Interim results for the six months ended June 30, 2026
Biodexa increased R&D investment to advance eRapa and MTX240 while cash declined to £3.23m despite a post-period $3.5m fundraise.
Rhea-AI Summary
Biodexa Pharmaceuticals (BDRX) reported unaudited interim results for the six months ended June 30, 2026, highlighting pipeline progress, higher R&D spend and reduced administrative costs.
R&D costs rose 75% to £2.92m (1H25: £1.67m), driven by the Phase 3 Serenta trial of eRapa in FAP and manufacturing for newly in-licensed MTX240. R&D represented 63% of operating costs. Administrative costs fell 27% to £1.74m, mainly due to favourable FX movements. Net loss was £1.84m (1H25: £3.81m). Net cash used in operating activities increased to £4.61m, and total cash decreased by £5.31m to £3.23m at June 30, 2026.
Operationally, the company in-licensed MTX240 from Otsuka, expanded the eRapa Serenta Phase 3 trial (92 of 168 subjects enrolled to date, including planned Canadian sites), advanced investigator-initiated trials in NMIBC and T1D, and raised $3.5m gross on July 1, 2026 via a registered direct offering, warrant inducement and PIPE.
Positive
- R&D spend +75% to £2.92m in 1H26, reflecting active clinical and manufacturing programs
- Administrative costs -27% to £1.74m in 1H26, helped by £0.48m FX swing
- Net loss reduced to £1.84m from £3.81m despite higher R&D costs
- Serenta Phase 3 trial reached 92 of 168 planned FAP subjects across US and Europe
- MTX240 in-licensed from Otsuka for GIST, with £0.71m cash outflow tied to license and eRapa deferred payment
- Post-period financing raised $3.5m gross through registered direct, PIPE and warrant inducement
Negative
- Cash balance fell to £3.23m at June 30, 2026 from £8.53m at December 31, 2025
- Net cash used in operating activities increased to £4.61m from £3.30m
- Total cash movement was an outflow of £5.31m in 1H26 versus £2.37m inflow in 1H25
- Grant offset on eRapa costs declined to 66% in 1H26 from 89% in 1H25
- R&D investment concentration in Serenta and MTX240 increases financial dependence on successful outcomes
News Explained
The completed July financing adds potentially dilutive securities, while the company says future viability depends on raising additional cash.
On
A registered direct is a negotiated sale of registered securities to selected investors, while a PIPE or private placement sells securities to selected investors outside a public offering.
The company also agreed, subject to shareholder approval, to issue 282,952 Series M warrants and 701,754 Series N warrants, and agreed to issue Series O warrants for 1,219,512 ADSs when existing warrants are exercised.
In its going-concern disclosure, the company says future viability depends on raising cash from financing until milestones or royalties can be secured, although the directors continued preparing the statements on a going-concern basis.
Key Figures
- Serenta enrollment
- 92 of 168 subjects
- Phase 3 eRapa trial in FAP
- R&D costs
- £2.92 million
- 1H26, versus £1.67 million in 1H25
- Operating cash outflow
- £4.61 million
- 1H26, versus £3.30 million in 1H25
- Cash balance
- £3.23 million
- At June 30, 2026
- Financing proceeds
- $3.5 million
- Gross proceeds raised on July 1, 2026
- Consolidated loss
- £1.84 million
- Six months ended June 30, 2026
- Accumulated deficit
- £157.60 million
- As of June 30, 2026
- NMIBC trial enrollment
- 166 patients
- Fully enrolled Phase 2 investigator-initiated trial
Historical Context
-
Serenta Phase 3 enrollment reached 87 of 168 planned subjects
-
Registered direct offering and warrant transactions were priced at $2.85 per ADS
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
mTOR inhibitor medical
pharmacokinetics medical
orphan designation regulatory
pre-IND regulatory
registered direct offering financial
pre-funded warrant financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
September 11, 2026
Biodexa Pharmaceuticals PLC
(“Biodexa” or the “Company”)
Interim results for the six months ended June 30, 2026
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), a clinical-stage biopharmaceutical company developing innovative products focused on the treatment or prevention of gastrointestinal cancers, today announces its unaudited interim results for the six months ended June 30, 2026 which will also be made available on the Company’s website at https://biodexapharma.com/ .
OPERATIONAL HIGHLIGHTS
The Company announced the following in the six months ended June 30, 2026:
- In-license of MTX240 (formerly OPB-171755) from Otsuka Pharmaceutical Co., Limited in February 2026 with a nominal upfront payment.
- Launch of a global Early Access Program for eRapa for FAP Patients through a strategic partnership with Tanner Pharma Group in March 2026.
- Approval from Health Canada to expand the Serenta trial into Canada in June 2026.
