<SEC-DOCUMENT>0001062993-25-017488.txt : 20251230
<SEC-HEADER>0001062993-25-017488.hdr.sgml : 20251230
<ACCEPTANCE-DATETIME>20251229215058
ACCESSION NUMBER:		0001062993-25-017488
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		19
FILED AS OF DATE:		20251230
DATE AS OF CHANGE:		20251229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medicus Pharma Ltd.
		CENTRAL INDEX KEY:			0001997296
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				981778211
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292475
		FILM NUMBER:		251610951

	BUSINESS ADDRESS:	
		STREET 1:		300 CONSHOHOCKEN STATE RD.
		STREET 2:		SUITE 200
		CITY:			W. CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-540-7515

	MAIL ADDRESS:	
		STREET 1:		300 CONSHOHOCKEN STATE RD.
		STREET 2:		SUITE 200
		CITY:			W. CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>forms3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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    <title>Medicus Pharma Ltd.: Form S-3 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: center;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>As filed with the Securities and Exchange Commission on December 29, 2025.</b></p>
    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: center;">&#160;</p>
    <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;"><b>Registration No. 333-</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font><br><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br><b>Washington, D.C. 20549</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-size: 18pt;"><b>FORM S-3</b></font></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>REGISTRATION STATEMENT</b><br><b>UNDER THE SECURITIES ACT OF 1933</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><font style="font-size: 18pt;"><b>Medicus Pharma Ltd.</b></font></u><br>(Exact name of registrant as specified in its charter)</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center; width: 49%;"><b>Ontario, Canada</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
            <td style="vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center; width: 49%;"><b>98-1778211</b></td>
        </tr>
        <tr>
            <td style="vertical-align: top; text-align: center; width: 49%;">(State or other jurisdiction of<br>incorporation or organization)</td>
            <td style="vertical-align: top; text-align: center;">&#160;</td>
            <td style="vertical-align: top; text-align: center; width: 49%;">(I.R.S. Employer<br>Identification Number)</td>
        </tr>
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    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><b>300 Conshohocken State Rd., Suite 200</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>W. Conshohocken, PA 19428</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><u>Telephone: (610) 636-0184</u> </b></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><b>Dr. Raza Bokhari</b><br><b>Medicus Pharma Inc.</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>300 Conshohocken State Road, Suite 200</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Conshohocken, PA 19428</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><u><b>Telephone (610) 540-7515</b></u></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">With copies to:</p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><br><b>Christopher J. Cummings</b><br><b>Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</b><br><b>1285 Avenue of the Americas</b><br><b>New York, NY</b><br><b>10019-6064</b><br><b>Telephone: (212) 373-3000</b><br><b>Facsimile: (212) 757-3990</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Approximate date of commencement of proposed sale to the public:</b> From time to time after this registration statement becomes effective.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. &#9746;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">Large accelerated filer</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt;">&#9744;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">Accelerated filer</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#9744;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">Non-accelerated filer</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt;">&#9746;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">Smaller reporting company</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#9746;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt;" colspan="2">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; padding-right: 10pt;">Emerging growth company</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#9746;</td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. &#9744;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>EXPLANATORY NOTE</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This registration statement contains two prospectuses:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">a base prospectus that covers the potential offering, issuance, and sale from time to time of our common shares, preferred shares, subscription rights, units and warrants in one or more offerings with a total value of up to $100,000,000; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">a sales agreement prospectus covering the potential offering, issuance, and sale from time to time of our common shares having an aggregate gross sales price of up to $15,349,674 pursuant to a sales agreement with Maxim Group LLC and Yorkville Securities, LLC.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus, other than the common shares offered pursuant to the sales agreement, will be specified in a prospectus supplement to the base prospectus. The specific terms of the securities to be offered pursuant to the sales agreement are specified in the sales agreement prospectus that immediately follows the base prospectus. The common shares that may be offered, issued and sold by us under the sales agreement prospectus is included in the $100,000,000 of securities that may be offered, issued and sold by us under the base prospectus.&#160;In the event of the termination of the offering of common shares under the sales agreement prospectus, any portion of the $15,349,674 aggregate offering price for the common shares covered by the sales agreement prospectus that is not sold pursuant to the sales agreement prospectus will be available for sale in other offerings pursuant to the base prospectus.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #ff0000;">The information in this prospectus is not complete and may be changed. We may not sell these securities until the Securities and Exchange Commission declares our registration statement effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</font></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #ff0000;">Subject to completion, dated December 29, 2025</font></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #ff0000;">&#160;</font></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PROSPECTUS</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz001.jpg" style="width: 261px;" height="66"></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>$100,000,000</b></p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><b>Common Shares</b><br><b>Preferred Shares</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Subscription Rights</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Units</b></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><b>Warrants</b><br><b> </b></p>
    <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify; margin-bottom: 10pt;">By this prospectus and an accompanying prospectus supplement, we may from time to time offer and sell, in one or more offerings, up to $100,000,000 in any combination of common shares, preferred shares, subscription rights, units or warrants.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We will provide you with more specific terms of these securities in one or more supplements to this prospectus. We may also authorize one or more free-writing prospectuses to be provided to you in connection with these offerings. You should read this prospectus and any applicable prospectus supplement or free writing prospectus, as well as any documents incorporated by reference carefully before you invest.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may offer these securities from time to time in amounts, at prices and on other terms to be determined at the time of offering. We may offer and sell these securities to or through underwriters, dealers or agents, or directly to investors, on a continuous or delayed basis. The supplements to this prospectus will provide the specific terms of the plan of distribution. The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-size: 10pt;">Our common shares and public warrants, with an exercise price of $4.64 and expiration date of November 15, 2029 (the &#8220;Public Warrants&#8221;) are listed on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) under the symbols &#8220;MDCX&#8221; and &#8220;MDCXW&#8221;, respectively. On December 26, 2025, the closing price of our common shares as reported by Nasdaq was $1.57 per share and the closing price of our Public Warrants as reported by Nasdaq was $0.81 per Public Warrant.</font></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As of December 22, 2025, the aggregate market value of our outstanding common shares held by non-affiliates was approximately $46 million, which we calculated based on 25,114,144 outstanding common shares as of December 22, 2025, of which 18,643,329 shares were held by non-affiliates, and a price per share of $2.47, which was the closing price of our common shares on October 30, 2025. We have not offered or sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the prior 12-calendar-month period that ends on and includes the date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell, pursuant to the registration statement of which this prospectus forms a part, securities with a value exceeding one-third of the aggregate market value of our outstanding common shares held by non-affiliates in any 12-month period, so long as the aggregate market value of our outstanding common shares held by non-affiliates remains below $75.0 million.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>An investment in our securities involves a high degree of risk. See "</b><i><b>Risk Factors</b></i><b>" on page 10 of this prospectus for more information on these risks.</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">The date of this prospectus is&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; , 2025.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>TABLE OF CONTENTS</b></p>
    <br>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">Page</td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_6">ABOUT THIS PROSPECTUS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_6">1</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_7">TRADEMARKS, TRADE NAMES AND SERVICE MARKS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_7">2</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_8">MARKET, INDUSTRY AND OTHER DATA</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_8">3</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_9">CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_9">4</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_11">OUR BUSINESS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_11">6</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_15">RISK FACTORS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_15">10</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_16">USE OF PROCEEDS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_16">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_17">DILUTION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_17">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_18">DESCRIPTION OF THE SECURITIES THAT MAY BE OFFERED</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_18">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
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            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_22">PLAN OF DISTRIBUTION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_22">17</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_26">LEGAL MATTERS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_26">EXPERTS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_26">WHERE YOU CAN FIND MORE INFORMATION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_26">INFORMATION INCORPORATED BY REFERENCE</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_5">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">i</p>
    </div>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>ABOUT THIS PROSPECTUS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus is part of a registration statement filed with the SEC using a "shelf" registration process. Under this shelf process, we may sell the securities described in this prospectus in one or more primary offerings, up to the maximum aggregate dollar amount $100,000,000.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus provides you with a general description of the securities which may be offered. Each time we offer securities for sale, we will provide a prospectus supplement that contains specific information about the terms of that offering. Any prospectus supplement may also add or update information contained in this prospectus. You should read both this prospectus and any prospectus supplement together with additional information described below under "Where You Can Find More Information" and "Information Incorporated by Reference."</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The registration statement that contains this prospectus (including the exhibits thereto) contains additional important information about us and the securities we may offer under this prospectus. Specifically, we have filed certain legal documents that establish the terms of the securities offered by this prospectus as exhibits to the registration statement. We will file certain other legal documents that establish the terms of the securities offered by this prospectus as exhibits to reports we file with the SEC. You may obtain copies of that registration statement and the other reports and documents referenced herein as described below under the heading "Where You Can Find More Information."</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making offers to sell or solicitations to buy the securities in any jurisdiction in which an offer or solicitation is not authorized or in which the person making that offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation. You should not assume that the information in this prospectus or any prospectus supplement, as well as the information we file or previously filed with the SEC that we incorporate by reference in this prospectus or any prospectus supplement, is accurate as of any date other than its respective date. Our business, financial condition, results of operations and prospects may have changed since those dates.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In this prospectus, unless otherwise indicated or the context otherwise requires, references to "we," "us," "our," the "Company" and "Medicus" refer to the consolidated operations of Medicus Pharma Ltd. and its subsidiaries.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>TRADEMARKS, TRADE NAMES AND SERVICE MARKS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus, including the information incorporated by reference herein, contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus and documents incorporated by reference in this prospectus may appear without the &#174; or &#8482; symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of them by, any other companies.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>MARKET, INDUSTRY AND OTHER DATA</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus, including the information incorporated by reference herein, contains estimates, projections and other information concerning our industry, our business, and the markets for certain products and services, including data regarding the estimated size of those markets and their projected growth rates. Information that is based on estimates, forecasts, projections or similar methodologies is based on a number of assumptions and is inherently subject to uncertainties, including those described in "Risk Factors" and elsewhere in this prospectus and documents incorporated by reference in this prospectus, and actual events or circumstances may differ materially from events and circumstances reflected in this information. You are cautioned not to give undue weight to such estimates, projections and other information.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus and the documents incorporated by reference herein include forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included or incorporated by reference in this prospectus regarding our strategy, future operations, regulatory process, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words "believe", "anticipate", "intend", "expect", "target", "goal", "estimate", "plan", "assume", "may", "will", "predict", "project", "would", "could" and similar expressions or the negative of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The forward-looking statements included or incorporated by reference in this prospectus include, but are not limited to, statements about:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our financial results, including our ability to continue as a going concern, generate earnings and achieve and sustain profitability, which may vary significantly from forecasts and from period to period;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the progress, timing and completion of our research, development and preclinical studies and clinical trials for our products and product candidates;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to successfully integrate Antev Limited ("Antev") into our business and operations, successfully develop Teverelix (as defined herein) and realize the benefits currently anticipated from the transaction;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to market, commercialize, achieve market acceptance for and sell our products and product candidates;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to develop, manage and maintain our direct sales and marketing organizations;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">market risks regarding consolidation in the healthcare, pharmaceutical and biotech/life sciences industry;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products significantly declines;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to adequately protect our intellectual property and operate our business without infringing upon the intellectual property rights of others;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the market price of our securities may be volatile and fluctuate substantially, which could cause the value of your investment to decline;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the fact that product quality issues or product defects may harm our business;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any product liability claims; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the regulatory, legal and certain operating risks that our operations subject us to.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this prospectus and in the documents incorporated by reference herein, particularly the factors described in the "Risk Factors" section of this prospectus and the factors under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), incorporated by reference herein, that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should read this prospectus and the documents incorporated by reference herein, completely and with the understanding that our actual future results may be materially different from what we expect. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, including those listed in the section of this prospectus entitled "Risk Factors", in the section entitled "Risk Factors" in our Annual Report and in our other filings which are incorporated by reference herein.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any forward-looking statement made by us is based on information available to us at the time of such statement and speaks only as of the date on which it was made. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>OUR BUSINESS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>This is only a summary and may not contain all the information that is important to you. You should carefully read both this prospectus and any accompanying prospectus supplement and any other offering materials, together with the additional information described under the heading "Where You Can Find More Information."</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>The Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are a clinical-stage, multi-strategy, life science and biotech company focused on investing in and&#160; accelerating the clinical development programs of novel and disruptive therapeutic assets. Currently, we are&#160; developing two products, SkinJect<sup>TM</sup> ("SkinJect<sup>TM</sup>"), with an indication for basal cell carcinoma, and Teverelix trifluoroacetate ("Teverelix", and together with SkinJect<sup>TM</sup>, the "Products").</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Through our wholly owned subsidiary, SkinJect, Inc. ("SkinJect"), we focus on the development of our in-licensed drug device combination product using novel dissolvable microneedle arrays for the treatment of non-melanoma skin cancers. Our combination product candidate is a doxorubicin tip-loaded microneedle arrays ("D-MNA") filed with the Food and Drug Administration (the "FDA") under an Investigational New Drug Application and is regulated by the Center for Drug Evaluation and Registration ("CDER"), Oncology Division.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Prior to the Company's acquisition of SkinJect, our business was undertaken by SkinJect as a stand-alone entity. References to our business as conducted at a date prior to the completion of the Business Combination (as defined below) relate to the business undertakings of SkinJect.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For information on the Business Combination, see "<i>Corporate History and Information.</i>"</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are subject to significant risks and uncertainties, including those related to our limited operating history, our lack of historical earnings, and the fact that the Products are novel technologies for which regulatory approval might not be achieved. For more information, see "<i>Risk Factors.</i>"</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our Strategy</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our principal purpose is to advance the clinical development program of the Products, which include SkinJect<sup>TM</sup> a novel, minimally invasive treatment for basal cell carcinoma and potentially other common forms of non-melanoma skin cancer and Teverelix, a next generation gonadotrophin-releasing hormone ("GnRH") antagonist that is a potentially first in market product for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention ("AUR") episodes due to enlarged prostate. We also seek to opportunistically identify, evaluate and acquire accretive assets, properties or businesses.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">SkinJect<sup>TM</sup> is considered an Investigational New Drug ("IND") by the FDA. In January 2024, we submitted to the FDA a Phase 2 IND clinical protocol to non-invasively treat basal cell carcinoma of the skin using the Product. The clinical protocol was updated in July 2024.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may also trial SkinJect<sup>TM</sup> on other forms of skin cancer beyond basal cell carcinoma. Specifically, it may be trialed against squamous cell carcinoma, cutaneous T-cell lymphoma, as well as pre-cancerous lesions, among other clinical indications, subject to the Company having the capital resources available to do so, without any need to amend or expand the scope of the Company's existing licenses.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In addition, our business strategy includes the opportunistic acquisition of other accretive clinical stage life sciences and biotechnology companies. For example, in August 2025, we acquired 98.6% of the issued and outstanding shares of Antev, a UK-based late clinical-stage drug development company which is developing Teverelix.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our Strengths</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our key competitive strengths include:</p>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">A senior management team, led by Dr. Raza Bokhari, that has deep experience in medicine and pharmaceutical science as well as a proven track record in business development and entrepreneurship.<br><br></li>
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">Successful completion of a Phase 1 study of SkinJect<sup>TM</sup>.<br><br></li>
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">Potential to treat a range of other common non-melanoma skin cancers as well as pre-cancerous lesions.<br>&#160;</li>
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">Potential for Teverelix to be a first in market product for cardiovascular high-risk prostate cancer patients and patients with first AUR episodes due to enlarged prostate.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Corporate Structure</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">An organizational chart showing our basic corporate structure is set forth below (SkinJect and Medicus Pharma Inc. are 100% owned and Antev is 98.6% owned by Medicus Pharma Ltd.):</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz002.jpg" style="width: 468px;" height="292"></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Corporate History and Information</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our company (formerly, Interactive Capital Partners Corporation) was incorporated pursuant to the <i>Business Corporations Act</i> (Ontario) on April 30, 2008 under the name Interactive Capital Partners Corporation. Prior to the Business Combination (as defined below), the Company existed as a shell company and had no business operations.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On September 29, 2023, the Company completed a business combination (the "Business Combination") with SkinJect, a company existing under the laws of Pennsylvania. The Business Combination was completed pursuant to a business combination agreement dated May 12, 2023, as amended, among the Company, SkinJect and RBx Capital, LP ("RBx"), an investment entity owned and managed by Dr. Raza Bokhari, and resulted in a reverse takeover of Interactive Capital Partners Corporation (the Company as it existed prior to the Business Combination) by the former shareholders of SkinJect, with SkinJect becoming a wholly owned operating subsidiary of the Company, and the Company being renamed "Medicus Pharma Ltd." The structure of the Business Combination is commonly used by companies seeking to become reporting issuers in Canada, as it allows the combined entity to be listed on the TSX Venture Exchange (the "TSXV") at relatively low cost while completing a concurrent equity financing. SkinJect and RBx structured the Business Combination as a reverse takeover for these reasons.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On October 11, 2023, the Company (as it exists after the Business Combination) commenced trading on the TSXV. On November 15, 2024, we completed our initial public offering in the United States and our common shares and our outstanding public warrants to purchase common shares, issued as a component of the units sold by the Company in its U.S. initial public offering with an exercise price of $4.64 and expiration date of November 15, 2029 (the "Public Warrants"), began trading on Nasdaq under the symbols "MDCX" and "MDCXW", respectively. Effective on February 21, 2025, the Company's common shares were voluntarily delisted from the TSXV. The common shares continue to be listed on Nasdaq.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On August 29, 2025, the Company completed the acquisition of 98.6% of the issued and outstanding shares of Antev, a company incorporated under the laws of England and Wales.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's registered and head office is located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario M5X 1A4, Canada.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We lease U.S. office space in Conshohocken, Pennsylvania to operate the businesses of our U.S. subsidiaries, Medicus Pharma Inc. and SkinJect, Inc. We also lease office space in Weybridge, U.K. to operate the business of our subsidiary Antev.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our website address is www.medicuspharma.com. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus or in deciding whether to purchase our securities.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Recent Developments</b></p>
    <p style="text-indent: 36pt; text-align: justify; background-color: #ffffff; margin-top: 10pt; margin-bottom: 10pt;">On October 22, 2025, the Company announced the enrollment of the first patient in the SKNJCT-004 phase 2 clinical study, to non-invasively treat basal cell carcinoma ("BCC") of the skin.</p>
    <p style="text-indent: 36pt; text-align: justify; background-color: #ffffff; margin-top: 10pt; margin-bottom: 10pt;">On October 29, 2025, the Company announced a strategic collaboration with the Gorlin Syndrome Alliance<b> </b>("GSA")<b> </b>to advance compassionate access to SkinJect&#8482; for patients suffering from Gorlin Syndrome, also known as nevoid basal cell carcinoma syndrome. Under the collaboration, the Company and the GSA will jointly pursue the Expanded Access IND Program with the FDA to allow patients with multiple, recurrent, or inoperable BCCs to access SkinJect&#8482; under physician-supervised treatment protocols.</p>
    <p style="text-indent: 36pt; text-align: justify; background-color: #ffffff; margin-top: 10pt; margin-bottom: 10pt;">On November 13, 2025, the Company announced that it has received full regulatory and ethical approvals in the United Kingdom to expand its ongoing Phase 2 clinical study (SKNJCT-003) evaluating D-MNA to non-invasively treat BCC.</p>
    <p style="text-indent: 36pt; text-align: justify; background-color: #ffffff; margin-top: 10pt; margin-bottom: 10pt;">On November 17, 2025, the Company announced that it has submitted an FDA commissioner's national priority voucher application on behalf of (SKNJCT-003) D-MNA to non-invasively treat BCC of the skin.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Effective on November 28, 2025, James Quinlan, Chief Financial Officer of the Company, resigned as an officer and an employee of the Company. Mr. Quinlan had been on a medical leave of absence since September 12, 2025. Effective on December 1, 2025, Carolyn Bonner, President of the Company as well as Acting Chief Financial Officer of the Company since September 12, 2025 in Mr. Quinlan's absence, was appointed as Chief Financial Officer of the Company. Ms. Bonner will also continue to serve as President of the Company, a role she has held since September 2023.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 5, 2025, we entered into a warrant inducement agreement with an institutional investor (the "Warrant Inducement Agreement"), pursuant to which the investor agreed to exercise existing warrants to purchase up to 2,680,000 of the Company's common shares issued on July 14, 2025 with an amended exercise price of $1.92 per Common Share, in consideration for receiving 4,020,000 warrants to purchase common shares with an exercise price of $2.00. In accordance with the Warrant Inducement Agreement, the investor exercised its existing warrants for cash, for gross proceeds of approximately $5.1 million to the Company.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 15, 2025, the Company announced that its Phase 2 clinical study (SKNJCT-003) evaluating safety and efficacy of D-MNA to non-invasively treat nodular BCC of the skin, has successfully completed enrolment of ninety (90) patients in the United States.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 22, 2025, the Company announced that it has entered into&#160;a non-binding letter of intent with&#160;Reliant AI Inc., a decision-intelligence company for the life sciences, specializing in generative AI, to collaborate on the development of an artificial-intelligence-powered data analytics platform designed to support clinical trial execution through data-driven insights.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Implications of Being an Emerging Growth Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an "emerging growth company" as that term is defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company we expect to take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies. These reduced reporting requirements include, but are not limited to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley Act");<br><br></li>
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements; and<br><br></li>
        <li style="margin-left: 45.6pt; text-align: justify; padding-left: 8.4pt;">an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or shareholder approval of any golden parachute arrangements.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. As an emerging growth company, we intend to take advantage of an extended transition period for complying with new or revised accounting standards as permitted by the JOBS Act. We have elected to take advantage of certain of the reduced disclosure obligations in this prospectus and in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information in this prospectus and that we provide to our shareholders in the future may be different than what you might receive from other public reporting companies in which you hold equity interests.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Implications of Being a Smaller Reporting Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additionally, we are a "smaller reporting company," meaning that the market value of our common shares held by non-affiliates plus the proposed aggregate amount of gross proceeds to us as a result of this transaction is less than $700 million and our annual revenue is less than $100 million during the most recently completed fiscal year. As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not smaller reporting companies, including, but not limited to, reduced disclosure obligations regarding executive compensation. We may continue to be a smaller reporting company as long as either (i) the market value of our common shares held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common shares held by non-affiliates is less than $700 million.</p>
    <div id="footer_page_14">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>RISK FACTORS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Investing in any securities offered pursuant to this prospectus involves a high degree of risk. Please see the risk factors set forth in Part I, Item 1A of our Annual Report, Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ending September 30, 2025, and in other filings we make with the SEC, which are incorporated by reference in this prospectus. Additional risk factors may be included in a prospectus supplement relating to a particular offering of securities. Before making an investment decision, you should carefully consider these risks as well as other information we include or incorporate by reference in this prospectus. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations. These risks could materially affect our business, results of operations or financial condition and cause the value of our securities to decline.</p>
