Financial Risks - The company is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing adverse effects on financial performance [686]. - The total exposure to credit risk is equal to the total value of financial assets held at year-end, with a loss allowance for expected credit losses recognized [689]. - The company does not hold any derivative instruments that expose it to material interest rate risk [694]. - Liquidity risk arises from the management of working capital, with the aim to settle balances as they become due [695]. Financing Needs - The company has a $35.0 million Equity Line of Credit (ELOC) with an investor, which may be utilized for financing over a period of up to 36 months [698]. - Future financing will be required before Q4 2025 to support ongoing development programs and operations [698]. - Cash flow forecasts indicate that further financing will be necessary to meet operational needs [698]. - The company acknowledges that the environment for financing small and micro-cap biotech companies remains challenging, which may present acquisition opportunities [698]. Going Concern - There is a material uncertainty regarding the ability to continue as a going concern, as highlighted by the independent registered public accounting firm's report [699]. - The company’s ability to continue operations depends on obtaining additional capital or disposing of assets, with no assurance of timely or favorable terms [700]. ADR and Tax Obligations - ADR holders must pay any taxes or governmental charges related to their Depositary Shares or ADRs [714]. - The depositary has the right to deduct unpaid taxes from cash distributions or sell deposited securities to cover tax obligations [714]. - ADR holders agree to indemnify the depositary and its agents against claims from governmental authorities regarding taxes and penalties [715].
Biodexa Pharmaceuticals PLC(BDRX) - 2024 Q4 - Annual Report