Biodexa Pharmaceuticals (BDRX) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing treatments for diseases with unmet medical needs, including familial adenomatous polyposis (FAP), non-muscle invasive bladder cancer (NMIBC), type 1 diabetes (T1D), and rare/orphan brain cancers.

• Lead assets include eRapa (rapamycin formulation) for FAP and NMIBC, tolimidone for T1D, and MTX110 for rare brain cancers, with eRapa and tolimidone prioritized.

• Business model centers on advancing clinical assets to proof-of-concept before seeking partners for late-stage development and commercialization.

• Proprietary drug delivery technologies (Q-Sphera, MidaSolve, MidaCore) are no longer a key priority.

Financial performance and metrics

• As of September 30, 2025, cash and cash equivalents totaled £2.79 million.

• Pro forma as-adjusted cash and cash equivalents post-offering estimated at £15.88 million, with total equity of £23.28 million, assuming full sale of units.

• Net tangible book value per Depositary Share as of June 30, 2025, was $7.94; post-offering, as adjusted, $4.65 per Depositary Share.

Use of proceeds and capital allocation

• Estimated net proceeds of $15.5 million (assuming all units sold) to fund development programs, working capital, and general corporate purposes.

• Management has broad discretion in allocation; proceeds may be invested in short-term, interest-bearing securities pending use.