Company: MDCXW
Filing Date: 2025-12-30
Form Type: S-3
Source: 0001062993-25-017488
Chunk: 32

Company: Medicus Pharma Ltd.
Filing Date: 2025-12-30
Form: S-3
Chunk 32
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 to $15,349,674.                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Common shares outstanding after           
 this offering(1)                          | Approximately 34,953,679 common shares, assuming sales of approximately 9,839,535 common shares at a price of $1.56 per share, which was the closing price of our common shares on the Nasdaq on December 22, 2025. The actual number of common shares issued will vary depending on the sales price under this offering.                                                                                                                                                                                                       |
| Market for common shares                  | Our common shares are listed on the Nasdaq under the symbol "MDCX."                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Manner of offering                        | Sales of our common shares, if any, will be made pursuant to the terms of the sales agreement between us and the Agents. Sales of the shares will be made in sales deemed to be “at-the-market” equity offerings as defined in Rule 415 promulgated under the Securities Act. The Agents will act as sales agents and will use commercially reasonable efforts to sell on our behalf all of the common shares requested to be sold by us, consistent with their normal trading and sales practices. See “Plan of Distribution.” |
| Use of proceeds                           | We plan to use the net proceeds from this offering, if any, for development of the Products and general corporate purposes. See "Use of Proceeds."                                                                                                                                                                                                                                                                                                                                                                              |
| Risk factors                              | See "Risk Factors" beginning on page S-12 of this prospectus supplement, as well as the other information included in or incorporated by reference in this prospectus supplement, for a discussion of risks you should carefully consider before investing in our securities.                                                                                                                                                                                                                                                   |
| Exclusive sales agents                    | Maxim Group LLC and Yorkville Securities, LLC are acting as the exclusive sales agents in connection with this offering.                                                                                                                                                                                                                                                                                                                                                                                                        |

(1) The number of common shares that will be outstanding after this offering is based on 25,114,144 common shares outstanding as of December 22, 2025, and assumes no exercise of our outstanding options or warrants, or any additional sales of common shares under our Standby Equity Purchase Agreement, dated as of February 10, 2025, by and between YA II PN, Ltd., an affiliate of Yorkville (“YA”), and the Company (the “SEPA”).

<div align='center'>S-11

RISK FACTORS</div>

Before you make a decision to invest in our securities, you should consider carefully the risks described