Company: MDCXW
Filing Date: 2025-09-29
Form Type: S-1
Source: 0001062993-25-015841
Chunk: 225

Company: Medicus Pharma Ltd.
Filing Date: 2025-09-29
Form: S-1
Chunk 225
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 on a one-to-one basis. In addition, 6,434,000 shares of SkinJect common stock were consolidated on a 3.413443-to-one basis, into 1,884,900 shares of SkinJect common stock.

Immediately prior to the completion of the RTO, the 7,249,999 Interactive common shares were consolidated into 287,471 common shares on a 25.219932-to-1 basis.

The substance of the acquisition is a reverse takeover as the shareholders of SkinJect held 80.62% of the resulting issuer shares and Interactive shareholders held 3.56% of the resulting issuer shares. The remaining 15.82% of the resulting issuer shares are held by former holders of subscription receipts. Accordingly, for accounting purposes, it was determined that SkinJect was the accounting acquirer and Interactive was the accounting acquiree. As SkinJect was deemed to be the acquirer for accounting purposes, its assets, liabilities and operations since incorporation are included in these consolidated financial statements at their historical carrying values. Interactive's results of operations have been included from September 29, 2023. SkinJect incurred $270,419 of legal costs related to the RTO for the year ended December 31, 2023, included in general and administrative expense on the consolidated statements of loss and comprehensive loss.

The consideration paid to acquire Interactive consisted of net liabilities assumed of $50,000, recognized directly in shareholder's equity on completion of the RTO.

Upon closing of the transaction, the Company assumed liabilities of $2,071,580 for costs incurred by RBx that related to the BCA and RTO. The assumed liabilities have been expensed and included in the line item 'general and administrative' in the statement of operations and comprehensive loss for the year ended December 31, 2023.

<div align='center'>F-15</div>

4. Balance sheet components

Prepaid expenses include the following:

|                                 |   | Year ended December 31, 
                    2024 |     |   |    2023 |
|:--------------------------------|:--|------------------------:|:----|:--|--------:|
| Insurance                       | $ |                 583,561 |     | $ | 163,500 |
| Contract research organizations |   |                 455,810 |     |   |       - |
| Professional services           |   |                 144,643 |     |   |       - |
| Pre