Company: MDCXW
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001062993-25-016878
Chunk: 0

Company: Medicus Pharma Ltd.
Filing Date: 2025-11-17
Form: 424B3
Chunk 0
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Filed Pursuant to Rule 424(b)(3)

Registration No. 333-290586

PROSPECTUS SUPPLEMENT NO. 1

(to prospectus dated effective November 14, 2025)

<div align='center'>Medicus Pharma Ltd.

Up to 1,397,184 Common Shares</div>

This prospectus supplement amends and supplements the prospectus dated effective November 14, 2025, as supplemented or amended from time to time (the "Prospectus"), which forms a part of our Registration Statement on Form S-1 (Registration Statement No. 333-290586). This prospectus supplement is being filed to update and supplement the information included or incorporated by reference in the Prospectus with the information contained in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 (the "Form 10-Q"). Accordingly, we have attached the Form 10-Q to this prospectus supplement.

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

Our common shares are listed on The Nasdaq Capital Market ("Nasdaq") under the symbol "MDCX". On November 13, 2025, the last reported sales price of the common shares was $2.26.

We are an "emerging growth company" under applicable Securities and Exchange Commission rules and are eligible for reduced public company disclosure requirements.

Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading "Risk Factors" beginning on page 10 of the Prospectus, and under similar headings in any amendment or supplements to the Prospectus.

None of the Securities and Exchange Commission, any state securities commission or the securities commission of any Canadian province or territory has approved or disapproved of the securities offered by this prospectus supplement or the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus supplement is November 14, 2025.</div>

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington