is a going concern. The Group has not generated any revenues from operations to date and does not expect to in the foreseeable future. As such, the Group has incurred recurring net losses, has an accumulated deficit totalling £224.3 million and cash flows used in operating activities of £19.1 million for the year ended 31 December 2024. The Group had £6.7 million of cash and cash equivalents at 31 December 2024.

The Group's board of directors have reviewed the operating budgets and development plans for the 24-month period to 31 December 2026 (the "going concern assessment period"). The base case forecast prepared for the going concern assessment period includes assumptions regarding, among other things, research and development expenses, administrative expenses, staff costs and R&D tax credits. The timing of R&D tax credits is outwith management's control and any significant delay in receipt of these tax credits would result in the company exhausting its cash balances earlier than forecast within the going concern assessment period. The forecast includes the post year end gross cash proceeds from the "at-the-market" (ATM) of £0.5 million and the registered direct offering of £8.8 million disclosed in note 18. The base case forecast has been reviewed and approved by the board of directors in accordance with the Group's normal budgeting and forecasting processes.

Based on the base case forecast, the Group's cash and cash equivalents on hand will not be sufficient to fund the Group's anticipated operations for the entirety of the going concern assessment period and are forecast to be exhausted in the fourth quarter of 2026. As the Group intends to continue to progress its research and development activities, there will be a requirement to seek additional capital within the going concern assessment period, which the Group may obtain from additional equity financings, debt financings, partnerships, or other sources.

If the Group is unable to obtain additional capital, the Group will be required to delay or reduce its research and development programs, which could negatively impact its ability to generate future sustainable operating revenues and profits or its ability to continue as a going concern, or cease trading.

The Group's board of directors, having successfully completed several financings in the past, believe the Group will be successful in raising sufficient additional capital to allow the Group and the Company to continue as a going concern.

As a result of these matters there is material uncertainty related to the ability of the Group and the Company to raise sufficient additional capital within the going concern assessment period, prior to its cash balances being exhausted. These events or conditions give rise to a material uncertainty that may cast significant doubt upon the Group and the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not contain the adjustments that would result if the company was unable to continue as a going concern..

**Judgements and estimates** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. The nature of estimations means that actual outcomes could differ from those estimates.

The following judgements have had the most material effect on the amounts recognised in the financial statements:

***Research and development expenses***

The Group recognises research and development expenses in the income statement in the period in which they are incurred. When development activities reach the advanced stage, as set out in the specific criteria of International Accounting Standard ("IAS") 38, Intangible Assets, there will be a requirement to capitalise such costs as intangible assets. Management will continue to exercise judgement in the appropriate treatment of research and development costs.

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

***Taxation***

Management judgement is required to determine the amount of deferred tax assets that should be recognised, based upon the likely timing and level of future taxable profits. Further details are contained in note 4.

The following estimates have had the most material effect on the amounts recognised in the financial statements:

***Recognition of clinical study expenses***

As part of the process of preparing our consolidated financial statements, we may be required to estimate accrued or prepaid expenses related to our clinical studies. In order to obtain reasonable estimates, we review open contracts and master service agreements. In addition, we communicate with applicable personnel in order to identify services that have been performed, but for which we have not yet been invoiced, and services not yet performed for which we have been invoiced in advance. In most cases, our vendors provide us with monthly invoices in arrears for services performed. The following are examples of our accrued expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees paid to CROs for services performed on clinical studies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pass-through costs for activities at clinical study investigator sites.

Accruals for clinical study expenses, including estimated amounts recognised consistent with the above policy, were £4.9 million at 31 December 2024 as compared to £6.2 million at 31 December 2023. This includes accruals for investigator fees of £3.9 million at 31 December 2024 as compared to £4.8 million at 31 December 2023.

Prepayments for clinical study expenses, including estimated amounts recognised consistent with the above policy, were £0.4 million at 31 December 2024 as compared to £1.0 million at 31 December 2023. These amounts include sums that are expected to be utilised over the period of the associated studies, which in some cases could be greater than one year.

***Recognition of contracted manufacturing expenses***

As part of the process of preparing our consolidated financial statements, we may be required to estimate accrued or prepaid expenses related to our contracted manufacturing expenses. In order to obtain reasonable estimates, we review open contracts and master service agreements. In addition, we consult with applicable personnel in order to identify services that have been performed and which have not yet been invoiced, and services not yet performed for which we have been invoiced in advance.

Accruals for contracted manufacturing expenses, including estimated amounts recognised consistent with the above policy, were £0.1 million at 31 December 2024 as compared to £0.4 million at 31 December 2023.

Prepayments for contracted manufacturing expenses, including estimated amounts recognised consistent with the above policy, were £nil at 31 December 2024 as compared to £41,000 at 31 December 2023.

***Share-based payments***

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model, including the expected life of the share option, historical volatility of the share price, dividend yield and assumptions about them, and the actual market value of an ordinary share in the Company at the date of grant. For the measurement of the fair value of equity-settled transactions at the grant date, the Company uses the Black-Scholes model. The assumptions used for estimating fair value for share-based payment transactions are detailed in note 15.

**Basis of consolidation** 

The Group financial statements comprise the financial statements of the Company and its subsidiaries.

Subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full.

Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Group financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary.

**Foreign currencies** 

The Group's consolidated financial statements are presented in pounds sterling, which is also the parent company's functional currency. For each group entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.

***Transactions and balances***

Transactions in foreign currencies are initially recorded by the Group's entities at their respective functional currency spot rates of exchange at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the Group income statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

***Group companies***

On consolidation, the assets and liabilities of foreign operations are translated into pounds sterling at the rate of exchange prevailing at the reporting date and their income statements are translated at the average exchange rate for the financial period in which those transactions occur. The exchange differences arising on translation for consolidation are recognised in the group statement of comprehensive income or loss.

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![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**Segment reporting** 

The Group operates in one operating segment. Operating segments are reported in a manner consistent with the internal reporting provided to the Group's chief operating decision maker ("the CODM"). The Group's CODM, its Chief Executive Officer, views the Group's operations and manages its business as a single operating segment, which is the business of developing and commercialising ProTides for use in Oncology. The Group's principal operations and decision-making functions are located in the United Kingdom from where global decisions are made.

**Share issue expenses** 

Incremental costs incurred and directly attributable to the issuance of shares are deducted from the related proceeds of the issuance. The net amount is recorded as contributed shareholders' equity in the period when such shares were issued. Costs that are not incremental and directly attributable to issuing new shares, are recorded as an expense in the Group income statement.

**Property, plant and equipment** 

Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. There are no restrictions on title to assets nor equipment pledged as security for liabilities.

