NUCANA PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, For the Nine Months Ended September 30, Notes 2025 2024 2025 2024 (in thousands, except per share data) Resear

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. On August 11, 2025, the Company effected a ratio change of its ADSs to its ordinary shares from one ADS representing 25 ordinary shares,

to one ADS representing 5,000 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 been reported on by the Company's auditor, and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified and (ii) did not include a

reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. However, the report of the auditor did include a material uncertainty related to going concern disclosure.

2. Material accounting policies

Basis of preparation

The unaudited condensed consolidated financial statements (the "financial statements") for the nine months ended September 30,

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, except as described below.

In May 2025, the Company completed a registered direct offering of ADSs, pre-funded warrants, and

accompanying Series A and Series B warrants. The pre-funded warrants, Series A and Series B warrants were classified as derivative financial liabilities and measured at fair value through profit or loss in

accordance with IFRS 9 and IAS 32. These warrants are remeasured prior to each exercise and at the end of the reporting period, with changes in fair value recognized within finance expense in the consolidated statement of operations. Due to the

complexity of the instruments' terms, fair value has been determined using a combination of approaches, including the Black-Scholes Option Pricing model and the Company's share price at the measurement date.

The Company participates in an American Depository Receipts ("ADR") program as part of its Nasdaq listing. Under the terms of the

program, the depositary may reimburse the Company for certain program-related expenses by making available a portion of the ADS fees charged to ADR holders or otherwise, upon such terms as agreed between the Company and the depositary. Contributions

received from the depositary are recognized as income when the Company becomes entitled to receive them. The contribution recognized in the third quarter of 2025 relating to the ADS ratio change in August 2025 is classified as other income within

the consolidated statement of operations, due to the materiality of the contribution. Also, it did not represent revenue from ordinary activities, and it was not a direct reimbursement of specific invoices.

The Company is the policyholder and beneficiary of a key person insurance policy. Proceeds received under the policy are recognized as income

when realization is virtually certain, in line with IAS 37. Such proceeds are presented as other income given their non-recurring nature. Any interest element included in the settlement is presented separately

as finance income in accordance with IFRS 9.

No new standards, amendments or interpretations have had an impact on the financial

statements for the nine months ended September 30, 2025. The financial statements comprise the financial statements of the Group at September 30, 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.

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 nine months ended September 30, 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 net losses, has an accumulated deficit totaling 250.3 million and cash flows used in operating

activities of 6.3 million as of and for the nine months ended September 30, 2025. The Company had 25.2 million of cash and cash equivalents at September 30, 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 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.

As the Company 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 except as described below.

Significant judgement was required in determining the classification and fair value measurement of the

pre-funded warrants, Series A warrants, and Series B warrants issued in connection with the registered direct offering in May 2025. Management concluded that the warrants should be classified as derivative

financial liabilities under IAS 32, as they do not meet the "fixed-for-fixed" equity classification criteria. This is due to certain features such as reset

mechanisms, the "zero exercise price" option attached to the warrants, and the fact that the warrants were denominated in US dollars while the Company's functional currency is pounds sterling.

ADR depositary contribution relates to an amount received from the ADR depositary in relation to the ADS ratio

change completed in August 2025. Insurance proceeds represent a one-off payout under a key person policy.

The non-cash revaluation loss from derivative financial instruments of

12.6 million relates to the fair value remeasurement of Series A and Series B warrants, as set out in note 11.

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 (33.35% prior to April

6. 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.

7. Intangible assets

comprise patents with a carrying value of 2.2 million as of September 30, 2025 (as of December 31, 2024: 2.2 million).

During the nine months ended September 30, 2025, the Company acquired intangible assets with a cost of 0.1 million in relation

8. 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.

9. 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.

As detailed in the table below, during the nine months ended September 30, 2025,

3,478,076,733 share options were granted under the 2020 Long-Term Incentive Plan (nine months ended September 30, 2024: 6,273,782). Options granted under this plan will vest if the option holder remains under respective contract of employment

or contract of service for the agreed vesting period. The share options granted in the period will vest over a period of up to four years.

During the nine months ended September 30, 2025, the Company cancelled 14,380,933 share options granted under the 2016 Share

Option Scheme and 2020 Long-Term Incentive Plan (nine months ended September 30, 2024: nil). The incremental fair value of the new options was 13.5 million, calculated using the Black-Scholes model fair value of cancelled