Company: BDRX
Filing Date: 2025-09-12
Form Type: 424B3
Source: 0001214659-25-013677
Chunk: 11

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-09-12
Form: 424B3
Chunk 11
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 percentage of R&D
costs as a percentage of total operating costs decreased to 41% in the period from 52%. The reduction in R&D costs in 1H25 reflects
a reduction in spend of £0.56 million on the MAGIC-G1 study in rGBM and preclinical studies offset by an increase in expenditure
(net of CPRIT grant income) on MTX230 (eRapa). The percentage of MTX230 (eRapa) costs that were able to be offset against grant funding
during the period was 82% and we anticipate that over the life of the grant this will be 67%.

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Administrative Costs

Administrative
costs in 1H25 increased by £0.34 million, or 17%, to £2.38 million from £2.03 million in 1H24. The increase in administrative
costs in 1H25 is driven by a foreign exchange charge of £0.40 million in the period compared to a £0.06 million gain in 2024.
This was offset by a reduction in transaction related costs of £0.13 million. Transaction costs in the period included a £0.37
million non- cash upfront commitment fee for the ELOC.

Finance Income and Expense

Finance income
in 1H25 and 1H24 included gains in respect of an equity settled derivative financial liability of £0.15 million (1H24: £0.75
million). The gains arose as a result of the fall in the Biodexa share price. In addition, the Company earned interest on cash deposits.

Finance expense
in the period related to lease liabilities, discounted interest on deferred consideration and interest on the promissory note issued in
December 2024.

Cash Flows

Cash outflows from
operating activities in 1H25 were £3.30 million compared to £4.81 million in 1H24, driven by a net loss of £3.81 million
(1H24: £3.31 million) and after negative working capital of £0.04 million (1H24: negative £0.87 million) and other positive
non-cash items totalling £0.24 million (1H24: negative £0.63 million).

Net cash used in
investing activities in 1H25 of £0.34 million (1H24: outflow £0.75 million) resulted