Depreciation is provided on property, plant and equipment over their expected useful economic life as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset class** | **Depreciation method and period** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office and computer equipment | Straight-line over 3 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixtures and fittings | Straight-line over 5 years, or, for non–removable items, the remaining term of an associated lease, whichever is shorter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets | Straight-line over the lease terms, which are between two and five years, or the estimated useful lives of the assets, whichever is shorter |

---

**Intangible assets** 

Intangible assets are stated at cost, net of accumulated amortisation and accumulated impairment losses, if any. Cost in relation to patents includes registration, documentation and other legal fees associated with obtaining the patent. Computer software cost represents the initial purchase price of the asset.

The amortisation method and amortisation period for the principal categories of intangible assets are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset class** | **Amortisation method and period** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patents | Straight-line over 20 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer software | Straight-line between 3 and 5 years |

---

The Group's primary patents each have a life of 20 years. Further patents are granted in various jurisdictions to extend the territorial coverage of the primary patent. These patents are granted up to the period of the related primary patent. Costs are amortised over the remaining life of the relevant primary patent. The amortisation expense on intangible assets with finite lives is recognised in the Group income statement as an administrative expense. The amortisation method and the amortisation period for an intangible asset with a finite useful life are reviewed at least at each financial year end. Changes in the expected useful economic life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate.

Intangible assets are tested for impairment when there is an indicator of impairment.

**Cash and cash equivalents** 

Cash and cash equivalents in the statement of financial position include cash at banks with deposit maturity terms of three months or less.

**Research and development** 

Research and development expenses are currently recognised in the income statement in the year in which they are incurred. Development expenses on an individual project will be recognised as an intangible asset when the Group can demonstrate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the technical feasibility of completing the intangible asset so that the asset will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its intention to complete and its ability and intention to use or sell the asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how the asset will generate future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of resources to complete the asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to measure reliably the expenditure during development.

**Investments in subsidiaries** 

Investments in subsidiaries are carried at cost less accumulated impairment losses in the Company's statement of financial position.

**Income taxes** 

***Current income tax***

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amounts are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates within the tax regime.

***Income tax credit***

The Group benefits from the U.K. and U.S. research and development tax credit regimes. In the United Kingdom, a portion of the Company's losses can be surrendered for a cash rebate of up to 26.97% of eligible expenditures incurred on or after 1 April 2023 (33.35% prior to 1 April 2023). In the U.S. the Group is able to offset the research and development credits against corporation tax payable. Such credits are accounted for within the tax provision in the year in which the expenditures are incurred.

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**Leases** 

The Group assesses, at contract inception, whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets.

***Right of use assets***

The Group recognises right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets, which relate solely to office space, are depreciated on a straight–line basis over the shorter of the lease terms, which are between two and five years, or the estimated useful lives of the assets.

***Lease liability***

At the commencement date of the lease, the Group recognises a lease liability measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, and any variable lease payments that depend on an index.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of the lease liability is remeasured if there is a modification, a change in the lease term or a change in the lease payments.

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group had a number of lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects whether it is reasonably certain to exercise or not to exercise the option to renew or to terminate, such as the construction of significant leasehold improvements.

Refer to note 16 for information on potential future rental payments relating to periods following the exercise date of extension options that are not included in the lease liability.

**Provisions** 

Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is probable that an outflow of economic resources will be required to settle the obligation, and a reasonable estimate can be made of the amount of the obligation, even although the timing or amount of the liability is uncertain.

**Impairment of non-financial assets** 

The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the recoverable amount of the asset.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the Group income statement.

A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

***Calculation of recoverable amount***

The recoverable amount of assets and cash-generating units is the higher of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

***Reversal of impairment***

An assessment is made at each reporting date as to whether there is an indication that a previously recognised impairment loss may no longer exist or may have decreased. If such an indication exists the recoverable amount is estimated.

A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognised. If that is the case, the carrying value is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

**Share-based payments** 

Employees, directors and consultants of the Group receive remuneration in the form of share options, whereby individuals render services as consideration for equity instruments and the cost is recognised as share-based payments under IFRS 2.

Under IFRS 2 Share-based Payment, equity share-based payments are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of fair value of equity settled share-based transactions are set out in note 15.

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The fair value determined at the grant date of equity settled share-based payments, after adjusting for an assumed forfeiture rate, is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity to the share option reserve.

**Fair value measurement** 

The fair value of the financial assets and liabilities is included at the amount at which an instrument could be exchanged in a current transaction between willing parties, other than in a forced liquidation or sale.

Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, IFRS 13 establishes a fair value hierarchy that prioritises observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The fair values of cash and cash equivalents, other receivables and trade payables approximate their carrying amounts largely due to the short-term maturities of these instruments.

**Accounting standards** 

In preparing these financial statements, the Group has applied all relevant IAS, IFRS and International Financial Reporting Interpretations Committee ("IFRIC") Interpretations as of the date of approval of these financial statements and which are mandatory for the financial year ended 31 December 2024.

The following amendments have been adopted as of 1 January 2024 in these financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 Presentation of Financial Statements – Classification of Liabilities as Current or Non-Current (effective from 1 January 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 Presentation of Financial Statements – Non-Current Liabilities with Covenants (effective from 1 January 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IFRS 16 Lease Liability in a Sale and Leaseback (effective from 1 January 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements (effective from 1 January 2024)

The Group concluded that these have not had a material impact on the Group's accounts in the period of initial application, but may impact the accounting for future transactions.

The IASB and IFRIC have issued the following standards and amendments with an effective date after the date of these financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IFRS 18 Presentation and Disclosures in Financial Statements (effective from 1 January 2027)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 21 Lack of Exchangeability (effective from 1 January 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments (effective
from 1 January 2026)

The Group will adopt the above standards and amendments on their effective date, although the Group has reviewed the above standards and amendments and considers that they either do not apply to the Group or will not have a material impact in future periods.

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**3. Loss before tax** 

Loss before tax is stated after charging:

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Amortisation and depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owned assets | 315 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets | 207 | 212 |
|  Interest expense on lease liabilities (included in administrative expenses) | 17 | 29 |
|  Share-based payments | 1646 | 3857 |
| **(a) Auditors' remuneration** |  |  |
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Audit of the financial statements | 414 | 353 |
|  Other fees: |  |  |
|  Audit-related fees <sup>(1)</sup>  | 65 | 277 |
|  | **479** | **630** |

---

<sup>(1)</sup> Audit-related fees are primarily for quarterly reviews and services related to SEC filings.

