The company has transitioned to a zero-revenue state since 2023Q4, while maintaining consistent quarterly R&D expenditures that frequently exceed $2 million.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 381K | 699K | 578K | 343K | 674K | 1.94M | 989K | 1.32M | 1.38M | 157K | 147K | 0 |
| Revenue Growth % | - | -100% | -45.49% | 20.93% | 68.51% | -49.11% | -65.22% | 95.96% | -25.25% | -3.78% | 775.8% | 6.8% | - | - |
| Cost of Goods Sold | 184.86K | 5.44M | 4.07M | 5.11M | 4.65M | 6.07M | 7.84M | 9.36M | 8.33M | 7.73M | 70K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | 1067.45% | 731.19% | 805.19% | 1769.1% | 1163.65% | 482.92% | 842.16% | 584.28% | 5.09% | - | - | - |
| Gross Profit | -184.86K | -5.44M | -3.69M | -4.41M | -4.08M | -5.72M | -7.17M | -7.42M | -7.34M | -6.41M | 1.3M | 157K | 147K | 0 |
| Gross Margin % | - | - | -967.45% | -631.19% | -705.19% | -1669.1% | -1063.65% | -382.92% | -742.16% | -484.28% | 94.91% | 100% | 100% | - |
| Gross Profit Growth % | 96.6% | -47.5% | 16.46% | -8.24% | 28.8% | 20.14% | 3.4% | -1.1% | -14.56% | -590.96% | 731.21% | 6.8% | - | - |
| Operating Expenses | 8.08M | 3.76M | 4.33M | 4.52M | 2.92M | 17.32M | 3.67M | 4.39M | 5.54M | 2.07M | 12.59M | 9.84M | 4.65M | 4.01M |
| OpEx % of Revenue | - | - | 1135.96% | 646.64% | 505.54% | 5048.11% | 543.77% | 226.73% | 559.76% | 156.61% | 915.27% | 6270.06% | 3160.54% | - |
| Selling, General & Admin | 4.84M | 3.79M | 4.34M | 4.54M | 2.95M | 4.96M | 4.16M | 4.39M | 4.44M | 3.25M | 2.69M | 4.23M | 1.81M | 2.36M |
| SG&A % of Revenue | - | - | 1139.63% | 649.79% | 509.69% | 1445.48% | 617.8% | 226.73% | 448.53% | 245.28% | 195.42% | 2696.18% | 1228.57% | - |
| Research & Development | 3.73M | 5.44M | 4.07M | 5.11M | 4.65M | 16.15M | 7.84M | 9.36M | 9.83M | 7.73M | 8.71M | 5.44M | 2.84M | 1.65M |
| R&D % of Revenue | - | - | 1067.45% | 731.19% | 805.19% | 4707.29% | 1163.65% | 482.92% | 993.83% | 584.28% | 633.45% | 3464.33% | 1931.97% | - |
| Other Operating Expenses | -482.54K | -5.47M | -4.08M | -5.13M | -4.68M | -3.79M | -8.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.27M | -9.2M | -8.01M | -8.93M | -7M | -23.04M | -11.32M | -11.81M | -11.78M | -9.65M | -10.09M | -7.71M | -4.5M | -4.01M |
| Operating Margin % | - | - | -2103.41% | -1277.83% | -1210.73% | -6717.2% | -1679.23% | -609.65% | -1190.7% | -729.55% | -733.96% | -4914.01% | -3060.54% | - |
| Operating Income Growth % | 10.11% | -14.79% | 10.28% | -27.64% | 69.63% | -103.57% | 4.21% | -0.33% | -22.01% | 4.36% | -30.81% | -71.48% | -12.25% | - |
| EBITDA | -8.08M | -9.08M | -7.73M | -8.76M | -6.59M | -21.82M | -10.03M | -10.7M | -10.61M | -5.3M | -9.36M | -7.39M | -4.25M | -3.81M |
| EBITDA Margin % | - | - | -2029.13% | -1252.93% | -1141% | -6362.39% | -1488.58% | -552.32% | -1072.7% | -400.76% | -680.44% | -4709.55% | -2893.2% | - |
| EBITDA Growth % | 10.99% | -17.48% | 11.73% | -32.8% | 69.78% | -117.51% | 6.27% | -0.9% | -100.09% | 43.33% | -26.53% | -73.85% | -11.51% | - |
| D&A (Non-Cash Add-back) | 184.86K | 117K | 283K | 174K | 403K | 1.22M | 1.28M | 1.11M | 1.17M | 4.35M | 736K | 321K | 246K | 194K |
| EBIT | -8.27M | -9.2M | -7.44M | -8.44M | -6.06M | -23.44M | -10.83M | -11.81M | -12.86M | -8.31M | -11.23M | -9.68M | -4.63M | -4.01M |
| Net Interest Income | 18.58K | 2K | 42K | -24K | -44K | -33K | -89K | -585K | -94K | 91K | 48K | -153K | -384K | 0 |
| Interest Income | 87.05K | 2K | 83K | 29K | 0 | 1K | 8K | 2K | 15K | 91K | 48K | 8K | 384K | 557K |
| Interest Expense | 68.47K | 0 | 41K | 53K | 44K | 34K | 97K | 587K | 109K | 0 | 0 | 161K | 248K | 0 |
| Other Income/Expense | 1.92M | 3.22M | 529K | 444K | 892K | -430K | 395K | -585K | -1.19M | 1.26M | 1.69M | -153K | -384K | -557K |
| Pretax Income | -6.35M | -5.98M | -7.49M | -8.49M | -6.11M | -23.47M | -10.92M | -12.4M | -12.97M | -8.39M | -11.23M | -9.84M | -4.88M | -4.57M |
| Pretax Margin % | - | - | -1964.57% | -1214.31% | -1056.4% | -6842.57% | -1620.62% | -639.83% | -1311.43% | -634.01% | -816.87% | -6267.52% | -3321.77% | - |
| Income Tax | -102.7K | -250K | -406K | -832K | -646K | -1.28M | -1.78M | -2.03M | -1.26M | -2.23M | -1.13M | -1.02M | -799K | -571K |
