NUCANA PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, Notes 2025 2024 (in thousands, except per share data) Research and development expenses (1,725 ) (6,783 ) Administ

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. General information

( NuCana or the Company ) is a clinical-stage biopharmaceutical company developing a portfolio of new medicines to treat patients with cancer. NuCana is harnessing the power of phosphoramidate chemistry to generate new

medicines called ProTides. These compounds have the potential to improve cancer treatment by enhancing the efficacy and safety of several current standards of care.

The Company has had American Depository Shares ( ADSs ) registered with the US Securities and Exchange Commission ( SEC )

and has been listed on Nasdaq since October 2, 2017. From November 9, 2023 the Company transferred its listing to The Nasdaq Capital Market. On April 16, 2024, the Company effected a ratio change of its ADSs to its ordinary shares

from one ADS representing one ordinary share, to one ADS representing 25 ordinary shares.

The Company is incorporated in England and Wales

and domiciled in the United Kingdom. The Company s registered office is located at 77/78 Cannon Street, London EC4N 6AF, United Kingdom and its principal place of business is located at 3 Lochside Way, Edinburgh, EH12 9DT, United Kingdom.

The Company has three wholly owned subsidiaries, NuCana, Inc., NuCana Limited and NuCana BioMed Trustee Company Limited (together referred to

The financial information presented in these unaudited condensed consolidated financial statements does not

constitute the Group s statutory accounts within the meaning of section 434 of the U.K. Companies Act 2006.

statutory accounts for the year ended December 31, 2024 have not yet been reported on by the Company s auditor or delivered to the Registrar of Companies. The Company filed its Annual Report on Form

20-F for the year ended December 31, 2024 with the SEC on March 20, 2025, which included the Company s Consolidated Financial Statements for its fiscal year ended December 31, 2024. Those

financial statements have been reported on by the Company s auditor. The report of the auditor was unqualified.

2. Material accounting policies

Basis of preparation

The unaudited condensed consolidated financial statements (the financial statements ) for the three months ended March 31, 2025

have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ( IAS 34 ). The material accounting policies and methods of computation applied in the preparation of the financial

statements are consistent with those applied in the Company s annual financial statements for the year ended December 31, 2024. No new standards, amendments or interpretations have had an impact on the financial statements for the three

months ended March 31, 2025. The financial statements comprise the financial statements of the Group at March 31, 2025. 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.

The financial statements do not include all the information

and disclosures required in the annual financial statements, and should be read in conjunction with the Company s annual financial statements for the year ended December 31, 2024.

In the opinion of management, these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary

for a fair statement of the results of operations, financial position and cash flows. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results that can be expected for the Company s

fiscal year ending December 31, 2025.

The Company s consolidated financial statements have been presented on the basis that it is a going concern. The Company has not generated

any revenues from operations to date and does not expect to in the foreseeable future. As such, the Company has incurred recurring losses, has an accumulated deficit totaling 226.7 million and cash flows used in operating activities of

3.1 million as of and for the three months ended March 31, 2025. The Company had 4.0 million of cash and cash equivalents at March 31, 2025.

In reviewing the going concern assessment the Company s board of directors have

considered a going concern period of 12-months from the issuance of these financial statements. Based on our current operating plan, our cash and cash equivalents on hand together with the gross cash proceeds

raised in May 2025 from the registered direct offering of 8.8 million disclosed in note 9, will be sufficient to fund our anticipated operations for the entirety of the going concern assessment period. The board of directors is therefore

satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

continues to incur losses, the transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and achieving a level of revenues adequate to support its cost structure. The Company

may never achieve profitability, and unless and until it does, it will continue to need additional capital. There can be no assurances, however, that additional funding will be available on acceptable terms.

Judgements and estimates

The accounting estimates and judgements made by management in applying the Group s accounting policies that have the most material effect

on the amounts included within these financial statements were the same as those that applied to the annual financial statements for the year ended December 31, 2024.

The income tax credit recognized primarily represents the U.K. research and development tax credits. In the

United Kingdom, the Company is able to surrender some of its losses for a cash rebate of up to 26.97% of expenditure related to eligible research and development projects incurred on or after April 1, 2023.

4. Basic and diluted loss per ordinary share

Basic loss per ordinary share is calculated by dividing the loss for the period attributable to the equity

holders of the Company by the weighted average number of ordinary shares outstanding during the period.

The potential ordinary shares

issued through 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.

5. Intangible assets

comprise patents with a carrying value of 2.2 million as of March 31, 2025 (as of December 31, 2024: 2.2 million).

During the three months ended March 31, 2025, the Company acquired intangible assets with a cost of 39,000 in relation to patents.

6. Cash and cash equivalents

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.

7. Share-based payments

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

a maximum life of 10 years.

During the three months ended March 31, 2025, no share options were granted under the 2020 Long-Term

Incentive Plan (three months ended March 31, 2024: 6,273,782 share options granted).

For the three months ended March 31, 2025,

the Company recognized 0.3 million of share-based payment expense in the statement of operations (three months ended March 31, 2024: 0.6 million).

8. Share capital and share premium

9. Events after the reporting period

On April 23, 2025, the Company 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 May 7, 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 May 7, 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.