**(b) Staff costs and directors' emoluments** 

---

| | | |
|:---|:---|:---|
| ***Group*** | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  *Included in research and development expenses:* |  |  |
|  Wages and salaries | 3391 | 4530 |
|  Social security costs | 376 | 516 |
|  Pension costs | 205 | 210 |
|  Share-based payments | 1181 | 2551 |
|  | 5153 | 7807 |
|  *Included in administrative expenses:* |  |  |
|  Wages and salaries | 1247 | 1500 |
|  Social security costs | 116 | 160 |
|  Pension costs | 44 | 46 |
|  Share-based payments | 465 | 1306 |
|  | 1872 | 3012 |
|  **Total employee benefit expense** | **7025** | **10819** |
|  | *2024* | *2023* |
|  | (number) | (number) |
|  The average number of staff employed under contracts of service were: |  |  |
|  Research and development activities | 20 | 23 |
|  Administrative activities | 6 | 6 |
|  | **26** | **29** |

---

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---

| | | | |
|:---|:---|:---|:---|
| ***Company*** | *2024* | *2023* | *2023* |
|  | (in thousands) | (in thousands) | (in thousands) |
|  | £ | £ | £ |
|  *Included in research and development expenses:* |  |  |  |
|  Wages and salaries |  |  | 3742 |
|  Social security costs |  |  | 495 |
|  Pension costs |  |  | 199 |
|  Share-based payments |  |  | 2551 |
|  |  |  | 6987 |
|  *Included in administrative expenses:* |  |  |  |
|  Wages and salaries |  |  | 1119 |
|  Social security costs |  |  | 150 |
|  Pension costs |  |  | 41 |
|  Share-based payments |  |  | 1306 |
|  |  |  | 2616 |
|  **Total employee benefit expense** |  |  | **9603** |
|  | *2024* | *2023* | *2023* |
|  | (number) | (number) | (number) |
|  The average number of staff employed under contracts of service were: |  |  |  |
|  Research and development activities |  |  | 21 |
|  Administrative activities |  |  | 6 |
|  |  |  | 27 |
| **Directors' remuneration** |  |  |  |
| ***Company*** | *2024* | *2023* | *2023* |
|  | (in thousands) | (in thousands) | (in thousands) |
|  |  | £nan | £|
|  Directors' remuneration in respect of qualifying services |  |  | 1220 |
|  Pension |  |  | 57 |
|  |  |  | 1277 |
| The number of directors who exercised share options in 2024 was 2 (2023: 2). The gain on exercise of these options was £2,000 (2023: £8,000). | The number of directors who exercised share options in 2024 was 2 (2023: 2). The gain on exercise of these options was £2,000 (2023: £8,000). | The number of directors who exercised share options in 2024 was 2 (2023: 2). The gain on exercise of these options was £2,000 (2023: £8,000). | The number of directors who exercised share options in 2024 was 2 (2023: 2). The gain on exercise of these options was £2,000 (2023: £8,000). |
| During the year the number of directors who were receiving benefits was as follows: | During the year the number of directors who were receiving benefits was as follows: | During the year the number of directors who were receiving benefits was as follows: | During the year the number of directors who were receiving benefits was as follows: |
|  | *2024* | *2023* | *2023* |
|  | (number) | (number) | (number) |
|  Accruing benefits under money purchase pension scheme |  |  | 1 |

---

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**4. Income tax credit** 

---

| | | |
|:---|:---|:---|
| **(a) Tax on loss on ordinary activities:** |  |  |
| ***Group*** | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Current tax:** |  |  |
|  In respect of current year U.K. |  |  |
|  In respect of current year U.S. |  |  |
|  In respect of prior year U.K. |  |  |
|  **Total current tax** |  |  |
|  **Deferred tax:** |  |  |
|  In respect of the current year U.S. |  |  |
|  In respect of the prior year U.S. |  |  |
|  **Total deferred tax** |  |  |
|  **Income tax credit** |  |  |
|  **Current income tax receivable:** |  |  |
|  U.K. tax |  |  |
|  U.S. tax |  |  |
|  **Deferred tax:** |  |  |
|  U.S. tax |  |  |
| **(b) Reconciliation of the total income tax credit:** |  |  |
| The credit for the year can be reconciled to the loss per the income statement as follows: |  |  |
| ***Group*** | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Loss before tax** |  |  |
|  Tax on loss at standard U.K. tax rate of 25% (2023: 23.52%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses not deductible |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deduction for R&D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses surrendered for R&D tax credit |  |  |
|  Deferred tax - prior year adjustment |  |  |
|  Overseas tax payable - current year |  |  |
|  R&D tax credit – U.S. |  |  |
|  R&D tax credit – U.K. current year |  |  |
|  R&D tax credit – additional 86% tax deduction for R&D |  |  |
|  R&D tax credit – losses utilised at 14.5% for R&D tax credit |  |  |
|  R&D tax credit – U.K. prior years |  |  |
|  Deferred tax asset not recognised |  |  |
|  **Income tax credit** |  |  |

---

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**(c) Deferred tax** 

In the United Kingdom, the Group and the Company have not recognised a deferred tax asset in respect of tax losses carried forward or temporary differences on share-based payment arrangements as at 31 December 2024 on the basis that the timing during which tax losses or temporary differences could be regarded as recoverable against future taxable profits cannot be determined with reasonable certainty. In the United States, a deferred tax asset, which relates to research and development tax credits, has been recognised by the Group to the extent that management consider that adequate future taxable profits will be available to realise the deferred tax asset.

Temporary differences and cumulative carry forward tax losses for which deferred tax has not been recognised by the Group and the Company amount to £104.2 million (2023: £99.1 million), comprising temporary differences on share-based payment arrangements of £nil (2023: £0.6 million) and cumulative carry forward tax losses of £104.2 million (2023: £98.5 million).

**5. Basic and diluted loss per ordinary share** 

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands, | (in thousands, |
|  | except per share data) | except per share data) |
|  | £ | £ |
|  **Loss for the year** |  |  |
|  Basic and diluted weighted average number of ordinary shares |  |  |
|  | £ | £ |
|  **Basic and diluted loss per ordinary share** |  |  |

---

Basic loss per ordinary share is calculated by dividing the loss for the year attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

The equity settled transactions were considered to be anti-dilutive as they would have decreased the loss per ordinary share and were therefore excluded from the calculation of diluted loss per ordinary share.

**6. Capital commitments and contingencies** 

**Other commitments** 

**Collaboration and license agreements** 

***Cardiff University License***

In August 2009, we entered into a research, collaboration and license agreement with Cardiff University and University College Cardiff Consultants Ltd., or Cardiff Consultants, which we refer to as the Cardiff Agreement. The Cardiff Agreement was subsequently renewed and expired at the end of 31 March 2022.

Prior to the expiration of the Cardiff Agreement, we notified Cardiff University and Cardiff Consultants regarding our selected ProTides for potential development of commercial products. Pursuant to the terms set out in the Cardiff Agreement, Cardiff University and Cardiff Consultants have granted us an exclusive worldwide license to use for all purposes the Cardiff intellectual property in respect of the nucleoside family of our selected ProTides. This license survives expiration of the Cardiff Agreement. During the license period Cardiff University and Cardiff Consultants may not undertake any research for any competing third party on nucleoside families of interest to us where such research would make use of the Cardiff intellectual property, or to grant rights in the Cardiff intellectual property to any third party for use in connection with nucleosides of interest to us.

