Company: MDCXW
Filing Date: 2025-05-30
Form Type: 424B4
Source: 0001062993-25-010548
Chunk: 206

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-30
Form: 424B4
Chunk 206
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 ID #1930)                               | F-4  |
| Consolidated Financial Statements                                                                      | F-5  |
| Consolidated Balance Sheets                                                                            | F-6  |
| Consolidated Statements of Operations and Comprehensive Loss                                           | F-7  |
| Consolidated Statements of Changes in Shareholders' Equity                                             | F-8  |
| Consolidated Statements of Cash Flows                                                                  | F-9  |
| Interim Financial Statements of Medicus Pharma Ltd. for the three months ended March 31, 2025 and 2024 |      |
| Condensed Consolidated Balance Sheets                                                                  | F-25 |
| Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)                     | F-26 |
| Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)                       | F-27 |
| Condensed Consolidated Statements of Cash Flows (Unaudited)                                            | F-28 |

<div align='center'>F-1</div>

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-2</div>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of
Medicus Pharma Ltd. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Medicus Pharma Ltd. and Subsidiaries (the “Company”) as of December 31, 2024, and the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the consolidated results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company experienced negative cash flows from operating activities and has incurred operating losses that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from