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) for FAP and NMIBC, tolimidone for T1D, and MTX110 for rare brain cancers, with eRapa and tolimidone as current priorities.

• 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.

• Manufacturing is outsourced to GMP-certified contract manufacturers; no plans to establish in-house manufacturing.

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 £15.9 million, with total equity of £23.3 million, assuming full sale of units.

• Recent capital raises include warrant exercises and private placements, with ongoing reliance on external funding.

Use of proceeds and capital allocation

• Estimated net proceeds of $15.5 million from the offering, assuming all units are sold at $5.09 per unit.

• Proceeds intended to fund development programs, working capital, and general corporate purposes.

• Management retains broad discretion over allocation of proceeds, with no specific amounts allocated to individual programs.