    <div id="footer_page_15">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">10</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>USE OF PROCEEDS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Unless we state otherwise in an accompanying prospectus supplement, we intend to use the net proceeds from the sale of the securities offered by us in primary offerings under this prospectus and any related prospectus supplement for the development of the Products and for general corporate purposes. General corporate purposes may include working capital, acquisitions, retirement of debt and other business opportunities. Pending the application of the net proceeds, we may invest the proceeds in short-term, interest-bearing instruments or other investment-grade securities. We cannot estimate precisely the allocation of the net proceeds from these offerings. Accordingly, our management team will have broad discretion in the application of the net proceeds of these offerings, if any.</p>
    <div id="footer_page_16">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">11</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>DILUTION</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We will set forth in a prospectus supplement the following information regarding any material dilution of the equity interests of investors purchasing securities sold by the Company in a primary offering under this prospectus:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the net tangible book value per share of our equity securities before and after the offering;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the amount of the increase in such net tangible book value per share attributable to the cash payments made by purchasers in the offering; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the amount of the immediate dilution from the public offering price which will be absorbed by such purchasers.</li>
    </ul>
    <div id="footer_page_17">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">12</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>DESCRIPTION OF THE SECURITIES THAT MAY BE OFFERED</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company may offer common shares, preferred shares, subscription rights, units or warrants with a total value of up to $100,000,000 from time to time under this prospectus, together with any applicable prospectus supplement, at prices and on terms to be determined by market conditions at the time of offering. This prospectus provides you with a general description of the securities the Company may offer. Each time the Company offers securities, it will provide a prospectus supplement that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">designation or classification;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">aggregate offering price;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">original issue discount, if any;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">rates and times of payment of dividends, if any;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">redemption, conversion or exchange terms, if any;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">conversion or exchange prices, if any, and, if applicable, any provisions for changes to or adjustments in the conversion or exchange prices in the securities or other property receivable upon conversion or exchange;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">restrictive covenants, if any;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">voting or other rights, if any; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">important U.S. federal income tax considerations.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A prospectus supplement may also add, update or change information contained in this prospectus or in documents the Company has incorporated by reference. However, no prospectus supplement will offer a security that is not described in this prospectus.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of Common Shares</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company may offer common shares, which the Company may issue independently or together with preferred shares, warrants and/or subscription rights, and the common shares may be separate from or attached to such securities as a unit. See "<i>Description of Share Capital</i>" contained in Exhibit 4.1 to our Annual Report, filed with the SEC on March 28, 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of Preferred Shares</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Preferred shares may be offered separately or together with other securities, as the case may be. See "<i>Description of Share Capital</i>" contained in Exhibit 4.1 to our Annual Report, filed with the SEC on March 28, 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of Subscription Rights</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may issue subscription rights to purchase our common shares, preferred shares or other securities. These subscription rights may be issued independently or together with any other security offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">13</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The applicable prospectus supplement will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered, including the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the price, if any, for the subscription rights;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the exercise price payable for each common share or preferred share upon the exercise of the subscription rights;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the number of subscription rights issued to each shareholder;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the number and terms of the common shares or preferred shares which may be purchased per each subscription right;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the extent to which the subscription rights are transferable;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable subscription rights certificate, which will be filed with the SEC if we offer subscription rights.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of Units</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company may issue units comprised of one or more of the other securities described in this prospectus in any combination. A unit is typically issued so the holder thereof is also the holder of each security included in the unit. As a result, the holder of a unit will have the rights and obligations of a holder of each security comprising the unit. The agreement, if any, under which a unit is issued may provide that the securities comprising the unit may not be held or transferred separately at any time or at any time before a specified date.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The particular terms and provisions of each issue of units will be described in the related prospectus supplement. This description will include, where applicable:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the designation and aggregate number of units offered;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the price at which the units will be offered;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the currency in which the units are denominated;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</li>
    </ul>
    <div id="footer_page_19">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">14</p>
    </div>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any other material terms, conditions and rights of the units.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company reserves the right to set forth in a prospectus supplement specific terms of the units that are not within the options and parameters set forth in this prospectus. In addition, to the extent that any particular terms of the units described in a prospectus supplement differ from any of the terms described in this prospectus, the description of such terms set forth in this prospectus shall be deemed to have been superseded by the description of such differing terms set forth in such prospectus supplement with respect to such units.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Description of Warrants</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Warrants may be offered separately or together with other securities, as the case may be. The applicable prospectus supplement will include details of the terms and conditions of the warrants being offered, including a description of the instrument under which the warrants will be offered.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The particular terms of each issue of warrants will be described in the related prospectus supplement. This description will include, where applicable:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the number of warrants offered;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the price at which the warrants will be offered;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the currency or currencies in which the warrants will be offered;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">whether the warrants will be listed on any stock exchange;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the designation and terms of the common shares and/or other securities purchasable upon exercise of the warrants;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the date on which the right to exercise the warrants will commence and the date on which the right will expire;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the number of common shares and/or other securities that may be purchased upon exercise of each warrant and the price at which, and currency or currencies in which, the common shares and/or other securities may be purchased upon exercise of each warrant;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the designation and terms of any other securities with which the warrants will be offered, if any, and the number of the warrants that will be offered with each security;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">if the warrants are issued as a unit with another security, the date or dates, if any, on or after which the warrants and the related securities will be transferable separately;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">whether the warrants will be subject to redemption or call and, if so, the terms of such redemption or call provisions;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">material U.S. federal income tax consequences of owning the warrants; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any other material terms or conditions of the warrants.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Prior to the exercise of their warrants, holders of warrants will not have any of the rights of holders of common shares issuable upon exercise of the warrants.</p>
    <div id="footer_page_20">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company reserves the right to set forth in a prospectus supplement specific terms of the warrants that are not within the options and parameters set forth in this prospectus. In addition, to the extent that any particular terms of the warrants described in a prospectus supplement differ from any of the terms described in this prospectus, the description of such terms set forth in this prospectus shall be deemed to have been superseded by the description of such differing terms set forth in such prospectus supplement with respect to such warrants.</p>
    <div id="footer_page_21">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">16</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PLAN OF DISTRIBUTION</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may offer and sell the securities in any one or more of the following ways:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">to or through underwriters, brokers or dealers;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">directly to one or more other purchasers;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">through agents on a best-efforts basis;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">in "at the market" offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on the Nasdaq or sales made through a market maker other than on an exchange or other similar offerings through sales agents; or<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">otherwise through any other method permitted by applicable law or a combination of any of the above methods of sale.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In addition, we may enter into option, share lending or other types of transactions that require us to deliver common shares to an underwriter, broker or dealer, who will then resell or transfer the common shares under this prospectus. We may also enter into hedging transactions with respect to our securities. For example, we may:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">enter into transactions involving short sales of the common shares by underwriters, brokers or dealers;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">sell common shares short and deliver the shares to close out short positions;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">enter into option or other types of transactions that require the delivery of common shares to an underwriter, broker or dealer, who will then resell or transfer the common shares under this prospectus; or<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">loan or pledge the common shares to an underwriter, broker or dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by or borrowed from us or others to settle those sales or to close out any related open borrowings of common shares, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of common shares. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Each time we sell securities, we will provide a prospectus supplement that will name any underwriter, dealer or agent involved in the offer and sale of the securities. Any prospectus supplement will also set forth the terms of the offering, including:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the purchase price of the securities and the proceeds we will receive from the sale of the securities;</li>
    </ul>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">17</p>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any underwriting discounts and other items constituting underwriters' compensation;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any public offering or purchase price and any discounts or commissions allowed or re-allowed or paid to dealers;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any commissions allowed or paid to agents;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any other offering expenses;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any securities exchanges on which the securities may be listed;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the method of distribution of the securities;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the terms of any agreement, arrangement or understanding entered into with the underwriters, brokers or dealers; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any other information we think is important.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If underwriters or dealers are used in the sale, the securities will be acquired by the underwriters or dealers for their own account. The securities may be sold from time to time by us in one or more transactions:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">at a fixed price or prices, which may be changed;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">at market prices prevailing at the time of sale;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">at prices related to such prevailing market prices;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">at varying prices determined at the time of sale; or<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">at negotiated prices.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Such sales may be effected:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">in transactions on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">in transactions in the over-the-counter market;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">in block transactions in which the broker or dealer so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction, or in crosses, in which the same broker acts as an agent on both sides of the trade;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">through the writing of options; or<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">through other types of transactions.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The securities may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more of such firms. Unless otherwise set forth in the prospectus supplement, the obligations of underwriters or dealers to purchase the securities offered will be subject to certain conditions precedent and the underwriters or dealers will be obligated to purchase all the offered securities if any are purchased. Any public offering price and any discount or concession allowed or reallowed or paid by underwriters or dealers to other dealers may be changed from time to time.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">18</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The securities may be sold directly by us or through agents designated by us from time to time. Any agent involved in the offer or sale of the securities in respect of which this prospectus is delivered will be named, and any commissions payable to such agent will be set forth in, the prospectus supplement. Unless otherwise indicated in the prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Unless otherwise specified in the related prospectus supplement, all securities we offer, other than common shares, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. Any common shares sold pursuant to a prospectus supplement will be listed for trading on the Nasdaq or other principal market for our common shares. We may apply to list any series of preferred shares or warrants on an exchange, but we are not obligated to do so. Therefore, there may not be liquidity or a trading market for any series of securities.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Offers to purchase the securities offered by this prospectus may be solicited, and sales of the securities may be made by us directly to institutional investors or others, who may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities. The terms of any offer made in this manner will be included in the prospectus supplement relating to the offer.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Some of the underwriters, dealers or agents used by us in any offering of securities under this prospectus may be customers of, engage in transactions with, and perform services for us or affiliates of ours in the ordinary course of business. Underwriters, dealers, agents and other persons may be entitled to indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act, and to be reimbursed for certain expenses.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any securities initially sold outside the United States may be resold in the United States through underwriters, dealers or otherwise.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any underwriters to which offered securities are sold by us for public offering and sale may engage in transactions that stabilize, maintain or otherwise affect the price of the common shares during and after the offering, but those underwriters will not be obligated to do so and may discontinue any market making at any time. Specifically, the underwriters may over-allot or otherwise create a short position in the common shares for their own accounts by selling more common shares than have been sold to them by us. The underwriters may elect to cover any such short position by purchasing common shares in the open market or by exercising the over-allotment option granted to the underwriters. In addition, the underwriters may stabilize or maintain the price of the common shares by bidding for or purchasing common shares in the open market and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to syndicate members or other broker-dealers participating in the offering are reclaimed if common shares previously distributed in the offering are repurchased, whether in connection with stabilization transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market price of the common shares at a level above that which might otherwise prevail in the open market. The imposition of a penalty bid may also affect the price of the common shares to the extent that it discourages resales of the common shares. The magnitude or effect of any stabilization or other transactions is uncertain. These transactions may be effected on the Nasdaq or otherwise and, if commenced, may be discontinued at any time.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In connection with the offering, the underwriters and selling group members may also engage in passive market making transactions in our common shares. Passive market making consists of displaying bids on the Nasdaq limited by the prices of independent market makers and effecting purchases limited by those prices in response to order flow. Rule 103 of Regulation M promulgated by the SEC limits the amount of net purchases that each passive market maker may make and the displayed size of each bid. Passive market making may stabilize the market price of the common shares at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are subject to the applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. This regulation may limit the timing of purchases and sales of any of the common shares offered in this prospectus by any person. The anti-manipulation rules under the Exchange Act may apply to sales of shares in the market and to our activities.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">19</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The anticipated date of delivery of the securities offered by this prospectus will be described in the applicable prospectus supplement relating to the offering.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any broker-dealer participating in the distribution of the common shares may be deemed to be an "underwriter" within the meaning of the Securities Act with respect to any securities such entity sells pursuant to this prospectus.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To comply with the securities laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</p>
    <div id="footer_page_25">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">20</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>LEGAL MATTERS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The validity of the issuance of certain of the securities offered hereby and certain other legal matters as to Canadian law will be passed upon for us by Bennett Jones LLP, Toronto<b>, </b>Canada&#160; and by Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, New York, New York with respect to the validity of issuance of certain securities and certain legal matters governed by U.S. law. Additional legal matters may be passed on for us, or any underwriters, dealers or agents, by counsel we will name in the applicable prospectus supplement.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>EXPERTS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the securities was employed on a contingency basis or had, or is to receive, in connection with the offering, a substantial interest, directly or indirectly, in the Company or its subsidiaries. Nor was any such person connected with the Company or any of its subsidiaries as a promoter, managing or principal underwriters, voting trustee, director, officer or employee.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The consolidated balance sheets of the Company and its subsidiaries as of December 31, 2024, and the related consolidated statements of operations and comprehensive loss, shareholders' equity, and cash flows for the year then ended, have been audited by EisnerAmper LLP, independent registered public accounting firm, as stated in their report which is incorporated by reference herein which report includes an explanatory paragraph about the existence of substantial doubt concerning the Company's ability to continue as a going concern. Such financial statements have been incorporated by reference herein in reliance on the report of such firm given upon their authority as experts in accounting and auditing.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The consolidated balance sheets of the Company and subsidiaries as of December 31, 2023, and the related consolidated statements of operations and comprehensive loss, shareholders' equity, and cash flows for the year then ended, have been audited by MNP LLP, independent registered public accounting firm, as stated in their report which is incorporated by reference herein.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>WHERE YOU CAN FIND MORE INFORMATION</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available on the SEC's website at http://www.sec.gov. We also make available free of charge on our website at <i>http://www.medicuspharma.com </i>all materials that we file electronically with the SEC.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As permitted by SEC rules, this prospectus does not contain all of the information we have included in the registration statement and the accompanying exhibits and schedules we file with the SEC. You may refer to the registration statement, exhibits and schedules for more information about us and the securities. The registration statement, exhibits and schedules are available through the SEC's website.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>INFORMATION INCORPORATED BY REFERENCE</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In this prospectus, we "incorporate by reference" certain information that is filed with the SEC, which means that we can disclose important information to you by referring you to that information. The information we incorporate by reference is an important part of this prospectus, and later information that we file with the SEC will automatically update and supersede this information. The following documents have been filed by us with the SEC and are incorporated by reference into this prospectus:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325006485/form10k.htm"><u>March 28, 2025</u></a>, and the related Amendment to our Annual Report on Form 10-K, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008246/form10ka.htm"><u>April 30, 2025</u></a>;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325009125/form10q.htm"><u>May 12, 2025</u></a>;</li>
    </ul>
    <div id="footer_page_26">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">21</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325014058/form10q.htm">August 11, 2025</a>;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016838/form10q.htm">November 14, 2025</a>;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Current Reports on Form 8-K, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325002033/form8k.htm">February 11, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325005105/form8k.htm">March 11, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325005954/form8k.htm">March 20, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016864/form8k.htm">March 25, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008086/form8k.htm">April 28, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008436/form8k.htm">May 5, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325010687/form8k.htm">June 2, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325011051/form8k.htm">June 5, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325011991/form8k.htm">June 20, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012044/form8k.htm">June 23, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012231/form8k.htm">June 30, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012533/form8ka.htm">July 3, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012767/form8k.htm">July 14, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013073/form8k.htm">July 23, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013266/form8k.htm">July 30, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013468/form8k.htm">August 4, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325014806/form8k.htm">August 22, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015149/form8k.htm">September 2, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015601/form8k.htm">September 12, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015700/form8k.htm">September 18, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016179/form8k.htm">October 17, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016864/form8k.htm">November 14, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325017085/form8k.htm">December 1, 2025</a> and <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0001997296/000106299325017219/form8k.htm">December 8, 2025</a>; and<br>&#160;</li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the description of our securities contained in <a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325006485/exhibit4-1.htm"><u>Exhibit 4.1</u></a> to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 28, 2025, and any amendment or report filed for the purpose of updating such description.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additionally, all documents and reports that we file with the SEC (other than any portion of such filings that are furnished under applicable SEC rules rather than filed) under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") from the date of this prospectus until the completion of the offering under this prospectus shall be deemed to be incorporated in this prospectus by reference. The information contained on or accessible through our website (http://www.medicuspharma.com) is not incorporated into this prospectus.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You may request a copy of these filings, other than an exhibit to these filings unless we have specifically included or incorporated that exhibit by reference into the filing, from the SEC as described under "Where You Can Find More Information" or, at no cost, by writing or telephoning the Company at the following address:</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">Medicus Pharma Ltd.<br>Attention: Corporate Secretary<br>300 Conshohocken State Rd., Suite 200</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">W. Conshohocken, PA 19428</p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">madesso@medicuspharma.com</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should rely only on the information contained or incorporated by reference in this prospectus, the prospectus supplement, any free writing prospectus that we authorize and any pricing supplement. We have not authorized any person, including any salesman or broker, to provide information other than that provided in this prospectus, any applicable prospectus supplement, any free writing prospectus that we authorize or any pricing supplement. We have not authorized anyone to provide you with different information. We do not take responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. We are not making an offer of the securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus, any applicable prospectus supplement, any free writing prospectus that we authorize, any pricing supplement or any documents incorporated by reference is accurate as of any date other than the date of the applicable document.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus, any applicable prospectus supplement or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz001.jpg" style="width: 261px;" height="66"></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>$100,000,000</b></p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;"><b>Common Shares</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Preferred Shares</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Subscription Rights</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Units</b></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><b>Warrants</b></p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PROSPECTUS</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #ff0000;">The information in this prospectus supplement is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus supplement is not an offer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.</font></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #ff0000;">Subject to completion, dated December 29, 2025&#160;</font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">PROSPECTUS</p>
    <p class="CenterSingle" style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>Up to $15,349,674</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz001.jpg" style="width: 261px;" height="66"></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>Common Shares</b></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">We have entered into an At the Market Offering Sales Agreement dated as of December 29, 2025 (the &#8220;sales agreement&#8221;) with Maxim Group LLC (&#8220;Maxim&#8221;) and Yorkville Securities, LLC (&#8220;Yorkville&#8221;) (each of Maxim and Yorkville individually an &#8220;Agent&#8221; and together, the &#8220;Agents&#8221;) relating to the sale of our common shares, no par value (the &#8220;common shares&#8221;), offered by this prospectus supplement. In accordance with the terms of the sales agreement, we may offer and sell our common shares having an aggregate offering price of up to $15,349,674 from time to time through the Agents acting as sales agents and/or principals.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Sales of our common shares, if any, under this prospectus supplement will be made in sales deemed to be &#8220;at the market&#8221; offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made directly on or through the Nasdaq Capital Market (&#8220;Nasdaq&#8221;), the existing trading market for our common shares, sales made to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law, including in privately negotiated transactions. Each Agent will use its commercially reasonable efforts to sell on our behalf all the common shares requested to be sold by us, consistent with its normal trading and sales practices, on mutually agreed terms between the Agents and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. We provide more information about how the common shares will be sold in the section entitled &#8220;Plan of Distribution.&#8221;</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Agents will be entitled to compensation at a fixed commission rate of 3.0% of the gross proceeds of each sale of our common shares. See &#8220;Plan of Distribution&#8221; beginning on page S-19 of this prospectus supplement for additional information regarding the compensation to be paid to the Agents. In connection with the sale of our common shares on our behalf, the Agents will be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act and the compensation of the Agents will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agents with respect to certain liabilities, including liabilities under the Securities Act.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our common shares and public warrants, with an exercise price of $4.64 and expiration date of November 15, 2029 (the &#8220;Public Warrants&#8221;) are listed on Nasdaq under the symbols &#8220;MDCX&#8221; and &#8220;MDCXW&#8221;, respectively. On December 26, 2025, the closing price of our common shares as reported by Nasdaq was $1.57 per share and the closing price of our Public Warrants as reported by Nasdaq was $0.81 per Public Warrant.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As of December 22, 2025, the aggregate market value of our outstanding common shares held by non-affiliates was approximately $46 million, which we calculated based on 25,114,144 outstanding common shares as of December 22, 2025, of which 18,643,329 shares were held by non-affiliates, and a price per share of $2.47, which was the closing price of our common shares on October 30, 2025. We have not offered or sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the prior 12-calendar-month period that ends on and includes the date of this prospectus supplement. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell, pursuant to the registration statement of which this prospectus supplement forms a part, securities with a value exceeding one-third of the aggregate market value of our outstanding common shares held by non-affiliates in any 12-month period, so long as the aggregate market value of our outstanding common shares held by non-affiliates remains below $75.0 million.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Investing in our common shares involves a high degree of risk. See "Risk Factors" beginning on page S-12 of this prospectus supplement and under similar headings in the documents incorporated by reference into this prospectus supplement.</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</b></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%; text-align: center;"><font style="font-size: 12pt;"><b>Maxim Group LLC</b></font></td>
            <td style="width: 50%; text-align: center;"><font style="font-size: 12pt;"><b>Yorkville Securities</b>&#160;</font></td>
        </tr>
    </table>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>The date of this prospectus supplement</b> <b>is&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; , 2025.</b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>TABLE OF CONTENTS</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>Prospectus</b></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_32">ABOUT THIS PROSPECTUS SUPPLEMENT</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_32">S-1</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_34">TRADEMARKS, TRADE NAMES AND SERVICE MARKS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_34">S-3</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_35">MARKET, INDUSTRY AND OTHER DATA</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_35">S-4</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_36">CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_36">S-5</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_38">PROSPECTUS SUMMARY</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_38">S-7</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_42">THE OFFERING</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_42">S-11</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_43">RISK FACTORS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_43">S-12</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_46">USE OF PROCEEDS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_46">S-15</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_47">DESCRIPTION OF COMMON SHARES</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_47">S-16</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_48">DILUTION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_48">S-17</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_50">PLAN OF DISTRIBUTION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_50">S-19</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_52">LEGAL MATTERS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">S-21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_52">EXPERTS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">S-21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_52">WHERE YOU CAN FIND MORE INFORMATION</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">S-21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_52">INFORMATION INCORPORATED BY REFERENCE</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">S-21</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_55">PART II&#160; INFORMATION NOT REQUIRED IN PROSPECTUS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_55">II-1</a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_63">SIGNATURES</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_63">II-9</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_31">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-i</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>ABOUT THIS PROSPECTUS SUPPLEMENT</b></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">This prospectus supplement relates to part of a registration statement on Form S-3 that we have filed with the SEC utilizing a &#8220;shelf&#8221; registration process. Under this shelf registration process, we may sell any combination of the securities described in our base prospectus included in the shelf registration statement in one or more offerings up to a total aggregate offering price of $100,000,000. The $15,349,674 common shares that may be offered, issued and sold under this prospectus supplement is included in the $100,000,000 of securities that may be offered, issued and sold by us pursuant to our shelf registration statement. In connection with such offers and when accompanied by the base prospectus included in the registration statement of which this prospectus supplement is a part, this prospectus supplement will be deemed a prospectus supplement to such base prospectus.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We provide information to you about this offering of our common shares in two separate documents: (i) this prospectus supplement, which describes the specific details regarding this offering; and (ii) the base prospectus referred to on the cover page of this prospectus supplement, which provides general information, some of which may not apply to this offering. Generally, when we refer to the "prospectus," we are referring to both documents combined. You should read both this prospectus supplement and the base prospectus as well as the information contained in the documents incorporated by reference herein and the additional information described in this prospectus supplement under the headings "Where You Can Find More Information" and "Information Incorporated by Reference" before investing in our common shares. These documents contain important information that you should consider when making your investment decision. This prospectus supplement describes the terms of this offering of common shares and also adds to and updates information contained in the documents incorporated by reference into this prospectus supplement. To the extent there is a conflict between the information contained in this prospectus supplement or any document incorporated by reference herein filed prior to the date of this prospectus supplement, you should rely on the information in this prospectus supplement; provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date - for example, a document incorporated by reference in this prospectus supplement - the statement in the document having the later date modifies or supersedes the earlier statement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should rely only on the information contained or incorporated herein by reference in this prospectus supplement. We have not authorized any other person to provide you with any information that is different. If anyone provides you with different, additional or inconsistent information, you should not rely on it.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are offering to sell our securities only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the offering of the securities in certain jurisdictions may be restricted by law. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in the prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In this prospectus supplement, unless otherwise indicated or the context otherwise requires, references to "we," "us," "our," the "Company" and "Medicus" refer to the consolidated operations of Medicus Pharma Ltd. and its subsidiaries.</p>
    <div id="footer_page_32">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>We have authorized only the information contained or incorporated by reference in this prospectus supplement, any accompanying prospectus supplement, and any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not, and the Agents and any other underwriters have not, authorized anyone to provide you with information that is different. We and the Agents take no responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. We are offering to sell, and seeking offers to buy, our common shares only in jurisdictions where offers and sales are permitted. The information contained in or incorporated by reference in this document is accurate only as of the date such information was issued, regardless of the time of delivery of this prospectus supplement or the date of any sale of our common shares.</b></p>
    <div id="footer_page_33">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_34"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>TRADEMARKS, TRADE NAMES AND SERVICE MARKS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus supplement, including the information incorporated by reference herein, contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus supplement and documents incorporated by reference in this prospectus supplement may appear without the &#174; or &#8482; symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of them by, any other companies.</p>
    <div id="footer_page_34">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>MARKET, INDUSTRY AND OTHER DATA</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus supplement, including the information incorporated by reference herein, contains estimates, projections and other information concerning our industry, our business, and the markets for certain products and services, including data regarding the estimated size of those markets and their projected growth rates. Information that is based on estimates, forecasts, projections or similar methodologies is based on a number of assumptions and is inherently subject to uncertainties, including those described in "Risk Factors" and elsewhere in this prospectus supplement and documents incorporated by reference in this prospectus supplement, and actual events or circumstances may differ materially from events and circumstances reflected in this information. You are cautioned not to give undue weight to such estimates, projections and other information.</p>
    <div id="footer_page_35">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_36"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus supplement and the documents incorporated by reference herein include forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included or incorporated by reference in this prospectus supplement regarding our strategy, future operations, regulatory process, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words "believe", "anticipate", "intend", "expect", "target", "goal", "estimate", "plan", "assume", "may", "will", "predict", "project", "would", "could" and similar expressions or the negative of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The forward-looking statements included or incorporated by reference in this prospectus supplement include, but are not limited to, statements about:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our financial results, including our ability to continue as a going concern, generate earnings and achieve and sustain profitability, which may vary significantly from forecasts and from period to period;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the progress, timing and completion of our research, development and preclinical studies and clinical trials for our products and product candidates;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to successfully integrate Antev into our business and operations, successfully develop Teverelix (as defined herein) and realize the benefits currently anticipated from the transaction;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to market, commercialize, achieve market acceptance for and sell our products and product candidates;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to develop, manage and maintain our direct sales and marketing organizations;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">market risks regarding consolidation in the healthcare, pharmaceutical and biotech/life sciences industry;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products significantly declines;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our ability to adequately protect our intellectual property and operate our business without infringing upon the intellectual property rights of others;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the fact that product quality issues or product defects may harm our business;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the market price of our securities may be volatile and fluctuate substantially, which could cause the value of your investment to decline;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">any product liability claims; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the regulatory, legal and certain operating risks that our operations subject us to.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this prospectus supplement and in the documents incorporated by reference herein, particularly the factors described in the "Risk Factors" section of this prospectus supplement and the factors under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), incorporated by reference herein, that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make.</p>
    <div id="footer_page_36">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_37"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should read this prospectus supplement and the documents incorporated by reference herein, completely and with the understanding that our actual future results may be materially different from what we expect. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, including those listed in the section of this prospectus supplement entitled "Risk Factors", in the section entitled "Risk Factors" in our Annual Report and in our other filings which are incorporated by reference herein.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any forward-looking statement made by us is based on information available to us at the time of such statement and speaks only as of the date on which it was made. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</p>
    <div id="footer_page_37">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_38"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PROSPECTUS SUMMARY</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>This summary highlights selected information contained elsewhere in this prospectus</i> <i>supplement and in the documents we incorporate by reference herein. This summary does not contain all of the information you should consider before investing in our common shares. You should read this entire prospectus carefully, especially the risks of investing in our common shares discussed under "Risk Factors" beginning on page S-12 of this prospectus</i> <i>supplement and under similar sections of the other periodic reports incorporated herein by reference.</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are a clinical-stage, multi-strategy, life science and biotech company focused on investing in and&#160; accelerating the clinical development programs of novel and disruptive therapeutic assets. Currently, we are&#160; developing two products, SkinJectTM ("SkinJectTM"), with an indication for basal cell carcinoma, and Teverelix trifluoroacetate ("Teverelix", and together with SkinJectTM, the "Products").</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Through our wholly owned subsidiary, SkinJect, Inc. ("SkinJect"), we focus on the development of our in-licensed drug device combination product using novel dissolvable microneedle arrays for the treatment of non-melanoma skin cancers. Our combination product candidate is a doxorubicin tip-loaded microneedle arrays ("D-MNA") filed with the Food and Drug Administration (the "FDA") under an Investigational New Drug Application and is regulated by the Center for Drug Evaluation and Registration ("CDER"), Oncology Division.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Prior to the Company's acquisition of SkinJect, our business was undertaken by SkinJect as a stand-alone entity. References to our business as conducted at a date prior to the completion of the Business Combination (as defined below) relate to the business undertakings of SkinJect.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For information on the Business Combination, see "Corporate History and Information."</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We are subject to significant risks and uncertainties, including those related to our limited operating history, our lack of historical earnings, and the fact that the Products are novel technologies for which regulatory approval might not be achieved. For more information, see "Risk Factors."</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our Strategy</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our principal purpose is to advance the clinical development program of the Products, which include SkinJectTM a novel, minimally invasive treatment for basal cell carcinoma and potentially other common forms of non-melanoma skin cancer and Teverelix, a next generation gonadotrophin-releasing hormone ("GnRH") antagonist that is a potentially first in market product for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention ("AUR") episodes due to enlarged prostate. We also seek to opportunistically identify, evaluate and acquire accretive assets, properties or businesses.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">SkinJectTM is considered an Investigational New Drug ("IND") by the FDA. In January 2024, we submitted to the FDA a Phase 2 IND clinical protocol to non-invasively treat basal cell carcinoma of the skin using the Product. The clinical protocol was updated in July 2024.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may also trial SkinJectTM on other forms of skin cancer beyond basal cell carcinoma. Specifically, it may be trialed against squamous cell carcinoma, cutaneous T-cell lymphoma, as well as pre-cancerous lesions, among other clinical indications, subject to the Company having the capital resources available to do so, without any need to amend or expand the scope of the Company's existing licenses.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In addition, our business strategy includes the opportunistic acquisition of other accretive clinical stage life sciences and biotechnology companies. For example, in August 2025, we acquired 98.6% of the issued and outstanding shares of Antev, a UK-based late clinical-stage drug development company which is developing Teverelix.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our Strengths</b></p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Our key competitive strengths include:</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">A senior management team, led by Dr. Raza Bokhari, that has deep experience in medicine and pharmaceutical science as well as a proven track record in business development and entrepreneurship.<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">Successful completion of a Phase 1 study of SkinJectTM.<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">Potential to treat a range of other common non-melanoma skin cancers as well as pre-cancerous lesions.<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">Potential for Teverelix to be a first in market product for cardiovascular high-risk prostate cancer patients and patients with first AUR episodes due to enlarged prostate.</li>
    </ul>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Corporate Structure</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">An organizational chart showing our basic corporate structure is set forth below (SkinJect and Medicus Pharma Inc. are 100% owned and Antev is 98.6% owned by Medicus Pharma Ltd.):</p>
    <p style="text-indent: 36pt; text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz002.jpg" style="width: 468px;" height="292"></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Corporate History and Information</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our company (formerly, Interactive Capital Partners Corporation) was incorporated pursuant to the Business Corporations Act (Ontario) on April 30, 2008 under the name Interactive Capital Partners Corporation. Prior to the Business Combination (as defined below), the Company existed as a shell company and had no business operations.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On September 29, 2023, the Company completed a business combination (the "Business Combination") with SkinJect, a company existing under the laws of Pennsylvania. The Business Combination was completed pursuant to a business combination agreement dated May 12, 2023, as amended, among the Company, SkinJect and RBx Capital, LP ("RBx"), an investment entity owned and managed by Dr. Raza Bokhari, and resulted in a reverse takeover of Interactive Capital Partners Corporation (the Company as it existed prior to the Business Combination) by the former shareholders of SkinJect, with SkinJect becoming a wholly owned operating subsidiary of the Company, and the Company being renamed "Medicus Pharma Ltd." The structure of the Business Combination is commonly used by companies seeking to become reporting issuers in Canada, as it allows the combined entity to be listed on the TSX Venture Exchange (the "TSXV") at relatively low cost while completing a concurrent equity financing. SkinJect and RBx structured the Business Combination as a reverse takeover for these reasons.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On October 11, 2023, the Company (as it exists after the Business Combination) commenced trading on the TSXV. On November 15, 2024, we completed our initial public offering in the United States and our common shares and our outstanding public warrants to purchase common shares, issued as a component of the units sold by the Company in its U.S. initial public offering with an exercise price of $4.64 and expiration date of November 15, 2029 (the "Public Warrants"), began trading on Nasdaq under the symbols "MDCX" and "MDCXW", respectively. Effective on February 21, 2025, the Company's common shares were voluntarily delisted from the TSXV. The common shares continue to be listed on Nasdaq.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On August 29, 2025, the Company completed the acquisition of 98.6% of the issued and outstanding shares of Antev, a company incorporated under the laws of England and Wales.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's registered and head office is located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario M5X 1A4, Canada.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We lease U.S. office space in Conshohocken, Pennsylvania to operate the businesses of our U.S. subsidiaries, Medicus Pharma Inc. and SkinJect, Inc. We also lease office space in Weybridge, U.K. to operate the business of our subsidiary Antev.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our website address is www.medicuspharma.com. Information contained on our website is not incorporated by reference into this prospectus supplement, and you should not consider information contained on our website to be part of this prospectus supplement or in deciding whether to purchase our securities.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Recent Developments</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On October 22, 2025, the Company announced the enrollment of the first patient in the SKNJCT-004 phase 2 clinical study, to non-invasively treat basal cell carcinoma ("BCC") of the skin.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On October 29, 2025, the Company announced a strategic collaboration with the Gorlin Syndrome Alliance ("GSA") to advance compassionate access to SkinJect&#8482; for patients suffering from Gorlin Syndrome, also known as nevoid basal cell carcinoma syndrome. Under the collaboration, the Company and the GSA will jointly pursue the Expanded Access IND Program with the FDA to allow patients with multiple, recurrent, or inoperable BCCs to access SkinJect&#8482; under physician-supervised treatment protocols.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On November 13, 2025, the Company announced that it has received full regulatory and ethical approvals in the United Kingdom to expand its ongoing Phase 2 clinical study (SKNJCT-003) evaluating D-MNA to non-invasively treat BCC.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On November 17, 2025, the Company announced that it has submitted an FDA commissioner's national priority voucher application on behalf of (SKNJCT-003) D-MNA to non-invasively treat BCC of the skin.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Effective on November 28, 2025, James Quinlan, Chief Financial Officer of the Company, resigned as an officer and an employee of the Company. Mr. Quinlan had been on a medical leave of absence since September 12, 2025. Effective on December 1, 2025, Carolyn Bonner, President of the Company as well as Acting Chief Financial Officer of the Company since September 12, 2025 in Mr. Quinlan's absence, was appointed as Chief Financial Officer of the Company. Ms. Bonner will also continue to serve as President of the Company, a role she has held since September 2023.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 5, 2025, we entered into a warrant inducement agreement with&#160; an institutional investor (the "Warrant Inducement Agreement"), pursuant to which the investor agreed to exercise existing warrants to purchase up to 2,680,000 of the Company's common shares issued on July 14, 2025 with an amended exercise price of $1.92 per Common Share, in consideration for receiving 4,020,000 warrants to purchase common shares with an exercise price of $2.00. In accordance with the Warrant Inducement Agreement, the investor exercised its existing warrants for cash, for gross proceeds of approximately $5.1 million to the Company.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 15, 2025, the Company announced that its Phase 2 clinical study (SKNJCT-003) evaluating safety and efficacy of D-MNA to non-invasively treat nodular BCC of the skin, has successfully completed enrolment of ninety (90) patients in the United States.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 22, 2025, the Company announced that it has entered into&#160;a non-binding letter of intent with&#160;Reliant AI Inc., a decision-intelligence company for the life sciences, specializing in generative AI, to collaborate on the development of an artificial-intelligence-powered data analytics platform designed to support clinical trial execution through data-driven insights.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Implications of Being an Emerging Growth Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an "emerging growth company" as that term is defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company we expect to take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies. These reduced reporting requirements include, but are not limited to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley Act");<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or shareholder approval of any golden parachute arrangements.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. As an emerging growth company, we intend to take advantage of an extended transition period for complying with new or revised accounting standards as permitted by the JOBS Act. We have elected to take advantage of certain of the reduced disclosure obligations in this prospectus supplement and in the registration statement of which this prospectus supplement is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information in this prospectus supplement and that we provide to our shareholders in the future may be different than what you might receive from other public reporting companies in which you hold equity interests.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Implications of Being a Smaller Reporting Company</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additionally, we are a "smaller reporting company," meaning that the market value of our common shares held by non-affiliates plus the proposed aggregate amount of gross proceeds to us as a result of this transaction is less than $700 million and our annual revenue is less than $100 million during the most recently completed fiscal year. As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not smaller reporting companies, including, but not limited to, reduced disclosure obligations regarding executive compensation. We may continue to be a smaller reporting company as long as either (i) the market value of our common shares held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common shares held by non-affiliates is less than $700 million.</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>THE OFFERING</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: bottom;"><b>Common shares to be offered by </b><br><b>us pursuant to this prospectus</b> <b>supplement</b></td>
            <td style="width: 75%; vertical-align: bottom;"><br>Approximately 9,839,535 common shares having an aggregate offering price of up to $15,349,674.</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Common shares outstanding after</b><br><b>this offering</b><sup><b>(1)</b></sup></td>
            <td style="width: 75%;">
                <p style="margin-top: 10pt; margin-bottom: 10pt;">Approximately 34,953,679 common shares, assuming sales of approximately 9,839,535 common shares at a price of $1.56 per share, which was the closing price of our common shares on the Nasdaq on December 22, 2025. The actual number of common shares issued will vary depending on the sales price under this offering.</p>
            </td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Market for common shares</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">Our common shares are listed on the Nasdaq under the symbol "MDCX."</td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Manner of offering</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">Sales of our common shares, if any, will be made pursuant to the terms of the sales agreement between us and the Agents. Sales of the shares will be made in sales deemed to be &#8220;at-the-market&#8221; equity offerings as defined in Rule 415 promulgated under the Securities Act. The Agents will act as sales agents and will use commercially reasonable efforts to sell on our behalf all of the common shares requested to be sold by us, consistent with their normal trading and sales practices. See &#8220;Plan of Distribution.&#8221;</td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Use of proceeds</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">We plan to use the net proceeds from this offering, if any, for development of the Products and general corporate purposes. See "Use of Proceeds."</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Risk factors</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">See "Risk Factors" beginning on page S-12 of this prospectus supplement, as well as the other information included in or incorporated by reference in this prospectus supplement, for a discussion of risks you should carefully consider before investing in our securities.</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; padding-right: 15pt; vertical-align: top;"><b>Exclusive sales agents</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 75%;">Maxim Group LLC and Yorkville Securities, LLC are acting as the exclusive sales agents in connection with this offering.</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1) The number of common shares that will be outstanding after this offering is based on 25,114,144 common shares outstanding as of December 22, 2025, and assumes no exercise of our outstanding options or warrants, or any additional sales of common shares under our Standby Equity Purchase Agreement, dated as of February 10, 2025, by and between YA II PN, Ltd., an affiliate of Yorkville (&#8220;YA&#8221;), and the Company (the &#8220;SEPA&#8221;).</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>RISK FACTORS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Before you make a decision to invest in our securities, you should consider carefully the risks described below, together with other information in this prospectus supplement</i> <i>and the information incorporated by reference herein, including any risk factors contained in our Annual Report, Quarterly Reports on Form 10-Q and other reports filed with the SEC. If any of the following events actually occur, our business, operating results, prospects or financial condition could be materially and adversely affected. This could cause the trading price of our common shares to decline and you may lose all or part of your investment. The risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also significantly impair our business operations and could result in a complete loss of your investment.</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Risks Related to this Offering and to our Common Shares</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">While we intend to use the net proceeds of the offering for the development of the Products and for general corporate purposes, our management will have flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>Sales of a significant number of our common shares in the public markets, or the perception that such sales could occur, could depress the market price of our common shares.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Pursuant to the SEPA, YA may sell up to $15 million of our common shares. In addition, subject to compliance with applicable securities laws, our officers, directors and significant shareholders may sell some or all of their common shares in the future. In addition, subject to compliance with applicable securities laws, our officers, directors and significant shareholders may sell some or all of their common shares in the future. Sales of a substantial number of our common shares in the public markets could depress the market price of our common shares and impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect that future sales of our common shares would have on the market price of our common shares.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>You may experience immediate and substantial dilution in the book value per share of the common shares you purchase in the offering.</b></i></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">The shares sold in this offering, if any, will be sold from time to time at various prices. The offering price per share in this offering may exceed the net tangible book value per share of our common shares outstanding prior to this offering. For illustrative purposes, assuming that an aggregate of 9,839,535 common shares are sold at a price of $1.56 per share, the last reported sale price of our common shares on Nasdaq on December 22, 2025, for aggregate gross proceeds of approximately $15,349,674, you will experience immediate dilution of approximately $1.00 per share, representing the difference between our net tangible book value per share as of September 30, 2025, and our pro forma net tangible book value per share after giving effect to this offering at the assumed offering price. See the section entitled &#8220;Dilution&#8221; below for a more detailed illustration of the dilution you would incur if you participate in this offering.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>The common shares offered hereby will be sold in "at the market" offerings, and investors who buy shares at different times will likely pay different prices.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of common shares sold, if any, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.</p>
