Company: MDCXW
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001062993-25-016876
Chunk: 10

Company: Medicus Pharma Ltd.
Filing Date: 2025-11-17
Form: 424B3
Chunk 10
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 the criteria for equity classification. The fair value of the Regulation A Warrants and June 2030 Warrants were estimated using the Black-Scholes model with the following assumptions:

|                            |   |     Issue Date 
 March 10, 2025 |     |   |   Issue Date 
 June 2, 2025 |
|:---------------------------|:--|---------------:|:----|:--|-------------:|
| Valuation date share price | $ |           3.40 |     | $ |         2.63 |
| Exercise price             | $ |           2.80 |     | $ |         3.10 |
| Dividend yield             |   |              - |     |   |            - |
| Risk-free interest rate    |   |          3.98% |     |   |        4.01% |
| Expected warrant life      |   |     5.00 years |     |   |   5.00 years |
| Expected volatility        |   |         97.81% |     |   |       97.42% |

As of September 30, 2025, 1,473,800 of the 1,490,000 Regulation A Warrants have been exercised for cash, for proceeds to the Company of $4,126,639 during the nine months ended September 30, 2025. As of September 30, 2025, 129,905 Public Warrants have been exercised for cash for proceeds to the Company of $602,759 during the nine months ended September 30, 2025. 1,340,000 of Regulation A Warrants were exercised for cash, for proceeds of $3,752,000 during the three-month period ending September 30, 2025 under inducement offer with a certain accredited and institutional holder (the "Holder"). The Company issued 1,340,000 Series A and 1,340,000 Series B warrants to the Holder as consideration of early exercise of its Regulation A Warrants. The new warrants meet equity classification criteria under ASC 815-40 and are not subject to remeasurement. The fair value of the new warrants is recognized as a deemed dividend, offsetting the increase in additional paid-in capital, resulting in no net impact on equity. The exercise price of each of the Series A and B warrants granted on July 14, 2025 under the inducement offer is $3