Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 129

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 129
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 owners of the parent |     |                         | (7,079 | ) |     |     | (7,656 | ) |

Revenue.
For the year ended December 31, 2023, we generated consolidated revenues from continuing operations of £0.38 million, compared to
£0.70 million in 2022, comprising Q-Sphera formulation services under R&D collaboration agreements for customers in each year,
which have now ceased.

Research and Development Costs. We incurred research and development costs of £4.07 million in 2023, compared to £5.11 million
in 2022, a reduction of 20%. The reduction in the year reflects our decision to reposition as a therapeutics company and to not expand
our internal drug delivery platform, resulting in a reduction in pre-clinical expense of £0.87 million. Personnel costs also reduced
by £0.39 million as a result of the cost reduction program in March 2023 where eight staff members were made redundant at a one-time
cost of £0.10 million. Expenditure on the MTX110 clinical program increased during the year by £0.41 million offsetting in
part the reduced expense on preclinical programs and staffing.

Administrative costs. For the year ended December 31, 2023, our administrative costs were £4.34 million, as opposed to £4.54 million
in 2022. During the year we expensed £1.31 million on legal and professional fees in connection with the successful financing transactions
in the year, the acquisition of the tolimidone license in December 2023 and aborted acquisitions. This compares to £1.36 million
expensed in 2022 on the aborted acquisition of Bioasis Technologies Inc., or Bioasis. During the year we provided a loan to Adhera Therapeutics,
Inc., or Adhera, of £0.08 million which was forgiven on completion of the acquisition of the global rights to develop and commercialize
tolimidone in December 2023.

Finance Income. Finance income represents interest earned on cash balances and gains in respect of equity settled financial liabilities. In
2023, finance income of £0.57 million was credited to the income statement, compared with £0.50 million in 2022, and included
a gain in respect of an equity settled financial liability of £0.49 million (2022: £0.47 million).

Finance Expense. Finance expenses of