Company: MDCXW
Filing Date: 2025-04-25
Form Type: DRS
Source: 0001062993-25-007956
Chunk: 72

Company: Medicus Pharma Ltd.
Filing Date: 2025-04-25
Form: DRS
Chunk 72
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903,903 | ) |   |          |
| Total shareholders' equity |   |               3,134,704 |   |   |          |
| Total capitalization       | $ |               5,646,878 |   | $ |          |

<div align='center'>44</div>

| CONFIDENTIAL TREATMENT REQUESTED BY MEDICUS PHARMA LTD. 
 PURSUANT TO 17 C.F.R. SECTION 200.83                    |

<div align='center'>USE OF PROCEEDS</div>

We estimate that the net proceeds to us from this offering will be approximately $9.0 million, assuming an offering price of $3.92 per Unit, which is the closing price of our common shares on Nasdaq on April 23, 2025, after deducting placement agent fees of approximately $750,000 and estimated offering expenses payable by us of approximately $250,000.

In addition, we would receive up to an aggregate of approximately $ million from the exercise of the warrants, assuming the exercise in full of all such warrants for cash.

We intend to use the net proceeds from this offering to fund our Phase 2 proof of concept clinical trial for treatment of basal cell carcinoma using our doxorubicin tip loaded dissolvable microarray needle skinpatch. We may also use the net proceeds of this offering to expand our exploratory phase 2 clinical trial to a pivotal trial and/or to expand our trials to cover other non-melanoma skin diseases. We will use any remaining net proceeds for general corporate purposes and working capital.

The amounts and timing of our actual expenditures will depend on numerous factors, the timing and success of any clinical trials and preclinical studies we may commence in the future, the timing of regulatory submissions, the status of our sales and marketing efforts, the amounts of proceeds actually raised in this offering and the amount of cash generated by our operations. Because we operate in a very dynamic and highly competitive industry, the actual use of proceeds may differ substantially from the ranges indicated above. Our management will have broad discretion to allocate the net proceeds from this offering.

<div align='center'>45</div>

| CONFIDENTIAL TREATMENT REQUESTED BY MEDICUS PHARMA LTD. 
 PURSUANT TO 17 C.F.R. SECTION 200.83                    |

<div align='center'>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS</div>

This discussion contains forward-looking statements that involve risks and