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    </div>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>The actual number of common shares we will issue under the sales agreement and the gross proceeds resulting from those sales, at any one time or in total, is uncertain.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Subject to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to request the Agents to sell on our behalf common shares at any time throughout the term of the sales agreement, and each Agent will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares. The number of shares that are sold by the Agents after we request that sales be made will fluctuate based on the market price of our common shares during the sales period and limits we set with the Agents. Because the price per share of our common shares sold will fluctuate based on the market price of our common shares during the sales period, it is not possible to predict the number of common shares that will ultimately be issued by us under the sales agreement or the amount of gross proceeds to be raised in connection with those sales. In addition, investors may experience a decline in the value of the shares they purchase in this offering as a result of sales made at prices lower than the prices they paid.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>Our shareholders may experience substantial dilution in the value of their investment if we issue additional shares of our capital stock.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To raise additional capital, we may in the future sell additional common shares or other securities convertible into or exchangeable for our common shares at prices that are lower than the prices paid by existing shareholders, and investors purchasing shares or other securities in the future could have rights superior to existing shareholders, which could result in substantial dilution to the interests of existing shareholders. In addition, to the extent that outstanding warrants or options are exercised, new options or other equity awards are issued under our equity incentive plan, or we issue additional shares in the future, including pursuant to our SEPA, shareholders may experience further dilution.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>We have in the past, and may in the future, issue debt and equity securities or securities convertible into equity securities, any of which may be senior to our common shares as to distributions and in liquidation, which could negatively affect the value of our common shares.</b></i></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We have in the past, and may in the future as well,&#160; attempt to increase our capital resources by entering into debt or debt-like financing that is unsecured or secured by up to all of our assets, or by issuing additional debt or equity securities, which could include issuances of secured or unsecured commercial paper, medium-term notes, senior notes, subordinated notes, guarantees, preferred shares, hybrid securities, or securities convertible into or exchangeable for equity securities. In the event of our liquidation, our lenders and holders of our debt and preferred securities would receive distributions of our available assets before distributions to the holders of our common shares. Because our decision to incur debt and issue securities in future offerings may be influenced by market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings or debt financings. Further, market conditions could require us to accept less favorable terms for the issuance of our securities in the future.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If our common shares are delisted, market liquidity for our common shares could be severely affected and our shareholders' ability to sell their our common shares could be limited. A delisting of our common shares from Nasdaq would negatively affect the value of our common shares. A delisting of our common shares could also adversely affect our ability to obtain financing for our operations and could result in the loss of confidence in our Company.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i><b>We have no history of paying, and do not intend to pay, dividends on our common shares, so any returns will be substantially limited to the value of our common shares.</b></i></p>
    <div id="footer_page_44">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_45"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To date, we have not paid any dividends on our outstanding common shares. We currently intend to retain future earnings to finance the operation, development and expansion of our business. We do not anticipate paying cash dividends on our common shares in the foreseeable future. Any decision to pay dividends on our shares will be made at the discretion of our board of directors and will depend on our earnings, financial requirements and other conditions existing at such time. In addition, our ability to pay dividends is, and may in the future be, limited by our indebtedness and by covenants of any current or future indebtedness we incur. As a result, you may not receive any return on an investment in our common shares unless you sell our common shares for a price greater than that which you paid for it.</p>
    <div id="footer_page_45">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-14</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_46"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>USE OF PROCEEDS</b></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">We may offer and sell our common shares having aggregate sales proceeds of up to $15,349,674 from time to time. The amount of proceeds we receive, if any, will depend on the actual number of common shares sold and the market price at which such shares are sold. There can be no assurance that we will be able to sell any shares or fully utilize the sales agreement with the Agents as a source of financing. Because there is no minimum offering amount required as a condition to close this offering, the net proceeds to us, if any, are not determinable at this time.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We currently intend to use the net proceeds from this offering, if any, primarily for the development of the Products and for general corporate purposes. We may also use a portion of the net proceeds to invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans, commitments or agreements with respect to any acquisitions as of the date of this prospectus supplement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We have broad discretion in determining how the proceeds of this offering will be used, and our discretion is not limited by the aforementioned possible uses. Our board of directors believes the flexibility in application of the net proceeds is prudent. See the section entitled "Risk Factors-Risks Related to this Offering and to our Common Shares-Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree."</p>
    <div id="footer_page_46">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_47"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>DESCRIPTION OF COMMON SHARES</b></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Pursuant to this prospectus supplement, the Company is offering approximately 9,839,535 common shares. For information relating to the material terms of the Company&#8217;s common shares, please see "<i>Description of Share Capital</i>" contained in Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 28, 2025.</p>
    <div id="footer_page_47">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-16</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_48"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>DILUTION</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Investors purchasing our common shares in this offering will experience immediate dilution in the net tangible book value of their common shares. Our net tangible book value as of September 30, 2025 was approximately ($0.80 million), or ($0.038) per common share. We calculate net tangible book value per common share by dividing our net tangible book value, which is total tangible assets less total liabilities, by the number of our outstanding common shares. Dilution in net tangible book value per common share represents the difference between the amount per common share paid by purchasers of common shares in this offering and the as adjusted net tangible book value per common share immediately after giving effect to this offering.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">After giving further effect to the exercise of certain existing warrants pursuant to the Warrant Inducement Agreement and the sale by us of our common shares in the aggregate gross amount of up to $15,349,674 in this offering at an assumed offering price of $1.56 per common share, the closing price of our common shares on Nasdaq on December 22, 2025, our pro forma as adjusted net tangible book value as of September 30, 2025 would have been approximately $19.6 million, or $0.56 per common share. This represents an immediate increase in pro forma as adjusted net tangible book value of approximately $0.60 per common share to existing shareholders and results in immediate dilution in net tangible book value of approximately $1.00 per common share to investors purchasing our common shares in this offering. The following table illustrates this calculation on a per common share basis:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Assumed public offering price per common share for this offering</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; background-color: #e6efff;">1.56</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Historical net tangible book value per common share as of September 30, 2025</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">(0.04</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Pro forma increase per common share attributable to the pro forma adjustments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">0.21</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Pro forma net tangible book value per common share after the pro forma adjustments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">0.17</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Increase in pro forma as adjusted net tangible book value per share after this offering</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">0.60</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Pro forma as adjusted net tangible book value per common share as of September 30, 2025, after giving effect to this offering&#160; &#160; &#160; &#160; &#160; &#160; &#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">0.56</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Dilution per common share to new investors</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1.00</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The foregoing table does not take into account dilution to new investors that could occur upon the exercise of outstanding options and warrants having a per share exercise price less than the assumed public offering price in this offering or common shares issued after September 30, 2025, including common shares issuable under the SEPA.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The foregoing table is based on 34,953,679 common shares outstanding as of December 22, 2025, and, excludes, as of that date, the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">1,857,500 common shares issuable upon the exercise of outstanding options under the Medicus Pharma Ltd. Equity Incentive Plan, as amended (the "Incentive Plan"), having a weighted average exercise price of $2.17 per share;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">3,495,679 common shares available for future issuance under the Incentive Plan;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">985,595 common shares issuable upon the exercise of the Company's Public Warrants, issued by the Company on November 14, 2024, at an exercise price of $4.64 per share;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">16,200 common shares issuable upon the exercise of the Company's Regulation A Warrants, issued by the Company on March 10, 2025, at an exercise price of $2.80 per share;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">2,260,000 common shares issuable upon the exercise of the Company's June 2030 Warrants, issued by the Company on June 2, 2025, at an exercise price of $3.10 per share; and</li>
    </ul>
    <div id="footer_page_48">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-17</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_49"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">4,020,000 common shares issuable upon the exercise of the Company's Private Warrants, issued by the Company on December 10, 2025, at an exercise price of $2.00 per share.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To the extent that any outstanding warrants or options are exercised, new options or other equity awards are issued under our equity incentive plan, or we issue additional common shares in the future, there will be further dilution to new investors participating in this offering. In addition, we may choose to raise additional capital due to market conditions or strategic considerations. To the extent that additional capital is raised through the sale of securities, the issuance of those securities could result in further dilution to our shareholders.</p>
    <div id="footer_page_49">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-18</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_50"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PLAN OF DISTRIBUTION</b></p>
    <p style="text-align: justify; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt;">We have entered into the sales agreement, dated as of December 29, 2025, with the Agents under which we may issue and sell our common shares having an aggregate offering price of up to $15,349,674 from time to time through the Agents acting as our sales agents. In no event will the actual number of common shares offered and sold by us pursuant to the sales agreement exceed the number of shares that we have available and authorized for issuance under our certificate of incorporation.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The sales agreement provides that sales of our common shares, if any, under this prospectus supplement may be made in sales deemed to be &#8220;at-the-market&#8221; equity offerings as defined in Rule 415(a)(4) promulgated under the Securities Act including sales made directly on or through Nasdaq, the existing trading market for our common shares, or any other existing trading market in the Unites States for our common shares, sales made to or through a market maker other than on an exchange or otherwise, directly to an Agent as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Agents will offer our common shares at prevailing market prices subject to the terms and conditions of the sales agreement as agreed upon by us and the Agents. We will designate the number of shares which we desire to sell, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in one day and any minimum price below which sales may not be made. Subject to the terms and conditions of the sales agreement, each Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws and regulations to sell on our behalf all of the shares requested to be sold by us. We or the Agents may suspend the offering of the common shares being made through the Agents under the sales agreement at any time upon proper notice to the other party.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Settlement for sales of common shares will occur on the first trading day, or such other settlement cycle as may be in effect under Exchange Act Rule 15c6-1 from time to time, following the date on which any sales are made, in return for payment of the net proceeds to us. Sales of our common shares as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and the Agents may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We will pay the Agents a cash commission of 3.0% of the gross sales price of our common shares that the Agents sell pursuant to the sales agreement. Because there is no minimum offering amount required as a condition to this offering, the actual total offering amount, commissions and proceeds to us, if any, are not determinable at this time. Pursuant to the terms of the sales agreement, we agreed to reimburse the Agents for reasonable and documented fees and expenses (including in respect of the Agents&#8217; counsel) in an amount up to $40,000. In addition, we have agreed to reimburse the Agents for their one counsel&#8217;s legal fees in an amount of up to a maximum of $2,500 per Representation Date (as defined in the sales agreement) in connection with ongoing diligence arising from the transactions contemplated by the sales agreement. We will report at least quarterly the number of common shares sold through the Agents under the sales agreement, the net proceeds to us and the compensation paid by us to the Agents in connection with the sales of our common shares.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In connection with the sales of our common shares on our behalf, the Agents will be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act, and the compensation paid to the Agents will be deemed to be underwriting commissions or discounts. We have agreed in the sales agreement to provide indemnification and contribution to the Agents against certain liabilities, including liabilities under the Securities Act.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The offering of our common shares pursuant to this prospectus supplement will terminate upon the earlier of the sale of all of the common shares provided for in this prospectus supplement or termination of the sales agreement as permitted therein.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To the extent required by Regulation M, the Agents will not engage in any market making activities involving our common shares while the offering is ongoing under this prospectus supplement.</p>
    <div id="footer_page_50">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-19</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_51"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Agents and certain of their respective affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. The Agents and such affiliates may in the future receive customary fees and expenses for these transactions. The Agents or their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This prospectus supplement may be made available in electronic format on a website maintained by any Agent, and the Agents may distribute this prospectus supplement electronically.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The foregoing does not purport to be a complete statement of the terms and conditions of the sales agreement. A copy of the sales agreement is included as an exhibit to the registration statement of which this prospectus supplement forms a part.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our common shares are listed on Nasdaq under the symbol "MDCX," and our Public Warrants are listed on Nasdaq under the symbol "MDCXW."</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Other than in the United States, no action has or will be been taken by us or the Agents that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful.</p>
    <div id="footer_page_51">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-20</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_52"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>LEGAL MATTERS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The validity of the issuance of the securities offered hereby and certain other legal matters as to Canadian law will be passed upon for us by Bennett Jones LLP, Toronto<b>, </b>Canada. Certain legal matters governed by U.S. law will be passed upon for us by Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, New York, New York.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>EXPERTS</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">No expert or counsel named in this prospectus supplement as having prepared or certified any part of this prospectus supplement or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the securities was employed on a contingency basis or had, or is to receive, in connection with the offering, a substantial interest, directly or indirectly, in the Company or its subsidiaries. Nor was any such person connected with the Company or any of its subsidiaries as a promoter, managing or principal underwriters, voting trustee, director, officer or employee.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The consolidated balance sheets of the Company and its subsidiaries as of December 31, 2024, and the related consolidated statements of operations and comprehensive loss, shareholders' equity, and cash flows for the year then ended, have been audited by EisnerAmper LLP, independent registered public accounting firm, as stated in their report which is incorporated by reference herein which report includes an explanatory paragraph about the existence of substantial doubt concerning the Company's ability to continue as a going concern. Such financial statements have been incorporated by reference herein in reliance on the report of such firm given upon their authority as experts in accounting and auditing.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The consolidated balance sheets of the Company and subsidiaries as of December 31, 2023, and the related consolidated statements of operations and comprehensive loss, shareholders' equity, and cash flows for the year then ended, have been audited by MNP LLP, independent registered public accounting firm, as stated in their report which is incorporated by reference herein.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>WHERE YOU CAN FIND MORE INFORMATION</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available on the SEC's website at http://www.sec.gov. We also make available free of charge on our website at <i>http://www.medicuspharma.com </i>all materials that we file electronically with the SEC.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As permitted by SEC rules, this prospectus supplement does not contain all of the information we have included in the registration statement and the accompanying exhibits and schedules we file with the SEC. You may refer to the registration statement, exhibits and schedules for more information about us and the securities. The registration statement, exhibits and schedules are available through the SEC's website.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>INFORMATION INCORPORATED BY REFERENCE</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In this prospectus supplement, we "incorporate by reference" certain information that is filed with the SEC, which means that we can disclose important information to you by referring you to that information. The information we incorporate by reference is an important part of this prospectus supplement, and later information that we file with the SEC will automatically update and supersede this information. The following documents have been filed by us with the SEC and are incorporated by reference into this prospectus supplement:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325006485/form10k.htm">March 28, 2025</a>, and the related Amendment to our Annual Report on Form 10-K, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008246/form10ka.htm">April 30, 2025</a>;</li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325009125/form10q.htm">May 12, 2025</a>;</li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325014058/form10q.htm">August 11, 2025</a>;</li>
    </ul>
    <div id="footer_page_52">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-21</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_53"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016838/form10q.htm">November 14, 2025</a>;<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">our Current Reports on Form 8-K, as filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325002033/form8k.htm">February 11, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325005105/form8k.htm">March 11, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325005954/form8k.htm">March 20, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016864/form8k.htm">March 25, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008086/form8k.htm">April 28, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325008436/form8k.htm">May 5, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325010687/form8k.htm">June 2, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325011051/form8k.htm">June 5, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325011991/form8k.htm">June 20, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012044/form8k.htm">June 23, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012231/form8k.htm">June 30, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012533/form8ka.htm">July 3, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325012767/form8k.htm">July 14, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013073/form8k.htm">July 23, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013266/form8k.htm">July 30, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325013468/form8k.htm">August 4, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325014806/form8k.htm">August 22, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015149/form8k.htm">September 2, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015601/form8k.htm">September 12, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325015700/form8k.htm">September 18, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016179/form8k.htm">October 17, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325016864/form8k.htm">November 14, 2025</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1997296/000106299325017085/form8k.htm">December 1, 2025</a> and <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0001997296/000106299325017219/form8k.htm">December 8, 2025</a>; and<br><br></li>
        <li style="margin-left: 45.6pt; padding-left: 8.4pt; text-align: justify;">the description of our securities contained in <a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325006485/exhibit4-1.htm"><u>Exhibit 4.1</u></a> to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 28, 2025, and any amendment or report filed for the purpose of updating such description.</li>
    </ul>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Additionally, all documents and reports that we file with the SEC (other than any portion of such filings that are furnished under applicable SEC rules rather than filed) under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") from the date of this prospectus supplement until the completion of the offering under this prospectus supplement shall be deemed to be incorporated in this prospectus supplement by reference. The information contained on or accessible through our website (http://www.medicuspharma.com) is not incorporated into this prospectus supplement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You may request a copy of these filings, other than an exhibit to these filings unless we have specifically included or incorporated that exhibit by reference into the filing, from the SEC as described under "Where You Can Find More Information" or, at no cost, by writing or telephoning the Company at the following address:</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">Medicus Pharma Ltd.<br>Attention: Corporate Secretary<br>300 Conshohocken State Rd., Suite 200</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">W. Conshohocken, PA 19428</p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;">madesso@medicuspharma.com</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">You should rely only on the information contained or incorporated by reference in this prospectus supplement. We have not authorized any person, including any salesman or broker, to provide information other than that provided in this prospectus supplement. We have not authorized anyone to provide you with different information. We do not take responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. We are not making an offer of the securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus supplement or any documents incorporated by reference is accurate as of any date other than the date of the applicable document.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus supplement will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus supplement modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.</p>
    <div id="footer_page_53">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-22</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_54"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p class="CenterSingle" style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>Up to $15,349,674</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="forms3xz001.jpg" style="width: 261px;" height="66"></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PROSPECTUS</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
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        <tr>
            <td style="text-align: center;"><font style="font-size: 12pt;"><b>Maxim Group LLC</b></font></td>
            <td style="text-align: center;"><font style="font-size: 12pt;"><b>Yorkville Securities</b></font></td>
        </tr>
    </table>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>, 2025</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <div id="footer_page_54">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">S-23</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_55"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>PART II</b><br><br><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Item 14. Other Expenses of Issuance and Distribution.</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following statement sets forth the expenses and costs expected to be incurred by the Company in connection with the distribution of its securities being registered in this registration statement.</p>
    <table style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">SEC registration fee</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">13,810</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">FINRA filing fee</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">15,500</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Transfer agent's fees and expenses</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Legal fees and expenses</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Accounting fees and expenses</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Trustee fees and expenses</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt; background-color: #e6efff;">Miscellaneous fees and expenses</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; text-align: right; background-color: #e6efff;">*</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 16.2pt; vertical-align: bottom; text-indent: -10.8pt;">Total</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; width: 12%; text-align: right;">*</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="margin-top: 10pt; margin-bottom: 10pt;">_____________________</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: top; width: 1%; padding-right: 10pt;">
                <p style="margin-left: 18pt; text-indent: -18pt; margin-top: 0pt; margin-bottom: 0pt;">*</p>
            </td>
            <td style="vertical-align: top;">
                <p style="margin-top: 0pt; margin-bottom: 0pt;">Estimated expenses are not presently known. The foregoing sets forth the general categories of expenses that we anticipate we will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate expenses in connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement, information incorporated by reference or related free writing prospectus.</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Item 15. Indemnification of Directors and Officers.</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Under the Business Corporations Act (Ontario), or the OBCA, the registrant may indemnify a present or former director or officer or a person who acts or acted at the registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by that individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the registrant or other entity; provided that the individual acted honestly and in good faith with a view to the best interests of the registrant or, as the case may be, to the best interests of such other entity and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that the individual's conduct was lawful. Such indemnification may be made in connection with a derivative action only with court approval. An individual is entitled to indemnification from the registrant as a matter of right if the individual was not judged by a court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done and the individual fulfilled the conditions set forth above. Under the OBCA, the registrant may advance money to a director, officer or other individual for the costs, charges and expenses of a proceeding referred to above, but the individual must repay the money if the individual does not fulfil the conditions set forth above.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In accordance with and subject to the OBCA, the by-laws of the registrant provide for indemnification of a director or officer of the registrant, a former director or officer of the registrant, or a person who acts or acted at the registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, and his heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the registrant or other entity, if he acted honestly and in good faith with a view to the best interests of the registrant or, as the case may be, to the best interests of the other entity for which he acted as a director or officer or in a similar capacity at the registrant's request.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The directors and officers of the registrant are covered by directors' and officers' insurance policies.</p>
    <div id="footer_page_55">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-1</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Item 16. Exhibits.</b></p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 10%;"><b>Exhibit <br>No.</b></td>
