Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 140

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 140
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31, 2022 and 2021, our research and development expenses were £4.07 million and £5.11 million, respectively.

Trend Information

Other than as disclosed elsewhere
in this prospectus, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a
material adverse effect on our revenues, profitability, liquidity or capital resources, or that would cause the disclosed financial information
to be not necessarily indicative of future operating results or financial conditions.

Off-Balance Sheet Arrangements

As of and at both June 30, 2024 and December 31,
2023, we did not have any off-balance sheet arrangements.

Critical Accounting Estimates

The
preparation of our consolidated financial statements requires us to make estimates, assumptions and judgments that can have a significant
impact on the reported amounts of assets and liabilities, revenue and expenses and related disclosure of contingent assets and liabilities,
at the respective dates of our financial statements. We base our estimates, assumptions and judgments on historical experience and various
other factors that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different
assumptions or conditions. Management evaluates estimates, assumptions and judgments on a regular basis and makes changes accordingly,
and discusses critical accounting estimates with the Board of Directors.

The
following are considered to be critical accounting policies because they are important to the portrayal of our financial condition or
results of operations and they require critical management estimates and judgments about matters that are uncertain.

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Revenue

Supply Research and Development of Services

There
are significant management judgements and estimates involved in the recognition of revenue from the supply of services. Revenue on services
is recognized over the contract term, proportionate to the progress in overall satisfaction of the performance obligations (the services
performed by the Company), measured by cost incurred to date out of total estimate of costs. Our R&D collaboration agreements require
the delivery of services within 12 months.

Income taxes

Deferred tax assets are recognized
for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized.
Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based upon the likely
timing and the level of future taxable profits together with future tax planning strategies.

In 2023 and 2022, there were
£73.4 million and £71.1 million of gross unutilized tax losses carried forward