| Effective Tax Rate % | 1.62% | 4.18% | 5.42% | 9.8% | 10.58% | 5.46% | 16.34% | 16.39% | 9.75% | 26.55% | 10.09% | 10.35% | 16.36% | 12.51% |
| Net Income | -6.24M | -5.73M | -7.08M | -7.66M | -5.46M | -22.19M | -10.09M | -10.37M | -11.71M | -6.16M | -10.1M | -8.82M | -4.08M | -3.99M |
| Net Margin % | - | - | -1858.01% | -1095.28% | -944.64% | -6469.1% | -1496.29% | -534.98% | -1183.52% | -465.68% | -734.47% | -5619.11% | -2778.23% | - |
| Net Income Growth % | -8.99% | 19.07% | 7.54% | -40.22% | 75.39% | -120.02% | 2.73% | 11.42% | -89.99% | 38.99% | -14.48% | -116.01% | -2.25% | - |
| Net Income (Continuing) | -6.24M | -5.73M | -7.08M | -7.66M | -5.46M | -22.19M | -9.14M | -10.37M | -11.71M | -6.16M | -10.1M | -8.82M | -4.08M | -3.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -60.00 | -999999.00 | -229000.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 99.99% | -405.24% | 95.37% | -40.23% | 75.4% | 55.99% | 93.29% | 6.44% | 20.33% | -99.64% | -14.48% | -116.01% | -2.25% | - |
| EPS (Basic) | -60.00 | -999999.00 | -229000.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 54.86K | 61.95K | 30 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 54.86K | 61.95K | 30 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Insufficient capital for trials
As indicated by the most recent financial filings, Biodexa has transitioned to a zero-revenue state, with the last reported quarterly revenue occurring in 2023Q4, underscoring the company's current status as a purely clinical-stage entity reliant on external capital rather than commercial product sales for its operations.
The complete cessation of revenue highlights the company's pivot toward high-risk, long-duration clinical development programs. Investors should interpret this lack of top-line growth as a structural reality of the current business model, where value creation is tied exclusively to regulatory milestones rather than market-based product adoption.
Based on reported figures, the company maintains a consistent quarterly R&D expenditure profile, often exceeding $2 million, which represents the primary driver of the firm's ongoing cash burn as it attempts to advance its nanoparticle and microsphere platforms through critical clinical development stages.
The cost structure is heavily skewed toward fixed clinical trial site fees and specialized manufacturing requirements. This high-fixed-cost environment suggests that any delay in patient recruitment for orphan indications will directly exacerbate the company's capital requirements without providing any corresponding progress toward commercialization.
According to historical income statements, Biodexa consistently reports operating losses in the range of $3.2 million to $5.0 million per quarter, demonstrating a lack of operating leverage as the company remains unable to scale its infrastructure ahead of any potential commercial revenue realization.
The inability to achieve positive operating margins reflects the inherent difficulty of managing a clinical-stage biotech firm where SG&A and R&D costs are largely decoupled from revenue. The persistent negative operating income suggests that the company's current scale is insufficient to absorb its fixed overhead, necessitating further capital infusions.
As noted in recent financial disclosures, the company's $8.5 million cash position against recurring quarterly losses of approximately $4 million creates a precarious runway, suggesting that the market's skepticism regarding future dilutive financing is likely grounded in the firm's immediate and urgent need for capital.
Short-term investors should monitor the potential for 'At-The-Market' offerings, which may be required to bridge the funding gap before reaching meaningful Phase II data readouts. The reliance on external financing to sustain operations implies that equity holders face a high probability of significant dilution, which may continue to weigh on the stock's valuation regardless of clinical progress.
Quick answers to the most common questions about buying BDRX stock.
For fiscal year 2025, Biodexa Pharmaceuticals Plc (BDRX) reported total revenue of $0.0M.
Biodexa Pharmaceuticals Plc (BDRX) reported a net loss of $6.2M for the fiscal year ending 2025.