Company: MDCXW
Filing Date: 2025-09-11
Form Type: DRS
Source: 0001062993-25-015568
Chunk: 2

Company: Medicus Pharma Ltd.
Filing Date: 2025-09-11
Form: DRS
Chunk 2
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 Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

<div align='center'>Subject to Completion,
dated September 11, 2025</div>

Preliminary Prospectus

<div align='center'>Up to 7,500,000 Common Shares

Medicus Pharma Ltd.</div>

This prospectus relates to the resale from time to time of up to 7,500,000 common shares of Medicus Pharma Ltd. (the "Company"), no par value (the "common shares"), by YA II PN, Ltd. (the "Selling Shareholder" or "Yorkville"). The common shares being offered by this prospectus consist of common shares that we have issued or that we may, in our discretion, elect to issue and sell to the Selling Shareholder, from time to time, pursuant to a standby equity purchase agreement we entered into with the Selling Shareholder on February 10, 2025 (the "SEPA"), pursuant to which the Selling Shareholder has committed to purchase from us, at our direction, up to $15.0 million of common shares (approximately $11.3 million of which remains available), subject to terms and conditions specified in the SEPA. As consideration for the Selling Shareholder's irrevocable commitment to purchase our common shares at our election and in our discretion from time to time after the date of the SEPA and prior to the third anniversary of the SEPA, upon the terms and subject to the satisfaction of the conditions set forth in the SEPA, we have issued to the Selling Shareholder 105,840 common shares pursuant to the terms of the SEPA (the "Commitment Shares"). As of the date of this prospectus, we have issued 1,890,000 common shares to the Selling Shareholder at our direction, excluding the Commitment Shares, for gross proceeds to the Company of approximately $3.7 million.

We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of our common shares by the Selling Shareholder. However, we may receive up to $15,000,000 aggregate gross proceeds from sales of common shares we may elect to make to Yorkville pursuant to the SEPA prior to or after the date of this prospectus. See "Standby Equity Purchase Agreement" on page 132 of this prospectus for a description of the SEPA