Company: MDCXW
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001062993-25-008292
Chunk: 214

Company: Medicus Pharma Ltd.
Filing Date: 2025-05-01
Form: DRS
Chunk 214
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 registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You should read this prospectus and the documents that we have filed as exhibits to the registration statement of which this prospectus is a part completely. The SEC maintains an internet site at www.sec.gov, from which you can electronically access the registration statement and its exhibits.

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INDEX TO FINANCIAL STATEMENTS</div>

|                                                                          | Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID #274)  | F-2  |
| Report of Independent Registered Public Accounting Firm (PCAOB ID #1930) | F-3  |
| Consolidated Financial Statements                                        | F-4  |
| Consolidated Balance Sheets                                              | F-5  |
| Consolidated Statements of Operations and Comprehensive Loss             | F-6  |
| Consolidated Statements of Changes in Shareholders' Equity               | F-7  |
| Consolidated Statements of Cash Flows                                    | F-8  |

<div align='center'>F-1</div>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of
Medicus Pharma Ltd. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Medicus Pharma Ltd. and Subsidiaries (the “Company”) as of December 31, 2024, and the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the consolidated results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company experienced negative cash flows from operating activities and has incurred operating losses that raise substantial doubt about its ability to continue as a going