Biodexa Pharmaceuticals PLC(BDRX) - 2021 Q4 - Annual Report

Financial Performance and Funding - The Group raised gross proceeds of £10.0 million from a placing in July 2021 and approximately £0.09 million from exercised warrants in February 2021[755]. - The Group is evaluating near-term funding options, including fundraising and partnering of assets or technologies[757]. - The Group's cash flow forecasts indicate that further financing will be required, assuming current development programs continue as planned[755]. Credit and Liquidity Risk - The total exposure to credit risk is equal to the total value of financial assets held at year-end, with a loss allowance for expected credit losses based on the assessment of credit risk[749]. - The Group's liquidity risk is highlighted by the need for additional financing within the next 12 months, raising substantial doubt about its ability to continue as a going concern[755]. - The Group's credit risk is primarily associated with amounts due from collaborative partners, which are deemed to be low[747]. Operational Challenges - The impact of COVID-19 has introduced increased uncertainty over forecasts, potentially causing delays in operations[756]. - The Group does not hedge its net investments in overseas operations due to the disproportionate cost compared to the exposure, particularly after the closure of its Spanish operations[752]. Financial Instruments - The Group does not hold any derivative instruments that expose it to material interest rate risk[754]. - The Depositary has agreed to reimburse the Group for a portion of certain expenses related to the establishment and maintenance of the American depositary receipt program[763].