            <td style="padding: 4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #808080; text-align: center; white-space: nowrap;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="exhibit1-1.htm">1.1&#945;#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="exhibit1-1.htm">Equity Distribution Agreement, dated as December 29, 2025, among Medicus Pharma Ltd., Maxim Group LLC and Yorkville Securities, LLC</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-1.htm">2.1#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-1.htm">Amended and Restated Business Combination Agreement, dated May 12, 2023, by and among the Registrant, RBx Capital LP, SkinJect, Inc. and the Shareholders of SkinJect, Inc. (incorporated by reference from Exhibit 2.1 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-2.htm">2.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-2.htm">Amendment No. 1 to Amended and Restated Business Combination Agreement, dated May 18, 2023, by and among the Registrant, RBx Capital LP, SkinJect, Inc. and the Shareholders of SkinJect, Inc. (incorporated by reference from Exhibit 2.2 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-3.htm">2.3</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit2-3.htm">Amendment No. 2 to Amended and Restated Business Combination Agreement, dated August 29, 2023, by and among the Registrant, RBx Capital LP, SkinJect, Inc. and the Shareholders of SkinJect, Inc. (incorporated by reference from Exhibit 2.3 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012533/exhibit2-1.htm">2.4*#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012533/exhibit2-1.htm">Share Exchange Agreement, dated June 29, 2025, by and between Medicus Pharma Ltd., Antev Limited and each of the securityholders of Antev Limited party thereto (incorporated by reference from Exhibit 2.1 to Amendment No. 1 to the Registrant's Current Report on Form 8-K, filed with the SEC on July 3, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015149/exhibit2-1.htm">2.5*#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015149/exhibit2-1.htm">Deed of Variation, dated August 1, 2025, relating to that certain Securities Exchange Agreement, dated June 29, 2025, by and between Antev Limited, the Antev Vendors' Representatives and Medicus Pharma Ltd. (incorporated by reference from Exhibit 2.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 2, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015149/exhibit2-2.htm">2.6*#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015149/exhibit2-2.htm">Further Deed of Variation, dated August 15, 2025, relating to that certain Securities Exchange Agreement, dated June 29, 2025, by and between Antev Limited, the Antev Vendors' Representatives and Medicus Pharma Ltd. (incorporated by reference from Exhibit 2.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 2, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit3-1.htm">3.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit3-1.htm">Articles of Incorporation of Medicus Pharma Ltd. (incorporated by reference from Exhibit 3.1 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; width: 10%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit3-2.htm">3.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit3-2.htm">Articles of Amendment of Medicus Pharma Ltd., effective as of September 29, 2023 (incorporated by reference from Exhibit 3.2 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_56">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_57"></a><br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 10%;"><b>Exhibit <br>No.</b></td>
            <td style="padding: 4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #808080; text-align: center; white-space: nowrap; width: 89.9093%;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324018057/exhibit3-4.htm">3.3</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324018057/exhibit3-4.htm">Articles of Amendment of Medicus Pharma Ltd., effective as of October 28, 2024 (incorporated by reference from Exhibit 3.4 to the Registrant's Registration Statement on Form F-1, filed with the SEC on October 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit3-2.htm">3.4</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit3-2.htm">Articles of Amendment of Medicus Pharma Ltd., effective as of August 8, 2025 (incorporated by reference from Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on August 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit3-1.htm">3.5</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit3-1.htm">Bylaws of Medicus Pharma Ltd. (incorporated by reference from Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on August 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324019277/exhibit99-3.htm">4.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324019277/exhibit99-3.htm">Warrant Agency Agreement, dated November 15, 2024 by and between Medicus Pharma Ltd. and Odyssey Transfer and Trust Company, as warrant agent (incorporated by reference from Exhibit 99.3 to the Registrant's Form 6-K, furnished to the SEC on November 18, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324019277/exhibit99-4.htm">4.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324019277/exhibit99-4.htm">Public Warrant (incorporated by reference from Exhibit 99.4 to the Registrant's Form 6-K, furnished to the SEC on November 18, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325005105/exhibit4-2.htm">4.3</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325005105/exhibit4-2.htm">Regulation A Warrant (incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on March 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325005105/exhibit4-3.htm">4.4</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325005105/exhibit4-3.htm">Warrant Agency Agreement, dated March 10, 2025, by and between the Registrant and Odyssey Transfer and Trust Company, as Warrant Agent (incorporated by reference from Exhibit 4.3 to the Registrant's Current Report on Form 8-K, filed with the SEC on March 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010394/exhibit4-8.htm">4.5</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010394/exhibit4-8.htm">Form of Subscription Agreement (incorporated by reference from Exhibit 4.8 to the Company's Registration Statement on Form S-1, filed with the SEC on May 27, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010687/exhibit4-2.htm">4.6*</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010687/exhibit4-2.htm">June 2030 Warrant (incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on June 2, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010687/exhibit4-3.htm">4.7*#</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325010687/exhibit4-3.htm">Warrant Agency Agreement, dated June 2, 2025, by and between Medicus Pharma Ltd. and Odyssey Transfer and Trust Company, as warrant agent (incorporated by reference from Exhibit 4.3 to the Registrant's Current Report on Form 8-K, filed with the SEC on June 2, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012767/exhibit4-1.htm">4.8</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012767/exhibit4-1.htm">Form of Private Warrant (incorporated by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on July 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit4-1.htm">4.9</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit4-1.htm">Debenture (incorporated by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 18, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; width: 10%; text-align: center; border-bottom: 0.75pt solid #000000;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit4-1.htm">4.10</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit4-1.htm">Form of Series C Private Warrant (incorporated by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 8, 2025)</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_57">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_58"></a><br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; width: 10%;"><b>Exhibit <br>No.</b></td>
            <td style="padding: 4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #808080; text-align: center; white-space: nowrap; width: 89.9093%;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit4-2.htm">4.11</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit4-2.htm">Form of Series D Private Warrant (incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 8, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;">4.12&amp;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;">Form of Certificate of Designations, Rights and Preferences of Preferred Shares</td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;">4.13&amp;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;">Form of Warrant and Warrant Agreement for Common Shares</td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;">4.14&amp;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;">Form of Warrant and Warrant Agreement for Preferred Shares</td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;">4.15&amp;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;">Form of Unit Agreement</td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;">4.16&amp;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;">Form of Subscription Rights Agreement (including form of Subscription Rights Certificate)</td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="exhibit5-1.htm">5.1&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="exhibit5-1.htm">Opinion of Bennett Jones LLP</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="exhibit5-2.htm">5.2&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="exhibit5-2.htm">Opinion of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-1.htm">10.1&#8224;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-1.htm">Exclusive License Agreement, dated April 29, 2016, by and between the University of Pittsburgh - Of the Commonwealth System of Higher Education and SkinJect, Inc. (incorporated by reference from Exhibit 10.1 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; width: 10%; text-align: center; border-bottom: 0.75pt solid #000000;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-2.htm">10.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-2.htm">First Amendment to Exclusive License Agreement, dated February 26, 2020, by and between the University of Pittsburgh - Of the Commonwealth System of Higher Education and SkinJect, Inc. (incorporated by reference from Exhibit 10.2 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_58">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_59"></a><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-width: 0.75pt; border-style: solid; border-color: #000000 #808080 #000000 #000000; text-align: center; white-space: nowrap; width: 10%;"><b>Exhibit <br>No.</b></td>
            <td style="padding: 4pt; vertical-align: bottom; border-width: 0.75pt; border-style: solid; border-color: #000000 #000000 #000000 #808080; text-align: center; white-space: nowrap; width: 89.9093%;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #000000 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-3.htm">10.3</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #000000 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-3.htm">Second Amendment to Exclusive License Agreement, dated April 23, 2024, by and between the University of Pittsburgh - Of the Commonwealth System of Higher Education and Medicus Pharma Ltd. (incorporated by reference from Exhibit 6.3 to the Registrant's Offering Statement on Form 1-A, filed with the SEC on February 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-4.htm">10.4&#8224;</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324011392/exhibit10-4.htm">Clinical Trial Agreement, dated December 3, 2021, by and between SkinJect, Inc., The Trustees of Columbia University in the City of New York, the New York and Presbyterian Hospital and Faramarz Samie, M.D. (incorporated by reference from Exhibit 10.4 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325016840/exhibit4-6.htm">10.5+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325016840/exhibit4-6.htm">Medicus Pharma Ltd. Equity Incentive Plan (as amended) (incorporated by reference from Exhibit 4.6 to the Registrant's Registration Statement on Form S-8, filed with the SEC on November 14, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-6.htm">10.6+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-6.htm">Amended and Restated Employment Agreement, dated December 2, 2024, by and between Medicus Pharma Ltd. and James P Quinlan (incorporated by reference from Exhibit 6.6 to the Registrant's Offering Statement on Form 1-A, filed with the SEC on February 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-7.htm">10.7+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-7.htm">Employment Agreement, dated November 14, 2024, by and between Medicus Pharma Ltd. and Faisal Mehmud (incorporated by reference from Exhibit 6.7 to the Registrant's Offering Statement on Form 1-A, filed with the SEC on February 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-8.htm">10.8+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002383/exhibit6-8.htm">Amended and Restated Employment Agreement, dated December 2, 2024, by and between Medicus Pharma Ltd. and Edward Brennan (incorporated by reference from Exhibit 6.8 to the Registrant's Offering Statement on Form 1-A, filed with the SEC on February 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324013814/exhibit10-9.htm">10.9+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299324013814/exhibit10-9.htm">Management Agreement, dated October 18, 2023, by and between Medicus Pharma Ltd. and RBx Capital, LP (incorporated by reference from Exhibit 10.9 to the Registrant's Registration Statement on Form F-1, filed with the SEC on May 29, 2024)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002033/exhibit1-1.htm">10.10</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325002033/exhibit1-1.htm">Standby Equity Purchase Agreement, dated as of February 10, 2025, by and between Medicus Pharma Ltd. and YA II PN, LTD. (incorporated by reference from Exhibit 1.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on February 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012767/exhibit10-1.htm">10.11</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325012767/exhibit10-1.htm">Form of Warrant Inducement Agreement (incorporated by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on July 14, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit10-3.htm">10.12+</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325014058/exhibit10-3.htm">Employment Agreement, dated June 13, 2025, by and between Medicus Pharma Ltd. and Andrew Smith (incorporated by reference from Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on August 11, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit10-1.htm">10.13</a></td>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #000000 #000000 #808080; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit10-1.htm">Securities Purchase Agreement, by and between Medicus Pharma Ltd. and YA II PN, Ltd., dated September 17, 2025 (incorporated by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 18, 2025).</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit10-2.htm">10.14</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325015700/exhibit10-2.htm">Global Guaranty Agreement, by and among the subsidiaries of Medicus Pharma Ltd. set forth in Schedule I thereto, dated September 17, 2025 (incorporated by reference from Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on September 18, 2025).</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000; width: 10%; text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit10-1.htm">10.15</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="http://www.sec.gov/Archives/edgar/data/1997296/000106299325017219/exhibit10-1.htm">Form of Warrant Inducement Agreement (incorporated by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on December 8, 2025)</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000; width: 10%; text-align: center;"><a href="exhibit23-1.htm">23.1&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="exhibit23-1.htm">Consent of EisnerAmper LLP</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000; width: 10%; text-align: center;"><a href="exhibit23-2.htm">23.2&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="exhibit23-2.htm">Consent of MNP LLP</a></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-width: 0.75pt; border-style: solid; border-color: #808080 #808080 #000000; width: 10%; text-align: center;"><a href="exhibit5-1.htm">23.3&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify; width: 89.9093%;"><a href="exhibit5-1.htm">Consent of Bennett Jones LLP (included in Exhibit 5.1)</a></td>
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    </table>
    <br>
    <div id="footer_page_59">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_60"></a><br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 4pt; vertical-align: bottom; border-width: 0.75pt; border-style: solid; border-color: #000000 #808080 #000000 #000000; text-align: center; white-space: nowrap; width: 10%;"><b>Exhibit <br>No.</b></td>
            <td style="padding: 4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #808080; text-align: center; white-space: nowrap; width: 89.9093%; border-top: 0.75pt solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="padding: 4pt; vertical-align: top; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #808080; text-align: center; width: 10%;"><a href="exhibit5-2.htm">23.4&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; width: 89.9093%; text-align: justify;"><a href="exhibit5-2.htm">Consent of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP (included in Exhibit 5.2)</a></td>
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        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; border-bottom: 0.75pt solid #808080; text-align: center; width: 10%;"><a href="#page_64">24.1&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; width: 89.9093%; text-align: justify;"><a href="#page_64">Powers of Attorney (included in the signature page to this Registration Statement)</a></td>
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        <tr>
            <td style="padding: 4pt; vertical-align: top; border-top: 0.75pt solid #808080; border-right: 0.75pt solid #808080; text-align: center; width: 10%;"><a href="exhibitfilingfees.htm">107&#945;</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 4pt; border-bottom: 0.75pt solid #000000; width: 89.9093%; text-align: justify;"><a href="exhibitfilingfees.htm">Filing fee table</a></td>
        </tr>
    </table>
    <p style="text-align: justify; margin-bottom: 0pt; margin-top: 10pt;">_______________</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;">&#945;<font style="width: 12.76pt; text-indent: 0pt; display: inline-block;">&#160;</font>Filed herewith.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">+<font style="width: 12.36pt; text-indent: 0pt; display: inline-block;">&#160;</font>Indicates a management contract or compensatory plan.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&amp;<font style="width: 10.22pt; text-indent: 0pt; display: inline-block;">&#160;</font>To be filed with a Current Report on Form 8-K or a Post-Effective Amendment to the registration statement.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">*<font style="width: 13pt; text-indent: 0pt; display: inline-block;">&#160;</font>Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company hereby undertakes to furnish supplementally copies of any of the omitted schedules upon request by the SEC.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">#<font style="width: 13pt; text-indent: 0pt; display: inline-block;">&#160;</font>Schedules and certain other private or confidential information (as indicated therein) have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally copies of any of the omitted schedules upon request by the SEC.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8224;<font style="width: 13pt; text-indent: 0pt; display: inline-block;">&#160;</font>Certain private or confidential information (as indicated therein) have been redacted pursuant to Item 601(a)(6) of Regulation S-K.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Item 17. Undertakings.</b></p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(a)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>The undersigned Registrant hereby undertakes:</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>
    <p style="margin-left: 144pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>To include any prospectus required by Section 10(a) (3) of the Securities Act of 1933, as amended;</p>
    <p style="margin-left: 144pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee" table in the effective registration statement.</p>
    <div id="footer_page_60">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">II-6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_61"></a>
    <p style="margin-left: 144pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(iii)<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>provided, however,</i> that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(2)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(3)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(4)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:</p>
    <p style="margin-left: 144pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 40%;">&#160;</td>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>AUTHORIZED REPRESENTATIVE</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Pursuant to the requirements of Section 6(a) of the Securities Act, the undersigned has signed this registration statement solely in the capacity of the duly authorized representative of Medicus Pharma Ltd. in the United States on December 29, 2025.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</p>
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            <td style="vertical-align: top; width: 1%;" colspan="2"><b>MEDICUS PHARMA, INC.</b></td>
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            <td style="vertical-align: top; text-align: right; width: 50%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; text-align: right;">By:&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 49%; border-bottom: 0.75pt solid #000000;">/s/ Raza Bokhari</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">&#160;</td>
            <td style="vertical-align: top; width: 49%;">Name:<font style="width: 9.34pt; display: inline-block;">&#160;</font>Dr. Raza Bokhari<br>Title:<font style="width: 14.34pt; display: inline-block;">&#160;</font>Chief Executive Officer</td>
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<DOCUMENT>
<TYPE>EX-1.1
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    <title>Medicus Pharma Ltd.: Exhibit 1.1 - Filed by newsfilecorp.com</title>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>MEDICUS PHARMA LTD.</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>Up to $15,349,674 of Common Shares</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><b>EQUITY DISTRIBUTION AGREEMENT</b></u></p>
    <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;">December 29, 2025</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Maxim Group LLC<br>300 Park Avenue, 16<sup>th</sup> Floor<br>New York, New York 10022</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Yorkville Securities, LLC<br>1012 Springfield Avenue<br>Mountainside, NJ 07092</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Ladies and Gentlemen:</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Medicus Pharma Ltd., a corporation organized under the laws of Ontario, Canada (the "<i><b>Company</b></i>"), proposes to issue and sell through Maxim Group LLC ("<i><b>Maxim</b></i>")&#160; and Yorkville Securities, LLC ("<i><b>Yorkville Securities</b></i>" and, each of Maxim and Yorkville Securities being individually and collectively referred to herein as the "<i><b>Agent</b></i>"), as sales agents, common shares of the Company, no par value (the "<i><b>Common Shares</b></i>"), having an aggregate offering price of up to $15,349,674 of Common Shares (the Common Shares subject to this Equity Distribution Agreement (this "<i><b>Agreement</b></i>") being referred to herein as the "<i><b>Shares</b></i>") on terms set forth herein.&#160; The Shares consist entirely of authorized but unissued Common Shares to be issued and sold by the Company.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company hereby confirms its agreement with the Agents with respect to the sale of the Shares.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">1.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Representations and Warranties of the Company</b></i>.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company represents and warrants to, and agrees with, the Agents as follows:</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agents, as sales agents or principals, Shares; provided, however, that in no event shall the Company issue or sell through or to the Agents such number or dollar amount of Shares that would exceed the Maximum Amount (as defined below). The issuance and sale of the Shares through or to the Agents will be effected pursuant to a<b> </b>registration statement on Form S-3 filed or to be filed on or about the date hereof with the Securities and Exchange Commission (the "<i><b>Commission</b></i>"), under the Securities Act of 1933, as amended (the "<i><b>Securities Act of 1933</b></i>"), and the rules and regulations promulgated thereunder (the "<i><b>Rules and Regulations</b></i>" and collectively with the Securities Act of 1933, the "<i><b>Securities Act</b></i>").&#160; Except where the context otherwise requires, "<i><b>Registration Statement</b></i>," as used herein, means the registration statement on Form S-3 filed or to be filed on or about the date hereof by the Company with the Commission, as amended at the time of such registration statement's effectiveness for purposes of Section 11 of the Securities Act, as such section applies to the Agents, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Securities Act, to be part of the registration statement at such time, and (3) any registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act (the "<i><b>462(b) Registration Statement</b></i>").&#160; Except where the context otherwise requires, "<i><b>Base Prospectus</b></i>," as used herein, means the base prospectus filed or to be filed as part of the Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.&#160; Except where the context otherwise requires, "<i><b>Prospectus Supplement</b></i>," as used herein, means the most recent prospectus supplement to the Base Prospectus relating to the offering of the Shares pursuant to this Agreement, filed or to be filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement.&#160; Except where the context otherwise requires, "<i><b>Prospectus</b></i>," as used herein, means the Prospectus Supplement together with the Base Prospectus attached to or used with the Prospectus Supplement, as may be amended or supplemented from time to time.&#160; "<i><b>Permitted Free Writing Prospectus</b></i>," as used herein, means the documents, if any, listed on <u>Schedule A</u> attached hereto and, after the date hereof, any "issuer free writing prospectus" as defined in Rule 433 of the Securities Act, that is expressly agreed to by the Company and Maxim in writing to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 12 of Form S-3 (the "<i><b>Incorporated Documents</b></i>"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.&#160; For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b) Registration Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("<i><b>EDGAR</b></i>").&#160; All references in this Agreement to financial statements and schedules and other information which is "described," "contained," "included" or "stated" in the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be.&#160; Any reference herein to the terms "<i><b>amend</b></i>," "<i><b>amendment</b></i>" or "<i><b>supplement</b></i>" with respect to the Registration Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the "<i><b>Exchange Act</b></i>") on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus, the Prospectus, the Prospectus Supplement or such Permitted Free Writing Prospectus, if any, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3.&#160; "<i><b>Time of Sale</b></i>" means each time a Share is purchased pursuant to this Agreement.</p>
    <div id="footer_page_2">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">2</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ii)</font><font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Registration Statement, complies as of the date hereof (if filed with the Commission on or prior to the date hereof), and will comply upon the effectiveness of any amendment thereto and at each Time of Sale and each Settlement Date (as defined below) (as applicable), in all material respects, with the requirements of the Securities Act; at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the "<i><b>Prospectus Delivery Period</b></i>"); the Registration Statement, as may be amended, will comply, in all material respects, with the requirements of the Securities Act; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby (the "<i><b>Offering</b></i>") have been satisfied, subject to the limitations imposed on transactions conducted pursuant to General Instruction I.B.6 of Form S-3 if then applicable; the Registration Statement meets, and the Offering complies with, the requirements of Rule 415 under the Securities Act (including, without limitation, Rule 415(a)(5)); the Registration Statement did not, as of the date hereof, and will not, as of the time of effectiveness and the effective date of any amendment thereto, at each Time of Sale, if any, and at all times during a Prospectus Delivery Period, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.</p>
    <p style="text-indent: 144pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(A)</font><font style="width: 19.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Prospectus, as of the date of the Prospectus Supplement, as of the date hereof (if filed with the Commission on or prior to the date hereof), at each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, complied, complies or will comply, in all material respects, with the requirements of the Securities Act; and the Prospectus, and each supplement thereto, as of their respective dates, at each Settlement Date or Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, did not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</p>
    <p style="text-indent: 144pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(B)</font><font style="width: 20pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each Permitted Free Writing Prospectus, if any, as of its date and as of each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period (when taken together with the Prospectus at such time) will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The representations and warranties set forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus that has been made in reliance upon and in conformity with information concerning the Agents that is furnished in writing by or on behalf of the Agents expressly for use in the Registration Statement, the Base Prospectus, the Prospectus or such Permitted Free Writing Prospectus, if any, it being understood and agreed that only such information furnished by the Agents as of the date hereof consists of the information described in <u>Section 5(b)(ii)</u>.</p>