On our filing, or that of a sublicensee, of patent applications resulting from research under the Cardiff Agreement, we will owe Cardiff Consultants certain immaterial payments. If we or our sublicensees develop and commercialise a product resulting from such research, we will owe Cardiff Consultants clinical development milestone payments of up to £1,875,000, provided that such milestone payments are due only with respect to the first product within each nucleoside family to achieve the milestone. We will also owe Cardiff Consultants royalties equal to a low-single digit percentage on our sales of a product resulting from such research. Should we sublicense our right to commercialise a product resulting from the research, we will owe Cardiff Consultants a high-single digit percentage of payments received in consideration of the sublicense.

***Cardiff ProTides Agreement***

In October 2009, we entered into a license and collaboration agreement with Cardiff ProTides Ltd., or Cardiff ProTides, which agreement was subsequently amended and restated as an assignment, license and collaboration agreement in March 2012 and was further amended in May 2012, which we refer to as the ProTides Agreement. Under the ProTides Agreement, we collaborated with Cardiff ProTides in the discovery, drug design and *in vitro* screening of purine and pyrimidine-based nucleosides as potential drug candidates. We funded certain work at Cardiff ProTides, and Cardiff ProTides has assigned to us all rights in the results of its research under the ProTides Agreement. Cardiff ProTides also assigned to us patents related to certain compounds of interest, including with respect to Acelarin, and granted us an exclusive, worldwide license, including the right to grant sublicenses, to rights in and technical information related to certain unpatented compounds for all therapeutic, diagnostic, prognostic and prophylactic applications.

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If we or a sublicensee develop one or more products covered by a valid claim of an assigned patent or patent resulting from Cardiff ProTides' research, such as Acelarin, we will owe Cardiff ProTides up to approximately $4.5 million in development and approval milestone payments in the aggregate for the first such product. Additional development and approval milestones would be payable for the first additional product in a new nucleoside series covered by a valid claim of an assigned patent or a patent resulting from Cardiff ProTides' research, although the maximum potential value of such milestone payments is approximately half the value of the milestone payments associated with the first product. We will also owe Cardiff ProTides royalties equal to a percentage in mid to high single-digits on sales of such products, subject to reduction under certain circumstances. Royalties on sales by sublicensees are set by formula, which formula would be likely to result in a royalty in the mid-single digits.

The ProTides Agreement expires, on a country-by-country basis, on the later of the expiration, invalidity, abandonment, lapsing or rejection of the last valid claim of an assigned patent or patent resulting from Cardiff ProTides' research, or, if certain technical information licensed from Cardiff ProTides remains confidential or the product is covered by a period of data exclusivity, ten years from the date of first commercial sale of a product in such country. The ProTides Agreement may be sooner terminated on an uncured material breach, bankruptcy of a party or, by Cardiff ProTides, if we challenge, or assist in a challenge, of the validity or ownership of an assigned patent or patent resulting from Cardiff ProTides' research, or fail to pay amounts payable under the ProTides Agreement. It may also be sooner terminated where sums payable by us remain unpaid for 45 days after we receive a notice from Cardiff ProTides that the relevant sums are overdue. Upon a termination of the ProTides Agreement, our license rights will terminate except where the breach results from certain breaches by Cardiff ProTides, in which case our license rights continue on a non-exclusive basis, subject to reduced payment obligations. Upon termination of the ProTides Agreement, including as a result of our breach, we will be under an obligation to assign back to Cardiff ProTides the patents which Cardiff ProTides originally assigned to us.

**CROs and manufacturing commitments** 

We have agreed to make payments to CROs and manufacturers under various CRO and manufacturing agreements. We have not included further details on such contingent payment obligations as the amount, timing and likelihood of such payments are not fixed or determinable.

**Other contingent liabilities** 

Under the U.K. share-based payment plans, the Group granted unapproved share options that have fully vested. If and when these share options are exercised, the Group will be liable for the Employer Class 1 National Insurance payable to HMRC in the U.K. This contingent liability will be determined based on the market value of the shares on exercise less the exercise price paid by the option holders, at the prevailing rate of Employer National Insurance (currently 13.8%). Based on the closing share price of ADSs on the Nasdaq Capital Market on 31 December 2024, the last trading day of the period to which these financial statements relate, and assuming full exercise of all outstanding and vested unapproved share options on that date, the Employer National Insurance contingent liability would have been £nil (2023: £0.1 million).

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**7. Intangible assets** 

***Group and Company***

---

| | | | |
|:---|:---|:---|:---|
|  | *Patents* | *Computer*<br>*software* | *Total* |
|  | (in thousands) | (in thousands) | (in thousands) |
|  | £ | £ | £ |
|  Cost: |  |  |  |
|  At 31 December 2022 | 7290 | 151 | 7441 |
|  Additions | 474 |  | 474 |
|  **At 31 December 2023** | **7764** | **151** | **7915** |
|  Accumulated amortisation: |  |  |  |
|  At 31 December 2022 | 4926 | 150 | 5076 |
|  Charge for the year | 208 |  | 208 |
|  Impairment | 503 |  | 503 |
|  **At 31 December 2023** | **5637** | **150** | **5787** |
|  Net book value: |  |  |  |
|  **At 31 December 2023** | **2127** | **1** | **2128** |
|  At 31 December 2022 | 2364 | 1 | 2365 |
|  Cost: |  |  |  |
|  At 31 December 2023 | 7764 | 151 | 7915 |
|  Additions | 289 |  | 289 |
|  **At 31 December 2024** | **8053** | **151** | **8204** |
|  Accumulated amortisation: |  |  |  |
|  At 31 December 2023 | 5637 | 150 | 5787 |
|  Charge for the year | 184 | 1 | 185 |
|  Impairment | 33 |  | 33 |
|  **At 31 December 2024** | **5854** | **151** | **6005** |
|  Net book value: |  |  |  |
|  **At 31 December 2024** | **2199** | **—** | **2199** |
|  At 31 December 2023 | 2127 | 1 | 2128 |

---

The Group and the Company regularly reviews its patent portfolio and during 2024 further development associated with a limited number of patents was discontinued. Management concluded that this was an indication of impairment and an impairment charge of £33,000 has been recognised, representing the aggregate carrying value of those patents as at 31 December 2024. This compares to an impairment charge of £0.5 million recognised for the year ended 31 December 2023.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**8. Property, plant and equipment** 

***Group***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Right of use<br>assets* | *Office and<br>computer<br>equipment* | *Fixtures and<br>fittings* | *Total* |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  | £ | £ | £ | £ |
|  Cost: |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Additions |  |  |  |  |
|  Re-measurement |  |  |  |  |
|  Disposals |  |  |  |  |
|  Effect of foreign currency exchange differences |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  Depreciation: |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Charge for the year |  |  |  |  |
|  Disposals |  |  |  |  |
|  Effect of foreign currency exchange differences |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  Net book value: |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Cost: |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |
|  Additions |  |  |  |  |
|  Disposals |  |  |  |  |
|  Effect of foreign currency exchange differences |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  Depreciation: |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |
|  Charge for the year |  |  |  |  |
|  Disposals |  |  |  |  |
|  Effect of foreign currency exchange differences |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  Net book value: |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |

