- Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) reported no revenue for the year ending December 31, 2024, compared to £0.38 million in the previous year.
- Research and development costs increased by 34% to £5.44 million in 2024, reflecting new clinical stage asset acquisitions.
- The company secured gross financing proceeds of $11.1 million in 2024 from share issues and a promissory note.
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), a clinical-stage biopharmaceutical company, announced its audited preliminary financial results for the year ending December 31, 2024. The company, focusing on the development of treatments for diseases with unmet medical needs, reported no revenue for the fiscal year, showcasing a shift in strategy from drug delivery to therapeutics.
Research and development expenditure increased to £5.44 million, up 34% from £4.07 million in 2023. This increase in R&D spending represents the company’s commitment to advancing its clinical assets, such as eRapa, tolimidone, and MTX110. Notable progress was made, including the initiation of clinical trials and the securing of key designations, such as Orphan Drug Designation for eRapa in Europe.
To support its development pipeline and operations, Biodexa raised a total of $11.1 million through various financing activities, including a Registered Direct Offering and a concurrent private placement conducted in July 2024. The company also entered into an Equity Line of Credit agreement worth $35 million with C/M Capital Master Fund LP, providing further financial stability and enabling ongoing research and development activities.
Despite a challenging macroeconomic environment and ongoing geopolitical tensions, Biodexa remains focused on achieving critical milestones in 2025, such as the commencement of a Phase 3 study of eRapa in Familial Adenomatous Polyposis (FAP) and a Phase 2a trial of tolimidone for Type 1 Diabetes (T1D). Overall, Biodexa continues to seek additional non-dilutive funding and strategic partnerships to further its mission and development goals.
