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• Pharmaceutical Drug Development: This would involve the research, development, and eventual commercialization of prescription drugs for various medical conditions.
• Biotechnology Research: This field encompasses the application of biological processes and organisms for industrial and other purposes, including the discovery of new therapeutic agents.

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Upon review, it appears that Medicus Pharma with the stock symbol MDCX is not an active, publicly traded company for which major customer information is readily available in public financial filings or databases.

Therefore, I am unable to identify its major customers or categorize its customer base as requested.

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Dr. Raza Bokhari, M.B.A., M.D. - Executive Chairman & Chief Executive Officer

Dr. Raza Bokhari serves as the Executive Chairman and CEO of Medicus Pharma Ltd.. He spearheaded the company's listing on NASDAQ and has been instrumental in raising over $20 million for Medicus Pharma since its Toronto Stock Exchange listing. The company, a biotech life sciences firm, focuses on advancing novel and disruptive therapeutic assets, particularly a non-invasive treatment for basal cell carcinoma.

Carolyn Bonner - President & Acting Chief Financial Officer

Carolyn Bonner was appointed as the acting Chief Financial Officer of Medicus Pharma Ltd. in September 2025, taking over during James Quinlan's medical leave. She has also held the position of President of the company since September 2023.

Andrew Alasdair Smith - Chief Operating Officer

Andrew Smith was appointed as the Chief Operating Officer of Medicus Pharma Ltd. in June 2025. He brings over three decades of experience to this role, having most recently served as Chief Executive of SR Asset Management until its sale in 2024. Prior to that, Mr. Smith held various leadership positions at Aberdeen Asset Management Inc., including Co-Head of Americas and Chief Operating Officer.

Dr. Edward J. Brennan Jr., F.A.C.S., M.D. - Chief Scientific Officer & Head of Research & Development Program

Dr. Edward J. Brennan Jr. was promoted to Chief Scientific Officer and Head of Research & Development Program in November 2024.

Dr. Faisal Mehmud, M.D. - Chief Medical Officer

Dr. Faisal Mehmud was appointed as the Chief Medical Officer of Medicus Pharma Ltd. in November 2024.

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Key Risks to Medicus Pharma (MDCX)

1. Financial Health and Reliance on Future Financing: Medicus Pharma is a pre-revenue, clinical-stage company with significant financial challenges. It currently reports zero revenue and ongoing losses, evidenced by negative earnings per share and substantial cash burn. The company has negative shareholder equity, liquidity constraints, and explicitly states substantial doubt about its ability to continue as a going concern within one year without securing additional financing. This continuous need for capital to fund operations and clinical trials exposes the company to significant financial risk.
2. Clinical Trial Outcomes and Regulatory Hurdles: As a clinical-stage biotech company, Medicus Pharma's success hinges on the outcomes of its clinical trials and the ability to navigate complex regulatory approval processes. The primary product, SkinJect, is still undergoing Phase 2 trials for which topline results are expected in Q1 2026, and FDA approval, along with significant revenue generation, is not anticipated before 2027-2028. There is no guarantee that clinical trials will be successful or that regulatory approvals will be obtained, posing a significant risk to the business model.
3. Share Dilution: To address its ongoing need for capital, Medicus Pharma has a history of frequently resorting to equity offerings, leading to significant share dilution for existing shareholders. This trend of raising funds through multiple stock offerings is a major concern as it can continuously dilute the value of existing shares and impact investor confidence.

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Medicus Pharma (NASDAQ: MDCX) has two main product candidates with identified addressable markets:

• Skinject™: This is a dissolvable microneedle patch designed to treat Basal Cell Carcinoma (BCC). Medicus Pharma estimates the global market potential for Skinject™ to be approximately $2 billion. Basal Cell Carcinoma affects nearly 5 million patients in the U.S. and about 30 million patients worldwide.
• Teverelix TFA: Acquired through Antev Limited, Teverelix TFA is a next-generation GnRH antagonist being developed for prostate conditions, including preventing relapse in Acute Urinary Retention and treating Advanced Prostate Cancer in high-risk patients. The combined global market opportunity for these indications is estimated at $6 billion.

