Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 29

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 29
---
, 2024, and excludes
as of that date:

| · | 328,823,388 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;                                                                                                        |

| · | 99 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 $877.13 per share;                                                                                             |

| · | warrants, including pre-funded warrants, exercisable for 770,026 Depositary Shares (representing 7,700,260,000 Ordinary Shares), at 
 a weighted average exercise price of $38.42 per Depositary Share; and                                                               |

| · | any warrants issuable in this offering |

In addition, subsequent to
December 31, 2024 through the date of this registration statement, we have sold and issued (i) 17,398,000,000 Ordinary Shares, pursuant
to an equity line of credit agreement, or ELOC, with C/M Master Fund, L.P., or the Investor, resulting in gross proceeds of $4.9 million,
and (ii) 1,533,490,000 Ordinary Shares in satisfaction of a commitment fee in connection with the ELOC.

| 18 |

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

If you invest in our securities,
your ownership interest will be diluted to the extent of the difference between the amount per Unit paid by purchasers, assuming that
all the units are issued and no value is attributed to the warrants, in this public offering and the as adjusted net tangible book value
per share of our Depositary Shares immediately after the closing of this offering. Such calculation does not reflect any potential dilution
associated with the sale and exercise of warrants, which would cause the actual dilution to you to be higher.

Our
net tangible book value as of December 31, 2024 was approximately £2.7 million, or $5.02 per Depositary Share. Net tangible book
value per Depositary Share is determined by dividing our total tangible assets, less total liabilities, by the number of our Ordinary
Shares outstanding as of December 31, 2024, and multiplying such amount by 10,000 (one Depositary Share represents 10,000 Ordinary Shares).

After
giving effect to the sale and issuance, subsequent to December 31, 2024 through the date