Biodexa Pharmaceuticals PLC(BDRX) - 2025 Q2 - Quarterly Report

Financial Performance - Revenue for both periods was £Nil, as the last of the company's R&D collaborations concluded in September 2023[31]. - The Group incurred a consolidated loss from operations of £3.81 million in 1H25, compared to £3.31 million in 1H24[40]. - For the six months ended June 30, 2025, the Group incurred a consolidated loss from operations of £3.81 million, compared to a loss of £3.31 million in the same period of 2024[57]. - Basic and diluted loss per share for 1H25 was £(0.0002), compared to £(0.001) in 1H24, with a significant increase in the weighted average number of ordinary shares used in the calculation[70]. Research and Development (R&D) Costs - R&D costs decreased to £1.67 million in 1H25, down 24% from £2.19 million in 1H24, reflecting a reduction in spending on the MAGIC-G1 study[6]. - R&D costs represented 41% of operating costs in 1H25, down from 52% in 1H24[31]. - R&D costs in 1H25 decreased by £0.52 million, or 24%, to £1.67 million compared to £2.19 million in 1H24, with R&D costs as a percentage of total operating costs dropping to 41% from 52%[33]. - The Group recognized R&D costs of £0.5 million for the FAP project in 1H25, up from £0.2 million in 1H24, with total expenditure of £2.6 million netted against a CPRIT grant of £2.1 million[65]. Cash Flow and Financing - Net cash used in operating activities in 1H25 was £3.30 million, an improvement from £4.81 million in 1H24[6]. - Cash outflows from operating activities in 1H25 were £3.30 million, an improvement from £4.81 million in 1H24, driven by a net loss of £3.81 million[36]. - The company achieved a net cash inflow of £2.37 million for the period, compared to a net outflow of £0.92 million in 1H24[31]. - Net cash generated from financing activities in 1H25 was £6.01 million, up from £4.65 million in 1H24, primarily due to £6.20 million proceeds from share issuances[38]. - Overall cash increased by £2.37 million in 1H25, resulting in a cash balance of £4.04 million as of June 30, 2025[39]. - As of June 30, 2025, the Group had cash and cash equivalents of £4.04 million, indicating a need for further financing before the second quarter of 2026[60]. - The Directors believe there are adequate options to secure additional financing, although the environment for financing small biotech companies remains challenging[44]. - The requirement for additional financing in the short term represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[45]. - The Directors believe there are adequate options and time available to secure additional financing, despite the challenging environment for small and micro-cap biotech companies[61]. Assets and Liabilities - As of June 30, 2025, the Group had an accumulated deficit of £154.13 million[40]. - As of June 30, 2025, the Group's accumulated deficit stood at £154.13 million[57]. - The Group's total assets as of June 30, 2025, were £14.82 million, with total liabilities of £3.39 million[48]. - As of June 30, 2025, the total share capital and reserves amounted to £13,935,391, compared to £11,724,988 as of December 31, 2024, indicating an increase of approximately 19%[73]. Share Capital and Structure - The company has 61,952,308,922 ordinary shares of £0.000001 each authorized and fully paid as of June 30, 2025[73]. - The company has 17,415 pre-funded warrants outstanding over ADSs, which are recognized in the warrant reserve until exercise[75]. - The company’s issued ordinary shares were subdivided and redesignated on June 11, 2025, into one ordinary share of £0.000001 each and 49 'D' deferred shares of £0.000001 each[74]. - The 'D' deferred shares have limited rights and are effectively valueless[74]. - The total number of 'C' deferred shares as of June 30, 2025, was 126,547,389,518, valued at £6,327,370[73]. - The company’s total authorized share capital includes various classes of shares, with 'D' deferred shares totaling 2,482,747,137,178[73]. Regulatory and Legal Matters - The company received Orphan Drug Designation for eRapa in FAP from the European Commission in May 2025[3]. - The first patients were enrolled in the pivotal Serenta trial of eRapa in FAP in August 2025[5]. - The company is in a dispute with a former advisor over fees, with a potential liability of approximately $1.16 million, of which $0.82 million would be payable in cash[77]. - On July 15, 2025, the company announced a ratio change on its ADSs from one ADS representing 10,000 ordinary shares to one ADS representing 100,000 ordinary shares, effective July 31, 2025[78].