Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 36

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 36
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 after deducting estimated placement agent fees and estimated offering expenses payable by us, our as
adjusted net tangible book value as of June 30, 2025 would have been approximately $23.43 million, or $5.86 per Depositary Share.
This represents an immediate decrease in net tangible book value of $6.96 per Depositary Share to our existing shareholders and an immediate
accretion of $0.53 per Depositary Share to investors purchasing Units in this offering. The final public offering price will
be determined through negotiation between us and the placement agent in the offering and may be at a discount to the current market price.
Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final public offering price.

The following table illustrates
this dilution on a per Depositary Share basis:

|                                                                                                                                      |     | As at June 30, 2025   |       |   |
|:-------------------------------------------------------------------------------------------------------------------------------------|:----|:----------------------|------:|:--|
|                                                                                                                                      |     | Per Depositary Shares |       |   |
| Assumed public offering price per Depositary Share                                                                                   |     | $                     |  5.33 |   |
| Historical net tangible book value per Depositary Share as of June 30, 2025                                                          |     | $                     | 12.82 |   |
| Decrease to net tangible book value per Depositary Share attributable to investors purchasing our Depositary Shares in this offering |     | $                     | (6.96 | ) |
| As adjusted net tangible book value per Depositary Share as of June 30, 2025, after giving effect to this offering                   |     | $                     |  5.86 |   |
| Accretion per Depositary Share to the investors in this offering                                                                     |     | $                     |  0.53 |   |

A $1.00 increase in the assumed combined public offering price of $5.33 per
Unit would increase the as adjusted net tangible book value per Depositary Share by $0.79 and increase the accretion per Depositary Share
to investors participating in this offering by $0.79, assuming no sale of any Pre-Funded Units and no exercise of the Series L Warrants
and Placement Agent Warrants, and after deducting estimated placement agent fees and estimated offering expenses payable by us. A $1.00 decrease
in the assumed combined public offering price of $5.33