- Promotion of Fiona Sharp to Chief Financial Officer and Company Secretary, also joining the Board of Directors from January 2026.
Post period end:
- On July 1, 2026, the Company completed a fundraise raising gross proceeds of
$3.5 million through a combination of a registered direct offering, warrant inducement and PIPE offering. - As of the date of publication, 92 subjects, of a planned 168 subjects, have been enrolled in the Serenta trial.
FINANCIAL HIGHLIGHTS
- R&D costs increased to
£2.92 million in 1H26 (1H25:£1.67 million ) reflecting increased expenditure on the Serenta trial and manufacturing costs on the newly in-licensed MTX240 program. - Administrative costs decreased to
£1.74 million (1H25:£2.38 million ) primarily as a result of foreign exchange movements. - Net cash used in operating activities (after changes in working capital) in 1H26 was
£4.61 million (1H25:£3.30 million ). - The Company’s cash balance at June 30, 2026 was
£3.23 million .
Commenting, Stephen Stamp, CEO , said “We accomplished two main things in the first six months.
First, building on the advice we received from regulators, we accelerated enrolment into our registrational Phase 3 trial of eRapa in FAP. There are no approved therapeutics for FAP and passing the
Second, in-licensing MTX240 for GIST rounds out our GI cancer portfolio and, given its unique mechanism of action, has the potential to treat GIST patients irrespective of their KIT or PDGFR mutation. The Phase 1b/2a trial we are working to initiate is designed to establish a safe and effective dose as well as an efficacy signal before the end of 2027.
As always, financing remains a challenge for companies of our size.”
CHIEF EXECUTIVE’S REVIEW
Our main focus in the first half of 2026 was on (1) expanding our registrational Phase 3 trial of eRapa in Familial Adenomatous Polyposis (“FAP”) in Europe, and (2) initiating activities for the re-start of a Phase 1 trial of MTX240 in gastrointestinal stromal tumors (“GIST”) which was in-licensed in early February 2026.
R&D update
In the first half of 2026 we progressed our Phase 3 trial of eRapa in FAP and added MTX240, a novel Phase 1 ready asset for the treatment of GIST. As of today, we have two active sponsored programs and two investigator initiated programs:
MTX230 - eRapa
eRapa is a proprietary oral formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin) inhibitor. mTOR has been shown to have a significant role in the signalling pathway that regulates cellular metabolism, growth and proliferation and is activated during tumorgenesis. Rapamycin is approved in the US for organ rejection in renal transplantation as Rapamune®(Pfizer). Through the use of nanotechnology and pH sensitive polymers, eRapa is designed to address the poor bioavailability, variable pharmacokinetics and toxicity generally associated with the currently available forms of rapamycin. eRapa is protected by a number of issued patents which extend through 2035.
Familial Adenomatous Polyposis
FAP is characterized by a proliferation of polyps in the colon, duodenum and/or rectum, usually occurring in mid-teens. There is no approved therapeutic option for treating FAP patients, for whom active surveillance and surgical resection of the gastrointestinal tract remain the standard of care. If untreated, FAP almost always leads to colorectal cancer. Importantly, mTOR has been shown to be over-expressed in FAP polyps – thereby underscoring the rationale for using a potent and safe mTOR inhibitor like eRapa to treat FAP There is a significant hereditary component to FAP with a reported incidence of one in 5,000 to 10,000 in the US and one in 11,300 to 37,600 in Europe. eRapa has received Orphan Designation in the US and in Europe.
Following encouraging results from an open label Phase 2 study, a Type C meeting with the FDA and scientific advice from the EMA, we initiated a registrational Phase 3 trial (NCT06950385) of eRapa in June 2025. The trial, branded “Serenta” is a double-blind placebo-controlled design, recruiting 168 high risk subjects diagnosed with germline or phenotypic FAP. The primary clinical endpoint is first progression free survival event which will comprise composite endpoints including major surgery. As of the date of publication, 92 subjects have been recruited in the trial across 19 centers in the US and 10 centers in five European countries. Two centers in Canada are expected to begin enrolling in 4Q26.
Non-muscle Invasive Bladder Cancer (“NMIBC”)
NMIBC refers to tumors found in the tissue that lines the inner surface of the bladder. The most common treatment is transurethral resection of the bladder tumor followed by intravesical Bacillus Calmette-Guerin (“BCG”) with chemotherapy depending upon assessment of risk of recurrence. NMIBC is the fourth most common cancer in men with an incidence of 10.1 per 100,000 and 2.5 per 100,000 in women.
