Company: MDCXW
Filing Date: 2025-09-11
Form Type: DRS
Source: 0001062993-25-015568
Chunk: 280

Company: Medicus Pharma Ltd.
Filing Date: 2025-09-11
Form: DRS
Chunk 280
---
.01 per warrant.

Total gross proceeds from the IPO were $4,002,705, including the proceeds from the Overallotment Warrants. The Company incurred total issuance costs of $2,218,014, including underwriter fees, and legal and other professional fees incurred directly related to the issuance.

The incremental costs directly associated with the issuance were recognized as a deduction in equity and allocated based on the relative fair values of the Public Warrants and common shares on a standalone basis.

The fair value of the common shares was based on the Company's share price on the day of issuance of $2.65 and the fair value of the Public Warrants was $1.7419 per warrant. The Public Warrants were recognized in additional paid-in capital as they met the criteria for equity classification.

<div align='center'>F-36</div>

| CONFIDENTIAL TREATMENT REQUESTED BY MEDICUS PHARMA LTD. 
 PURSUANT TO 17 C.F.R. SECTION 200.83                    |

The fair value of the Public Warrants was estimated using the Black-Scholes option pricing model with the following inputs:

|                            |   |    2024 |
|:---------------------------|:--|--------:|
| Valuation date share price | $ |    2.65 |
| Exercise price             | $ |    4.64 |
| Expected dividend yield    |   |       - |
| Risk-free interest rate    |   |   4.32% |
| Expected term (in years)   |   | 5 years |
| Expected volatility        |   |     95% |

As of June 30, 2025, 129,905 Public Warrants have been exercised for cash for proceeds to the Company of $602,759.

The number of Warrants outstanding as of June 30, 2025:

| Warrants outstanding |     |                            |     |                    |
| Expiry date          |     |             Exercise price |     | Number outstanding |
| November 15, 2029    |     | $                     4.64 |     |            985,595 |
| March 10, 2030       |     | $                     2.80 |     |          1,351,200 |
| June 2, 2030         |     | $                     3.10 |     |          2,260,000 |

Standby Equity Purchase Agreement

On February 10, 202