Financial Performance - The Company reported a net loss of $11,155,516 for the year ended December 31, 2024, compared to a net loss of $5,314,765 in 2023, representing a 109% increase in net loss [431]. - Total operating expenses for 2024 were $11,180,902, a significant increase of 136% from $4,729,945 in 2023 [431]. - Cash used in operating activities for the year ended December 31, 2024, was $10,247,231, up from $4,158,264 in 2023, primarily due to increased R&D and administrative expenses [457]. - The Company has an accumulated deficit of $28,903,903 as of December 31, 2024, compared to $17,698,387 as of December 31, 2023 [448]. - The Company does not expect to generate positive cash flow from operations in the foreseeable future due to ongoing R&D expenses [450]. Research and Development - Research and development expenses surged to $3,527,786 in 2024, up 1722% from $193,578 in 2023, primarily due to costs associated with the SKNJCT-003 study [431][441]. - The Company anticipates a substantial increase in R&D expenses as it continues with the SKNJCT-003 study and trials [442]. - As of December 2024, the Company had enrolled over 25% of the 60 expected patients in the SKNJCT-003 clinical trial [425]. Financing Activities - The Company completed an Initial Public Offering (IPO) on November 14, 2024, raising total gross proceeds of $4,002,705 [428][429]. - The Company issued $5,172,500 in unsecured convertible notes due 2025 on May 3, 2024, to support its operations [420]. - The Company raised $5,172,500 from convertible notes and $5,470,000 from common shares in a private placement during the year ended December 31, 2024 [448]. - The Company closed a Regulation A Offering on March 10, 2025, raising total gross proceeds of $4,172,000 by issuing 1,490,000 units at $2.80 each [449]. - The Company has entered into a Standby Equity Purchase Agreement allowing it to sell up to $15,000,000 of common shares over 36 months [452]. - Cash flows provided by financing activities for the year ended December 31, 2024, were $12,692,216, compared to $5,609,950 in 2023 [458]. Shareholder Information - The Share Consolidation completed on October 28, 2024, reduced the number of issued and outstanding common shares from 21,693,560 to 10,846,721 at a 1-for-2 ratio [426][427]. - As of December 31, 2024, the Company had 11,816,721 common shares issued and outstanding, with additional shares issuable upon the exercise of stock options and warrants [468]. Income and Expenses - General and administrative expenses increased to $7,653,116 in 2024, a rise of 69% from $4,536,367 in 2023, driven by higher professional and consulting fees [431][432]. - Finance income for 2024 was $25,386, a turnaround from a net finance expense of $584,820 in 2023, primarily due to interest income on short-term investments [444].
Medicus Pharma Ltd(MDCX) - 2024 Q4 - Annual Report