Biodexa Pharmaceuticals (BDRX) Q2 2026 earnings summary

Executive summary

• 1H26 priorities were advancing the registrational Phase 3 Serenta trial of eRapa for FAP and preparing to restart MTX240 clinical development for GIST.

• The portfolio also includes investigator-initiated trials of eRapa for NMIBC and tolimidone for Type 1 diabetes.

Financial highlights

• Revenue was nil in 1H26 and 1H25; operating loss was £4.21m vs £4.02m, while net loss narrowed to £1.84m from £3.81m.

• R&D costs rose 75% to £2.92m from £1.67m; administrative costs fell 27% to £1.74m from £2.38m.

• Cash used in operating activities was £4.61m vs £3.30m; cash declined £5.31m to £3.23m at June 30, 2026.

• Finance income of £2.47m included a £2.38m gain on an equity-settled derivative liability, arising from the lower share price.

Outlook and guidance

• Forecasts indicate additional financing will be required in Q4 2026 if planned development and operating activities continue; $26.08m remained undrawn under the ELOC at June 30.

• Serenta is planned to enroll 168 participants; 92 were enrolled by publication, with Canadian centers expected to start enrollment in 4Q26.

• A Phase 1b/2a MTX240 GIST trial is being prepared to establish a safe, effective dose and efficacy signal before the end of 2027.

• The NMIBC Phase 2 trial is fully enrolled at 166 patients, with readout expected in Q4 2026; the tolimidone Phase 2a study initially plans to recruit 12 patients.