Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 398

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 398
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 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.

October 2019 warrants

In October 2019 the
Company issued 392 ADS warrants as part of a registered direct offering in the US.

May 2020 and October 2019 warrant re-price

On 13 December 2022
the Company entered into a Securities Purchase Agreement with Armistice Capital Master Fund Ltd (‘Armistice’) to re-price
previously issued ADS warrants issued to Armistice to $320 per ADS. The impact of the re-pricing is shown in the table below: The warrant
exercise price per ADS for the remaining warrants remains unchanged as follows: October 2019 warrants at $10,000 per ADS; May 2020 warrants
at $3,280 and $3,300 per ADS.

| Schedule of warrant exercise price |                      |                    |                   |                      |
|                                    | ADS Warrants Number* | Original price per 
               ADS*