Company: MDCXW
Filing Date: 2025-05-30
Form Type: 424B3
Source: 0001062993-25-010580
Chunk: 234

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-30
Form: 424B3
Chunk 234
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 (1,707,358 | ) |
| Balance as of March 31, 2024                                                                              |     |  8,076,673 |     | $ |    18,761,250 |     | $ |         134,538 |     | $ | (19,455,745 | ) | $ |   (559,957 | ) |

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

<div align='center'>F-27

MEDICUS PHARMA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)</div>

| Cash flows from operating activities:                                                    |   | Three months ended March 31, 
                         2025 |   |   |       2024 |   |
|:-----------------------------------------------------------------------------------------|:--|-----------------------------:|:--|:--|-----------:|:--|
| Net loss for the period                                                                  | $ |                   (5,102,408 | ) | $ | (1,707,358 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:              |   |                              |   |   |            |   |
| Stock-based compensation expense                                                         |   |                      112,277 |   |   |     35,953 |   |
| Change in operating lease right-of-use assets                                            |   |                       23,480 |   |   |     30,945 |   |
| Changes in operating assets and liabilities:                                             |   |                              |   |   |            |   |
| Prepaid expenses                                                                         |   |                      122,639 |   |   |     61,643 |   |
| Accounts payable                                                                         |   |                      655,634 |   |   |    364,275 |   |
| Accrued expenses and other current liabilities                                           |   |                      299,203 |   |   |     (9,657 | ) |
| Operating lease liability                                                                |   |                      (27,575 | ) |   |          - |   |
| Related party payable                                                                    |   |                      (24,244 | ) |   |     47,266 |   |
| Net cash used in operating activities                                                    |   |                   (3,940,994 | ) |   | (1,176,933 | ) |
| Cash flows from financing activities:                                                    |   |                              |   |   |