Medicus Pharma Ltd.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
MDCX$1.87+2.2%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss for the period | $(27,259,804) | $(7,618,964) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 1,082,482 | 621,395 |
| Change in operating lease right-of-use assets | 72,322 | 65,605 |
| Change in fair value of debentures | 583,823 | - |
| Loss on extinguishment of debentures | 25,000 | - |
| Costs to issue debentures | 111,725 | - |
| IPR&D - Teverelix | 8,717,475 | - |
| Foreign exchange gain/loss | 8,816 | - |
| Non-cash interest expense | 89,680 | 106,253 |
| Loss on SEPA settlements | 157,721 | - |
| Issuance cost related to SEPA | 300,000 | - |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | 317,522 | 37,358 |
| Deferred issuance costs | - | (684,040) |
| Accounts payable | (380,033) | 235,756 |
| Accrued expenses and other current liabilities | 111,167 | 238,526 |
| Operating lease liability | (106,171) | (35,040) |
| Related party payable | 621 | (22,528) |
| Net cash used in operating activities | (16,167,654) | (7,055,679) |
| Cash flows from financing activities: | ||
| Net proceeds from issuance of common shares and warrants | 9,790,015 | 5,470,000 |
| Proceeds from issuance of shares under SEPA | 5,097,005 | - |
| Proceeds from issuance of debentures | 11,866,293 | - |
| Repayment of debentures and other loan | (5,637,709) | - |
| Proceeds from issuance of convertible notes | - | 5,172,500 |
| Proceeds from exercise of warrants | 4,729,398 | - |
| Proceeds from exercise of stock options | 162,400 | - |
| Costs to issue debentures | (136,726) | - |
| Issuance costs for common shares | (584,361) | - |
| Net cash provided by financing activities | 25,286,315 | 10,642,500 |
| Cash flows from investing activities: | ||
| Net cash paid for Antev asset acquisition including transaction costs | (4,619,152) | - |
| Net cash used in investing activities | (4,619,152) | - |
| Foreign currency effect on cash and cash equivalents | (1,741) | - |
| Net increase in cash and cash equivalents during the period | 4,497,768 | 3,586,821 |
| Cash and cash equivalents, beginning of the period | 4,164,323 | 1,719,338 |
| Cash and cash equivalents, end of the period | 8,662,091 | 5,306,159 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Right-of-use assets obtained in exchange for lease liabilities | - | 356,805 |
| Deemed dividend on warrant inducement | 4,954,518 | - |
| Shares issued for acquisition of Antev | 2,129,410 | - |
| Shares to be issued for acquisition of Antev | 313,934 | - |
| Issuance costs included in accounts payable | 95,360 | - |
| Issuance of shares related to SEPA | 300,000 | - |
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