---

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

***Company***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Right of use<br>assets* | *Office and<br>computer<br>equipment* | *Fixtures and<br>fittings* | *Total* |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  | £ | £ | £ | £ |
|  Cost: |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Additions |  |  |  |  |
|  Disposals |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  Depreciation: |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Charge for the year |  |  |  |  |
|  Disposals |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  Net book value: |  |  |  |  |
|  **At 31 December 2023** |  |  |  |  |
|  At 31 December 2022 |  |  |  |  |
|  Cost: |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |
|  Additions |  |  |  |  |
|  Disposals |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  Depreciation: |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |
|  Charge for the year |  |  |  |  |
|  Disposals |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  Net book value: |  |  |  |  |
|  **At 31 December 2024** |  |  |  |  |
|  At 31 December 2023 |  |  |  |  |

---

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**9. Investments in subsidiaries** 

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | £ | £ |
|  Unlisted investments at cost and net book value | **155** | **155** |

---

***Details of Group undertakings:***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Principal activity** | **Country of incorporation** | **Registered office** | **Proportion of ownership** |
|  NuCana, Inc. | Development and administrative support | U.S. | 2711 Centerville Road,<br> Suite 400, Wilmington,<br> Delaware, 19808 | 100% |
| NuCana BioMed Trustee Company Limited | Dormant | U.K. | 3 Lochside Way,<br> Edinburgh,<br> EH12 9DT | 100% |
| NuCana BioMed Employee Benefit Trust | Employee benefit trust | U.K. | 3 Lochside Way,<br> Edinburgh,<br> EH12 9DT | 100% |
| NuCana Limited | Development and administrative support | Ireland | 70 Sir John Rogerson's Quay,<br> Dublin 2, Ireland | 100% |

---

**10. Related party disclosures** 

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subsidiaries of NuCana plc** |  | **Purchases from<br>related parties** | **Advances to<br>related parties** | **Amounts due to<br>related parties** | **Amounts owed by<br>related parties** | **Interest Income<br>from related parties** |
|  |  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  |  | £ | £ | £ | £ | £ |
|  NuCana, Inc. |  |  |  |  |  |  |
|  | 31 December 2024 | 1219 | 1418 | 674 |  |  |
|  | 31 December 2023 | 1525 | 1526 | 873 |  |  |
|  NuCana BioMed Employee Benefit Trust |  |  |  |  |  |  |
|  | 31 December 2024 |  |  |  | 437 | 21 |
|  | 31 December 2023 |  |  |  | 416 | 19 |
|  NuCana Limited |  |  |  |  |  |  |
|  | 31 December 2024 |  |  |  |  |  |
|  | 31 December 2023 |  |  |  |  |  |

---

**Terms and conditions of transactions with related parties** 

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions. Cash advances are made available to NuCana, Inc. in order to fund the activities which are subsequently recharged on an arm's length basis. The amounts advanced are repayable on demand. Outstanding balances at the year end with NuCana, Inc. are unsecured, interest free and settlement occurs in cash.

The NuCana BioMed Employee Benefit Trust balances are subject to interest at RBS base rate plus 1%.

There have been no guarantees provided or received for any related party receivables or payables.

For the year ended 31 December 2024, the Group has not recorded any impairment of receivables relating to amounts owed by related parties (2023: £nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**Compensation of key management personnel of the Group** 

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Short-term employee benefits | 2021 | 2684 |
|  Pension and other benefits | 145 | 145 |
|  Share-based payments | 1456 | 3154 |
|  | **3622** | **5983** |

---

**Compensation of key management personnel of the Company** 

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Short-term employee benefits | 1167 | 1545 |
|  Pension and other benefits | 89 | 83 |
|  Share-based payments | 1382 | 2297 |
|  | **2638** | **3925** |

---

The amounts disclosed in the tables above are the amounts recognised as an expense during the reporting year. As at 31 December 2024, the Group and Company had outstanding amounts due to key management personnel of £0.1 million (2023: £nil).

**11. Prepayments, accrued income and other receivables** 

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Prepayments - manufacturing and clinical | 395 | 1081 |
|  Prepayments - other | 482 | 888 |
|  Accrued income | 6 | 21 |
|  VAT | 21 | 663 |
|  Other receivables | 18 | 18 |
|  | **922** | **2671** |

---

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Prepayments - manufacturing and clinical | 395 | 1081 |
|  Prepayments - other | 432 | 821 |
|  Accrued income | 6 | 21 |
|  VAT | 21 | 663 |
|  | **854** | **2586** |

---

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**12. Cash and cash equivalents** 

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Cash and cash equivalents | 6749 | 17225 |

---

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Cash and cash equivalents | 6717 | 17184 |

---

Cash and cash equivalents comprise cash at banks with deposit maturity terms of three months or less. Cash at banks earns interest at fixed or variable rates based on the terms agreed for each account.

Liquidity risk is minimal and is managed using deposits with immediate and varied fixed term dates.

**13. Share capital and share premium** 

***Group and Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Share capital | 5681 | 2114 |
|  Share premium | 146146 | 141306 |
|  | **151827** | **143420** |

---

***Group and Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | Number | Number |
|  | (in thousands) | (in thousands) |
|  ***Issued share capital comprises:*** |  |  |
|  Ordinary shares of £0.04 each | **142037** | **52860** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Group and Company** | **Number of shares** | **Share capital** | **Share premium** |
|  | (in thousands) | (in thousands) | (in thousands) |
|  |  | £ | £ |
|  Fully paid shares: |  |  |  |
|  **Balance at 31 December 2022** | **52373** | **2095** | **141108** |
|  Exercise of share options | 79 | 3 | 1 |
|  Issue of share capital | 408 | 16 | 197 |
|  **Balance at 31 December 2023** | **52860** | **2114** | **141306** |
|  Exercise of share options | 149 | 6 | 1 |
|  Issue of share capital | 89028 | 3561 | 4839 |
|  **Balance at 31 December 2024** | **142037** | **5681** | **146146** |

---

**Ordinary shares** 

Holders of ordinary shares are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders and do not have cumulative voting rights.

**Capital management** 

For the purpose of the Group's capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Company. The purpose of the Group's capital management is to maximise shareholder value and ensure adequate capital is available to meet the medium-term operating plan. Review of operations and commitments is key to identifying future capital management and a full review is undertaken on a quarterly basis.

