Company: BDRX
Filing Date: 2025-09-12
Form Type: 424B3
Source: 0001214659-25-013675
Chunk: 4

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-09-12
Form: 424B3
Chunk 4
---
, bringing the 
 total of non-dilutive grant funding to $20.0 million in support of the registrational Phase 3 program of eRapa in FAP.              |

| · | R&D costs decreased to £1.67 million                                                                                                   
 in 1H25 (1H24: £2.19 million) reflecting a reduction in spend on the MAGIC-G1 study in recurrent glioblastoma and pre-clinical studies 
 offset by an increase in expenditure (net of CPRIT grant income) on MTX230 (eRapa).                                                    |

| · | Administrative costs increased to £2.38                                                                                    
 million (1H24: £2.03 million) as a result of a foreign exchange charge offset by a reduction in transaction related costs. |

| · | Net cash used in operating activities (after                                 
 changes in working capital) in 1H25 was £3.30 million (1H24: £4.81 million). |

Commenting, Stephen
Stamp, CEO and CFO, said “The first half was extremely productive. Having secured Fast Track designation and successfully negotiated our way through a Type C meeting with the FDA, in August we enrolled the first patients into our pivotal Serenta trial of eRapa in FAP. In parallel, we secured orphan designation from the European Commission for eRapa in FAP in Europe and filed a Clinical Trial Application with the EMA, which sets us up to begin enrolment in the Serenta trial in Europe in the fourth quarter”.

| 3 |

CHIEF EXECUTIVE’S REVIEW

Our main focus
in the first half of 2025 was on preparatory activities for the start of our registrational Phase 3 trial of eRapa in Familial Adenomatous
Polyposis (“FAP”).

R&D update

In the first half
of 2025 we materially advanced our R&D pipeline, moving eRapa in FAP into Phase 3 and tolimidone for Type 1 Diabetes (“T1D)
into Phase 2:

eRapa

eRapa is a proprietary
oral formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin)
inhibitor. mTOR has been shown to have a significant role in the signalling pathway that regulates cellular metabolism, growth and proliferation
and is activated during tumorgenesis. Rapamycin is approved in the US