Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 350

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 350
---
 of
an NDA by the U.S. Food and Drug Administration (the “FDA”). If the Company does not exercise the option, it would be required
to make additional quarterly payments, as disclosed in note 7, until the first commercial sale of the product.

| 7. | Deferred Consideration |

| Schedule of deferred consideration |     |  As at June 30, 
            2024 
 unaudited £’000 |   |     | As at        
 December 31, 
 2023 £’000   |
|:-----------------------------------|:----|----------------:|:--|:----|:-------------|
| Opening provision at January 1,    |     |               - |   |     | -            |
| On acquisition of licence          |     |           1,997 |   |     | -            |
| Interest expense                   |     |              38 |   |     | -            |
| Foreign exchange                   |     |             (24 | ) |     | -            |
| Deferred consideration             |     |           2,011 |   |     | -            |
| Less: non-current portion          |     |          (1,552 | ) |     | -            |
| Current portion                    |     |             459 |   |     | -            |

The Company is obligated
to make quarterly payments to Emtora of $0.25 million less 75% of any research sales by Emtora until the handover trigger event occurs.
The obligation meets the definition of a financial liability in accordance with IAS32 and is measured at fair value in accordance with
IFRS9. Management have estimated the expected liability to be $3.1 million and the present value as $2.5 million.

This financial liability
is measured on Level 3, the fair value is derived using a discounted cash flow approach. The discount rate applied to the obligation was
11.64% (2023: n/a).

A 1% increase or decrease in the discount rate would decrease or increase the liability by approximately £0.03 million (2023: n/a) and £0.03 million (2023: n/a), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease
would result in a gain.

There were no transfers
between Level 1 and 2 in the period.

| F-11 |

| 8. | Derivative financial liability