Company: MDCXW
Filing Date: 2025-12-30
Form Type: S-3
Source: 0001062993-25-017488
Chunk: 37

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-30
Form: S-3
Chunk 37
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 how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree."

<div align='center'>S-15

DESCRIPTION OF COMMON SHARES</div>

Pursuant to this prospectus supplement, the Company is offering approximately 9,839,535 common shares. For information relating to the material terms of the Company’s common shares, please see "Description of Share Capital" contained in Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 28, 2025.

<div align='center'>S-16

DILUTION</div>

Investors purchasing our common shares in this offering will experience immediate dilution in the net tangible book value of their common shares. Our net tangible book value as of September 30, 2025 was approximately ($0.80 million), or ($0.038) per common share. We calculate net tangible book value per common share by dividing our net tangible book value, which is total tangible assets less total liabilities, by the number of our outstanding common shares. Dilution in net tangible book value per common share represents the difference between the amount per common share paid by purchasers of common shares in this offering and the as adjusted net tangible book value per common share immediately after giving effect to this offering.

After giving further effect to the exercise of certain existing warrants pursuant to the Warrant Inducement Agreement and the sale by us of our common shares in the aggregate gross amount of up to $15,349,674 in this offering at an assumed offering price of $1.56 per common share, the closing price of our common shares on Nasdaq on December 22, 2025, our pro forma as adjusted net tangible book value as of September 30, 2025 would have been approximately $19.6 million, or $0.56 per common share. This represents an immediate increase in pro forma as adjusted net tangible book value of approximately $0.60 per common share to existing shareholders and results in immediate dilution in net tangible book value of approximately $1.00 per common share to investors purchasing our common shares in this offering. The following table illustrates this calculation on a per common share basis:

| Assumed public offering price per common share for this offering                                                              
 Historical net tangible book value per common share as of September 30, 2025                                                  |   | (0.04 | ) |   | 1.56 |