The ongoing investigator initiated two-center, double-blind, placebo-controlled Phase 2 trial in NMIBC (NCT04375813) is fully enrolled at 166 patients with primary endpoints of safety/tolerability and relapse free survival after 12 months of treatment. The study, which is supported by a
MTX240 – molecular glue
We in-licensed global rights (excluding Japan) to MTX240 from Otsuka Pharmaceutical Co, Limited (“Otsuka”) in early February 2026. Discovered by Otsuka and originally coded OPB-171755, MTX240 is a novel molecular glue we intend to develop for the treatment of GIST. Its unique mechanism of action brings together two intracellular proteins, PDE3A and SLFN12, specifically co-expressed by GIST cancer cells, into close proximity to form a stable complex. This interaction stabilizes SLFN12, enabling it to drive RNase-mediated apoptosis in GIST cells through a mechanism independent of KIT or PDGFR signaling. GIST is mostly driven by activating mutations in the KIT receptor tyrosine kinase. Although tyrosine kinase inhibitors (“TKIs”) such as imatinib, sunitinib, and regorafenib have significantly improved outcomes for GIST patients, resistance almost always develops through secondary KIT or PDGFR mutations or activation of alternative signaling pathways. This represents a substantial clinical challenge with limited therapeutic options for patients once they have cycled through the available TKIs. Molecular glue technology represents a novel approach that induces targeted protein interactions, offering a distinct mechanism of action to conventional kinase inhibitors for GIST and by triggering cell death through an alternative pathway MTX240 is designed to overcome the resistance mechanisms that render TKI-resistant GISTs refractory to conventional kinase inhibitors.
Gastrointestinal Stromal Tumors (GIST)
GIST is a rare gastrointestinal malignancy affecting approximately 3,000-4,000 patients annually in the US, with a significant unmet medical need for patients who develop TKI resistance. Approximately 10
The global GIST market is valued at approximately
GIST qualifies for orphan drug designation in major regulatory jurisdictions, offering potential regulatory advantages and incentives to support drug development.
We are in the process of initiating activities for the re-start of a Phase 1 dose escalation and dose optimization trial, most likely an open label trail in GIST patients with no available therapeutic options. GMP clinical trial supplies are being developed and manufactured by Syngene International Limited. In the meantime, we are preparing regulatory submissions for a pre-IND meeting with the FDA.
MTD228 - Tolimidone
Tolimidone was originally discovered by Pfizer and was developed through Phase 2 for the treatment of gastric ulcers. Tolimidone is a selective activator of the enzyme Lyn kinase which increases phosphorylation of insulin substrate-1, thereby amplifying the signaling cascade initiated by the binding of insulin to its receptor.
Type 1 Diabetes (“T1D”)
Tolimidone’s potential utility in T1D has been demonstrated by several preclinical studies conducted by the University of Alberta, where Lyn kinase was identified as a key factor for beta cell survival and proliferation in in vitro and in vivo models. Tolimidone appeared to induce proliferation in beta cells isolated from human cadavers. In a meta analysis of 1,202 articles and 193 studies, the incidence of T1D was shown to be 15 per 100,000 with a prevalence of 9.5 per 10,000 of the population.
An ongoing Phase 2a investigator initiated trial at the University of Alberta Diabetes Institute (NCT06474598) is designed to establish the minimum effective dose of tolimidone in patients with T1D. The study enrolled the first patient in June 2025 and is expected to recruit 12 patients initially across three dose groups. The study will measure C-peptide levels (a marker for insulin) and HbA1c (a marker for blood glucose) after three months compared with baseline and the number of hyperglycemic events.
1H26 FINANCIAL REVIEW
The unaudited results for the six months ended June 30, 2026 are discussed below:
Key performance indicators (KPIs):
| 1H 2026 | 1H 2025 | Change | |
| R&D costs | |||
| R&D as % of operating costs | n/a | ||
| Net cash inflow/(outflow) for the period | ( | n/m | |
Biodexa’ s KPIs focus on the key areas of operating results, R&D spend and cash management. These measures provide information on the core R&D operations. Additional financial and non-financial KPIs may be adopted in due course.
Revenues
Revenue for both periods was £Nil. The last of the Company’s R&D collaborations concluded in September 2023.
