Biodexa Pharmaceuticals spent 2025 doing the unglamorous work of staying alive, and 2026 has not started any louder. Revenue for the year was nil - the company has none - and the loss for the year printed at £6.4 million, almost 11% wider than 2024's £5.7 million even as research and development costs fell 27%. The cleanest signal of how stretched the balance sheet had become arrived on July 29, when shareholders approved a 1-for-10,000 reverse stock split of the ordinary shares and a corresponding ADS ratio change - the kind of corporate action a company takes when the share count, not the strategy, is the obstacle to a Nasdaq listing. The same meeting authorised £25 million of new allotment capacity through 2029, the legal runway for the next round of dilution. Biodexa closed at $1.52 on August 15, with a market capitalisation of roughly $1.56 million on about 1.03 million post-split ADSs, a 52-week range of $1.02 to $59.40, and cash of £8.5 million (about $10.7 million) as of December 31, 2025. The auditor's report carried an explicit going-concern doubt. The stock trades on its remaining pipeline, not its financials.
The pipeline is the reason anyone still watches the name. Three clinical assets, each at a different stage, each with a specific clock. The lead is eRapa, an oral reformulation of rapamycin being run in a registrational Phase 3 in familial adenomatous polyposis (FAP) - a double-blind, placebo-controlled trial in 168 patients across roughly 30 sites in the United States and Europe, with first sites activated in June 2025, first two patients enrolled in August 2025, and EMA approval to begin in Europe in November 2025. The trial is substantially funded by a $20.0 million grant from the Cancer Prevention and Research Institute of Texas, with the company match layered on top. An investigator-initiated FAP study at the University of Texas, San Antonio, enrolling 166 patients, is expected to read out in the third quarter of 2026 - the next thing on the calendar. The second asset, MTX240 (formerly OPB-171755, a molecular glue targeting the PDE3a/SLFN12 complex in gastrointestinal stromal tumors), was licensed in from Otsuka on February 4, 2026; the goal is to dose a first patient in a Phase 1b/2a by year-end. The third, tolimidone for Type 1 diabetes (T1D) (a Lyn kinase activator re-positioned from Pfizer's old gastric-ulcer work), is in a 12-patient Phase 2a IIT at the University of Alberta - first patient enrolled June 4, 2025.
The question the next two quarters will answer is whether the cash survives long enough for the eRapa data to matter. With operating cash use of £5.6 million in 2025 and £8.5 million of cash on the balance sheet at year-end, the runway before any additional financing is roughly 18 months at the 2025 burn rate - but management has already drawn from the $35 million Equity Line of Credit and executed a registered direct offering in late June 2026 at $2.85 per ADS, with a private placement running alongside. The thesis depends on the Q3 2026 FAP readout, the first material event the company has printed in years, and on whether the equity raises it has lined up carry the stock to that print.