Biodexa Pharmaceuticals (NASDAQ: BDRX) director lists stock option position

Rhea-AI Filing Summary

Biodexa Pharmaceuticals Plc director Ann Louise Merchant reported an initial holding of a stock option over 288 American Depositary Shares, with an exercise price of $475.00 per ADS and an expiration date of January 23, 2034. The option vests over four years, starting with 25% after one year and 6.25% every three months thereafter, so long as she continues in service.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Merchant Ann Louise

(Last) (First) (Middle)

C/O BIODEXA PHARMACEUTICALS PLC

1 CASPIAN POINT, CASPIAN WAY

(Street)

CARDIFF CF104DQ

(City) (State) (Zip)

UNITED KINGDOM

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Biodexa Pharmaceuticals Plc [ BDRX ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	01/23/2034	American Depositary Shares(2)	288	$475(3)	D

Explanation of Responses:

1. The shares underlying this option vest over a four-year period with (i) 25% vesting on the one-year anniversary of grant, and (ii) 6.25% vesting every three months thereafter, subject to the Reporting Person's continued service through the applicable vesting date.

2. Each American Depositary Share represents 100,000 ordinary shares, nominal value PS0.000001 per share, of the Issuer.

3. The exercise price for this option is denominated in British pounds sterling at a price of GBP 373.936 per American Depositary Share. The exercise price reported herein was converted into British pound sterling to United States dollars at a conversion rate of GBP 1.00 to USD 1.2703. The exercise price is the actual British pound sterling amount regardless of the exchange rate on the date of exercise.

Remarks:

Exhibit 24.1 -- Power of Attorney

	/s/ Fiona Mary Powell, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What did Biodexa (BDRX) director Ann Louise Merchant report on this Form 3?

Ann Louise Merchant reported an initial holding of a stock option over 288 American Depositary Shares of Biodexa Pharmaceuticals Plc. This filing establishes her derivative equity position as a director, showing the size, price and term of her option grant.

How large is the stock option position reported by Biodexa (BDRX) director Ann Louise Merchant?

The filing shows a stock option covering 288 American Depositary Shares. Each ADS represents 100,000 ordinary shares of Biodexa Pharmaceuticals Plc, so the option links Merchant’s incentives to the company’s equity performance through this derivative position.

What is the exercise price and currency for Ann Louise Merchant’s Biodexa (BDRX) option?

The option has an exercise price of $475.00 per ADS, corresponding to GBP 373.936 per ADS. The British pound sterling price was converted to U.S. dollars using a rate of GBP 1.00 to USD 1.2703, though the underlying obligation is in pounds.

How does Ann Louise Merchant’s Biodexa (BDRX) stock option vest over time?

The shares underlying the option vest over a four-year period. Twenty-five percent vest on the one-year anniversary of the grant, then 6.25% vest every three months, provided Merchant continues serving through each applicable vesting date.

When does Ann Louise Merchant’s Biodexa (BDRX) stock option expire?

The reported stock option expires on January 23, 2034. This expiration date sets the last day she may exercise the right to buy the 288 American Depositary Shares at the agreed exercise price, assuming vesting and other conditions are met.

What does each American Depositary Share of Biodexa (BDRX) represent in this Form 3 filing?

Each American Depositary Share represents 100,000 ordinary shares of Biodexa Pharmaceuticals Plc with a nominal value of PS0.000001 per ordinary share. The stock option therefore references ADS units that bundle a large number of underlying ordinary shares.