    <div id="footer_page_3">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">3</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iii)</font><font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as disclosed in the Company's filings with the Commission, prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any "prospectus" (within the meaning of the Securities Act) or used any "prospectus" (within the meaning of the Securities Act) in connection with the Offering, in each case other than the Base Prospectus or any Permitted Free Writing Prospectus; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rules 164 and 433 under the Securities Act; assuming that a&#160; Permitted Free Writing Prospectus, if any, is sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission), the Company will satisfy the provisions of Rule 164 or Rule 433 necessary for the use of a free writing prospectus (as defined in Rule 405) in connection with the Offering; the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the registration statement relating to the Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities Act; neither the Company nor the Agents are disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the Offering, "free writing prospectuses" (as defined in Rule 405 under the Securities Act) pursuant to Rules 164 and 433 under the Securities Act; the parties hereto agree and understand that the content of any and all "road shows" (as defined in Rule 433 under the Securities Act) related to the Offering is solely the property of the Company.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iv)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each Permitted Free Writing Prospectus, as of its issue date, each Time of Sale and each Settlement Date occurring after such issue date and at all subsequent times through the Prospectus Delivery Period or until any earlier date that the Company notified or notifies the Agents as described in Section 3(c)(iii), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, any Base Prospectus or the Prospectus.&#160; The foregoing sentence does not apply to statements in or omissions from any Permitted Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agents specifically for use therein, it being understood and agreed that the only such information furnished by the Agents as of the date hereof consists of the information described in <u>Section 5(b)(ii)</u>.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(v)</font><font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>As of their respective dates, the Registration Statement and the Prospectus complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the Registration Statement and the Prospectus, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company incorporated by reference into the Registration Statement and the Prospectus comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States as issued by the Financial Accounting Standards Board applied on a consistent basis during the periods involved ("<i><b>GAAP</b></i>"), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Exchange Act and the rules and regulations thereunder to be described in the Registration Statement and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement to which the Company is a party is material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. Except as disclosed in the Registration Statement and the Prospectus, none of such agreements has been assigned by the Company, and neither the Company nor, to the best of the Company's knowledge, any other party is in default thereunder and, to the best of the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a material default thereunder. To the best of the Company's knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a material violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">4</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(vi)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company has been duly organized and is validly existing as a corporation under the laws of its jurisdiction of incorporation. The Company and each of the Subsidiaries has full corporate power and authority to own its respective properties and conduct its business as currently being carried on and as described in the Registration Statement and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would reasonably be expected to have a material adverse effect upon the results of operations, business, management, properties, prospects, conditions (financial or otherwise) or operations, of the Company and the Subsidiaries, either individually or taken as a whole ("<i><b>Material Adverse Effect</b></i>").</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(vii)</font><font style="width: 15.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as disclosed in the Prospectus, subsequent to the dates as of which information is given in the Prospectus, there has not been with respect to the Company (including its Subsidiaries on a consolidated basis) any development that would reasonably be expected to result in a Material Adverse Effect.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(viii)</font><font style="width: 12.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in the Prospectus, there is not pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to which the Company or any of its Subsidiaries or of which any property or assets of the Company or any of its Subsidiaries is the subject before or by any court or governmental agency, authority or body, or any arbitrator or mediator, which, individually or in the aggregate, would reasonably be expected to result in any Material Adverse Effect.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">5</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ix)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any law, rule or regulation to which the Company or any of its Subsidiaries is subject, (ii) any agreement or instrument to which the Company or any of its Subsidiaries or by which it is bound or to which any of its property is subject, (iii) the Company's Amended and Restated Certificate of Incorporation, as amended (the "<i><b>Charter</b></i>"), or Amended Bylaws, or the organizational documents of any of its Subsidiaries, or (iv) any order, rule, regulation or decree of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of its properties, except, in the case of clauses (i), (ii) and (iv), for such breaches, violations or defaults that would not reasonably be expected to result in a Material Adverse Effect; no consent, approval, authorization or order of, or filing with, any court or governmental agency or body is required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby and thereby, including the issuance or sale of the Shares by the Company, except for such consents, approvals, authorizations, orders or filings as have been obtained or made or as may be required under the Securities Act or state securities or blue sky laws; and the Company has and will have full power and authority to enter into this Agreement and to authorize, issue and sell the Shares as contemplated hereby and thereby.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(x)</font><font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All of the issued and outstanding shares of capital stock of the Company, including the outstanding Common Shares, are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities; all of the issued and outstanding shares of capital stock of each of the Subsidiaries are duly authorized and validly issued, fully paid and nonassessable, and are majority owned by the Company, directly or through wholly-owned Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity except for those arising under any credit facility or loan agreement ("<i><b>Credit Facilities</b></i>") to which the Company or any of its Subsidiaries is a party or their assets are bound as disclosed in the Registration Statement and the Prospectus, have been issued in compliance with all applicable federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities; the Shares which may be sold under this Agreement by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement will have been validly issued and will be fully paid and nonassessable; and the capital stock of the Company, including the Common Shares, conforms in all material respects to the description thereof in the Registration Statement and the Prospectus. Except as otherwise stated in the Registration Statement and the Prospectus, there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any Common Shares pursuant to the Company's Certificate of Incorporation, as amended, or any agreement or other instrument to which the Company is a party or by which the Company is bound.&#160; Neither the filing of the Registration Statement nor the Offering gives rise to any rights for or relating to the registration of any Common Shares or other securities of the Company, except for such registration rights as have been duly waived. Except as described in the Registration Statement and the Prospectus, as of the date hereof, there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company.&#160; The Company has the authorized and outstanding capital stock as set forth in the Prospectus as of the date set forth therein.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xi)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company and each of its Subsidiaries holds, and is operating in compliance with&#160; all grants, authorizations, licenses, permits, consents, certificates and orders of any governmental or self-regulatory body required for the conduct of its respective businesses and all such grants, authorizations, licenses, permits, consents, certifications and orders are valid and in full force and effect, except for such noncompliance or failures to be in full force and effect that would not reasonably be expected to result in a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any such grant, authorization, license, permit, consent, certification or order or has reason to believe that any such grant, authorization, license, permit, consent, certification or order will not be renewed in the ordinary course; and the Company and each of its Subsidiaries is in compliance with all applicable federal, state, local and foreign laws, regulations, orders and decrees, except for such noncompliance that would not reasonably be expected to result in a Material Adverse Effect. No approval, authorization, consent or order of or filing with any foreign, federal, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby, other than (i) registration of the Shares under the Securities Act, (ii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Agents, (iii) the filing of any reports under the Exchange Act, (iv) such approvals as may be required by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("<i><b>FINRA</b></i>"), (v) filing of the notification for listing of the Shares with the Nasdaq Capital Market or (vi) such approvals as have been obtained or made as of the Time of Sale.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xii)</font><font style="width: 15.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company and each of its Subsidiaries has good and marketable title to all property (whether real or personal) described in the Registration Statement and the Prospectus as being owned by it, in each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration Statement and the Prospectus, except as would not materially impair the use or value thereof.&#160; The property held under lease by the Company and each of its Subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company or such Subsidiary.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xiii)</font><font style="width: 12.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the knowledge of the Company, the Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the Registration Statement and the Prospectus and which the failure to so have could have a Material Adverse Effect (collectively, the "<b>Intellectual Property Rights</b>"). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or be abandoned, within two (2) years from the date of this Agreement, except where such action would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements incorporated by reference within the Registration Statement and the Prospectus, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights, except as would not reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has no knowledge that it lacks or will be unable to obtain any rights or licenses to use all Intellectual Property Rights that are necessary to conduct its business.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xiv)</font><font style="width: 12.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither the Company nor any of its Subsidiaries is (A) in violation of its Charter or similar organizational documents, or (B) in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in the performance of any material obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement, mortgage, deed of trust or any other material contract, lease or other instrument to which it is subject or by which any of them may be bound, or to which any of the material property or assets of the Company or any of its Subsidiaries is subject (collectively, the "<i><b>Material Contracts</b></i>"); or (C) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except in the case of (B) and (C) above, as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xv)</font><font style="width: 16.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except for matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Company and its Subsidiaries (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xvi)</font><font style="width: 12.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company has not distributed and will not distribute, prior to the completion of the Offering, any prospectus or other offering material in connection with the Offering other than the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed by the Company; provided, however, that the Company has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Securities Act, except in accordance with the provisions of <u>Section 3(p)</u> of this Agreement.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xvii)</font><font style="width: 9.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The issuance and sale of the Shares as contemplated in this Agreement does not contravene the rules and regulations of the Nasdaq Capital Market. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the Nasdaq Capital Market and the Company has taken no action designed to have the effect of terminating the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the Nasdaq Capital Market nor, except as disclosed in the Registration Statement or the Prospectus, has the Company received any notification that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the Nasdaq Capital Market for maintenance of the listing of the Common Shares thereon.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xviii)</font><font style="width: 7.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company has no subsidiaries other than those described in the Registration Statement or Prospectus (collectively, the "<i><b>Subsidiaries</b></i>").&#160;</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xix)</font><font style="width: 12.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as described in the Registration Statement or the Prospectus, the Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xx)</font><font style="width: 16.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary: (i) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (ii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including, without limitation, all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in the case of each of clauses (i) and (ii), as would not reasonably be expected to result in a Material Adverse Effect.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxi)</font><font style="width: 12.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder's or broker's fee or agent's commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. The Company has not entered into any other sales agency agreements or other similar arrangements with any agent or any other representative in respect of "at the market" offerings of the Shares in accordance with Rule 415 under the Securities Act.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxii)</font><font style="width: 9.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxiii)</font><font style="width: 6.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company is not, and immediately after receipt of payment for the Shares, will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxiv)</font><font style="width: 6.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Incorporated Documents, at the time they were or hereinafter are filed with the Commission, complied and will comply in all material respects with the requirements of the&#160; Securities Act and the Exchange Act, and were filed on a timely basis with the Commission and no Incorporated Document contained or will contain an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that, no representation is made herein regarding the representations, warranties and covenants, or any descriptions thereof, contained in any agreements or documents included as exhibits to the Incorporated Documents. There is no material document required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which was not described or filed as required. Any descriptions of the terms of any of the foregoing contracts and agreements that are contained in the Registration Statement and the Prospectus are accurate and complete in all material respects.&#160;</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxv)</font><font style="width: 10.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxvi)</font><font style="width: 6.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the "<i><b>Money Laundering Laws</b></i>"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxvii)</font><font style="width: 3.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither the Company, any of its Subsidiaries, nor, to the knowledge of the Company, any director or officer of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxviii)<font style="display: inline-block; width: 2pt;">&#160;</font></font><font style="width: 0.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company and its Subsidiaries (i) are in compliance in all material respects with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, "<i><b>Hazardous Materials</b></i>") into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder ("<i><b>Environmental Laws</b></i>"); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxix)</font><font style="width: 6.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>No material labor problem or dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxx)</font><font style="width: 10.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in the Registration Statement, the Prospectus and the Company's other filings with the Commission, the Company has not, and to its knowledge no one acting on its behalf has,&#160; taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxxi)</font><font style="width: 15.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in the Registration Statement, the Prospectus and the Company's other filings with the Commission, to the Company's knowledge, none of the Company, its Subsidiaries, or any of their respective affiliates (within the meaning of the Securities Act), has, prior to the date hereof, made any offers or sales of any security which are required to be "integrated" pursuant to the Securities Act with the offer and sale of the Shares pursuant to the Registration Statement.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(xxxii)</font><font style="width: 3.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company is not a "foreign private issuer" as defined in Rule 405 promulgated under the Securities Act.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Any certificate signed by any officer of the Company and delivered to the Agents or the Agents' counsel shall be deemed a representation and warranty by the Company to the Agents as to the matters covered thereby.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>At each Bringdown Date (as defined herein) and each Time of Sale, the Company shall be deemed to have affirmed each representation and warranty contained in or made pursuant to this Agreement as of such date as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares on such date).</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">2.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Purchase, Sale and Delivery of Shares</b></i>.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>At the Market Sales</i>.&#160; On the basis of the representations, warranties and agreements herein the Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agents, acting as sales agents, the Shares up to an aggregate offering price of $15,349,674; <u>provided</u>, however, that in no event shall the Company issue or sell through the Agents such number of Shares that (a) exceeds the number or dollar amount of Common Shares registered on the Registration Statement, pursuant to which the Offering is being made or (b) would cause the Company or the offering of the Shares to not satisfy the eligibility and transaction requirements for use of Form S-3 (including, if applicable, General Instruction I.B.6 of Form S-3 (the lesser of (a) and (b), the "<i><b>Maximum Amount</b></i>")). Notwithstanding the foregoing, the Company agrees that it will provide the Agents with written notice of the remaining Maximum Amount available for sale of the Shares no less than one (1) business day prior to the date on which it makes the initial sale of Shares under this Agreement. As used herein, the terms "<i><b>business day</b></i>" means any day (other than Saturday, Sunday or any federal holiday in the United States) in which commercial banks in New York, New York are open for business.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>For purposes of selling the Shares through the Agents, the Company hereby appoints the Agents as exclusive agents of the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement (and for the avoidance of doubt, not for any other purposes) and the Agents agree to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated herein.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ii)</font><font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each time the Company wishes to issue and sell the Shares hereunder (each, a &#8220;<b><i>Transaction</i></b>&#8221;), it will notify the Agent (the <b><i>&#8220;Designated Agent&#8221;</i></b>) by email or by telephone (confirmed promptly by facsimile or e-mail to the appropriate individual listed on <u>Schedule D</u> hereto using a form substantially similar to that set forth on <u>Schedule C</u> hereto) (a &#8220;<b><i>Transaction Notice</i></b>&#8221;) as to the maximum number of Shares to be sold by the Designated Agent on such day and in any event not in excess of the amount available for issuance under the Prospectus and the currently effective Registration Statement, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in any one Trading Day (as defined below), and any minimum price below which sales may not be made.&#160; The Transaction Notice shall originate from any of the individuals from the Company set forth on <u>Schedule B</u> (with a copy to each of the other individuals from the Company listed on such Schedule), and shall be addressed to each of the individuals from the Designated Agent set forth on <u>Schedule D</u>, as such <u>Schedule D</u> may be amended from time to time. Subject to the terms and conditions hereof and unless the sale of the Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Designated Agent shall promptly acknowledge the Transaction Notice by facsimile or e-mail (or by some other method mutually agreed to in writing by the parties) and shall use its commercially reasonable efforts to sell all of the Shares so designated by the Company in, and in accordance with the terms set forth in, the Transaction Notice; provided, however, that any obligation of the Designated Agent to use such commercially reasonable efforts shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in <u>Section 4</u> of this Agreement.&#160; The gross sales price of the Shares sold under this <u>Section 2(a)</u> shall be equal to the market price for the Common Shares sold by the Designated Agent under this <u>Section 2(a)</u> on the Nasdaq Capital Market at the time of such sale.&#160; For the purposes hereof, &#8220;<b><i>Trading Day</i></b>&#8221; means any day on which Common Shares are purchased and sold on the principal market on which the Common Shares are listed or quoted.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iii)</font><font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company or the Designated Agent may, upon notice to the other party hereto by email or by telephone (confirmed promptly by facsimile or e-mail to the respective individuals of the other party set forth on <u>Schedule D</u> hereto, which confirmation shall be promptly acknowledged by the other party), suspend the Offering for any reason and at any time, whereupon the Designated Agent shall so suspend the offering of Shares until further notice is provided by the other party to the contrary; <i>provided</i>, <i>however</i>, that such suspension or termination shall not affect or impair the parties' respective obligations with respect to the Shares sold hereunder prior to the receipt by the Designated Agent of such notice.&#160; Each of the Designated Agent and the Company agree that no such notice under this <u>Section 2(a)(iii)</u> shall be effective against the other unless it is made to one of the individuals named on <u>Schedule D</u> hereto, as such Schedule may be amended from time to time.&#160;</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iv)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company acknowledges and agrees that (A) there can be no assurance that the Designated Agent will be successful in selling the Shares, (B) the Designated Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Designated Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Designated Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(v)</font><font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Designated Agent may sell Shares by any method permitted by law to be an "at the market offering" as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Common Shares or to or through a market maker.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(vi)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The compensation to Maxim for sales of the Shares, as an agent of the Company, shall be a cash transaction fee equal to three percent (3.0%) (the &#8220;<b><i>Transaction Fee</i></b>&#8221;) of the gross sales price of all of the Shares sold pursuant to this <u>Section 2(a)</u>. The remaining proceeds, after further deduction for any transaction or other fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;<b><i>Net Proceeds</i></b>&#8221;).&#160; Maxim shall notify the Company as promptly as practicable if any deduction referenced in the preceding sentence will be required.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(vii)</font><font style="width: 15.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Designated Agent shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the close of trading on the Nasdaq Capital Market each day in which the Shares are sold under this <u>Section 2(a)</u> setting forth the number of the Shares sold on such day, the aggregate gross sale proceeds, the Net Proceeds to the Company, and the compensation payable by the Company to the Agents with respect to such sales.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(viii)</font><font style="width: 12.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All Shares sold pursuant to this <u>Section 2(a)</u> will be delivered by the Company to the Designated Agent for the accounts of the Agents on the first full business day following the date on which such Shares are sold, or at such other time and date as the Designated Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery being herein referred to as a "<i><b>Settlement Date</b></i>." On each Settlement Date, the Shares sold through the Designated Agent for settlement on such date shall be issued and delivered by the Company to the Designated Agent against payment of the Net Proceeds from the sale of such Shares.&#160; Settlement for all such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent (i) to the Designated Agent or its designee's account (provided the Designated Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company ("<i><b>DTC</b></i>") or (ii) by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases (provided that such Shares were sold pursuant to the Registration Statement) shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in same day funds delivered to an account designated by the Company.&#160; If the Company or its transfer agent (if applicable) shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Designated Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agents any commission to which it would otherwise be entitled absent such default against payment of the Net Proceeds therefor by wire transfer of same day funds payable to the order of the Company at 9:00 a.m. New York City time. If the Designated Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares delivered by the Company, the Designated Agent will pay the Company interest based on the effective prime rate until such proceeds, together with such interest, have been fully paid.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ix)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company's board of directors, a duly authorized committee thereof or a duly authorized executive officer, and notified to the Designated Agent in writing.&#160; Under no circumstances shall the Company cause or request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time by the Company's board of directors, duly authorized committee thereof or a duly authorized executive officer, and notified to the Designated Agent in writing.&#160; Further, under no circumstances shall the aggregate offering amount of the Shares sold pursuant to this Agreement, exceed the Maximum Amount.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(x)</font><font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied with respect to the Shares, the Company shall give the Agents at least one business day's prior notice of its intent to sell any Shares in order to allow the Agents time to comply with Regulation M.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Nothing herein contained shall constitute the Agents an unincorporated association or partner with the Company.&#160; Under no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement is first declared effective by the Commission.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">3.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><u><i><b>Covenants</b></i></u>.&#160; The Company covenants and agrees with the Agents as follows:</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>After the date hereof and through any Prospectus Delivery Period, prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration Statement), Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus related to changes in this Agreement, the Company shall furnish to the Agents for review a copy of each such proposed amendment or supplement, allow the Agents a reasonable amount of time, and in no event less than one (1) Business Days, to review and comment on such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which Agents or their counsel may reasonably object; provided, that the foregoing shall not apply with regards to the filing by the Company of any reports on Form 10-K, Form 10-Q, Form 8-K and proxy statements or other Incorporated Document.&#160; Subject to this <u>Section 3(a)</u>, immediately following execution of this Agreement, if not previously prepared, the Company will prepare a prospectus supplement describing the selling terms of the Shares hereunder, the plan of distribution thereof and such other information as may be required by the Securities Act or the Rules and Regulations or as Maxim and the Company may deem appropriate, and if requested by Maxim, a Permitted Free Writing Prospectus containing the selling terms of the Shares hereunder and such other information as the Company and Maxim may deem appropriate, and will file or transmit for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus as supplemented and each such Permitted Free Writing Prospectus.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>After the date of this Agreement, the Company shall promptly advise the Agents in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission or for any amendments or supplements to the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any Incorporated Documents), (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus(excluding any Incorporated Documents), (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, or (v) of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from any securities exchange upon which it is listed for trading or included or designated for quotation, or, to the Company's knowledge, of the threatening or initiation of any proceedings for any of such purposes.&#160; If the Commission shall enter any such stop order at any time, the Company may terminate this Agreement.&#160; Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430B and 430C, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any applicable Prospectus Delivery Period, the Company will comply in all material respects with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof,&#160; the Base Prospectus, the Prospectus and any Permitted Free Writing Prospectus. If during any applicable Prospectus Delivery Period any event occurs as a result of which the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during any applicable Prospectus Delivery Period it is necessary or appropriate in the opinion of the Company or its counsel or in the reasonable opinion of Maxim or counsel to the Agents to amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company will promptly notify the Agents (or the Agents will notify the Company, as applicable), and Maxim shall suspend the offering and sale of any such Shares, and the Company will amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance within the time period prescribed by the Securities Act or the Exchange Act.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case the Agents are required to deliver (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule), in connection with the sale of the Shares, a Prospectus after the nine-month period referred to in Section 10(a)(3) of the Securities Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item 512(a) of Regulation S-K under the Securities Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act or Item 512(a) of Regulation S-K under the Securities Act, as the case may be.&#160; The Company shall cause each amendment or supplement to any Base Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document which would be deemed to be incorporated by reference therein, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ii)</font><font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>If at any time following issuance of a Permitted Free Writing Prospectus there occurs an event or development as a result of which such Permitted Free Writing Prospectus would conflict with the information contained in the Registration Statement, the Base Prospectus or the Prospectus, or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify the Agents and will promptly amend or supplement, at its own expense, such Permitted Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall use commercially reasonable efforts to take or cause to be taken all necessary action to qualify the Shares for sale under the securities laws of such jurisdictions as Maxim reasonably designates, if applicable, and to continue such qualifications in effect so long as required for the distribution of the Shares, except (i) that the Company shall not be required in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process in any state and (ii) to the extent such laws are pre-empted under the National Securities Markets Improvement Act of 1996, as amended.&#160; The Company shall promptly advise the Agents of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company will furnish to the Agents and their counsel, to the extent requested, copies of the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Agents may from time to time reasonably request.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(f)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.&#160; If the Company makes any public announcement or release disclosing its results of operations or financial condition for a completed quarterly or annual fiscal period (each, an "<i><b>Earnings Release</b></i>") and the Company has not yet filed an Annual Report on Form 10-K,a Quarterly Report on Form 10-Q or a Current Report on Form 8-K with respect to such information, as applicable, then, prior to any sale of Shares, the Company shall be obligated to (x) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b), which prospectus supplement shall include the applicable financial information or (y) file a Current Report on Form 8-K, which Form 8-K shall include the applicable financial information.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(g)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all reasonable expenses and fees (including, without limitation, fees and expenses of the Company's accountants and counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto), the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement thereto, and the producing, word-processing, printing, delivery, and shipping of this Agreement and other closing documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions) prepared by counsel, if required, and including the cost to furnish copies of each thereof to the Agents, (iii) all filing fees, (iv) listing fees, if any, and (v) all other costs and expenses of the Company customarily borne by issuers for transactions of the type set forth herein that are incident to the performance of its obligations hereunder.&#160; The Company shall reimburse Maxim upon request for its reasonable and documented costs and out-of-pocket expenses incurred in connection with this Agreement, including the reasonable and documented fees and disbursements of the Agents' legal counsel, not to exceed, in the aggregate, US$40,000.&#160; In addition, the Company shall pay Maxim US$2,500 for its legal fees each calendar quarter during the term of this Agreement during which a Bringdown Date occurs and the Company delivers a Transaction Notice.&#160; All such reimbursements under this Agreement shall be paid in U.S. dollars.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(h)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption "Use of Proceeds" in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i)<font style="display: inline-block; width: 24pt;">&#160;</font>[Reserved].</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(j)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place, and the Company shall not request the sale of any Shares, and the Agents shall not be obligated to sell, during any period in which the Company is in possession of material non-public information.