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Medicus Pharma Ltd. (MDCX+1.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing a novel drug delivery system using dissolvable microneedle arrays for treating skin cancers, specifically basal cell carcinoma.
Medicus Pharma reported a net loss of $11,155,516 for the year, an increase from the previous year's loss of $5,314,765. The increase is attributed to higher research and development expenses and general administrative costs.
The company's cash and cash equivalents as of December 31, 2024, were $4,164,323, compared to $1,719,338 the previous year. This increase was largely due to proceeds from the issuance of convertible notes and a private placement.
Medicus Pharma's operating expenses totaled $11,180,902 for the year, with research and development expenses significantly increasing to $3,527,786 from $193,578 in the prior year.
The company completed a reverse takeover with SkinJect, Inc. and changed its name to Medicus Pharma Ltd. on September 29, 2023. This transaction resulted in the issuance of new shares and conversion of existing securities.
Medicus Pharma raised $5,172,500 through the issuance of convertible notes and completed an initial public offering, generating net proceeds of $1,784,691.
The company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., allowing it to sell up to $15,000,000 of common shares over 36 months.
Medicus Pharma's financial statements indicate substantial doubt about its ability to continue as a going concern, with management planning to secure additional financing to sustain operations.
The filing includes a summary of the company's risk factors, highlighting uncertainties in market acceptance, regulatory approvals, and the ability to secure necessary funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Medicus Pharma Ltd. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.