Company: MDCXW
Filing Date: 2025-09-11
Form Type: DRS
Source: 0001062993-25-015568
Chunk: 242

Company: Medicus Pharma Ltd.
Filing Date: 2025-09-11
Form: DRS
Chunk 242
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We have served as the Company's auditor since 2014.

Mississauga, Canada

March 28, 2025

<div align='center'>F-4</div>

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

Medicus Pharma Ltd.
Consolidated Financial Statements

For the years ended December 31, 2024 and 2023
(expressed in United States dollars, except number of shares)

<div align='center'>F-5</div>

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

| Assets                                                                                                                                      
 Current assets:                                                                                                                             |   | December 31, 
         2024 |   |   |        2023 |   |
|:--------------------------------------------------------------------------------------------------------------------------------------------|:--|-------------:|:--|:--|------------:|:--|
| Cash and cash equivalents                                                                                                                   | $ |    4,164,323 |   | $ |   1,719,338 |   |
| Prepaid expenses                                                                                                                            |   |    1,213,984 |   |   |     173,719 |   |
| Total current assets                                                                                                                        |   |    5,378,307 |   |   |   1,893,057 |   |
| Operating lease right-of-use assets                                                                                                         |   |      268,571 |   |   |           - |   |
| Total assets                                                                                                                                |   |    5,646,878 |   |   |   1,893,057 |   |
| Liabilities and Shareholder's equity                                                                                                        |   |              |   |   |             |   |
| Current liabilities:                                                                                                                        |   |              |   |   |             |   |
| Accounts payable                                                                                                                            |   |    1,284,612 |   |   |     210,842 |   |
| Accrued expenses and other current liabilities                                                                                              |   |      762,835 |   |   |     404,817 |   |
| Related party payable                                                                                                                       |   |      142,459 |   |   |     165,950 |   |
| Operating lease liability, current                                                                                                          |   |      116,323 |