Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 131

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 131
---
 million as a result of the cost reduction program in March 2023 where eight staff members were made redundant at a one-time
cost of £0.10 million. Expenditure on the MTX110 clinical program increased during the year by £0.41 million offsetting in
part the reduced expense on preclinical programs and staffing.

Administrative costs. For the year ended December 31, 2023, our administrative costs were £4.34 million, as opposed to £4.54 million
in 2022. During the year we expensed £1.31 million on legal and professional fees in connection with the successful financing transactions
in the year, the acquisition of the tolimidone license in December 2023 and aborted acquisitions. This compares to £1.36 million
expensed in 2022 on the aborted acquisition of Bioasis Technologies Inc., or Bioasis. During the year we provided a loan to Adhera Therapeutics,
Inc., or Adhera, of £0.08 million which was forgiven on completion of the acquisition of the global rights to develop and commercialize
tolimidone in December 2023.

Finance Income. Finance income represents interest earned on cash balances and gains in respect of equity settled financial liabilities. In
2023, finance income of £0.57 million was credited to the income statement, compared with £0.50 million in 2022, and included
a gain in respect of an equity settled financial liability of £0.49 million (2022: £0.47 million).

Finance Expense. Finance expenses of £0.04 million were charged in 2023, compared to £0.05 million in 2022. Interest expense primarily
relates to interest expense on lease liabilities.

| 67 |

Liquidity and Capital Resources

Overview

We have incurred significant
net losses and have had negative cash flows from operations during each period from inception through June 30, 2024, and had an accumulated
deficit of £147.88 million as of June 30, 2024. As of June 30, 2024 and December 31, 2023, we had cash and cash equivalents of £5.06
million and £5.97 million, respectively. We have yet to generate a profit and, excluding share issues, cash flows have been consistently
negative from the date of incorporation. Management expects operating losses and negative cash flows to continue for the foreseeable future.
We believe our