Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 395

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 395
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70 | ) |
| Gain recognised in finance (income)/expense within the consolidated statement of comprehensive income |     |       (487 | ) |     |       (468 | ) |     |       (936 | ) |
| At 31 December                                                                                        |     |      4,160 |   |     |         85 |   |     |        553 |   |

Equity settled derivative
financial liability is a liability that is not to be settled for cash.

No warrants recognised
as equity settled derivatives were exercised in 2023, 2022 or 2021.

The Company issues warrants
in the ADSs of the Company as part of registered direct offerings and private placements in the US. The number of ADSs to be issued when
exercised is fixed, however the exercise price is denominated in US Dollars being different to the functional currency of the Company.
Therefore, the warrants are classified as equity settled derivative financial liabilities recognised at fair value through the profit
and loss account (‘FVTPL’). The financial liability is valued using the Black-Scholes model in 2023, in previous periods the
Monte Carlo model was used. The change in methodology is as result of the Company de-listing from AIM in 2023 and no longer needing to
consider foreign exchange movements in fair value calculation. Financial liabilities at FVTPL are stated at fair value, with any gains
or losses arising on re-measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest
paid on the financial liability and is included in the ‘finance income’ or ‘finance expense’ lines item in the
income statement. A key input in the valuation of the instrument is the Company share price.

Details of the warrants
are as follows:

December 2023 warrants

In December 2023 the
Company issued 3,000,063 Series E ADS Warrants and 3,000,063 Series F ADS Warrants as part of the Registered Offering in the US. The exercise
price per ADS is $2.20.

May 2023 warrants

In June 2023 the Company
issued 276,689 Series D ADS Warrants as part of a registered direct offering and private placement in the US after securing shareholder
approval. The exercise price per ADS was $16.00.

May 2020 warrants

In May 2020 the Company
issued 838 ADS warrants as part of a registered direct offering in the US.