Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 397

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 397
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issory Note.

On
3 February 2023 Bioasis announced they were ‘urgently exploring and evaluating all financing and strategic alternatives that may
be available to address its liquidity requirements’ which triggered an event of default. As a result of this the 3rd payment under
the agreement was not made in the post year end period. On 5 March 2023 Bioasis were served with a notice of an event of default. On 20
June 2023 Bioasis announced the suspension of operations.

In
2023 the provision was utilised against the advance made to Bioasis in January 2023.

| F-57 |

| 18 | Derivative financial liability – current |

| Schedule of derivative financial liability                                                            |     |            |   |     |            |   |     |            |   |
|                                                                                                       |     | 2023 £’000 |   |     | 2022 £’000 |   |     | 2021 £’000 |   |
| Equity settled derivative financial liability                                                         |     |            |   |     |            |   |     |            |   |
| At 1 January                                                                                          |     |         85 |   |     |        553 |   |     |      1,559 |   |
| Warrants issued                                                                                       |     |      4,562 |   |     |          – |   |     |          – |   |
| Transfer to share premium on exercise of warrants                                                     |     |          – |   |     |          – |   |     |        (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