Financial Performance - The Company reported a net loss and comprehensive loss of $5,102,408 for the three months ended March 31, 2025, compared to a loss of $1,707,358 for the same period in 2024, representing an increase of $3,395,050[91]. - Total operating expenses for the three months ended March 31, 2025, were $5,126,274, an increase of $3,418,916 from $1,707,358 in the prior year[91]. - The Company incurred general and administrative expenses of $3,120,060 for the three months ended March 31, 2025, an increase of $1,734,079 from the prior year[91]. - Cash used in operating activities for Q1 2025 was $3,940,994, an increase of $2,764,061 compared to $1,176,933 in Q1 2024, primarily due to increased R&D expenses[117][118]. - The Company has an accumulated deficit of $34,006,311 as of March 31, 2025[109]. - The Company does not expect to generate positive cash flow from operations in the foreseeable future due to ongoing R&D expenses[111]. Research and Development - Research and development expenses increased by $1,684,837 for the three months ended March 31, 2025, primarily due to costs related to the SKNJCT-003 study[101]. - The Company expects significant increases in R&D expenses as it continues with the SKNJCT-003 study and trials[103]. - The Company has randomized more than 50% of the 60 patients expected to be enrolled in the SKNJCT-003 study as of March 20, 2025[102]. Capital and Financing - The Company completed an Initial Public Offering (IPO) on November 14, 2024, raising total gross proceeds of $4,002,705[89]. - The Company closed a Regulation A Offering of 1,490,000 units, generating total gross proceeds of $4,172,000[110]. - Cash provided by financing activities in Q1 2025 was $3,759,101, resulting from the issuance of common shares and warrants[119]. - 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[112]. - The total number of common shares issuable under the Standby Equity Purchase Agreement is limited to 19.99% of the outstanding common shares[115]. Share Structure - The Share Consolidation was completed on October 28, 2024, reducing the number of issued and outstanding common shares from 21,693,560 to 10,846,721 at a ratio of 1-for-2[87]. - As of March 31, 2025, the Company had 13,417,561 common shares issued and outstanding, with an additional 3,788,260 shares issuable upon the exercise of stock options and warrants[128]. Cash Position - As of March 31, 2025, the Company had cash and cash equivalents of $3,982,430, down from $4,164,323 as of December 31, 2024[109]. - Cash at the end of Q1 2025 was $3,982,430, a decrease of $181,893 from the previous quarter[117]. Other Information - The Company has not entered into any off-balance sheet arrangements as of March 31, 2025[121]. - Stock-based compensation expenses are recorded based on the estimated grant-date fair value of awards, with management estimating the number of options that will vest[127].
Medicus Pharma Ltd(MDCX) - 2025 Q1 - Quarterly Report