No changes were made in the objectives, policies or processes for managing capital during the years ending 31 December 2024 or 2023.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**14. Other reserves** 

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Own share reserve |  |  |
|  Foreign currency translation reserve |  |  |
|  Capital reserve |  |  |
|  ***Share option reserve*** |  |  |
|  Balance at beginning of year |  |  |
|  Share-based payments |  |  |
|  Exercise of share options |  |  |
|  Forfeiture of share options |  |  |
|  Lapse of share options |  |  |
|  Balance at end of year |  |  |
|  **Total other reserves** |  |  |

---

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  Share option reserve | 36276 | 37043 |
|  Capital reserve | 42466 | 42466 |
|  **Total other reserves** | **78742** | **79509** |

---

**Foreign currency translation reserve** 

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations.

**Own share reserve** 

The own share reserve represents the cost of 500,000 ordinary shares of NuCana plc purchased by NuCana Employee Benefit Trust and that may, at the discretion of the trustee, be used to satisfy future exercise of options under the Company's share options plan.

**Capital reserve** 

The capital reserve balance arose from the reduction of the share premium account and corresponding increase to the capital reserve account reflected as of 30 June 2017 in connection with the Company's re-registration as a public limited company.

**Share option reserve** 

The share option reserve is used to recognise the value of equity-settled share-based payments provided to employees, directors and consultants as part of their remuneration. Refer to note 15 for further details of these plans.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**15. Share-based payments** 

The Company has six share-based payment plans for employees, directors and consultants. The share options granted under these plans will be settled in equity. Options granted under each of the six plans have a maximum life of 10 years.

**2023 and 2024 options** 

In 2023 and 2024, share options were granted under the following share-based payment plan:

***2020 Long-Term Incentive Plan***

Options granted under this plan will vest if the option holder remains under their respective contract of employment or contract of service for the agreed vesting period. The share options granted under this plan will vest over a period of up to four years.

Upon vesting, each option allows the holder to purchase one ordinary share at a specified option price determined at grant date. Options granted as RSU-style options are automatically exercised on vesting. If the Company determines, and at its discretion, an arrangement may be made under the 2020 Long-Term Incentive Plan to substitute the right to acquire shares with a cash alternative of equivalent value.

Share options and weighted average exercise prices are as follows for the reporting periods presented:

---

| | | |
|:---|:---|:---|
| **Group and Company** | **Number of shares** | **Weighted average exercise<br>price per share** |
|  |  | £ |
|  **Outstanding at 1 January 2023** | **11721676** | **2.94** |
|  Granted | 2733139 | 0.82 |
|  Forfeited | (97180) | 1.37 |
|  Lapsed | (253454) | 1.42 |
|  Exercised<sup>(1)</sup>  | (102957) | 0.04 |
|  **Outstanding at 31 December 2023** | **14001224** | **2.59** |
|  Granted | 6273782 | 0.24 |
|  Forfeited | (2121862) | 0.50 |
|  Lapsed | (812004) | 0.48 |
|  Exercised<sup>(2)</sup>  | (165836) | 0.04 |
|  **Outstanding at 31 December 2024<sup>(3)</sup>**  | **17175304** | **2.11** |
|  **Vested and exercisable at 31 December 2024** | **9318921** | **3.43** |
|  Vested and exercisable at 31 December 2023 | 7564156 | 3.61 |

---

(1) The weighted average share price at the date of exercise of these options was £0.68

(2) The weighted average share price at the date of exercise of these options was £0.15

(3) The exercise price of outstanding share options ranges from £0.04 to £18.05

The weighted average remaining contractual life of the share options outstanding as at 31 December 2024 is 6.86 years (2023: 6.66 years).

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

The following principal assumptions were used in the valuation for 2023 share options:

---

| | | | |
|:---|:---|:---|:---|
| **Grant date** | **11 Jan 2023** | **11 Jan 2023** | **11 Jan 2023** |
|  Vesting dates | 11 Jan 2024 | 11 Jan 2024 | 11 Jan 2024 |
|  | 11 Jan 2025 | 11 Jan 2025 | 11 Jan 2025 |
|  | 11 Jan 2026 | 11 Jan 2026 | 11 Jan 2026 |
|  | 11 Jan 2027 | 11 Jan 2027 | 11 Jan 2027 |
|  Volatility<sup>(1)</sup>  | 97.11% | 105.11% | 116.33% |
|  Dividend yield | 0% | 0% | 0% |
|  Risk-free investment rate<sup>(1)</sup>  | 3.31% | 3.34% | 3.38% |
|  Fair value of option at grant date<sup>(1)</sup>  | £0.87 | £1.19 | £1.19 |
|  Fair value of share at grant date | £1.23 | £1.23 | £1.23 |
|  Exercise price at date of grant | £1.23 | £0.04 | £0.04 |
|  Lapse date | 11 Jan 2033 | 11 Jan 2033 |  |
|  Expected option life (years)<sup>(1)</sup>  | 4.5 | 3.5 | 2.5 |
|  Number of options granted | 1774176 | 655425 | 219163 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grant date** | **16 Jun 2023** | **16 Jun 2023** | **12 Jul 2023** |
|  Vesting dates | 16 Jun 2024 | 16 Jun 2024 | 12 Jul 2024 |
|  Volatility<sup>(1)</sup>  | 121.58% | 124.98% | 106.61% |
|  Dividend yield | 0% | 0% | 0% |
|  Risk-free investment rate<sup>(1)</sup>  | 4.98% | 4.99% | 5.21% |
|  Fair value of option at grant date<sup>(1)</sup>  | £0.56 | £0.55 | £0.42 |
|  Fair value of share at grant date | £0.59 | £0.59 | £0.62 |
|  Exercise price at date of grant | £0.04 | £0.04 | £0.62 |
|  Lapse date | 16 Jun 2033 |  | 12 Jul 2033 |
|  Expected option life (years)<sup>(1)</sup>  | 2 | 1 | 3 |
|  Number of options granted | 37500 | 9375 | 37500 |

---

(1) Represents the average for the options granted.

The fair values of options granted were determined using the Black-Scholes model that takes into account factors specific to the share incentive plan such as the assumption that the options are exercised at a point in time of up to 2 years after vesting. This has been incorporated into the measurement by means of actuarial modelling. As NuCana plc was unlisted until 2 October 2017, it is not possible to derive historical volatility from the Company's ADSs prior to October 2017. For options with an estimated life of greater than five years, the underlying expected volatility was determined by using the historical volatility of similar listed entities as a proxy. The volatility percentage applied to each tranche is the average of the historical volatility of comparable companies to the Company. Options granted with an estimated life of five years or less, have been valued using the Company's own historical volatility rates.

