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Like Insulet (PODD), but focused on using advanced patch technology for delivering dermatological therapies.

Think of it like an early-stage Moderna (MRNA), but their innovative platform is microneedle patch technology for delivering dermatological drugs.

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• Microneedle Patch Technology: A novel platform for targeted drug delivery, initially focused on dermatological conditions.

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As a clinical-stage pharmaceutical company, Medicus Pharma Ltd. (MDCX) is primarily focused on the research, development, and clinical trials of its novel therapies. At this stage, the company does not have major commercial customers for its products, as its therapies are still in development and have not yet received regulatory approval for commercial sale. Therefore, Medicus Pharma does not currently generate revenue from product sales to other companies or individuals.

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Dr. Raza Bokhari, Executive Chairman & CEO

Dr. Raza Bokhari is a physician turned serial entrepreneur with expertise in aggregating and accelerating life sciences, healthcare services, and pharmaceutical R&D companies. He is the Managing Partner of RBx Capital, LP, an investment fund. Previously, he served as Executive Chairman and CEO of FSD Pharma (Nasdaq: HUGE), where he transitioned the company from medicinal cannabis to a clinical-stage pharmaceutical R&D company and raised nearly $100 million in institutional capital. Dr. Bokhari has a track record of recapitalizing and selling distressed healthcare assets, including Lakewood Pathology Associates to Water Street Capital (at 8.3x multiple to forward-looking EBITDA) and Parkway Clinical to Rosetta Genomics (yielding an IRR of 137%). He is also sought after as a consultant for due diligence by private equity and venture capital funds investing in life sciences, biotech, and healthcare services.

Carolyn Bonner, President & Chief Financial Officer

Carolyn Bonner was appointed Chief Financial Officer on December 1, 2025, after serving as Acting CFO since September 12, 2025, and continues in her role as President, which she has held since September 2023. She brings nearly 20 years of experience in healthcare and life sciences. Prior to Medicus Pharma, Ms. Bonner served as President & CEO of PCL, Inc., a specialty laboratory, and held roles in business development and corporate development at Rosetta Genomics Ltd. and Inform Diagnostics, Inc. (formerly Lakewood Pathology). She holds a Bachelor of Science in Marketing from West Chester University of Pennsylvania.

Andrew Smith, Chief Operating Officer

Andrew Smith was appointed Chief Operating Officer on June 23, 2025, bringing over three decades of experience in asset management and financial operations. His previous roles include Chief Executive of SR Asset Management (SRAM) until its sale in 2024. Before SRAM, he was the Co-Head of Americas and Chief Operating Officer of Aberdeen Asset Management Inc., where his responsibilities included serving as Chief Compliance Officer for North American Closed End Funds and Chief Financial Officer and Chief Operating Officer for Aberdeen in the Americas. Mr. Smith holds an Executive MBA from INSEAD and an HND in Accounting from Glasgow College of Commerce.

Faisal Mehmud, MD, Chief Medical Officer

Dr. Faisal Mehmud was appointed Chief Medical Officer on November 18, 2024, and has over 20 years of global experience as a senior medical executive in clinical development, medical affairs, and drug safety. He has held senior roles at prominent pharmaceutical companies such as Sanofi, Novartis, Bristol Myers Squibb (BMS), Pfizer, and GlaxoSmithKline (GSK). Most recently, Dr. Mehmud served as the Senior Vice President, Data Generation and Scientific Communications in Worldwide Global Medical Affairs at GSK. Before GSK, he was Vice President and Worldwide Medical Franchise Head for Precision Medicine and Early Oncology Development at Pfizer Inc., and Vice President in global drug safety at Bristol Myers Squibb. He earned his medical degree from Cambridge University and is a member of the Royal College of Physicians.

Edward J. Brennan Jr., MD, FACS, Chief Scientific Officer and Head of R&D Program

Dr. Edward J. Brennan Jr. was promoted to Chief Scientific Officer and Head of R&D Program on November 18, 2024, and is a veteran pharmaceutical and clinical research executive with over 25 years of drug development experience. He has held senior medical leadership roles at major companies including Wyeth, GlaxoSmithKline, and IndiPharm. As Medical Director at Wyeth and GSK, he led clinical development programs that resulted in 10 FDA drug approvals. In 2007, Dr. Brennan formed IndiPharm, a full-service Contract Research Organization, which was later sold to Velocity fund partners in 2016 and rebranded as InClinica. Before his industry career, he practiced medicine as a general surgeon. Dr. Brennan received a Bachelor of Science Degree in Pharmacy from Philadelphia College of Pharmacy and Science and his medical degree from Temple University School of Medicine.

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Key Risks to Medicus Pharma (MDCX)

The following are the key risks to Medicus Pharma (MDCX):

1. Clinical Trial Outcomes and Regulatory Approval: As a clinical-stage pharmaceutical company, Medicus Pharma's future success is heavily dependent on the successful completion of its ongoing and future clinical trials and the subsequent attainment of regulatory approvals. The company's lead product, SkinJect, currently in development for basal cell carcinoma, has shown promising Phase 2 results; however, this study was not powered for registrational endpoints. This implies that a longer, more extensive, and costly development pathway, likely involving larger Phase 2b or Phase 3 trials, will be necessary before seeking market approval. There is no guarantee that these trials will be successful, that Medicus Pharma will receive necessary FDA or other regulatory approvals, or that such approvals will be granted in a timely manner. Regulatory hurdles and potential delays in the approval process could significantly impact the company's ability to commercialize its therapies.

