Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 129

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 129
---
sen Pharmaceutical NV, which represented the entire revenue in the first half of 2023, concluded
in September 2023.

| 66 |

Research and Development Costs. Research and development costs for the six months ended June 30, 2024 reduced by £0.06 million, or 3%, to £2.19
million, compared with £2.25 million for the six months ended June 30, 2023. The percentage of research and development costs as
a percentage of total operating costs increased to 52% in the period from 50%. The reduction in research and development costs in the
first six months ended June 30, 2024 reflects a reduction in spend of £0.54 million on the MAGIC-G1 study in rGBM, the termination
of legacy drug delivery projects and lower personnel costs offset by the addition of MTD228 (tolimidone) and MTX230 (eRapa) for a combined
expenditure of £0.65 million in the period.

Administrative Costs. Administrative
expenses for the six months ended June 30, 2024 decreased by 11% to £2.03 million from £2.29 million in the same period of
the prior year. The decrease in administrative costs in the first six months ended June 30,2024 is a result of a positive reversal in
foreign exchange of £0.23 million and a reduction in professional fees of £0.14 million offset by increases in share-based
payment charge of £0.12 million and sundry other costs.

Finance Income. Finance
income in during the current and prior period included gains in respect of an equity settled derivative financial liability of £0.75
million and £0.39, million respectively. The gains arose as a result of the fall in our share price. In addition, we earned interest
on cash deposits.

Finance Expense. Finance
expense in the period related to lease liabilities and discounted interest on deferred consideration.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

The following table summarizes our consolidated
results of operations for the years ended December 31, 2023 and 2022:

|                                                            |     | Year Ended December 31, |   2023 |   |     |     |   2022 |   |
|:-----------------------------------------------------------|:----|:------------------------|-------:|:--|:----|:----|-------