Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 130

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 130
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 £0.04 million were charged in 2023, compared to £0.05 million in 2022. Interest expense primarily
relates to interest expense on lease liabilities.

| 67 |

Liquidity and Capital Resources

Overview

We have incurred significant
net losses and have had negative cash flows from operations during each period from inception through June 30, 2024, and had an accumulated
deficit of £147.88 million as of June 30, 2024. As of June 30, 2024 and December 31, 2023, we had cash and cash equivalents of £5.06
million and £5.97 million, respectively. We have yet to generate a profit and, excluding share issues, cash flows have been consistently
negative from the date of incorporation. Management expects operating losses and negative cash flows to continue for the foreseeable future.
We believe our existing balances of cash and cash equivalents will be insufficient to satisfy our working capital needs and other liquidity
requirements associated with our existing operations over the next 12 months.

Our
future viability is dependent on our ability to raise cash from financing activities to finance our development plans until milestone
and/or royalties can be secured from partnering our assets. Our failure to raise capital as and when needed could have a negative impact
on its financial condition and ability to pursue its business strategies.

We
believe there are adequate options and time available to secure additional financing for the Company, including the Committed Equity Financing,
and after considering the uncertainties, we consider it is appropriate to continue to adopt the going concern basis in preparing the financial
information. Our consolidated financial information have therefore been presented on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. With respect to the Committed Equity Financing, we may
ultimately decide to sell to the Selling Shareholder all, some or none of the Depositary Shares that may be available for us to sell to
the Selling Shareholder pursuant to the Purchase Agreement. Accordingly, we cannot guarantee that we will be able to sell all of the Commitment
Amount or how much in proceeds we may obtain under the Purchase Agreement. If we cannot sell securities under the Committed Equity Financing,
we may be required to utilize more costly and time-consuming means of accessing the capital markets, which could have a material adverse
effect on our liquidity and cash position.

The
consolidated interim financial information has been presented on a going concern basis,