Business Context and Reporting Period
This Form 6-K filing by Biodexa Pharmaceuticals Plc, dated November 1, 2024, reports a change in the Company's independent registered public accounting firm. The filing covers the period leading up to the effective date of the auditor transition in late October 2024.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Auditor Resignation: Forvis Mazars LLP (formerly Mazars LLP) resigned as the independent registered public accounting firm effective October 25, 2024.
- New Auditor Appointment: PKF Littlejohn LLP was appointed as the new independent registered public accounting firm, effective October 31, 2024.
- Reason for Change: The change followed a tender process initiated after Forvis Mazars LLP notified the Company of its intent to resign. The Audit Committee and Board selected PKF Littlejohn LLP based on commercial terms and expertise.
Guidance, Outlook, and Risks
Audit Opinions and Going Concern: The reports issued by Forvis Mazars LLP for the fiscal years ended December 31, 2022, and 2023, contained no adverse or disclaimer opinions. However, these reports included a modification regarding the Company's ability to continue as a going concern.
Disagreements and Reportable Events: The Company confirmed there were no disagreements with Forvis Mazars LLP regarding accounting principles, financial statement disclosures, or auditing scope during the two fiscal years ended December 31, 2023, and the interim period through October 25, 2024. Additionally, no "reportable events" as defined in Item 16F(a)(1)(v) of Form 20-F occurred during this time.
Consultations: No consultations occurred with PKF Littlejohn LLP regarding accounting principles or audit opinions prior to their appointment.
Investor Verification Checklist
- Verify the "going concern" modification status in the most recent audited financial statements (2022 and 2023) to understand the current liquidity risk profile.
- Review the attached Exhibit 16.1 (Forvis Mazars LLP Letter) to confirm the former auditor's agreement with the Company's disclosures regarding the resignation.
- Monitor upcoming filings (Form 20-F) to see how the new auditor, PKF Littlejohn LLP, addresses the going concern issue in the 2024 audit.
- Confirm the Company's cash runway and funding status, as the filing does not provide updated financial metrics beyond the historical audit context.