Company: MDCXW
Filing Date: 2025-12-10
Form Type: DRS
Source: 0001062993-25-017281
Chunk: 34

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-10
Form: DRS
Chunk 34
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-affiliates is less than $700 million.

<div align='center'>S-10

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

THE OFFERING</div>

| Common shares to be offered by            
 us pursuant to this prospectus supplement | Approximately 7,738,013 common shares having an aggregate offering price of up to $16,714,107.                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Common shares outstanding after           
 this offering(1)                          | Approximately 32,780,058 common shares, assuming sales of approximately 7,738,013 common shares at a price of $2.16 per share, which was the closing price of our common shares on the Nasdaq on December 9, 2025. The actual number of common shares issued will vary depending on the sales price under this offering.                                                                                                                                                                                           |
| Market for common shares                  | Our common shares are listed on the Nasdaq under the symbol "MDCX."                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Manner of offering                        | Sales of our common shares, if any, will be made pursuant to the terms of the sales agreement between us and Maxim. Sales of the shares will be made in sales deemed to be "at-the-market" equity offerings as defined in Rule 415 promulgated under the Securities Act. Maxim will act as sales agent and will use commercially reasonable efforts to sell on our behalf all of the common shares requested to be sold by us, consistent with its normal trading and sales practices. See "Plan of Distribution." |
| Use of proceeds                           | We plan to use the net proceeds from this offering, if any, for development of the Products and general corporate purposes. See "Use of Proceeds."                                                                                                                                                                                                                                                                                                                                                                 |
| Risk factors                              | See "Risk Factors" beginning on page S-12 of this prospectus supplement, as well as the other information included in or incorporated by reference in this prospectus supplement, for a discussion of risks you should carefully consider before investing in our securities.                                                                                                                                                                                                                                      |
| Exclusive sales agent                     | Maxim Group LLC is acting as the exclusive sales agent in connection with this offering.                                                                                                                                                                                                                                                                                                                                                                                                                           |

(1) The number of common shares that will be outstanding after this offering is based on 25,042,045 common shares outstanding as of December 9, 2025, and assumes no exercise of our outstanding options or warrants, or any additional sales of