Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 60

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 60
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for the Company and after considering the uncertainties, we it is appropriate to continue to adopt the going concern basis in preparing
these financial statements. The Group's consolidated financial statements have therefore been presented on a going concern basis, which
contemplates the realisation of assets and the satisfaction of liabilities in the normal course of business.

As at 31 December 2024, the we had cash and cash equivalents of £1.67million.
We have prepared cash flow forecasts and considered the cash flow requirement for the Group for the next three years including the period
12 months from the date of approval of the consolidated financial statements. These forecasts show that further financing will be required
before Q4 2025 assuming, inter alia, that certain development programs and other operating activities continue as currently planned. Pursuant
to its $35million Equity Line of Credit, or ELOC, as described in the Finance Review, the Company may direct C/M to purchase ADSs (subject
to certain limitations) and receive proceeds in accordance with a formula price for up to 36 months from the Commencement Date. There
is no guarantee that the Company will be able to use the ELOC to the extent necessary to finance the Company’s operations.

In our opinion, the environment for financing of small and micro-cap biotech companies
remains 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. We 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 alternative courses of action to finance the Company would
be successful.

This requirement for additional financing in the short term represents a material
uncertainty that may cast significant doubt upon the Group and Parent Company’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 Company which are actionable before its cash
resources run out then the Company 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.

Revenue