In the year ended 31 December 2023, an employee remuneration expense, all of which related to equity-settled share-based payments, of £3.9 million has been included in the Group income statement and credited to equity.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

The following principal assumptions were used in the valuation for 2024 share options:

---

| | | | |
|:---|:---|:---|:---|
| **Grant date** | **13-14 Mar 2024** | **13 Mar 2024** | **13 Mar 2024** |
|  Vesting dates | 13-14 Mar 2025 | 13 Mar 2025 | 13 Mar 2025 |
|  | 13-14 Mar 2026 |  | 13 Mar 2026 |
|  | 13-14 Mar 2027 |  | 13 Mar 2027 |
|  | 13-14 Mar 2028 |  | 13 Mar 2028 |
|  Volatility<sup>(1)</sup>  | 104.73% | 110.40% | 111.25% |
|  Dividend yield | 0% | 0% | 0% |
|  Risk-free investment rate<sup>(1)</sup>  | 3.92% | 4.06% | 4.03% |
|  Fair value of option at grant date<sup>(1)</sup>  | £0.22 | £0.20 | £0.27 |
|  Fair value of share at grant date | £0.30 | £0.30 | £0.30 |
|  Exercise price at date of grant | £0.30 | £0.30 | £0.04 |
|  Lapse date | 13-14 Mar 2034 | 13 Mar 2034 | 13 Mar 2034 |
|  Expected option life (years)<sup>(1)</sup>  | 4.5 | 3.0 | 3.5 |
|  Number of options granted | 4532313 | 234375 | 842000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grant date** | **13 Mar 2024** | **13 Mar 2024** | **13 Mar 2024** |
|  Vesting dates | 13 Mar 2025 | 13 Mar 2025 | 13 Mar 2025 |
|  | 13 Mar 2026 |  |  |
|  | 13 Mar 2027 |  |  |
|  | 13 Mar 2028 |  |  |
|  Volatility<sup>(1)</sup>  | 111.50% | 125.90% | 103.00% |
|  Dividend yield | 0% | 0% | 0% |
|  Risk-free investment rate<sup>(1)</sup>  | 4.21% | 4.27% | 4.59% |
|  Fair value of option at grant date<sup>(1)</sup>  | £0.27 | £0.27 | £0.26 |
|  Fair value of share at grant date | £0.30 | £0.30 | £0.30 |
|  Exercise price at date of grant | £0.04 | £0.04 | £0.04 |
|  Lapse date |  | 13 Mar 2034 |  |
|  Expected option life (years)<sup>(1)</sup>  | 2.5 | 2 | 1 |
|  Number of options granted | 547906 | 93750 | 23438 |

---

(1) Represents the average for the options granted.

The fair values of options granted were determined using the Black-Scholes model that takes into account factors specific to the share incentive plan such as the assumption that the options are exercised at a point in time of up to 2 years after vesting. Options granted have been valued using the Company's own historical volatility rates.

In the year ended 31 December 2024, an employee remuneration expense, all of which related to equity-settled share-based payments, of £1.6 million (2023: £3.9 million) has been included in the Group income statement and credited to equity.

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

**16. Leases** 

The Group and the Company have one lease contract solely for office space with a remaining lease term of less than three years. Generally, the Group and the Company are restricted from assigning and subleasing the leased asset. The lease contract includes a termination option and the Group and the Company previously had a number of lease contracts that included extension and termination options and variable lease payments, which are discussed further below.

Refer to note 8 for the carrying amounts of right of use assets recognised and the movements during the period.

The carrying amounts of lease liabilities and the movements during the period are as follows:

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **At 1 January** |  |  |
|  Re-measurement of liability |  |  |
|  Accretion of interest |  |  |
|  Payments |  |  |
|  Effect of foreign currency exchange differences |  |  |
|  **At 31 December** |  |  |
|  *Classified as:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current |  |  |

---

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **At 1 January** |  |  |
|  Accretion of interest |  |  |
|  Payments |  |  |
|  **At 31 December** |  |  |
|  *Classified as:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current |  |  |

---

------

![LOGO](g891437dsp3.jpg)

![LOGO](g891437dsp56.jpg)

The maturity analysis of lease liabilities is as follows:

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Contractual undiscounted payments** |  |  |
|  Not later than 1 year |  |  |
|  Later than 1 year and not later than 3 years |  |  |
|  Later than 3 years and not later than 5 years |  |  |
|  **Total contractual undiscounted payments** |  |  |
|  Less: effect of discounting |  |  |
|  **Discounted lease liabilities** |  |  |

---

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Contractual undiscounted payments** |  |  |
|  Not later than 1 year |  |  |
|  Later than 1 year and not later than 3 years |  |  |
|  Later than 3 years and not later than 5 years |  |  |
|  **Total contractual undiscounted payments** |  |  |
|  Less: effect of discounting |  |  |
|  **Discounted lease liabilities** |  |  |

---

Refer to note 3 for the amounts recognised in the Group income statement with respect to lease contracts.

The Group had total net cash outflows for leases of £0.2 million in 2024 (2023: £0.3 million) and the Company had total net cash outflows for leases of £0.2 million in 2024 (2023: £0.2 million).

The Group had one lease contract, which expired in 2024, with variable payments where the lease costs after the first year of the lease were increased based upon a consumer price index and, therefore, the lease liability for this lease was re-measured at 31 December 2023. All other lease contracts have fixed payments.

The Group and the Company had a number of lease contracts that included both extension and termination options, plus the ongoing lease contract has a termination option. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align it with the Group's and the Company's business needs. No termination options have been exercised or are expected to be exercised, however, two leases terminated on expiry in 2024. All of the extension options required a market rental review and the lease cost for the extension period would typically be set at the higher of either the existing lease cost or the open market lease cost.

Based upon the current lease cost, the undiscounted future rental payments of potential extension options that are not included in the lease liability are as follows:

***Group and Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands) | (in thousands) |
|  | £ | £ |
|  **Extension options not expected to be exercised** |  |  |
|  Not later than 5 years |  | 256 |
|  **Total** |  | **256** |

---

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**17. Financial instruments risk management** 

The Group and the Company are exposed to market risk arising from exposure to fluctuation in interest rates and currency exchange rates. These risks are managed by maintaining an appropriate mix of cash deposits in the two main currencies the Group and the Company operate in, placed with a variety of financial institutions for varying periods according to expected liquidity requirements.

**Interest rate risk** 

As of 31 December 2024, the Group had cash and cash equivalents of £6.7 million (2023: £17.2 million) and the Company had cash and cash equivalents of £6.7 million (2023: £17.2 million). Exposure to interest rate sensitivity is impacted primarily by changes in the underlying bank interest rates. The Group's and the Company's surplus cash and cash equivalents are invested in interest bearing accounts and certificates of deposit from time to time which earn interest at fixed or variable rates based on the terms agreed for each account. The Group and the Company have not entered into investments for trading or speculative purposes.

