Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 53

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 53
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 cash flows for the year ended December 31, 2024 in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board.

Going Concern Uncertainty

The accompanying consolidated
financial statements have been prepared assuming that the Group will continue as a going concern. As discussed in note 1 to the consolidated
financial statements, the Group is pre-revenue and its business model requires significant ongoing expenditure on research and development
that include the costs to develop its portfolio, together with working capital requirements. The Group’s future viability is dependent
on its ability to secure additional financing before Q4 2025. A number of available financing options are currently being evaluated in
addition to the existing Equity Line of Credit facility, and there is no guarantee the Group will be able to use the facility to the extent
necessary to finance its operations as currently planned. These conditions raise substantial doubt about the Group’s ability to
continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty.

Basis for opinion

These consolidated financial statements
are the responsibility of the Group’s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”)
and are required to be independent with respect to the Group in accordance with the U. S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain
an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of
the Group’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant