Company: BDRX
Filing Date: 2025-09-12
Form Type: 424B3
Source: 0001214659-25-013681
Chunk: 16

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-09-12
Form: 424B3
Chunk 16
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 next three years including the period 12 months from the date of approval of this interim
financial information. These forecasts show that further financing will be required before the second quarter of 2026 assuming, inter
alia, that certain development programs and other operating activities continue as currently planned. Provided certain conditions are
met, including the price of the Company’s ADSs quoted on NASDAQ being above $1.00, the Company may direct C/M to purchase ADSs and
receive proceeds in accordance with a formula price for up to 36 months from January 2025. There is no guarantee that the Company will
be able to use the ELOC to the extent necessary to finance the Company’s operations.

| 16 |

In the Directors’
opinion, the environment for financing of small and micro-cap biotech companies remains challenging. While this may present acquisition
and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa
are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers,
potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there
can be no assurance that any of alternative courses of action to finance the Company would be successful.

This requirement
for additional financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability
to continue as a going concern. Should it become evident in the future that there are no realistic financing options available to the
Group which are actionable before its cash resources run out then the Group will no longer be a going concern. In such circumstances,
we would no longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared
on a liquidation basis and assets would be stated at net realizable value and all liabilities would be accelerated to current liabilities.

| 2. | Accounting for eRapa and CPRIT grant |

The License and
Collaboration Agreement (“LCA”) entered into with Emtora in April 2024 meets the definition of a Joint Arrangement under IFRS
11, specifically related to the FAP program.

A jointly controlled
escrow account was established on completion of the LCA. All FAP program transactions are processed through the escrow account, including
the Company’s deposits of matching funds, as set out in the agreement, the receipt of grant