DALLAS, TX -- September 24th, 2025 -- Medicus Pharma Ltd. (NASDAQ: MDCX): Stonegate Capital Partners initiates their coverage on Medicus Pharma Ltd. (NASDAQ: MDCX).  Medicus advanced several strategic initiatives in 2Q25 as it builds a diversified portfolio of clinical and pre-clinical assets. The Company completed the acquisition of Antev Limited, expanding its therapeutic pipeline into dermatology and infectious diseases, complementing its lead microneedle patch technology for skin cancer. In addition, Medicus entered into a Memorandum of Understanding (MoU) with Helix Nanotechnologies to co-develop thermostable vaccines for infectious diseases, a collaboration that addresses critical global healthcare challenges tied to cold-chain limitations. Financially, the Company secured an $8.0M non-dilutive debenture financing, strengthening its balance sheet and extending cash runway while minimizing dilution for existing shareholders. These milestones have highlighted the Company’s strategy of combining organic development with opportunistic acquisitions to accelerate the advancement of its therapeutic assets. 

Company Updates:

Financial Performance: In 2Q25, MDCX reported a net loss of $6.2M, compared to $3.6M in 2Q24, reflecting increased expenses of $4.6M and R&D investment of $1.4M. For the six-month period, net loss widened to $11.3M versus $5.3M in the prior year, consistent with the Company’s expanded development and corporate activities. Cash and equivalents stood at $9.7M at quarter-end, an increase from $4.2M at year-end 2024, supported by equity raises, warrant exercises, and $4.5M in proceeds from the debenture issuance. Management expects that recent financings, combined with disciplined cost control, will provide sufficient capital to advance ongoing clinical and business development programs into 2026.

Asset Overview: Medicus’ lead program, SkinJect, is a dissolvable microneedle patch designed for localized delivery of chemotherapeutic agents to treat non-melanoma skin cancers, including basal cell carcinoma. The product is intended for outpatient use, potentially reducing treatment costs and improving compliance relative to surgical and systemic approaches. The Antev acquisition further expands Medicus’s portfolio into dermatology and infectious disease assets, while the Helix Nanotechnologies collaboration introduces vaccine development capabilities with a focus on thermostable platforms. Together, these programs position Medicus with a diversified pipeline targeting both near-term specialty indications and longer-term global opportunities. Management continues to pursue additional high-impact assets to complement this portfolio and leverage its multi-strategy model.

Valuation: We use a probability-adjusted Discounted Cash Flow Model when valuing MDCX. Our valuation model returns a valuation range of $14.91 to $29.35 with a midpoint of $21.13 based on a discount rate range of 17.50% to 22.50% and a current risk adjustment range of 50% to 40%. Further details on our model can be found on page 9 of this report. We note that this model is highly levered to the out years due to the long-term nature of MDCX's industry, leading to the potential for dramatic re-ratings as new information becomes available.

About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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