2. Financial Health and Funding / Dilution Risk: Medicus Pharma is currently a pre-revenue company and has consistently reported significant net losses and a high cash burn rate. Its financial health is characterized as "weak" with existing liquidity constraints. The extended timeline and increased costs associated with further clinical development (due to the Phase 2 study not being powered for registrational endpoints) mean that Medicus Pharma will likely require substantial additional capital. The need for further funding could lead to future equity offerings or strategic partnerships, potentially resulting in significant dilution for existing shareholders or unfavorable terms that impact the company's long-term value.

3. Commercialization Challenges of Novel Microneedle Technology: Medicus Pharma's core technology involves a novel microneedle patch for targeted drug delivery. While this technology offers potential advantages such as improved drug absorption and minimal discomfort, its commercialization faces inherent challenges. These include significant manufacturing costs, complexities in ensuring dosage accuracy, potential issues with skin irritation or biocompatibility, and the need for robust sterilization processes. Additionally, as a novel drug delivery system, microneedle technology may encounter specific regulatory issues and hurdles that could delay or impede its market entry and widespread adoption.

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Medicus Pharma Ltd. (NASDAQ: MDCX) focuses on two primary therapeutic platforms, each addressing significant addressable markets.

For its SkinJect™ platform, which utilizes a dissolvable microneedle patch for the localized treatment of non-melanoma skin diseases, specifically basal cell carcinoma (BCC) and Gorlin Syndrome, the company identifies an addressable market opportunity of approximately $2 billion. This market size is global.

Medicus Pharma's second key therapeutic asset, Teverelix, a long-acting GnRH antagonist, targets advanced prostate cancer patients at high cardiovascular risk and individuals experiencing acute urinary retention relapse (AURr) due to an enlarged prostate. The estimated addressable market for Teverelix is approximately $6 billion. This market size is global.

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Medicus Pharma Ltd. (MDCX) is a clinical-stage pharmaceutical company with several key initiatives expected to drive future revenue growth over the next 2-3 years. These drivers primarily revolve around advancing its pipeline assets through clinical development, securing strategic partnerships, and expanding into new markets.

1. Advancement and Commercialization of SkinJect for Basal Cell Carcinoma: Medicus Pharma recently reported positive topline results from its Phase 2 clinical study (SKNJCT-003) for SkinJect, a dissolvable microneedle patch designed to non-invasively treat basal cell carcinoma (BCC). The study demonstrated 73% clinical clearance and 40% histological clearance in the highest dose group. The company aims to hold an end-of-Phase 2 meeting with the FDA in the first half of 2026 to discuss further development and intends to pursue the FDA's 505(b)(2) regulatory pathway, which could expedite development and reduce costs. Medicus Pharma views SkinJect as a potential blockbuster therapy with a market opportunity exceeding $2 billion and is actively seeking licensing or strategic partnerships for its late-stage development and commercialization. The clinical trial for SkinJect is also expanding internationally to the UK and UAE.

2. Development and Potential Commercialization of Teverelix for Advanced Prostate Cancer: In August 2025, Medicus Pharma acquired Antev Limited, integrating Teverelix, a next-generation GnRH antagonist, into its pipeline. Teverelix is being developed for advanced prostate cancer patients with high cardiovascular risk and those experiencing acute urinary retention relapse due to an enlarged prostate. The FDA approved the Phase 2b study design for Teverelix in advanced prostate cancer in December 2023, and granted "Study May Proceed" clearance for the Phase 2b study in high cardiovascular risk patients in February 2026, indicating progress towards potential market entry.

3. Strategic Partnerships and Licensing Agreements: A core component of Medicus Pharma's business model is to advance therapeutic programs through Phase 2 proof-of-concept and then secure licensing or strategic partnerships with established pharmaceutical companies for subsequent late-stage development and commercialization. The "decision-grade" positive Phase 2 data for SkinJect is expected to facilitate these partnering discussions. Furthermore, a collaboration with Reliant AI Inc. to develop an AI-driven clinical data analytics platform could accelerate clinical development across its pipeline and potentially enhance the attractiveness of its assets to partners.

4. Expansion into Veterinary Medicine with D-MNA Patch: In a move to diversify its pipeline, Medicus Pharma received Minor Use in Major Species Designation (MUMS) from the FDA in December 2024 for its Doxorubicin Microneedle Array (D-MNA) patch to treat external squamous cell carcinoma (SCC) in horses. This designation offers an exclusive 7-year marketing period post-approval and positions the company to potentially launch a commercially viable product in this untapped veterinary market as early as 2026.

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Share Issuance

• Medicus Pharma completed a public offering on June 2, 2025, raising $7.0 million through the sale of 2,260,000 units, each consisting of one common share and one warrant.
• The company sold 4,471,038 common shares to Yorkville (YA II PN, Ltd.) between December 19, 2025, and March 6, 2026, generating approximately $3,846,910.
• The number of Medicus Pharma's shares outstanding increased by 75.66% in the year leading up to March 16, 2026, and by 23.6% in Q3 2025 compared to the prior quarter.

Inbound Investments

• Medicus Pharma completed a public offering on June 2, 2025, generating $7.0 million.
• The company received approximately $3.85 million from the sale of 4,471,038 common shares to Yorkville between December 2025 and March 2026.
• Institutional investors bought a total of 3,976,015 shares, representing approximately $9.94 million in transactions, over the 24 months leading up to March 2026.

Outbound Investments

• On September 29, 2023, Medicus Pharma completed a business combination with SkinJect, Inc., resulting in SkinJect becoming a wholly-owned operating subsidiary.
• Medicus Pharma completed the acquisition of Antev Ltd., a UK-based late clinical-stage biotech company, in November 2025.

Capital Expenditures

• Medicus Pharma reported $0 in annual capital expenditures for fiscal year 2024.
• Capital expenditures were reported as "n/a" in various financial statements and analyses for recent periods.