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Medicus Pharma (MDCX) has several anticipated drivers of future revenue growth over the next 2-3 years:

1. Advancement and Potential Commercialization of SkinJect for Basal Cell Carcinoma (BCC): The company's lead asset, SkinJect (Doxorubicin-containing Microneedle Array or D-MNA), is a dissolvable microneedle patch for the non-invasive treatment of basal cell carcinoma, a market estimated at approximately $2 billion. Medicus Pharma is progressing through Phase 2 clinical trials in both the U.S. (SKNJCT-003) and the UAE (SKNJCT-004) and is pursuing a 505(b)(2) regulatory pathway with the FDA, which is expected to shorten development timelines and reduce costs. Medicus anticipates completing enrollment for SKNJCT-003 before the end of 2025 and holding an End-of-Phase 2 meeting with the FDA in early 2026, potentially positioning the product for commercial readiness in 2027.
2. Integration and Development of Teverelix for Acute Urinary Retention and Prostate Cancer: Following the acquisition of Antev Limited in August 2025, Medicus Pharma gained Teverelix, a next-generation GnRH antagonist. This asset is currently undergoing Phase 2b trials for the prevention of relapse in Acute Urinary Retention (AURr) and the treatment of advanced prostate cancer in high-risk patients. These indications collectively represent a potential market opportunity of $6 billion.
3. Expansion into Veterinary Oncology with D-MNA for Squamous Cell Carcinoma (SCC) in Horses: Medicus Pharma is also developing its D-MNA technology for the treatment of Squamous Cell Carcinoma (SCC) in horses. This program has received a Minor Use in Major Species Designation (MUMS) from the FDA, which is comparable to an orphan drug designation, suggesting a potentially faster and less complex regulatory and commercialization pathway compared to human therapeutics.
4. Strategic Acquisitions and Partnerships to Expand Pipeline: Medicus Pharma has a stated strategy of opportunistically exploring and executing qualified and accretive acquisitions and partnerships to expand its drug development pipeline. The acquisition of Antev Limited is a recent example of this strategy, which aims to identify, acquire, and advance relatively de-risked clinical-stage assets through development and commercialization. This ongoing approach is expected to add new high-value therapeutic candidates that can drive future revenue growth.

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Share Issuance

• In June 2025, Medicus Pharma completed a public offering, raising $7 million through the sale of 2,260,000 units, each consisting of one common share and one warrant.
• In March 2025, the company closed a Tier II Regulation A offering, generating $4.2 million from the sale of 1,490,000 units, each including one common share and one warrant.
• In November 2024, Medicus Pharma completed its initial public offering in the United States, raising $4.0 million by offering 970,000 units.

Inbound Investments

• On September 29, 2023, Medicus Pharma completed a reverse takeover with SkinJect, Inc., which included a concurrent financing of $5,109,950.
• RBx Capital, LP, an investment entity owned and managed by the company's Executive Chairman and CEO, served as a lead investor in financings prior to the Business Combination.

Outbound Investments

• Medicus Pharma announced a letter of intent and later a definitive agreement in June 2025 to acquire UK-based Antev Ltd., a deal valued at approximately $75 million, aiming to add a late-preclinical/early-clinical asset targeting prostate cancer.

Capital Expenditures

• Research and development expenses significantly increased to $3,527,786 in 2024 from $193,578 in 2023.
• Proceeds from recent share issuances are primarily allocated to fund the Phase 2 clinical trial for a basal cell carcinoma treatment using a novel skin patch technology.
• Additional funds may be used to expand the exploratory Phase 2 clinical trial to a pivotal trial or to cover other non-melanoma skin diseases.