Research and Development
R&D costs for 1H26 and 1H25, analyzed by development project indication were as follows:
| Six months ended June 30 | 2026 | 2025 | |
| £’000 | £’000 | ||
| eRapa | |||
| Familial Adenomatous Polyposis | 1,420 | 251 | |
| Non-muscle Invasive Bladder Cancer | 2 | 127 | |
| Total eRapa | 1,422 | 378 | |
| MTX240 | |||
| GIST | 295 | - | |
| Total MTX240 | 295 | - | |
| Tolimidone | |||
| Type 1 Diabetes | 49 | 270 | |
| Total tolimidone | 49 | 270 | |
| MTX110 (Panobinostat) | |||
| Diffuse Midline Glioma | - | - | |
| Recurrent Glioblastoma | 155 | 14 | |
| Medulloblastoma | - | - | |
| Total MTX110 (Panobinostat) | 155 | 14 | |
| Other preclinical | - | 1 | |
| R&D overheads | 995 | 1,002 | |
| Total R&D | 2,916 | 1,665 | |
MTX230 eRapa Familial Adenomatous Polyposis costs are shown above net of grant income. For the six months ended June 30, this is analyzed as follows:
| For period to 30 June | 2026 | 2025 | |
| £’000 | £’000 | ||
| Grant income | (2,818) | (2,107) | |
| Gross costs | 4,238 | 2,358 | |
| Net charge to income statement | 1,420 | 251 | |
| % costs allocated against CPRIT grant | |||
R&D costs in 1H26 increased by
Administrative Costs
Administrative costs in 1H26 decreased by
Finance Income and Expense
Finance income in 1H26 included gains in respect of an equity-settled derivative financial liability of
Finance expense in the period related to lease liabilities and discounted interest on deferred consideration.
Cash Flows
Cash outflows from operating activities in 1H26 were
Net cash used in investing activities in 1H26 was
Net cash used in financing activities in 1H26 was
Overall, cash decreased by
Financing
On June 30, 2026, the Company entered into a securities purchase agreement utilizing its Registration Statement on Form F-3 to issue 82,809 ADSs and 200,143 pre-funded ADS warrants. In a concurrent Private Placement the Company agreed to issue 350,877 pre-funded ADS warrants. Each ADS was sold at an offering price of US
In addition, the Company entered into a warrant exercise inducement letter with a holder of Series L Warrants to purchase 609,756 ADSs at a reduced exercise price of US
The above transactions completed on July 1, 2026 and raised
Going concern
Biodexa has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its portfolio. For the six months to June 30, 2026, the Group incurred a consolidated loss of
The Group’s future viability is dependent on its ability to raise cash from financing activities to finance its development plans until milestones and/or royalties can be secured from partnering the Company’s assets. The Group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.
The Directors believe there are adequate options and time available to secure additional financing for the Group and after considering the uncertainties, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Group’s consolidated financial statements have therefore been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As at June 30, 2026, the Group had cash and cash equivalents of
In the Directors’ opinion, the environment for financing of small and micro-cap biotech companies remains challenging. While this may present acquisition and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers, potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there can be no assurance that any of alternative courses of action to finance the Group would be successful.
The Directors have also considered the potential impact of Nasdaq’s proposed minimum market value requirement. Although implementation of the proposed rule has been stayed pending full Commission review, Biodexa’s current market capitalization is below the announced
This requirement for additional financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Should it become evident in the future that there are no realistic financing options available to the Group which are actionable before its cash resources run out, the Group will no longer be a going concern. In such circumstances, the Group would no longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared on a liquidation basis, assets would be stated at net realizable value, and liabilities would be accelerated to current liabilities.
Stephen Stamp
Chief Executive Officer
Consolidated Statements of Comprehensive Income
For the six month period ended June 30
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Revenue | - | - | |
| Other income | 444 | 27 | |
| Research and development costs | (2,916) | (1,665) | |
| Administrative costs | (1,738) | (2,378) | |
| Loss from operations | (4,210) | (4,016) | |
| Finance income | 3 | 2,474 | 180 |
| Finance expense | 3 | (62) | (135) |
| Loss before tax | (1,798) | (3,971) | |
| Taxation | (44) | 165 | |
| Loss for the period attributable to the owners of the parent | (1,842) | (3,806) | |
| Items that will or may be reclassified subsequently to profit or loss: | |||
| Exchange (loss)/gains arising on translation of foreign operations | (3) | 3 | |
| Total comprehensive loss attributable to the owners of the parent | (1,845) | (3,803) | |
| Loss per share | |||
| Basic and diluted loss per ordinary share – £ | 4 |
The accompanying notes form part of these financial statements
Consolidated Statements of Financial Position
| Note | As at June 30, 2026 unaudited £’000 | As at December 31, 2025 £’000 | ||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 20 | 91 | ||
| Intangible assets | 5 | 6,011 | 5,645 | |
| 6,031 | 5,736 | |||
| Current assets | ||||
| Trade and other receivables | 2,935 | 3,786 | ||
| Taxation | 525 | 123 | ||
| Cash and cash equivalents | 3,230 | 8,534 | ||
| 6,690 | 12,443 | |||
| Total assets | 12,721 | 18,179 | ||
| Liabilities | ||||
