Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 342

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 342
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 year ended December 31, 2023 in this interim financial information does not constitute statutory
financial statements for that period or year. The statutory financial statements for December 31, 2023 have been delivered to the UK Registrar
of Companies. The auditor’s report on those accounts was unqualified and did not contain a statement under section 498(2) or 498(3)
of the Companies Act 2006. The auditor’s report did draw attention to a material uncertainty related to going concern and the requirement,
as of the date of the report, for additional funding to be raised by the Company by the fourth quarter of 2024.

Biodexa Pharmaceutical’s
annual reports may be downloaded from the Company’s website at https://biodexapharma.com/investors/financial-reports-and-presentations/#financial-reports
or a copy may be obtained from 1 Caspian Point, Caspian Way, Cardiff CF10 4DQ.

Going Concern – material uncertainty

Biodexa has experienced
net losses and significant cash outflows from cash used in operating activities over the past years as it develops its portfolio. For
the six months to June 30, 2024, the Group incurred a consolidated loss from operations of £3.31 million (1H23: loss £3.56
million) and negative cash flows from operating activities of £4.81 million (1H23 £3.88 million). As of June 30, 2024, the
Group had accumulated deficit of £147.88 million.

The Group’s
future viability is dependent on its ability to raise cash from financing activities to finance its development plans until commercialisation,
generate cash from operating activities and to successfully obtain regulatory approval to allow marketing of its development products.
The Group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue
its business strategies.

The Group's consolidated
financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business.

As at June 30,
2024, the Group had cash and cash equivalents of £5.06 million. The Directors forecast that the Group currently has enough cash
to fund its planned operations into the first quarter of 2025. If the Company does not secure additional funding before the first quarter
of 2025, it will no longer be a going concern and would likely be