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(k)<font style="width: 22.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall not, at any time at or after the execution of this Agreement, offer or sell any of the Shares pursuant to this Agreement by means of any "prospectus" (within the meaning of the Securities Act), or use any "prospectus" (within the meaning of the Securities Act) in connection with the offer or sale of the Shares pursuant to this Agreement, in each case other than the Prospectus or any Permitted Free Writing Prospectus; provided that, for the avoidance of doubt, nothing herein shall restrict the Company from the use of a prospectus for the offer and sale of Shares for purposes other than pursuant to this Agreement; provided further that, for the avoidance of doubt, notwithstanding any other provisions of this Agreement, nothing herein shall restrict the Company from conducting sales pursuant to the Standby Equity Purchase Agreement, dated as of February 10, 2025, by and between the Company and YA II PN, LTD. (an affiliate of Yorkville).</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(l)<font style="width: 26.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Until the termination of this Agreement, the Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation in violation of the Securities Act, the Exchange Act or the rules and regulations thereunder of the price of any security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange Act.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(m)<font style="width: 21.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company will not incur any liability for any finder's or broker's fee or agent's commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or thereby, except as contemplated herein.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(n)<font style="width: 23.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>During any applicable Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic and current reports as required by the Rules and Regulations, including any extension afforded by Rule 12b-25 of the Exchange Act.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(o)<font style="width: 23.51pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as described in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2024 and in its quarterly reports on Form 10-Q for the quarters ending March 31, 2025, June 30, 2025 and September 30, 2025, the Company has maintained and will maintain, at all applicable times, such controls and other procedures, including without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, including without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its principal executive officer and its principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company is made known to them by others within those entities.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(p)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each of the Company and Agents represent and agree that, neither the Company nor the Agents have made or will make any offer relating to the Shares that would constitute an "issuer free writing prospectus," as defined in Rule 433 under the Securities Act, or that would otherwise constitute a "free writing prospectus," as defined in Rule 405 under the Securities Act, required to be filed with the Commission other than a Permitted Free Writing Prospectus.&#160; The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(q)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>(1) On or prior to the delivery of the first Transaction Notice issued hereunder, the Company shall cause Bennett Jones LLP, counsel for the Company, to furnish to the Agents its written opinion in form and substance reasonably acceptable to the Agents' counsel, and Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, U.S. counsel for the Company, to furnish to the Agents its written opinion and negative assurance letter in form and substance reasonably acceptable to the Agents' counsel.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(2) on each date when the Company (A) amends or supplements (other than a supplement to a Prospectus filed pursuant to Rule 424(b) under the Securities Act relating solely to the offering of securities other than the Shares) the Registration Statement or Prospectus by means of a post-effective amendment, sticker, or supplement with previously undisclosed financial information but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Shares, (B) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended material financial information or a material amendment to the previously filed Form 10-K) or (C) files a report on Form 10-Q containing quarterly financial information that is incorporated by reference in the Registration Statement and Prospectus (each of the dates in (A) through (C) are referred to herein as a "<i><b>Bringdown Date</b></i>"), the Company shall cause Bennett Jones LLP, counsel for the Company, to furnish to the Agents its opinion in form and substance reasonably acceptable to the Agents' counsel, and Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, U.S. counsel for the Company, to furnish to the Agents its written opinion and negative assurance letter, each dated as of a date within ten (10) days after the applicable Bringdown Date, addressed to the Agents and modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions. With respect to this Section 3(p)(2), in lieu of delivering such opinions or letters for Bringdown Dates subsequent to the date of effectiveness of the Registration Statement, such counsel may furnish the Agents with a letter (a "<i><b>Reliance Letter</b></i>") to the effect that the Agents may rely upon a prior opinion or letter delivered under Section 3(p)(1) or this Section 3(p)(2) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of such Reliance Letter); provided, however, the requirement to provide opinions and letters under this Section 3(p)(2) is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide the Agents with opinions and letters under this Section 3(p)(2), then, before the Company delivers the Transaction Notice or the Agents sell any Shares, the Company shall cause Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP to furnish to the Agents its opinion or Reliance letter and negative assurance letter, as applicable, each dated the date of the Transaction Notice.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(r)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>On or prior to the delivery of the first Transaction Notice issued hereunder and within ten (10) days after the Company files an annual report on Form 10-K under the Exchange Act (a "<i><b>Comfort Bringdown Date</b></i>"), the Company shall cause EisnerAmper LLP or its other independent accountants (the "<i><b>Auditor</b></i>") to deliver to the Agents (x) a customary comfort letter (the initial letter, the "<i><b>Initial Comfort Letter</b></i>," and each subsequent letter, a "<i><b>Bringdown Comfort Letter</b></i>") addressed to Agents, in form and substance satisfactory to Maxim, confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial information and other matters and (y) a letter updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and as modified as necessary to relate to the date of such letter; <i>provided</i>, <i>however</i>, the requirement to provide a Bringdown Comfort Letter under this Section 3(q) is hereby waived for any Comfort Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Comfort Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Comfort Bringdown Date when the Company relied on such waiver and did not provide the Agents with a Bringdown Comfort Letter under this Section 3(q), then before the Company delivers the Transaction Notice or the Agents sell any Shares, the Company shall cause the Auditor, or other independent accountants reasonably satisfactory to Maxim, to deliver to the Agents a Bringdown Comfort Letter dated the date of the Transaction Notice.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(s)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>On or prior to the delivery of the first Transaction Notice issued hereunder and each Bringdown Date, the Company shall furnish to the Agents a certificate, dated as of a date within ten (10) days after the applicable Bringdown Date and addressed to the Agents, signed by the chief executive officer and chief financial officer of the Company, to the effect that:</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The representations and warranties of the Company in this Agreement are true and correct in all material respects as if made at and as of the date of the certificate, and the Company has complied in all material respects with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the date of the certificate;</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ii)</font><font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof or the qualification of the Shares for offering or sale or notice that would prevent use of the Registration Statement, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body;</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iii)</font><font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Shares to be sold on that date have been duly and validly authorized by the Company and all corporate action required to be taken for the authorization, issuance and sale of the Shares on that date has been validly and sufficiently taken;</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(iv)</font><font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Subsequent to the respective dates as of which information is given in the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, as amended and supplemented, there has not been any Material Adverse Effect or any development that would reasonably be likely to result in a Material Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company; and</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(v)</font><font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as stated in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus, as amended and supplemented, there is not pending, or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before or by any court or governmental agency, authority or body, or any arbitrator, which would reasonably be likely to result in any Material Adverse Effect; provided, however, the requirement to provide a certificate under this <u>Section 3(r)</u> is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agents with a certificate under this <u>Section 3(r)</u>, then before the Company delivers the Transaction Notice or the Agents sell any Shares, the Company shall provide the Agents with a certificate dated the date of the Transaction Notice.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(t)<font style="width: 23.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>A reasonable time prior to each Bringdown Date, the Company, if so requested by Maxim, shall conduct a due diligence session, in form and substance, satisfactory to Maxim, which shall include representatives of the management of the Company and, in the case of a Comfort Bringdown Date, the Auditor.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(u)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall disclose in its annual report on Form 10-K and its reports on Form 10-Q with quarterly financial information the number of Shares sold through the Agents under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(v)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free of any preemptive rights, of the maximum aggregate number of Shares authorized for issuance by the Company's board of directors pursuant to the terms of this Agreement. The Company will use its reasonable best efforts to cause the Shares to be listed on the Nasdaq Capital Market, and to maintain such listing.&#160; The Company shall cooperate with the Agents and use its reasonable efforts to permit Shares to be eligible for clearance and settlement through the facilities of DTC.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(w)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>At any time during the term of this Agreement, the Company will advise the Agents promptly after it receives notice or obtains knowledge of any information or fact that would alter or affect any opinion, certificate, letter and other documents provided to the Agents pursuant to <u>Section 3</u> herein.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(x)<font style="width: 19.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Subject to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with applicable securities laws, the Company consents to the Agents trading in Common Shares for the Agents' own account and for the account of its clients (in compliance with all applicable laws) at the same time as sales of the Shares occur pursuant to this Agreement.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(y)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>If to the knowledge of the Company, any condition set forth in <u>Section 4</u> of this Agreement shall not have been satisfied on the applicable Settlement Date or will not be satisfied on or prior to the date required by this Agreement, the Company will offer to any person who has agreed to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited by the Agents the right to refuse to purchase and pay for such Shares.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(z)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>On or prior to the delivery of the first Transaction Notice issued hereunder, the Company shall furnish to the Agents an incumbency certificate, dated as of such date and addressed to Agents, signed by the secretary of the Company.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(aa)<font style="width: 17.18pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Agents that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date (other than those representations and warranties made as of a specified date or time), and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(bb)<font style="width: 17.36pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="background-color: #ffffff;">During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the regulations thereunder. </font></p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(cc)<font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="background-color: #ffffff;">The Company shall cooperate with the Agents and use its reasonable efforts to permit the Shares to be eligible for clearance and settlement through the facilities of DTC. </font></p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(dd)<font style="width: 17.36pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="background-color: #ffffff;">[Reserved].</font></p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(ee)<font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the extent that the Registration Statement is not available for the sales of the Shares as contemplated by this Agreement, prior to the delivery of a Transaction Notice, the Company shall file a new registration statement with respect to any additional Common Shares necessary to complete such sales of the Shares subject to the Company meeting the eligibility requirements for use of Form S-3 and shall cause such registration statement to become effective as promptly as practicable.&#160; After the effectiveness of any such registration statement, all references to "Registration Statement" included in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by reference therein pursuant to Item 12 of Form S-3, and all references to "Base Prospectus" included in this Agreement shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference, included in any such registration statement at the time such registration statement became effective.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">4.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Conditions of Agents' Obligations</b></i>.&#160; The obligations of the Agents hereunder are subject to (i) the accuracy of, as of the date hereof, each Bringdown Date, and each Time of Sale (in each case, as if made at such date), and compliance with, all representations, warranties and agreements of the Company contained herein, (ii) the performance by the Company of its obligations hereunder and (iii) the following additional conditions:</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall have become and remain effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement, or any amendment thereof, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; and any request of the Commission for additional information (to be included in the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus or otherwise) shall have been complied with to Maxim's satisfaction.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Agents shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in Maxim's opinion, is material, or omits to state a fact which, in Maxim's opinion, is material and is required to be stated therein or is necessary to make the statements therein (i) with respect to the Registration Statement, not misleading and (ii) with respect to the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, in light of the circumstances under which they were made, not misleading.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall have performed each of its obligations under <u>Section 3(q)</u>.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall have performed each of its obligations under <u>Section 3(r)</u>.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall have performed each of its obligations under <u>Section 3(s)</u>.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(f)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>FINRA shall not have raised any objection to the fairness and reasonableness of the terms and arrangements under this Agreement.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(g)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule 424.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(h)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall have furnished to the Agents and their counsel such additional documents, certificates and evidence as they may have reasonably requested.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>Trading in the Common Shares shall not have been suspended on the Nasdaq Capital Market.&#160; The Shares shall have been listed and authorized for trading on the Nasdaq Capital Market prior to the first Settlement Date, and satisfactory evidence of such actions shall have been provided to the Agents and their counsel, which may include oral confirmation from a representative of the Nasdaq Capital Market.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to Maxim and the Agents' counsel. The Company will furnish the Agents with such conformed copies of such opinions, certificates, letters and other documents as Maxim shall reasonably request.</p>
    <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify; margin-top: 10pt;"><font style="color: #010000;">5.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Indemnification and Contribution</b></i>.</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">The Company agrees to indemnify and hold harmless the Agents and each of the other Indemnified Parties (as defined below) from and against any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable and documented legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to subpoena or otherwise (including, without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, "<i><b>Losses</b></i>"), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with this Agreement, including, without limitation, any act or omission by the Agents in connection with their acceptance of or the performance or non-performance of its obligations under the Agreement, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument, document or agreement relating thereto, including any agency agreement), or the enforcement by the Agents of their rights under the Agreement or these indemnification provisions, an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case except (i) to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance upon and in conformity with the Agent Information (as defined below) or (ii) that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the fraud, gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder.&#160; The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with this Agreement for any other reason, except (i) to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party's fraud, gross negligence or willful misconduct or (ii) as provided in <u>Section 5(b)</u>. This indemnity agreement will be in addition to any liability that the Company otherwise might have.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>These indemnification provisions shall extend to the following persons (collectively, the "<i><b>Indemnified Parties</b></i>"):&#160; Maxim, its managers, members, officers, employees and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, partners, stockholders, members managers, employees and controlling persons of any of them.&#160; These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified Party.</p>
    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(ii)</font><font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable promptness; <u>provided</u>, <u>however</u>, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder except to the extent that the Company is actually and materially prejudiced by such failure to notify.&#160; An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the reasonable and documented fees, expenses and disbursements of such counsel shall be borne by the Company.&#160; Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and any counsel designated by the Company.&#160; The Company shall be liable for any settlement of any claim against any Indemnified Party made with the Company's written consent.&#160; The Company shall not, without the prior written consent of Maxim, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Agents will indemnify and hold harmless the Company and its affiliates, employees, officers and directors and each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, legal counsel, agents and controlling persons of any of them (the "<i><b>Company Indemnified Parties</b></i>") from and against any Losses to which the Company or the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of Maxim), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission of a material fact contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing Prospectus, but only and solely to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company by the Agents expressly for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agents consists of the information described as such in <u>Section 5(b)(ii)</u> hereof, by the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.</p>
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    <p style="text-indent: 108pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">(i)</font><font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Agents confirm and the Company acknowledges that as of the date hereof no information has been furnished in writing to the Company by or on behalf of the Agents specifically for inclusion in the Registration Statement, any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, Prospectus, other than information about the Agents included in the Prospectus Supplement under the heading "Plan of Distribution" (the "<i><b>Agent Information</b></i>").</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the indemnification provided for in this <u>Section 5</u> is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Agents on the other from the Offering or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Agents on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.&#160; The relative benefits received by the Company on the one hand and the Agents on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering received by the Company and the total compensation received by the Agents from the sale of the Shares on behalf of the Company (including any commissions).&#160; The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Agents and the parties' relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission.&#160; The Company and the Agents agree that it would not be just and equitable if contributions pursuant to this subsection (c) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this subsection (c).&#160; The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject of this subsection (c).&#160; Notwithstanding the provisions of this subsection (c), the Agents shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that the Agents have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.&#160; No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither termination of this Agreement nor completion of the Offering shall affect these indemnification provisions which shall remain operative and in full force and effect.&#160; The indemnification provisions shall be binding upon the Company and the Agents and their respective successors and assigns and shall inure to the benefit of the Indemnified Parties and the Company Indemnified Parties and their respective successors, assigns, heirs and personal representatives.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">6.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Representations and Agreements to Survive Delivery</b></i>.&#160; All representations and warranties of the Company herein or in certificates delivered pursuant hereto, and agreements of the Agents and the Company herein, including but not limited to the agreements of the Agents and the Company contained in <u>Section 5</u> hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agents or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Agents hereunder.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">7.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Termination of this Agreement</b></i>. (a) An Agent may terminate this Agreement with respect to itself, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development that would have a Material Adverse Effect that, in the sole judgment of such Agent, is material and adverse and makes it impractical or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (3) if trading in the Common Shares has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 3(g)</u> (Payment of Expenses), <u>Section 5</u>&#160;(Indemnification and Contribution), <u>Section 6</u> (Representations and Agreements to Survive Delivery), <u>Section 12</u> (Governing Law) and <u>Section 16</u> (Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If an Agent elects to terminate this Agreement as provided in this Section 13(a), such Agent shall provide the required notice as specified in <u>Section 9</u> (Notices).</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(b) The Company shall have the right, by giving five (5) days' notice as hereinafter specified to terminate this Agreement in its entirety or with respect to any one or multiple of the Agents, in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 3(g)</u> (Payment of Expenses), <u>Section 5</u>&#160;(Indemnification and Contribution), <u>Section 6</u> (Representations and Agreements to Survive Delivery), <u>Section 12</u> (Governing Law) and <u>Section 16</u> (Waiver of Jury Trial)&#160; hereof shall remain in full force and effect notwithstanding such termination.</p>
    <div id="footer_page_27">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">27</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(c) Each Agent shall have the right, by giving five (5) days' notice as hereinafter specified to terminate this Agreement with respect to itself in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 3(g)</u> (Payment of Expenses), <u>Section 5</u>&#160;(Indemnification and Contribution), <u>Section 6</u> (Representations and Agreements to Survive Delivery), <u>Section 12</u> (Governing Law) and <u>Section 16</u> (Waiver of Jury Trial)&#160; hereof shall remain in full force and effect notwithstanding such termination.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(d) Unless earlier terminated pursuant to this <u>Section 7</u>, this Agreement shall automatically terminate upon the issuance and sale of all of the Shares through the Agents on the terms and subject to the conditions set forth herein except that the provisions of <u>Section 3(g)</u> (Payment of Expenses), <u>Section 5</u>&#160;(Indemnification and Contribution), <u>Section 6</u> (Representations and Agreements to Survive Delivery), <u>Section 12</u> (Governing Law) and <u>Section 16</u> (Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(e) This Agreement shall remain in full force and effect unless terminated pursuant to <u>Sections 7(a)</u>, <u>(b</u>), <u>(c</u>), or <u>(d)</u> above or otherwise by mutual agreement of the parties; <i>provided, however</i>, that any such termination by mutual agreement shall in all cases be deemed to provide that <u>Section 3(g)</u> (Payment of Expenses), <u>Section 5</u>&#160;(Indemnification and Contribution), <u>Section 6</u> (Representations and Agreements to Survive Delivery), <u>Section 12</u> (Governing Law) and <u>Section 16</u> (Waiver of Jury Trial)&#160; shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to an Agent for any discount, commission or other compensation with respect to any Shares not otherwise sold by an Agent under this Agreement. To the extent this Agreement is terminated by one Agent or by the Company with respect to one Agent pursuant to Sections 7(a) (b) or (c) above, this Agreement shall terminate only with respect to such Agent and shall remain in full force and effect with respect to the Company and the other Agents, unless and until terminated pursuant to Sections 7(a), (b), (c), or (d) above.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(f) Any termination of this Agreement shall be effective on the date specified in such notice of termination; <i>provided, however</i>, that such termination shall not be effective until the close of business on the date of receipt of such notice by an Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Shares, such Shares shall settle in accordance with the provisions of this Agreement.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">8.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Default by the Company</b></i>.&#160; If the Company shall fail at any Settlement Date to sell and deliver the number of Shares which it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agents or, except as provided in <u>Section 3(g)</u> hereof, any non-defaulting party.&#160; No action taken pursuant to this <u>Section 8</u> shall relieve the Company from liability, if any, in respect of such default, and the Company shall (A) hold the Agents harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agents any commission to which it would otherwise be entitled absent such default.</p>
    <div id="footer_page_28">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">28</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">9.</font><font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Notices</b></i>.&#160; Except as otherwise provided herein, all communications under this Agreement shall be in writing and, if to the Agents, shall be mailed, delivered or sent by facsimile or email transmission to:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">Maxim Group LLC</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify;">300 Park Avenue, 16<sup>th</sup> Floor</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify;">New York, New York 10022</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify;">Attention: Clifford A. Teller, Co-President</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify;">Fax: (212) 895-3783</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-align: justify; margin-bottom: 10pt;">email: cteller@maximgrp.com.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">and</p>
    <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Yorkville Securities, LLC<br>1012 Springfield Avenue<br>Mountainside, NJ 07092<br>Attention: Senior Managing Director &amp; Legal Counsel<br>Telephone: (310) 909-3617&#160; &#160; <br>Email: Legal@yorkvillesecurities.com</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">with a required copy (which shall not constitute notice) to:</p>
    <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify; margin-top: 10pt;">Pryor Cashman LLP</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">7 Times Square</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">New York, New York 10036</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attention: M. Ali Panjwani, Esq.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Fax: (212) 326-0806</p>
    <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify; margin-bottom: 10pt;">Email: ali.panjwani@pryorcashman.com.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Notices to the Company shall be given to it at:</p>
    <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify; margin-top: 10pt;">Medicus Pharma Ltd.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">300 Conshohocken State Rd., Suite 200</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">W. Conshohocken, PA 19428</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify;">Attention: Executive Chairman and Chief Executive Officer</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">with a required copy (which shall not constitute notice) to:</p>
    <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify; margin-top: 10pt;">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</p>
    <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify; margin-bottom: 0pt;">1285 Avenue of the Americas</p>
    <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify; margin-top: 0pt;">New York, NY 10019</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attention: Christopher J. Cummings</p>
    <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify; margin-bottom: 10pt;">Email: ccummings@paulweiss.com</p>
    <div id="footer_page_29">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">29</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">10.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Persons Entitled to Benefit of Agreement</b></i>.&#160; This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 5.&#160; Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained.&#160; The term "successors and assigns" as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Agents.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">11.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Absence of Fiduciary Relationship</b></i>.&#160; The Company acknowledges and agrees that: (a) the Agents have been retained solely to act as an sales agent and/or principal in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and the Agents have been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agents have advised or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Agents and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Agents and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Agents have no obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d) it has been advised that the Agents are acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of the Agents, and not on behalf of the Company; and (e) it waives to the fullest extent permitted by law, any claims it may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any of the transactions contemplated by this Agreement and agrees that the Agents shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">12.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Governing Law</b></i>.&#160; This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules that would apply the laws of any other jurisdiction.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">13.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Counterparts</b></i>.&#160; This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">14.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Adjustments for Stock Splits</b></i>.&#160; The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, consolidation, stock dividend or similar event effected with respect to the Shares.</p>
