Company: MDCXW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001062993-25-009125
Chunk: 50

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 Comprehensive Income - Expense Disaggregation Disclosures" to provide greater transparency about the components of specific expense categories in the income statements. The effective dates of ASU 2024-03 were subsequently clarified by ASU 2025-01. ASU 2025-01 is effective for our annual period beginning January 1, 2027, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
          In November 2024, the FASB issued ASU 2024-04 "Debt-Debt with Conversion and Other Options (Subtopic 470-20: Induced Conversions of Convertible Debt Instruments", to improve consistency and relevance of accounting for induced conversions of convertible debt instruments and it addresses scenarios involving convertible debt instruments and cash conversion features and those not currently convertible. ASU 2024-04 is effective for our annual period beginning January 1, 2026, with early adoption permitted for entities that adopted the amendment in ASU 2020-06. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
          There were no other significant updates to the recently issued accounting standards which may be applicable to the Company. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

9

      3.  Balance sheet components
      Prepaid expenses and other current assets include the following:

              March 31, 2025

              December 31, 2024

              (Unaudited)

              Insurance
              $
              408,938
               
              $
              583,561

              Contract research organizations
               
              355,810

              455,810

              Professional services
               
              250,109

              144,643

              Prepaid services
               
              76,488

              29,970

              Receivable for proceeds of warrant exercises
               
              14,000

              -

              $
              1,105,345
               
              $
              1,213,984

      Accrued expenses and other current liabilities include the following:

              March 31, 2025

              December 31, 2024 

              (Unaudited)

              Accrued legal fees
              $