Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 126

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 126
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4 and for the fiscal year ended December 31, 2023, finance income also included a gain on an equity settled
derivative financial liability. We issued warrants in fiscal 2023, 2020 and 2019 in connection with registered direct offerings. In 2015,
we assumed fully vested warrants and share options on the acquisition of DARA Biosciences, Inc. The number of Ordinary Shares to be issued
when the warrants and options are exercised is fixed, however the exercise prices are denominated in United States dollars, which is different
from the functional currency of the Company. Therefore, the warrants and share options are classified as equity settled derivative financial
liabilities in the consolidated statement of financial position with any gains or losses being recognized through finance income or finance
expense in the consolidated statement of comprehensive income.

Finance Expense

Finance
expenses include all interest payable on borrowings and loan instruments. In the first six months of 2024, and for the years ended December
31, 2023 and 2022, finance expenses were comprised primarily of interest payable on lease liabilities and other loans.

Taxation

Taxation
represents tax credits receivable by Group companies in respect of qualifying research and development costs incurred.

Results of Operations

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023

The following table summarizes our consolidated
results of operations for the six month periods ended June 30, 2024 and 2023:

|                                                              |     |  Six Months Ended June 30, |        |   |     |      |        |   |
|                                                              |     |                       2024 |        |   |     | 2023 |        |   |
|                                                              |     | -£ in thousands; unaudited |        |   |     |      |        |   |
| Revenue                                                      |     |                            |     -- |   |     |      |    298 |   |
| Other income                                                 |     |                            |     -- |   |     |      |     -- |   |
| Research and development costs                               |     |                            | (2,189 | ) |     |      | (2,251 | ) |
| Administrative costs                                         |     |                            | (2,034 | ) |     |      | (2,291 | ) |
| Loss from operations                                         |     |                            | (4,223 | ) |     |      | (4,244 | )