Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 380

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 380
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 a number of publicly traded peer companies in the biotech sector; |

| · | the dilutive impact of the exercise of the warrants; and |

| · | the dividend return is estimated by reference to our historical dividend payments. Currently, this is estimated to be zero as no dividend 
 has been paid in the prior periods.                                                                                                       |

The following are considered to be critical accounting judgments:

Revenue

Supply Research and Development of Services

There are significant
management judgements and estimates involved in the recognition of revenue from the supply of services. Revenue on services is recognised
over the contract term, proportionate to the progress in overall satisfaction of the performance obligations (the services performed by
the Group), measured by cost incurred to date out of total estimate of costs. The Company’s R&D collaboration agreements require
the delivery of services within 12 months.

Income taxes

Deferred tax assets
are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses
can be utilised. Judgment is required to determine the amount of deferred tax assets that can be recognised based upon the likely timing
and the level of future taxable profits together with future tax planning strategies.

In 2023, there
were approximately £73.4million
of gross unutilised tax losses carried forward (2022: £71.1million;
2021: £67.2million).
No deferred tax asset has been provided in respect of these losses as there was insufficient evidence to support their
recoverability in future periods. The losses do not have an expiry date.

| F-40 |

| 2 | Critical accounting estimates and judgements (continued) |

Going Concern – material uncertainty

We have
experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its
portfolio. For the year ended 31 December 2023, the Group incurred a consolidated loss for the year of £7.08million
and negative cash flows from operating activities of £6.83million.
As of 31 December 2023, the Group had an accumulated deficit of £142.82million.

Our future viability
is dependent on our ability to raise cash from financing activities to finance its development plans until milestones and/or royalties
can be secured from partnering the Company’s assets. Our failure to raise capital as and when needed could have a negative impact
on its financial condition and ability to pursue its business strategies.

We believe there are
adequate options and time