| Non-current liabilities | ||||
| Deferred consideration | 331 | 645 | ||
| Borrowings | - | - | ||
| 331 | 645 | |||
| Current liabilities | ||||
| Trade and other payables | 1,636 | 2,590 | ||
| Deferred consideration | 609 | 563 | ||
| Borrowings | - | 61 | ||
| Derivative financial liability | 532 | 2,915 | ||
| 2,777 | 6,129 | |||
| Total liabilities | 3,108 | 6,774 | ||
| Issued capital and reserves attributable to owners of the parent | ||||
| Share capital | 6 | 14,246 | 14,099 | |
| Share premium | 99,790 | 98,923 | ||
| Merger reserve | 53,003 | 53,003 | ||
| Warrant reserve | 174 | 1,185 | ||
| Foreign exchange reserve | - | 3 | ||
| Accumulated deficit | (157,600) | (155,808) | ||
| Total equity | 9,613 | 11,405 | ||
| Total equity and liabilities | 12,721 | 18,179 |
The accompanying notes form part of these financial statements
Consolidated Statements of Cash Flows
For the six month period ended June 30
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Cash flows from operating activities | |||
| Loss for the period | (1,842) | (3,806) | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment | 11 | 70 | |
| Depreciation of right of use asset | 68 | 69 | |
| Amortization of intangible fixed asset | - | 1 | |
| Impairment of commission paid in advance on ELOC | - | 373 | |
| Finance income | 3 | (2,474) | (180) |
| Finance expense | 3 | 62 | 135 |
| Share-based payment expense | 50 | 97 | |
| Taxation | 44 | (165) | |
| Foreign exchange losses | 22 | (157) | |
| Cash flows from operating activities before changes in working capital | (4,059) | (3,563) | |
| Decrease/(Increase) in trade and other receivables | 405 | 2,047 | |
| (Decrease)/Increase in trade and other payables | (957) | (2,090) | |
| Cash used in operations | (4,611) | (3,606) | |
| Tax receipts | - | 302 | |
| Net cash used in operating activities | (4,611) | (3,304) |
Consolidated Statements of Cash Flows (continued)
For the six month period ended June 30
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Investing activities | |||
| Purchases of property, plant and equipment | (7) | (2) | |
| Purchase of intangible assets | 5 | (713) | (372) |
| Interest received | 90 | 35 | |
| Net cash generated from/(used in) investing activities | (630) | (339) | |
| Financing activities | |||
| Interest paid | (3) | (10) | |
| Amounts paid on lease liabilities | (62) | (95) | |
| Repayment of Promissory Note | - | (136) | |
| Share issues including warrants, net of costs | 6 | - | 6,251 |
| Net cash generated from/(used in) financing activities | (65) | 6,010 | |
| Net increase/(decrease) in cash and cash equivalents | (5,306) | 2,367 | |
| Cash and cash equivalents at beginning of period | 8,534 | 1,669 | |
| Exchange (losses)/gains on cash and cash equivalents | 2 | - | |
| Cash and cash equivalents at end of period | 3,230 | 4,036 |
The accompanying notes form part of these financial statements
Consolidated Statements of Changes in Equity (unaudited)
| Note | Share capital £’000 | Share premium £’000 | Merger reserve £’000 | Warrant reserve £’000 | Foreign exchange reserve £’000 | Accumulated deficit £’000 | Total equity £’000 | |
| At January 1, 2026 | 14,099 | 98,923 | 53,003 | 1,185 | 3 | (155,808) | 11,405 | |
| Loss for the period | - | - | - | - | - | (1,842) | (1,842) | |
| Foreign exchange translation | - | - | - | - | (3) | - | (3) | |
| Total comprehensive loss | - | - | - | - | - | (1,842) | (1,845) | |
| Transactions with owners: | ||||||||
| Warrant exercise | 147 | 867 | - | (1,011) | - | - | 3 | |
| Share-based payment charge | - | - | - | - | - | 50 | 50 | |
| Total contribution by and distributions to owners | 147 | 867 | - | (1,011) | - | 50 | 53 | |
| At June 30, 2026 | 14,246 | 99,790 | 53,003 | 174 | - | (157,600) | 9,613 |
| Note | Share capital £’000 | Share premium £’000 | Merger reserve £’000 | Warrant reserve £’000 | Foreign exchange reserve £’000 | Accumulated deficit £’000 | Total equity £’000 | |
| At January 1, 2025 | 11,725 | 93,124 | 53,003 | 894 | - | (150,424) | 8,322 | |
| Loss for the period | - | - | - | - | - | (3,806) | (3,806) | |
| Foreign exchange translation | - | - | - | - | 3 | - | 3 | |
| Total comprehensive loss | - | - | - | - | 3 | (3,806) | (3,803) | |
| Transactions with owners: | ||||||||
| Shares issued under ELOC agreement | 6 | 2,024 | 4,551 | - | - | - | - | 6,575 |
| Costs associated with ELOC agreement | 86 | (76) | - | - | - | - | 10 | |
| Shares issued on 15 May 2025 | 6 | 100 | 143 | - | - | - | - | 243 |
| Costs associated with share issue on 15 May 2025 | - | (8) | - | - | - | - | (8) | |
| Share-based payment charge | - | - | - | - | - | 97 | 97 | |
| Total contribution by and distributions to owners | 2,210 | 4,610 | 97 | 6,917 | ||||
| At June 30, 2025 | 13,935 | 97,734 | 53,003 | 894 | 3 | (154,133) | 11,436 |
The accompanying notes form part of these financial statements
Notes Forming Part of The Consolidated Unaudited Interim Financial Information
For the six month period ended June 30, 2026
1. Basis of preparation
The unaudited interim consolidated financial information for the six months ended June 30, 2026 has been prepared following the recognition and measurement principles of the International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB), and as adopted by the UK and in accordance with International Accounting Standard 34 Interim Financial Reporting (‘IAS 34’). The interim consolidated financial information does not include all the information and disclosures required in the annual financial information and should be read in conjunction with the audited financial statements for the year ended December 31, 2025.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting periods.
