Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 342

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 342
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ADSs could suffer a material decline. Delisting may impair the Company's ability to raise capital.

In the Directors’
opinion, the environment for financing of small and micro-cap biotech companies continues to be challenging. While this may present acquisition
and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa
are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers,
potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there
can be no assurance that any of alternative courses of action to finance the Group would be successful. This requirement for additional
financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue
as a going concern. Should it become evident in the future that there are no realistic financing options available to the Group which
are actionable before its cash resources run out then the Group will no longer be a going concern. In such circumstances, we would no
longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared on a liquidation
basis and assets would be stated at net realizable value and all liabilities would be accelerated to current liabilities.

The Directors believe
there are adequate options and time available to secure additional financing for the Group and after considering the uncertainties, the
Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements.

Our forecast of
the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and
involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the timing of clinical trials.
We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than
we currently expect. If we lack sufficient capital to expand our operations or otherwise capitalize on our business opportunities, our
business, financial condition and results of operations could be materially adversely affected.

| 2. | Accounting for eRapa and CPRIT grant |

The LCA entered
into with Emtora meets the definition of a Joint Arrangement under IFRS 11, specifically related to the FAP program.

A jointly controlled escrow account was established
on completion of the LCA. All FAP program transactions