Company: MDCXW
Filing Date: 2025-09-29
Form Type: S-1
Source: 0001062993-25-015841
Chunk: 239

Company: Medicus Pharma Ltd.
Filing Date: 2025-09-29
Form: S-1
Chunk 239
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 |        |          - |     |   |    585,442 |     |   | -           |   |     |   |    585,442 |   |
| Net loss and comprehensive loss for the period |        |             - |     |        |          - |     |   |          - |     |   | (3,632,859  | ) |     |   | (3,632,859 | ) |
| Balance as of June 30, 2024                    |        |    10,846,721 |     | $      | 29,442,212 |     | $ |    719,980 |     | $ | (23,088,604 | ) |     | $ |  7,073,588 |   |

<div align='center'>The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-28

MEDICUS PHARMA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)</div>

| Cash flows from operating activities:                                       |   | Six months ended June 30, 
                      2025 |   |     |   |       2024 |   |
|:----------------------------------------------------------------------------|:--|--------------------------:|:--|:----|:--|-----------:|:--|
| Net loss for the period                                                     | $ |               (11,278,492 | ) |     | $ | (5,340,217 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                           |   |     |   |            |   |
| Stock-based compensation expense                                            |   |                   229,725 |   |     |   |    621,395 |   |
| Change in operating lease right-of-use assets                               |   |                    47,572 |   |     |   |     43,644 |   |
| Change in fair value of Debentures                                          |   |                   200,000 |   |     |   |          - |   |
| Costs to issue Debentures                                                   |   |                   111,725 |   |     |   |          - |   |
| Non-cash interest expense                                                   |   |                         - |   |     |   |     97,270 |   |
| Changes in operating assets and liabilities:                                |   |                           |   |     |