Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 76

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 76
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 n/a                         n/a          n/a      
  MTX230 eRapa acquired IPRD*                                          2,707                 –          n/a                         n/a          n/a      

  asset is not yet in use and has not started amortising  

On 25 April 2024 the Company entered into a LCA with Emtora, relating to the license
of eRapa. In consideration for the License, the Company made an upfront payment of15,1261ADSs (equal to five percent of
our then outstanding Ordinary Shares, calculated on a fully-diluted basis). In addition, a promissory note previously issued by Emtora
in favour of the Company in the amount of $0.25million was forgiven and certain historical liabilities relating to their on-going FAP
and NMIBC programs were settled. The Company is also obligated to make quarterly payments to Emtora of $0.25million less 75% of any
research sales by Emtora until the handover trigger event occurs. The obligation meets the definition of a financial liability in accordance
with IAS32 and is measured at fair value in accordance with IFRS9. Management have estimated the expected liability to be $3.1million
and the present value as $2.5million.

  Schedule of initial consideration settled                        
  15,126 1 ADSs issued at market value             274        219  
  Promissory note forgiven                         250        197  
  Historical liabilities settled                   366        294  
  Quarterly payment obligation                   2,494      1,997  
  Recognised as intangible asset purchase        3,384      2,707  

In addition, the Company is also responsible for up to $31.5 million in sales milestones
within the first six months of commercial sale of a first-approved indication of eRapa in certain markets, with decreasing milestones
for subsequent approvals for additional indications. There is also a one-time $10.0 million milestone payable upon cumulative net sales
of $1.0 billion. Further, the Company is also obligated to pay Emtora single digit tiered royalties on net sales of eRapa, in addition
to honouring Emtora’s legacy royalty obligations and paying Emtora fees related to income derived from sublicensing and partnering
of eRapa.

The LCA also provides the Company with the exclusive option to acquire all of the
capital stock of Emtora on