Company: MDCXW
Filing Date: 2025-03-07
Form Type: 253G1
Source: 0001062993-25-004966
Chunk: 69

Company: Medicus Pharma Ltd.
Filing Date: 2025-03-07
Form: 253G1
Chunk 69
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 of $0.21 per share to existing shareholders and immediate dilution of $2.26 per share to new investors.

The following table illustrates this dilution per common share:

| Public offering price per common share (attributing no value to the warrants)                                        |   |      |     | $ | 2.80 |
| Historical net tangible book value per common share as of September 30, 2024                                         | $ | 0.32 |     |   |      |
| Increase in as adjusted net tangible book value per common share attributable to the net proceeds from new investors | $ | 0.21 |     |   |      |
| As adjusted net tangible book value per common share after this offering                                             |   |      |     | $ | 0.54 |
| Dilution per common share to new investors participating in this offering                                            |   |      |     | $ | 2.26 |

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our equity holders.

The above discussion and tables are based on approximately 10,846,721 common shares outstanding as of September 30, 2024 and excludes approximately 887,500 common shares then issuable upon the exercise of outstanding options, at exercise prices ranging from C$1.16 to C$4.84 and expiry dates ranging from October 24, 2028 to June 25, 2029.

<div align='center'>- 44 -

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS</div>

The following discussion and analysis should be read in conjunction with our financial statements and related notes included elsewhere in this offering circular. This discussion and other parts of this offering circular contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this offering circular.

Overview

The Company is a biotech/life sciences company focused accelerating the clinical development programs of novel and disruptive therapeutic assets. Currently, we are developing one product, SkinJect, with an indication for basal cell carcinoma.

The Company's principal purpose is to advance