Book values approximate to fair value at June 30, 2026, June 30, 2025 and December 31, 2025.
The condensed interim financial information contained in this interim statement does not constitute statutory financial statements as defined by section 434(3) of the Companies Act 2006. The condensed interim financial information has not been audited. The comparative financial information for the six months ended June 30, 2025 and the year ended December 31, 2025 in this interim financial information does not constitute statutory financial statements for that period or year. The statutory financial statements for December 31, 2025 have been delivered to the UK Registrar of Companies. The auditor’s report on those accounts was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The auditor’s report did draw attention to a material uncertainty related to going concern and the requirement, as of the date of the report, for additional funding to be raised by the Company in the third quarter of 2026.
Biodexa Pharmaceutical’s annual reports may be downloaded from the Company’s website at https://biodexapharma.com/investors/financial-reports-and-presentations/#financial-reports or a copy may be obtained from 1 Caspian Point, Caspian Way, Cardiff CF10 4DQ.
Going Concern – material uncertainty
Biodexa has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its portfolio. For the six months to June 30, 2026, the Group incurred a consolidated loss of
The Group’s future viability is dependent on its ability to raise cash from financing activities to finance its development plans until milestones and/or royalties can be secured from partnering the Company’s assets. The Group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.
The Directors believe there are adequate options and time available to secure additional financing for the Group and after considering the uncertainties, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Group's consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As at June 30, 2026, the Group had cash and cash equivalents of
In the Directors’ opinion, the environment for financing of small and micro-cap biotech companies remains challenging. While this may present acquisition and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers, potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there can be no assurance that any of alternative courses of action to finance the Company would be successful.
The Directors have also considered the potential impact of Nasdaq’s proposed minimum market value requirement. Although implementation of the proposed rule has been stayed pending full Commission review, Biodexa’s current market capitalization is below the announced
This requirement for additional financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Should it become evident in the future that there are no realistic financing options available to the Group which are actionable before its cash resources run out, the Group will no longer be a going concern. In such circumstances, the Group would no longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared on a liquidation basis, assets would be stated at net realizable value, and liabilities would be accelerated to current liabilities.
2. Accounting for eRapa and CPRIT grant
On 25 April 2024 the Company entered into a License and Collaboration Agreement (LCA) with Rapamycin Holdings, Inc. (d/b/a Emtora Biosciences). The LCA entered into with Emtora meets the definition of a Joint Arrangement under IFRS 11, specifically related to the FAP program.
A jointly controlled escrow account was established on completion of the LCA. FAP program transactions eligible to be allocated against the CPRIT grant and match funding are processed through the escrow account, including the Company’s deposits of matching funds, as set out in the agreement, the receipt of grant funding from CPRIT and the payment of eligible R&D expenses. Although the CPRIT grant and R&D supplier contracts are with Emtora, the joint arrangement nature of the LCA results in Emtora being deemed to be acting as the Company’s agent. Accordingly, the Company recognizes
The balances at the reporting date were as follows:
| June 30,2026 £’000 | December 31, 2025 £’000 | |
| Prepayments* | 527 | 2,842 |
| Accrued revenue | 332 | - |
| Deferred revenue | - | 571 |
* prepayment reflects only the escrow account balance
3. Finance income and expense
| Six months ended June 30, 2026 unaudited £’000 | Six months ended June 30, 2025 unaudited £’000 | |
| Finance income | ||
| Interest received on bank deposits | 91 | 32 |
| Other interest | - | 3 |
| Gain on equity settled derivative financial liability | 2,383 | 145 |
| Total finance income | 2,474 | 180 |
The gain on the equity settled derivative financial liability in 1H26 and 1H25 arose as a result of the fall in the Biodexa share price.
