Biodexa has reported its FY22 preliminary results and revised business strategy for the medium term. Funding challenges and slower traction than anticipated with the clinical pipeline during the period compelled the company to undertake cost-reduction initiatives (terminating all internal Q Sphera development programs) and pivot its business model from a drug delivery company to a therapeutics play in March 2023 (along with a name change, AIM delisting and share consolidation). Looking ahead, we expect the strategic focus to be on delivering proof-of-concept (PoC) for its development pipeline, in particular for lead Phase I asset MTX110 (in aggressive brain cancers). The $6m (£5m) equity raise in February provides a runway to Q423, past the crucial interim safety and efficacy data from the Phase I recurrent glioblastoma (rGBM) study anticipated in Q323. Potential licensing deals on the back of positive MTX110 data should provide operational headroom and de-risk the near-term outlook.