Company: MDCXW
Filing Date: 2025-12-30
Form Type: S-3
Source: 0001062993-25-017488
Chunk: 3

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-30
Form: S-3
Chunk 3
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 our common shares as reported by Nasdaq was $1.57 per share and the closing price of our Public Warrants as reported by Nasdaq was $0.81 per Public Warrant.

As of December 22, 2025, the aggregate market value of our outstanding common shares held by non-affiliates was approximately $46 million, which we calculated based on 25,114,144 outstanding common shares as of December 22, 2025, of which 18,643,329 shares were held by non-affiliates, and a price per share of $2.47, which was the closing price of our common shares on October 30, 2025. We have not offered or sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the prior 12-calendar-month period that ends on and includes the date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell, pursuant to the registration statement of which this prospectus forms a part, securities with a value exceeding one-third of the aggregate market value of our outstanding common shares held by non-affiliates in any 12-month period, so long as the aggregate market value of our outstanding common shares held by non-affiliates remains below $75.0 million.

An investment in our securities involves a high degree of risk. See "Risk Factors" on page 10 of this prospectus for more information on these risks.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is , 2025.

TABLE OF CONTENTS</div>

|                                                       | Page |
| ABOUT THIS PROSPECTUS                                 |    1 |
| TRADEMARKS, TRADE NAMES AND SERVICE MARKS             |    2 |
| MARKET, INDUSTRY AND OTHER DATA                       |    3 |
| CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS |    4 |
| OUR BUSINESS                                          |    6 |
| RISK FACTORS                                          |   10 |
| USE OF PROCEEDS                                       |   11 |
| DILUTION                                              |   12 |
| DESCRIPTION OF THE SECURITIES THAT MAY BE OFFERED     |   13 |
| PLAN