| Six months ended June 30, 2026 unaudited £’000 | Six months ended June 30, 2025 unaudited £’000 | |
| Finance expense | ||
| Interest expense on lease liabilities | 1 | 6 |
| Interest expense on deferred consideration | 57 | 86 |
| Other loans | - | 43 |
| Other | 4 | - |
| Total finance expense | 62 | 135 |
4. Loss per share
Basic loss per share amounts are calculated by dividing the net loss for the period from continuing operations, attributable to ordinary equity holders of the parent company, by the weighted average number of ordinary shares outstanding during the period. As the Group made a loss for the period the diluted loss per share is equal to the basic loss per share.
| Six months ended June 30, 2026 unaudited £’000 | Six months ended June 30, 2025 unaudited £’000 | |
| Numerator | ||
| Loss used in basic EPS and diluted EPS: | (1,842) | (3,806) |
| Denominator | ||
| Weighted average number of ordinary shares used in basic EPS | 373,230,692,484 | 25,267,266,823 |
| Basic and diluted loss per share: |
5. Intangible asset
| In-process research and development £’000 | Goodwill £’000 | IT/Website costs £’000 | Total £’000 | |
| Cost | ||||
| At January 1, 2026 | 19,023 | 2,291 | 69 | 21,383 |
| Acquisition | 366 | - | - | 366 |
| At June 30, 2026 (unaudited) | 19,389 | 2,291 | 69 | 21,749 |
| In-process research and development £’000 | Goodwill £’000 | IT/Website Costs £’000 | Total £’000 | |
| Accumulated amortization and impairment | ||||
| At January 1, 2026 | 13,378 | 2,291 | 69 | 15,738 |
| Amortization charge for the period | – | – | - | - |
| At June 30, 2026 (unaudited) | 13,378 | 2,291 | 69 | 15,738 |
| Net book value | ||||
| At June 30, 2026 (unaudited) | 6,011 | – | - | 6,011 |
On February 4, 2026, the Company announced the closing of an exclusive license with Otsuka Pharmaceutical Co., Ltd (Otsuka) for OPB-171775. A novel molecular glue intended to be developed for the treatment of gastrointestinal stromal tumors (GIST). The compound also has the potential to be useful in additional indications. In the Company’s pipeline, OPB-171775 is coded MTX240.
Under the terms of the license agreement the Company has the exclusive rights to develop and commercialize MTX240 globally with the exception of Japan where Otsuka retains its rights. The agreement includes an upfront cash fee of
The individual intangible asset which is material to the financial statements is as follows:
| Carrying amount | ||
| As at June 30, 2026 £’000 | As at December 31, 2025 £’000 | |
| MTX228 tolimidone acquired IPRD* | 2,938 | 2,938 |
| MTX230 eRapa acquired IPRD* | 2,707 | 2,707 |
| MTX240 acquired IPRD* | 366 | - |
*asset is not yet in use and has not started amortizing
6. Share capital and reserves
Authorized, allotted and fully
paid – classified as equity
As at June 30, 2026 unaudited
Number
As at June 30, 2026 unaudited
£
As at December
31, 2025
Number
As at December 31, 2025
£
Ordinary shares of
373,056,808,922
373,057
225,817,808,922
225,818
‘A’ Deferred shares of
1,000,001
1,000,001
1,000,001
1,000,001
‘B’ Deferred shares of
4,063,321,418
4,063,321
4,063,321,418
4,063,321
| ‘C’ Deferred shares of | 4,063,321,418 | 4,063,321 | 4,063,321,418 | 4,063,321 |
126,547,389,518
6,327,370
126,547,389,518
6,327,370
‘D’ Deferred shares of
2,482,747,137,178
2,482,747
2,482,747,137,178
2,482,747
Total
14,246,496
14,099,257
Ordinary and deferred shares were recorded as equity.
As at June 30, 2026, the Company had 347 pre-funded warrants outstanding over ADS’s (December 31, 2025 : 294,825*).
*Number of ADS warrants has been adjusted to reflect the ADS ratio change of ADSs to ordinary shares that occurred on 6 April 2026
On April 6, 2026, the Company effected a ratio change in the number of Ordinary Shares represented by ADSs from 100,000 Ordinary Shares per ADS to 500,000 Ordinary Shares per ADS. Number of warrants at December 31, 2025, reflect the impact of the ratio change.
