Company: BDRX
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001214659-25-016821
Chunk: 37

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-17
Form: F-1
Chunk 37
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 per Unit would decrease the as adjusted net tangible book value per Depositary
Share by $0.79 and decrease the accretion per Depositary Share to investors participating in this offering by $0.79, assuming no
sale of any Units containing Pre-Funded Warrants 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.

For purposes of this section,
the share information above excludes:

| · | 313,070,788 Ordinary Shares issuable upon the exercise of stock options outstanding under our equity incentive plans at a weighted-average 
 exercise price of £0.005 per share;                                                                                                        |

| 24 |

| · | six Ordinary Shares issuable upon the exercise of stock options in connection with the acquisition of DARA Bioscience, Inc. at a weighted 
 average exercise price of $981.91 per share; and                                                                                          |

| · | warrants, including pre-funded warrants, exercisable for 48,848 Depositary Shares (representing 4,884,800,000 Ordinary Shares), at 
 a weighted average exercise price of $402.20 per Depositary Share.                                                                 |

The information discussed
above is illustrative only and will be adjusted based on the actual public offering price, the actual number of units that we offer in
this offering, and other terms of this offering determined at the time of pricing. In addition, we may choose to raise additional capital
due to market conditions or strategic considerations. To the extent that additional capital is raised through the sale of equity or convertible
debt securities, the issuance of these securities could result in further dilution to our stockholders.

Except as otherwise noted,
all information in this prospectus reflects and assumes no exercise of any warrants issued in this offering.

| 25 |

<div align='center'>BUSINESS</div>

Company Overview

We are a clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs, including familial adenomatous polyposis, or FAP, non-muscle invasive bladder cancer, or NMIBC, type 1 diabetes, or T1D, and rare/orphan cancers of the brain.

In April 2024 we licensed eRapa, a proprietary formulation of rapamycin, from Rapamycin Holdings, Inc. d/b/a Emtora Biosciences, Inc., or Emtora. Rapamycin is an mTOR