Company: MDCXW
Filing Date: 2025-05-27
Form Type: S-1
Source: 0001062993-25-010333
Chunk: 230

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-27
Form: S-1
Chunk 230
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F-20 Medicus Pharma Ltd.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024 and 2023
[expressed in United States dollars, except share amounts] The tax effect of temporary differences between US GAAP accounting and income tax accounting creating deferred income tax assets and liabilities were as follow:

|                                           |     | Year ended December 31, 
                    2024 |   |     |       2023 |   |
|:------------------------------------------|:----|------------------------:|:--|:----|-----------:|:--|
| Non-capital losses carry forward - Canada |     |               1,973,535 |   |     |    561,698 |   |
| Net operating losses carry forward - US   |     |               2,678,919 |   |     |  2,208,235 |   |
| Intangible assets                         |     |                  10,855 |   |     |     11,810 |   |
| Accrued expenses                          |     |                 994,653 |   |     |    170,598 |   |
| Research and Development Tax credits      |     |                 242,190 |   |     |    242,190 |   |
| Other                                     |     |                  14,230 |   |     |     25,290 |   |
| Financing charges and interest            |     |                 668,701 |   |     |          - |   |
| Total deferred tax assets                 |     |               6,583,083 |   |     |  3,219,821 |   |
| Less: valuation allowance                 |     |              (6,583,083 | ) |     | (3,219,821 | ) |
| Deferred tax assets, net                  |     |                       - |   |     |          - |   |

The Company has a valuation allowance on all of its deferred tax assets at December 31, 2024 and 2023, which based in the judgement of management are not more-likely than-not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that all or some portion of the deferred assets will not be realized. This ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those deductible temporary