Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 31

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 31
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 value per                                                                                
 Depositary Share attributable to investors purchasing our Depositary Shares in this offering                           |     | $                              |       |   |
| As adjusted net tangible book value per Depositary Share as of December 31, 2024, after giving effect to this offering |     | $                              |       |   |
| Dilution per Depositary Share to the investors in this offering                                                        |     | $                              |       |   |

A $ increase in the assumed
combined public offering price of $ per Unit would increase the as adjusted net tangible book value per Depositary Share by $ and increase
the dilution per Depositary Share to investors participating in this offering by $ , assuming no sale of any Pre-Funded Units and no exercise
of the Series L Warrants and Underwriter Warrants, and after deducting estimated underwriting discounts and commissions, and estimated
offering expenses payable by us. A $ decrease in the assumed combined public offering price of $ per Unit would decrease the as adjusted
net tangible book value per Depositary Share by $ and decrease the dilution per Depositary Share to investors participating in this offering
by $ , assuming no sale of any Units containing Pre-Funded Warrants and no exercise of the Series L Warrants and Underwriter Warrants,
and after deducting estimated underwriting discounts and commissions, and estimated offering expenses payable by us.

For purposes of this section,
the share information above excludes:

| · | 328,823,388 Ordinary Shares issuable upon the exercise of stock options outstanding under our equity incentive plans at a weighted-average 
 exercise price of £0.005 per share;                                                                                                        |

| 19 |

| · | 99 Ordinary Shares issuable upon the exercise of stock options in connection with the acquisition of DARA Bioscience, Inc. at a weighted 
 average exercise price of $877.13 per share; and                                                                                         |

| · | warrants, including pre-funded warrants, exercisable for 770,026 Depositary Shares (representing 7,700,260,000 Ordinary Shares), at 
 a weighted average exercise price of $38.42 per Depositary Share.                                                                   |

The information discussed
above is illustrative only and will be adjusted based on the actual public offering price, the actual number of units that we offer in
this offering, and other terms of this offering determined at the time of pricing. In addition, we may choose to raise additional capital
due to market conditions or strategic considerations. To the extent that additional capital