Company: BDRX
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001214659-25-017719
Chunk: 35

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-08
Form: F-1/A
Chunk 35
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| · | 313,070,788 Ordinary Shares issuable upon the exercise of stock options outstanding under our equity incentive plans at a weighted-average 
 exercise price of £0.005 per share;                                                                                                        |

| · | six Ordinary Shares issuable upon the exercise of stock options in                                                      
 connection with the acquisition of DARA Bioscience, Inc. at a weighted average exercise price of $981.91 per share; and |

| · | warrants, including pre-funded warrants, exercisable for 48,848 Depositary Shares (representing 4,884,800,000 Ordinary Shares), at 
 a weighted average exercise price of $402.20 per Depositary Share.                                                                 |

| 23 |

<div align='center'>DILUTION</div>

If you invest in our securities,
your ownership interest will be diluted to the extent of the difference between the amount per Unit paid by purchasers, assuming that
all the units are issued and no value is attributed to the warrants, in this public offering and the as adjusted net tangible book value
per share of our Depositary Shares immediately after the closing of this offering. Such calculation does not reflect any potential dilution
associated with the sale and exercise of warrants, which would cause the actual dilution to you to be higher.

Our net tangible book value
as of June 30, 2025 was approximately £5.79 million, or $7.94 per Depositary Share. Net tangible book value per Depositary Share
is determined by dividing our total tangible assets, less total liabilities, by the number of our Ordinary Shares outstanding as of June
30, 2025, and multiplying such amount by 100,000 (one Depositary Share represents 100,000 Ordinary Shares).

After
giving effect to the sale and issuance, subsequent to June 30, 2025 through the date of this
registration statement, of 6,226,400,000 Ordinary Shares pursuant to the terms of the ELOC
to the Investor, including 46,400,000 Ordinary Shares to the Investor in satisfaction of
a commitment fee, resulting in $0.3 million in gross proceeds, our pro forma net tangible
book value as of June 30, 2025 would have been $8.31 million, or $12.19 per Depositary Share.

After giving effect to the
sale of all Units by us in this offering at an assumed public offering price of $5.09 per Unit, and assuming no sale of any