Company: MDCXW
Filing Date: 2025-12-10
Form Type: DRS
Source: 0001062993-25-017281
Chunk: 22

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-10
Form: DRS
Chunk 22
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ED BY MEDICUS PHARMA LTD.PURSUANT TO 17 C.F.R. SECTION 200.83</div>

The information in this prospectus supplement is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus supplement is not an offer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

<div align='center'>Subject to completion, dated December 10, 2025</div>

PROSPECTUS

<div align='center'>Up to $16,714,107

Common Shares</div>

We have entered into an At the Market Offering Sales Agreement dated , 2025 (the "sales agreement") with Maxim Group LLC ("Maxim") relating to the sale of our common shares, no par value (the "common shares"), offered by this prospectus supplement. In accordance with the terms of the sales agreement, we may offer and sell our common shares having an aggregate offering price of up to $16,714,107 from time to time through Maxim acting as sales agent and/or principal.

Sales of our common shares, if any, under this prospectus supplement will be made in sales deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on or through the Nasdaq Capital Market ("Nasdaq"), the existing trading market for our common shares, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law, including in privately negotiated transactions. Maxim will use its commercially reasonable efforts to sell on our behalf all the common shares requested to be sold by us, consistent with its normal trading and sales practices, on mutually agreed terms between Maxim and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. We provide more information about how the common shares will be sold in the section entitled "Plan of Distribution."

Maxim will be entitled to compensation at a fixed commission rate of % of the gross proceeds of each sale of our common shares. See "Plan of Distribution" beginning on page S-19 of this prospectus supplement for additional information regarding the compensation to be paid to Maxim.