Financial assets subject to fixed or variable interest rates are as follows:

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands)<br>Carrying amount | (in thousands)<br>Carrying amount |
|  | £ | £ |
|  **Financial assets at short-term fixed rates** |  |  |
|  Cash and cash equivalents |  | 1961 |
|  **Financial assets at variable rates** |  |  |
|  Cash and cash equivalents | 2790 | 6960 |
|  **Non-interest bearing cash balances** |  |  |
|  Cash and cash equivalents | 3959 | 8304 |

---

An increase in the bank interest rates by 0.5 percentage points would increase the Group's net annual interest income applicable to the cash and cash equivalents held on variable and short-term fixed rate deposits by £14,000 (2023: £45,000).

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands)<br>Carrying amount | (in thousands)<br>Carrying amount |
|  | £ | £ |
|  **Financial assets at short-term fixed rates** |  |  |
|  Cash and cash equivalents |  | 1961 |
|  **Financial assets at variable rates** |  |  |
|  Cash and cash equivalents | 2790 | 6960 |
|  **Non-interest bearing cash balances** |  |  |
|  Cash and cash equivalents | 3927 | 8263 |

---

An increase in the bank interest rates by 0.5 percentage points would increase the Company's net annual interest income applicable to the cash and cash equivalents held on variable and short-term fixed rate deposits by £14,000 (2023: £45,000).

**Currency risk** 

The Group's and the Company's functional currency is U.K. pounds sterling, and our transactions are commonly denominated in that currency. However, a portion of expenses are incurred in other currencies, primarily U.S. dollars, and are exposed to the effects of this exchange rate.

Although the Group and the Company is based in the United Kingdom, it sources active pharmaceutical ingredients, raw materials, research and development, manufacturing, consulting and other services worldwide, including from the United States, the European Union and India. Any weakening of the pound sterling against the currencies of such other jurisdictions makes the purchase of such goods and services more expensive for the Group and the Company. The Group and the Company seek to minimise this exposure by maintaining currency cash balances at levels appropriate to meet foreseeable short to mid-term expenses in these other currencies. The Group thus holds a significant portion of cash and cash equivalents in U.S. dollars and therefore reports the impact of exchange rates movements on these balances.

The Group and the Company do not use derivative instruments to manage exchange rate exposure.

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Financial assets and liabilities in foreign currencies, primarily held in U.S. dollars, are as follows:

***Group***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands)<br>Carrying amount | (in thousands)<br>Carrying amount |
|  | £ | £ |
|  **Financial assets** |  |  |
|  Prepayments, accrued income and other receivables | 642 | 2027 |
|  Current income tax receivable | 3 | 2 |
|  Cash and cash equivalents | 4769 | 10949 |
|  **Financial liabilities** |  |  |
|  Trade payables | 1763 | 596 |
|  Lease liabilities |  | 66 |
|  Accrued expenditure | 4066 | 4930 |

---

A 1% increase in the value of the U.K. pound sterling relative to the U.S. dollar would increase the carrying value of the Group's net financial assets and liabilities in foreign currencies by £4,000 (2023: £74,000 decrease).

***Company***

---

| | | |
|:---|:---|:---|
|  | *2024* | *2023* |
|  | (in thousands)<br>Carrying amount | (in thousands)<br>Carrying amount |
|  | £ | £ |
|  **Financial assets** |  |  |
|  Prepayments, accrued income and other receivables | 574 | 1943 |
|  Cash and cash equivalents | 4738 | 10908 |
|  **Financial liabilities** |  |  |
|  Trade payables | 1757 | 575 |
|  Loan payable to subsidiary | 674 | 873 |
|  Accrued expenditure | 4043 | 4590 |

---

A 1% increase in the value of the U.K. pound sterling relative to the U.S. dollar would increase the carrying value of the Company's net financial assets and liabilities in foreign currencies by £12,000 (2023: £68,000 decrease).

**Credit risk** 

The Group and the Company actively manage cash and cash equivalents across a number of banks and have deposits with different maturity dates. The Group and the Company monitor the credit rating of those banks.

The majority of the Group's and the Company's cash and cash equivalents at 31 December 2024 are above the £85,000 per depositor per bank protected by the U.K. Financial Services Compensation Scheme. However, over 99 percent of the Group's cash and cash equivalents and 100 percent of the Company's cash and cash equivalents at 31 December 2024 were held at U.K. and U.S. financial institutions with short-term A-rated credit ratings, as assessed by recognised international credit rating agencies. As a result, no provision for expected credit losses has been recognised.

**18. Events after the reporting period** 

During January 2025, the Group sold and issued 394,303 ADSs, representing 9,857,575 ordinary shares, under the ATM program, raising gross proceeds of £0.5 million.

On 23 April 2025, the Group subdivided and redesignated the issued share capital of 151,923,897 ordinary shares of £0.04 each into 151,923,897 ordinary shares and 15,040,465,803 deferred shares, in each case, of £0.0004 each. The deferred shares have no economic value, dividend or voting rights.

On 7 May 2025, under a registered direct offering, the Group sold and issued 2,452,935 ADSs, representing 61,323,375 ordinary shares, and Pre-Funded Warrants to purchase up to 8,393,050 ADSs, representing 209,826,250 ordinary shares in lieu of ADSs, which were subsequently exercised in full, and accompanying Series A Warrants and Series B Warrants. The offering raised gross proceeds of £5.3 million.

Subsequent to 7 May 2025, the Series B Warrants have been exercised in full and the Group has issued 356,412,705 ADSs, representing 8,910,317,625 ordinary shares, raising gross proceeds of £3.5 million.

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**advisers** 

**Registered Office** 

NuCana plc

77-78 Cannon Street

London

EC4N 6AF

U.K.

T: +44 (0) 131 357 1111

E: info@nucana.com

**Registered Number** 

03308778 England and Wales

**Legal Counsel (U.K.)** 

Bristows LLP

100 Victoria Embankment

London

EC4Y 0DH

U.K.

**Legal Counsel (U.S.)** 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, MA 02111

USA

**Auditor** 

Ernst & Young LLP

144 Morrison Street

Edinburgh

EH3 8EX

U.K.

**Principal Bankers** 

Royal Bank of Scotland plc

142 / 144 Princes Street

Edinburgh

EH2 4EQ

U.K.

**Investor Relations** 

ICR LLC

2800 Quarry Lake Drive, Suite 380

Baltimore, MD 21209

USA

**Registrar** 

Computershare

4 North St Andrew Street

Edinburgh

EH2 1HJ

U.K.

**ADS Depositary** 

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

USA

This Annual Report contains forward-looking statements that reflect NuCana's current expectations regarding future events, including statements regarding financial performance and the timing, progress and results of clinical studies. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected in this Annual Report and depend on a number of factors, including (inter alia), the success of NuCana's clinical studies, its research programmes and the applicability of the discoveries made therein, the successful and timely resolution of uncertainties related to the regulatory process, and the acceptance of our products, if approved, by patients, medical professionals and payors. A further list and description of risks and uncertainties associated with an investment in NuCana can be found in NuCana's filings with the US Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. NuCana undertakes no obligation to update or revise the information contained in this Annual Report, whether as a result of new information, future events or circumstances or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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