In accordance with the Articles of Association for the Company adopted on 11 June 2025, the share capital of the Company consists of an unlimited number of ordinary shares of nominal value
7. Related party transaction
The Directors consider there to be no related party transactions during the periods reported other than Directors Remuneration.
8. Contingent liabilities
Under the terms of the license agreement with Otsuka, the Group may be required to make additional milestone payments contingent on the achievement of specified development and regulatory events. These payments are dependent on future clinical and regulatory outcomes which are uncertain and not wholly within the Group’s control. At June 30, 2026, no liability has been recognized for the regulatory contingent milestone payments as the relevant obligating events had not occurred and an outflow of economic resources was not considered probable. No liability has been recognized for the development contingent milestone payments as the relevant obligating event had not occurred, however an outflow of economic resources is considered possible. The potential undiscounted amount payable under the agreement for development milestones is
9. Events after the reporting date
On July 1, 2026, the Company completed a fundraise as detailed in the Financial Review raising gross proceeds of
On July 29, 2026, the Company held a General Meeting at which resolutions were proposed to reorganize the Company’s ordinary share capital, as a result of the exceptionally large number of ordinary shares in issue. All resolutions were passed at the meeting. The reorganization rationalized the Company’s share capital by reducing the number of ordinary shares in issue, without altering shareholders’ rights or their proportionate ownership of the Company. Under the reorganization, every 10,000 existing ordinary shares of
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How is Biodexa’s R&D spend allocated across its main programs in 1H26?
In 1H26, total R&D costs were £2.92m. eRapa accounted for £1.42m, comprising £1.42m for Familial Adenomatous Polyposis and £0.002m for Non-muscle Invasive Bladder Cancer. MTX240 for GIST accounted for £0.30m, tolimidone for Type 1 Diabetes £0.05m, and MTX110 programs £0.16m, with R&D overheads of £0.99m.
How much of the eRapa FAP program costs were covered by grant funding in 1H26?
For eRapa in FAP, gross costs in the period were £4.24m, offset by £2.82m of grant income, resulting in a net income statement charge of £1.42m. The proportion of costs allocated against the CPRIT grant was 66% in 1H26 compared with 89% in 1H25. The company anticipates approximately 67% cost coverage over the life of the grant.
What progress has been made in the Serenta Phase 3 eRapa trial for FAP?
The Serenta Phase 3 trial (NCT06950385) is a double-blind, placebo-controlled study in 168 high-risk FAP subjects. As of the publication date, 92 subjects have been recruited across 19 US centers and 10 centers in five European countries. Health Canada has approved expansion into Canada, with two Canadian centers expected to begin enrolling in 4Q26.
What are the key features and development plan for MTX240 in GIST?
MTX240 (OPB-171755) is a molecular glue that brings together PDE3A and SLFN12 in GIST cells, stabilizing SLFN12 and inducing RNase-mediated apoptosis independently of KIT or PDGFR signaling. Biodexa has in-licensed global rights excluding Japan and is preparing to restart a Phase 1 dose escalation and optimization trial in GIST patients with no available therapeutic options. GMP clinical trial supplies are being manufactured by Syngene, and regulatory submissions for a pre-IND meeting with the FDA are in preparation.
What is the status of the investigator-initiated NMIBC and Type 1 Diabetes trials?
The Phase 2 trial of eRapa in Non-muscle Invasive Bladder Cancer (NCT04375813) is fully enrolled with 166 patients and has primary endpoints of safety/tolerability and 12-month relapse-free survival; readout is expected in 4Q26. The Phase 2a investigator-initiated trial of tolimidone in Type 1 Diabetes (NCT06474598) at the University of Alberta enrolled its first patient in June 2025 and plans to recruit 12 patients across three dose groups, assessing C-peptide, HbA1c and hyperglycemic events over three months.
What were the main components of Biodexa’s cash flows in 1H26?
Net cash used in operating activities was £4.61m, reflecting a net loss of £1.84m, negative working capital of £0.55m and other negative non-cash items of £2.22m. Investing cash outflows of £0.63m included £0.71m related to the MTX240 license and deferred eRapa consideration, partly offset by £0.09m interest received. Financing cash flows were an outflow of £0.07m, mainly lease liability payments, compared with a £6.01m inflow in 1H25.
What were the key terms of the June 30, 2026 securities transactions?
On June 30, 2026, Biodexa entered a securities purchase agreement under its Form F-3 to issue 82,809 ADSs and 200,143 pre-funded ADS warrants, and in a concurrent private placement agreed to issue 350,877 pre-funded ADS warrants. Each ADS was priced at $2.85 and each pre-funded warrant at $2.8499. Subject to shareholder approval, the company also agreed to issue Series M and Series N warrants with a five-year term and an exercise price of $2.85 per ADS.