Company: MDCXW
Filing Date: 2025-12-30
Form Type: S-3
Source: 0001062993-25-017488
Chunk: 38

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-30
Form: S-3
Chunk 38
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|:------------------------------------------------------------------------------------------------------------------------------|:--|------:|:--|:--|-----:|
| Pro forma increase per common share attributable to the pro forma adjustments                                                 | $ |  0.21 |   |   |      |
| Pro forma net tangible book value per common share after the pro forma adjustments                                            |   |       |   | $ | 0.17 |
| Increase in pro forma as adjusted net tangible book value per share after this offering                                       | $ |  0.60 |   |   |      |
| Pro forma as adjusted net tangible book value per common share as of September 30, 2025, after giving effect to this offering |   |       |   | $ | 0.56 |
| Dilution per common share to new investors                                                                                    |   |       |   | $ | 1.00 |

The foregoing table does not take into account dilution to new investors that could occur upon the exercise of outstanding options and warrants having a per share exercise price less than the assumed public offering price in this offering or common shares issued after September 30, 2025, including common shares issuable under the SEPA.

The foregoing table is based on 34,953,679 common shares outstanding as of December 22, 2025, and, excludes, as of that date, the following:

<div align='center'>S-17</div>

To the extent that any outstanding warrants or options are exercised, new options or other equity awards are issued under our equity incentive plan, or we issue additional common shares in the future, there will be further dilution to new investors participating in this offering. In addition, we may choose to raise additional capital due to market conditions or strategic considerations. To the extent that additional capital is raised through the sale of securities, the issuance of those securities could result in further dilution to our shareholders.

<div align='center'>S-18

PLAN OF DISTRIBUTION</div>

We have entered into the sales agreement, dated as of December 29, 2025, with the Agents under which we may issue and sell our common shares having an aggregate offering price of up to $15,349,674 from time to time through the Agents acting as our sales agents. In no event will the actual number of common shares offered and sold by us pursuant to the sales agreement exceed the number of shares that we have available and authorized for issuance under our certificate of incorporation.

The sales agreement provides that sales of our common shares, if