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Medicus Pharma Ltd.
MDCXWCIK 0001997296NasdaqEmerging GrowthPharmaceutical PreparationsA6CAFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-47.28M
Total Assets
$10.06M
Equity
$-67.6K
Shares Out
39.36M
Op. Cash Flow
$-22.78M
Business
Medicus Pharma Ltd. is a biotech/life sciences company focused on accelerating clinical development of novel therapeutic assets. The company is developing a doxorubicin tip‑loaded dissolvable microneedle array (D‑MNA) skinpatch, SkinJect™, intended for treatment of basal cell carcinoma and other non‑melanoma skin cancers. Operations are conducted primarily through its wholly owned operating subsidiary, SkinJect, which handles clinical development, manufacturing controls, regulatory filings and management of licensed intellectual property. The company concentrates research and clinical activity in the United States with potential future expansion into Canada and the European Union and distributes investigational product through clinical trial sites and related clinical supply channels.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| General and administrative | 18 | 8 | 5 | |
| Research and development | 8 | 4 | 193,578 | |
| In-process research and development (IPR&D) -Teverelix | 9 | 0 | — | |
| Total operating expenses | 34 | 11 | 5 | |
| Loss from operations | −34 | −11 | −5 | |
| Interest income (expense) | −197,382 | 25,386 | — | |
| Loss on SEPA settlements | −278,854 | 0 | — | |
| Change in fair value of debentures | −583,823 | 0 | — | |
| Loss on extinguishment of debentures | −25,000 | 0 | — | |
| Total other income (expense) | −1 | 25,386 | 584,820 | |
| Net loss for the year | −35 | −11 | −5 | |
| Deemed dividend on warrant inducement | −12 | 0 | — | |
| Net loss for the year attributable to common shareholders | −47 | −11 | — | |
| Foreign currency translation adjustment | −10,730 | 0 | — | |
| Comprehensive loss for the year attributable to common shareholders | −47 | −11 | — | |
| Common shareholders of the Company | −47 | −11 | — | |
| Non-controlling interests | −146 | 0 | — | |
| Common shareholders of the Company | −47 | −11 | — | |
| Non-controlling interests | −150 | 0 | — | |
| Net loss per share attributable to common shareholders - basic | −2.74 | −1.16 | −1.53 | |
| Net loss per share attributable to common shareholders - diluted | −2.74 | −1.16 | −1.53 | |
| Weighted average number of common shares outstanding - basic | 17 | 10 | 3 | |
| Weighted average number of common shares outstanding - diluted | 17 | 10 | 3 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 9 | 4 | 2 | — | |
| Prepaid expenses and other current assets | 1 | 1 | 173,719 | — | |
| Deferred financing costs | 99,305 | 0 | — | — | |
| Total current assets | 10 | 5 | 2 | — | |
| Operating lease right-of-use assets | 170,733 | 268,571 | 0 | — | |
| Total assets | 10 | 6 | 2 | — | |
| Accounts payable | 3 | 1 | 210,842 | — | |
| Accrued expenses and other current liabilities | 995,290 | 762,835 | 404,817 | — | |
| Related party payable | 116,476 | 142,459 | 165,950 | — | |
| Operating lease liability, current | 145,456 | 116,323 | 0 | — | |
| Debentures | 5 | 0 | — | — | |
| Total current liabilities | 10 | 2 | 781,609 | — | |
| Loan payable | 25,865 | 0 | — | — | |
| Operating lease liability, non-current | 60,139 | 205,945 | 0 | — | |
| Total liabilities | 10 | 3 | 781,609 | — | |
| Commitments and contingencies | — | — | — | — | |
| Common shares, no par value; 25,176,303 and 11,816,721 shares authorized, issued and outstanding at December 31, 2025 and 2024, respectively | 57 | 31 | 19 | — | |
| Common shares to be issued | 313,934 | 0 | — | — | |
| Additional paid-in capital | 7 | 2 | 98,585 | — | |
| Accumulated other comprehensive income | 10,880 | 0 | — | — | |
| Accumulated deficit | −64 | −29 | −18 | — | |
| Total shareholders' equity attributable to Medicus Pharma Ltd. | −67,554 | 3 | — | — | |
| Non-controlling interests | 104,865 | 0 | — | — | |
| Total shareholders' equity | 37,311 | 3 | 1 | −12 | |
| Total liabilities and shareholders' equity | 10 | 6 | 2 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Stock-based compensation expense | 2 | 713,119 | 98,585 | |
| Non-cash interest expense | 429,061 | 74,005 | 584,820 | |
| Change in operating lease right-of-use assets | 97,838 | 88,234 | 0 | |
| Change in fair value of debentures | 583,823 | 0 | — | |
| Foreign exchange gain/loss | 41,947 | 0 | — | |
| Issuance cost related to SEPA | 300,000 | 0 | — | |
| Cost of issuance of debentures | 111,725 | 0 | — | |
| Prepaid expenses | 352,825 | −1 | −158,719 | |
| Deferred financing costs | −99,305 | 0 | — | |
| Accounts payable | 923,552 | 808,745 | — | |
| Accrued expenses and other current liabilities | −438,802 | 358,018 | 386,777 | |
| Operating lease liability | −142,612 | −70,080 | 0 | |
| Related party payable | −25,983 | −23,491 | 165,950 | |
| Net cash used in operating activities | −23 | −10 | −4 | |
| Proceeds from issuance of convertible promissory notes | 0 | 5 | 500,000 | |
| Proceeds from initial public offering, net of offering expenses | 0 | 2 | 0 | |
| Proceeds from issuance of common shares and warrants, net of issuance costs | 10 | 5 | 0 | |
| Proceeds from issuance of debentures | 12 | 0 | — | |
| Repayment of the debentures and other loan | −7 | 0 | — | |
| Proceeds from issuance of common shares under SEPA | 8 | 0 | — | |
| Proceeds from exercise of warrants | 10 | 0 | — | |
| Proceeds from exercise of stock options | 162,400 | 0 | — | |
| Costs to issue debentures | −136,726 | 0 | — | |
| Issuance costs for common shares | −653,504 | 0 | — | |
| Net cash provided by financing activities | 32 | 13 | 6 | |
| Net cash paid for Antev asset acquisition including transaction costs | −5 | 0 | — | |
| Net cash used in investing activities | −5 | 0 | — | |
| Foreign currency effect on cash and cash equivalents | −2,969 | 0 | — | |
| Net increase in cash and cash equivalents during the year | 5 | 2 | — | |
| Cash paid for interest | 221,663 | 40,563 | 0 | |
| Right-of-use assets obtained in exchange for lease liabilities | 0 | 356,805 | 0 | |
| Issuance costs included in accounts payable | 95,360 | 265,025 | 0 | |
| Shares issued for Antev asset acquisition | 2 | 0 | — | |
| Shares to be issued for Antev asset acquisition | 313,934 | 0 | — | |
| Issuance of shares related to SEPA agreement | 300,000 | 0 | — | |
| Accrued interest converted into common shares | 0 | 38,462 | 0 |
Filings
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