Company: MDCXW
Filing Date: 2025-05-30
Form Type: 424B4
Source: 0001062993-25-010548
Chunk: 225

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-30
Form: 424B4
Chunk 225
---
 including them would have had an anti-dilutive effect.

9. Income taxes

For the years ended December 31, 2024 and 2023, the total net loss and comprehensive loss is as follows:

|                                          |     | Year ended December 31, 
 2024                    |   |     | 2023       |   |
|:-----------------------------------------|:----|:------------------------|:--|:----|:-----------|:--|
| Loss attributed to US foreign operations |     | (4,968,344              | ) |     | (2,023,786 | ) |
| Loss attributed to Canadian operations   |     | (6,187,172              | ) |     | (3,290,979 | ) |
| Loss before income taxes                 |     | (11,155,516             | ) |     | (5,314,765 | ) |

A reconciliation from the US statutory income tax rate of 21% to the Company’s effective income tax rate, is as follows:

|                                               |     | Year ended December 31, 
                    2024 |   |     |       2023 |   |
|:----------------------------------------------|:----|------------------------:|:--|:----|-----------:|:--|
| Income tax recovery at the statutory tax rate |     |              (2,956,212 | ) |     | (1,408,413 | ) |
| Permanent differences                         |     |                 189,075 |   |     |    796,707 |   |
| Impact of tax rate changes                    |     |                  42,865 |   |     |    436,994 |   |
| Change in valuation allowance                 |     |               2,724,272 |   |     |    174,712 |   |
|                                               |     |                       - |   |     |          - |   |

F-20 Medicus Pharma Ltd.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024 and 2023
[expressed in United States dollars, except share amounts] The tax effect of temporary differences between US GAAP accounting and income tax accounting creating deferred income tax assets and liabilities were as follow:

|                                           |     | Year ended December 31, 
                    2024 |   |     |       2023 |   |
|:------------------------------------------|:----|------------------------:|:--|