    <div id="footer_page_30">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">30</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">15.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Entire Agreement; Amendment; Severability; Headings</b></i>.&#160; This Agreement (including all schedules and exhibits attached hereto and transaction notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.&#160; Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agents. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. The section headings used in this Agreement are for convenience only and shall not affect the construction hereof.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">16.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Waiver of Jury Trial</b></i>.&#160; Each of the Company and the Agents hereby waive any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">17.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Tail Financing</b></i>. The tail financing provision in Section 4(k)(ii) of the Underwriting Agreement by and between the Company and Maxim, dated November 13, 2024 (the "<i><b>Underwriting Agreement</b></i>") shall remain in full force and effect. Nothing in this Agreement shall be construed to void or abridge or extend the terms of such tail-financing provision.</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #010000;">18.</font><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Right of First Refusal. </b></i>The right of first refusal provision in Section 4(k)(iii) of the Underwriting Agreement shall remain in full force and effect. Nothing in this Agreement shall be construed to void or abridge or extend the terms of such right of first refusal provision.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">[Signature Page Follows]</p>
    <div id="footer_page_31">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">31</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company the enclosed duplicate of this Agreement, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the Agents in accordance with its terms.</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="2">Very truly yours,</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="2">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="2">MEDICUS PHARMA LTD.</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="2">&#160;</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td style="width: 5%;">By:</td>
            <td style="border-bottom: 0.75pt solid #000000;">/s/ Raza Bokhari</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>Name: Dr. Raza Bokhari</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>Title: Chief Executive Officer &amp; Executive Chairman</td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Confirmed as of the date first<br>above mentioned.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">MAXIM GROUP LLC</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">By:<font style="display: inline-block; width: 6pt;">&#160;</font><u>&#160; &#160;&#160;</u><u>/s/ Ritesh Veera</u><u>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</u><br><font style="display: inline-block; width: 20pt;">&#160;</font>Name: Ritesh Veera&#160;<br><font style="display: inline-block; width: 20pt;">&#160;</font>Title: Co-Head of Investment Banking&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">YORKVILLE SECURITIES, LLC</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">By:<font style="display: inline-block; width: 6pt;">&#160;</font><u>&#160; &#160;&#160;</u><u>/s/ Troy Rillo</u><u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</u><br><font style="display: inline-block; width: 20pt;">&#160;</font>Name: Troy Rillo<br><font style="display: inline-block; width: 20pt;">&#160;</font>Title:&#160; Co-CEO</p>
    <div id="footer_page_32">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">32</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><b>Schedule A</b></u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Permitted Free Writing Prospectus</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">None.</p>
    <div id="footer_page_33">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Schedule A-1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_34"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><b>Schedule B</b></u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Individuals Permitted to Authorize Sales of Shares</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 82.52pt; padding-left: 25.48pt; text-align: justify;">
            <p style="margin-top: 10pt; margin-bottom: 10pt;">Raza Bokhari</p>
        </li>
        <li style="margin-left: 82.52pt; padding-left: 25.48pt; text-align: justify;">
            <p style="margin-top: 10pt; margin-bottom: 10pt;">Carolyn Bonner</p>
        </li>
    </ul>
    <div id="footer_page_34">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Schedule B-1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><b>Schedule C</b></u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Form of Transaction Notice</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">From:<font style="display: inline-block; width: 40.66pt;">&#160;</font>Medicus Pharma Ltd.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To:<font style="display: inline-block; width: 52.34pt;">&#160;</font>[Maxim Group LLC] [Yorkville Securities, LLC]</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Subject: <font style="width: 29.67pt; display: inline-block;">&#160;</font>Transaction Notice</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Date:<font style="display: inline-block; width: 43.51pt;">&#160;</font>[&#8226;], 202__</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Ladies and Gentlemen:</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Pursuant to the terms and subject to the conditions contained in the Sales Agreement between Medicus Pharma Ltd. (the "<u><b>Company</b></u>"), and Maxim Group LLC and Yorkville Securities, LLC (collectively, the "<u><b>Agents</b></u>"), dated December [-], 2025, the Company hereby requests that Maxim Group LLC sell up to [&#8226;] of the Company's common shares, no par value, at a minimum market price of $[&#8226;] per share, during the time period beginning [month, day, time] and ending [month, day, time].</p>
    <div id="footer_page_35">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Schedule C-1</p>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><u><b>Schedule D</b></u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Individual to Which Notice Can Be Given</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <p style="margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
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    <div id="footer_page_36">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Schedule D-1</p>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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    <title>Medicus Pharma Ltd.: Exhibit 5.1 - Filed by newsfilecorp.com</title>
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    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: right; margin-top: 10pt; margin-bottom: 10pt;"><b>Exhibit 5.1</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">December 29, 2025</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">Medicus Pharma Ltd.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">300 Conshohocken State Rd., Suite 200</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">W. Conshohocken, PA 19428</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Dear Mesdames/Sirs:</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><u><b>Re: Medicus Pharma Ltd. - Registration Statement on Form S-3</b></u></p>
    <p style="text-indent: -0.15pt; text-align: justify; margin-left: 0.15pt; margin-top: 10pt; margin-bottom: 10pt;">We have acted as special Canadian legal counsel to Medicus Pharma Ltd., an Ontario corporation (the "<b>Company</b>"), in connection with the Company's registration statement on Form S-3 filed on December 29, 2025 (as amended and supplemented from time to time, the "<b>Registration Statement</b>") with the U.S. Securities and Exchange Commission (the "<b>SEC</b>"). The Registration Statement registers the issuance and sale of the Company's common shares ("<b>Common Shares</b>"), preferred shares ("<b>Preferred Shares</b>"), warrants ("<b>Warrants</b>"), Subscription Rights ("<b>Subscription Rights</b>") and units, comprised of one or more other Common Shares,<b> </b>Preferred Shares, Warrants and Subscription Rights, in any combination ("<b>Units</b>" and, together with the Common Shares, Preferred Shares, Warrants, and Subscription Rights, the "<b>Securities</b>").</p>
    <p style="text-indent: -0.15pt; text-align: justify; margin-left: 0.15pt; margin-top: 10pt; margin-bottom: 10pt;">The Registration Statement includes (i) a base prospectus covering the potential offering, issuance, and sale from time to time of the Securities in one or more offerings with a total offering price of up to US$100,000,000 and (ii) a prospectus supplement ("<b>ATM Prospectus Supplement</b>") covering the potential offering, issuance, and sale from time to time under one or more at the market offerings of the Common Shares having an aggregate gross sales price of up to US$15,349,674 (the "<b>ATM Program Shares</b>") pursuant to an equity distribution agreement among the Company, Maxim Group LLC and Yorkville Securities, LLC (the "<b>Equity Distribution Agreement</b>"), and may be supplemented in the future by one or more other prospectus supplements (together with the ATM Prospectus Supplement, each a "<b>Prospectus Supplement</b>").</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In connection with this opinion, we have reviewed and relied upon originals, photocopies or copies, certified or otherwise identified to our satisfaction, of the Registration Statement, the ATM Prospectus Supplement, the Company's Articles of Incorporation, the Company's Articles of Amendment, the Company's Bylaws, records of the Company's corporate proceedings in connection with the issuance, sale and delivery of the ATM Program Shares, and such other documents, records, certificates, memoranda and other instruments as we deem necessary as a basis for this opinion.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">With respect to the foregoing documents, we have assumed, without independent investigation:</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the authenticity of all records, documents, and instruments submitted to us as originals;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>the genuineness of all signatures on all agreements, instruments and other documents submitted to us;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(iii)<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>the legal capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments or other documents submitted to us;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(iv)<font style="width: 21.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the authenticity and the conformity to the originals of all records, documents, and instruments submitted to us as copies;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(v)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for purposes of this opinion are true and correct;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(vi)<font style="width: 21.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(vii)<font style="width: 18.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Registration Statement has been declared effective pursuant to the U.S. Securities Act of 1933, as amended (the "<b>Securities Act</b>");</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(viii)<font style="width: 16pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Company has the necessary corporate power and capacity to authorize, create, authenticate, issue, sell, and deliver the Securities and perform its obligations under the terms and conditions of the Securities;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(ix)<font style="width: 21.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Company has the necessary corporate power and capacity to enter into, execute, deliver, and perform its obligations under the terms and conditions of any purchase, underwriting, or other agreement, certificate, indenture, or instrument relating to the Company's creation, authentication, issuance, sale, and/or delivery of any Securities to which the Company is party (any such agreement, the "<b>Agreement</b>");</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(x)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>that all necessary corporate action has been taken by the Company to duly authorize the execution and delivery by the Company of any Agreement and the performance of its obligations under the terms and conditions thereof;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xi)<font style="width: 21.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that all necessary corporate action has been taken by the Company to duly authorize, create, authenticate, sell, deliver, and issue the Securities and to perform its obligations under the terms and conditions of the Securities, and all of the terms and conditions relevant to the execution, delivery, and issuance of the Securities in the applicable Agreement have been complied with;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xii)<font style="width: 18.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>that all necessary corporate action has been taken by the Company to duly authorize the terms of the offering of the Securities and related matters;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xiii)<font style="width: 16pt; text-indent: 0pt; display: inline-block;">&#160;</font>that any Agreement (a) has been duly authorized, executed and delivered by all parties thereto and such parties had the capacity to do so; (b) constitutes a legal, valid and binding obligation of all parties thereto; and (c) is enforceable in accordance with its terms against all parties thereto;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xiv)<font style="width: 16.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Securities have been duly authorized, created, authenticated, sold and delivered and validly issued by the Company and any other person signing or authenticating the Securities, as applicable;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xv)<font style="width: 19.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the terms of the offering of the Securities and related matters have been duly authorized by the Company;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xvi)<font style="width: 16.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Company has complied, and will comply, with the <i>Business Corporations Act</i> (Ontario);</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xvii)<font style="width: 13.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the execution and delivery of any Agreement and the performance by the Company of its obligations under the terms and conditions thereunder do not and will not conflict with and do not and will not result in a breach of or default under, and do not and will not create a state of facts which, after notice or lapse of time or both, will conflict with or result in a breach of or default under any of the terms or conditions of the notice of articles or articles of the Company, any resolutions of the board of directors of the Company (the "<b>Board</b>") (or committee thereof) or shareholders of the Company, any agreement or obligation of the Company, any order, ruling, requirement or restriction of, or imposed by, any court or governmental body (including any stock exchange) having jurisdiction over the Company, or applicable law;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xviii)<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the authorization, creation, authentication, sale, delivery and issuance of the Securities and the Company's performance of its obligations under the terms and conditions of the Securities do not and will not conflict with and do not and will not result in a breach of or default under, and do not and will not create a state of facts which, after notice or lapse of time or both, will conflict with or result in a breach of or default under any of the terms or conditions of the notice of articles or articles of the Company, any resolutions of the Board (or committee thereof) or shareholders of the Company, any agreement or obligation of the Company, any order, ruling, requirement or restriction of, or imposed by, any court or governmental body (including any stock exchange) having jurisdiction over the Company, or applicable law;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xix)<font style="width: 16.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the terms of the offering of the Securities and related matters do not and will not conflict with and do not and will not result in a breach of or default under, and do not and will not create a state of facts which, after notice or lapse of time or both, will conflict with or result in a breach of or default under any of the terms or conditions of the notice of articles or articles of the Company, any resolutions of the Board (or committee thereof) or shareholders of the Company, any agreement or obligation of the Company, any order, ruling, requirement or restriction of, or imposed by, any court or governmental body (including any stock exchange) having jurisdiction over the Company, or applicable law;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xx)<font style="width: 19.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the Company will have received the agreed-upon consideration for the issuance of the offered Securities and such Securities will have been delivered by or on behalf of the Company against payment therefor;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxi)<font style="width: 16.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>that whenever our opinion refers to the Common Shares or Preferred Shares, whether issued or to be issued, as "fully paid and non-assessable" common shares or preferred shares in the capital of the Company, such opinion indicates that the holder of such shares cannot be required to contribute any further amounts to the Company by virtue of its status as holder of such shares, either in order to complete payment for the shares, to satisfy claims of creditors, or otherwise, and no opinion is expressed as to actual receipt by the Company of the consideration for the issuance of such shares or as to the adequacy of any consideration received;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxii)<font style="width: 13.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>that at the time of any offering or sale of any Common Shares, Preferred Shares, Units comprised, in whole or in part, of Common Shares or Preferred Shares, or any Warrants or Subscription Rights exercisable, exchangeable, or convertible into Common Shares or Preferred Shares, in whole or in part, (together, "<b>Convertible Securities</b>") and as of the date of the issuance of any Common Shares or Preferred Shares issuable upon exercise of any convertible securities, there will be sufficient Common Shares or Preferred Shares authorized and unissued under the Company's then operative constating documents and not otherwise reserved for issuance;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxiii)<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>that any Common Shares or Preferred Shares issuable upon exercise of offered Convertible Securities will have been duly authorized, created, and reserved for issuance upon such exercise;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxiv)<font style="display: inline-block; width: 11.5pt;">&#160;</font>that any Securities issuable upon conversion, exchange, redemption, or exercise of any Securities being offered will be duly authorized, created, and, if appropriate, allotted and reserved for issuance upon such conversion, exchange, redemption, or exercise;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxv)<font style="width: 14.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>that at or prior to the time of the issuance and delivery of any Securities, the Registration Statement as finally amended (including all necessary post-effective amendments) will have been declared effective under the Securities Act, that the Securities will have been registered under the Securities Act pursuant to the Registration Statement and that such Registration Statement will not have been modified, terminated, or rescinded, and that there will not have occurred any change in law affecting the validity of the issuance of the Securities;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxvi)<font style="width: 11.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>that an appropriate Prospectus Supplement with respect to the offered Securities will have been prepared and filed with the SEC in compliance with the Securities Act and the applicable rules and regulations thereunder;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxvii)<font style="width: 9.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>that all Securities will be offered, issued, and sold in compliance with applicable provincial, federal, and state securities laws and in the manner stated in the Registration Statement and the applicable Prospectus Supplement;</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxviii)<font style="width: 6.28pt; text-indent: 0pt; display: inline-block;">&#160;</font>that there is no foreign law (as to which we have made no independent investigation) that would affect the opinions expressed herein; and</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxix)<font style="width: 11.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>that no order, ruling, or decision of any court or regulatory or administrative body is in effect at any time that restricts any trades in securities of the Company or that affects any person or company (including the Company or any of its affiliates) that engages in such a trade; and</p>
    <p style="margin-left: 54pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(xxx)<font style="display: inline-block; width: 14pt;">&#160;</font>prior to the issuance of any series of Preferred Shares, that all necessary corporate action will have been authorized by the Board and taken by the Company to create such series of Preferred Shares.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">With respect to the Equity Distribution Agreement, which is governed by and construed in accordance with the laws of the State of New York, we have assumed that such agreement complies with and does not violate the laws of the State of New York.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Our opinion is limited to laws of the Province of Ontario. We have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Company. In particular, we express no opinion as to U.S. federal securities laws.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Based upon the foregoing and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that:</p>
    <p style="margin-left: 38.5pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">1.<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>With respect to the Common Shares, when: (a) the Board has taken all necessary corporate action to approve the issuance of, and the terms of the offering of, such Common Shares and all matters related thereto; and (b) the Common Shares have been issued, sold and delivered either (i) (A) in the manner and for the consideration stated in one or more definitive purchase, underwriting or similar Agreements between the Company and one or more third parties as approved by the Board, for the consideration approved by the Board, and as described in the Registration Statement and the applicable<b> </b>Prospectus Supplement,&#160; and (B) the Common Shares have been duly issued and delivered against full payment therefor, in accordance with the applicable Agreement, or (ii) upon conversion or exercise of any other Securities, in accordance with the terms of such Securities or the Agreement or instrument governing such Securities providing for such conversion or exercise as approved by the Board, for the full consideration approved by the Board, then such Common Shares will be duly and validly issued, fully paid and non-assessable.</p>
    <p style="margin-left: 38.5pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">2.<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>With respect to the Preferred Shares, when: (a) the Board has taken all necessary corporate action to approve the issuance of, and the terms of the offering of, such Preferred Shares and all matters related thereto; and (b) the Preferred Shares have been issued, sold and delivered either (i) (A) in the manner and for the consideration stated in one or more definitive purchase, underwriting or similar Agreements between the Company and one or more third parties as approved by the Board, for the consideration approved by the Board, and as described in the Registration Statement and the applicable<b> </b>Prospectus Supplement,&#160; and (B) the Preferred Shares have been duly issued and delivered against full payment therefor, in accordance with the applicable Agreement, or (ii) upon conversion or exercise of any other Securities, in accordance with the terms of such Securities or the Agreement or instrument governing such Securities providing for such conversion or exercise as approved by the Board, for the full consideration approved by the Board, then such Preferred Shares will be duly and validly issued, fully paid and non-assessable.</p>
    <p style="margin-left: 38.5pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">3.<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>The ATM Program Shares have been duly authorized for issuance by the Company and, when issued and sold by the Company and delivered by the Company in accordance with and in the manner described in the Equity Distribution Agreement, Registration Statement, and the ATM Prospectus Supplement, will be validly issued, fully paid and non-assessable.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our firm's name in the section of the Registration Statement and the prospectus included therein entitled "Experts and Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the SEC.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This opinion is furnished in accordance with the requirements of Item 601(b)(5)(i) of Regulation S-K in connection with the filing of the Registration Statement, and is not to be used, circulated, quoted or otherwise relied upon for any other purpose. This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We disclaim any obligation to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein after the effective date of the Registration Statement.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Yours truly,</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>/s/ Bennett Jones LLP</i></p>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exhibit5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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    <title>Medicus Pharma Ltd.: Exhibit 5.2 - Filed by newsfilecorp.com</title>
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    <div>&#160;</div>
    <p style="margin-bottom: 0pt; text-align: right; background-color: rgb(255, 255, 255); margin-top: 10pt;"><b>Exhibit 5.2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: #ffffff;">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: #ffffff;">1285 Avenue of the Americas</p>
    <p style="margin-top: 0pt; text-align: center; background-color: rgb(255, 255, 255); margin-bottom: 10pt;">New York, New York 10019-6064</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">December 29, 2025</p>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 10pt;">Medicus Pharma Ltd.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">300 Conshohocken State Rd., Suite 200</p>
    <p style="margin-top: 0pt; text-align: justify; margin-bottom: 10pt;">W. Conshohocken, PA 19428</p>
    <p style="margin-bottom: 0pt; text-align: center; margin-top: 10pt;">Medicus Pharma Ltd.</p>
    <p style="margin-top: 0pt; text-align: center; margin-bottom: 10pt;"><u>Registration Statement on Form S-3</u></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Ladies and Gentlemen:</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In connection with the Registration Statement on Form S-3 (the "Registration Statement") of Medicus Pharma Ltd., an Ontario corporation (the "Company"), filed today with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the "Act"), and the rules and regulations thereunder (the "Rules"), you have asked us to furnish our opinion as to the legality of the securities being registered under the Registration Statement. The Registration Statement relates to the registration under the Act of:</p>
    <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">1.<font style="width: 27pt; text-indent: 0pt; display: inline-block;">&#160;</font>the following securities of the Company (together, the "Company Securities"):</p>
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    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">C.<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>warrants to purchase Company Preferred Shares, Company Common Shares or any combination of them (the "Company Warrants");</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">D.<font style="width: 24.33pt; text-indent: 0pt; display: inline-block;">&#160;</font>subscription rights representing the Company's obligation to sell Company Preferred Shares, Company Common Shares or Company Warrants (the "Company Subscription Rights"); and</p>
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    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company Securities are being registered for offering and sale from time to time as provided by Rule 415 under the Act.</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company Warrants are to be issued under warrant agreements, each between the Company and a warrant agent to be identified in the applicable agreement (each, a "Warrant Agreement"). The Company Subscription Rights will be issued under subscription rights agreements, each between the Company and a subscription rights agent to be identified in the applicable agreement (each, a "Subscription Rights Agreement"). The Company Units are to be issued under unit agreements, each between the Company and a unit agent to be identified in the applicable agreement (each, a "Unit Agreement").</p>
    <p style="text-indent: 72pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In connection with the furnishing of this opinion, we have examined original, or copies certified or otherwise identified to our satisfaction, of the Registration Statement. In addition, we have examined such other certificates, agreements and documents that we deemed relevant and necessary as a basis for the opinions expressed below. We have also relied upon the factual matters contained in the representations and warranties of the Company made in the documents reviewed by us and upon certificates of public officials and the officers of the Company.&#160;</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">PAUL, WEISS, RIFKIND, WHARTON &amp; GARRISON LLP</p>
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    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: justify;">We consent to the incorporation by reference in this Registration Statement of Medicus Pharma Ltd. on Form S-3 to be filed on or about December 29, 2025 of our report dated March 28, 2025, on our audit of the financial statements as of December 31, 2024 and for the year then ended, which report was included in the Annual Report on Form 10-K filed March 28, 2025.&#160; Our report includes an explanatory paragraph about the existence of substantial doubt concerning the Company's ability to continue as a going concern. We also consent to the reference to our firm under the caption &#8220;Experts&#8221; in this Registration Statement.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We consent to the incorporation by reference of our auditor's report dated March 28, 2025 with respect to the consolidated financial statements of Medicus Pharma Ltd. (formerly Interactive Capital Partners Corp.) as at December 31, 2023 and for the year then ended, incorporated by reference in the Registration Statement on Form S-3 of Medicus Pharma Ltd., as filed with the United States Securities and Exchange Commission.</p>
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            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-521">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-522">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-523">Common share, no par value</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-524">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-525">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-526">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-527">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_2" format="ixt:booleanfalse" id="ixv-528">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-529">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_2" id="ixv-530">Preferred shares, no par value</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-531">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-532">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-533">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-534">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_3" format="ixt:booleanfalse" id="ixv-535">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_3" id="ixv-536">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_3" id="ixv-537">Warrants</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_3" format="ixt:booleantrue" id="ixv-538">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-539">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-540">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-541">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_4" format="ixt:booleanfalse" id="ixv-542">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_4" id="ixv-543">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_4" id="ixv-544">Units</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_4" format="ixt:booleantrue" id="ixv-545">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-546">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-547">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-548">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_5" format="ixt:booleanfalse" id="ixv-549">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_5" id="ixv-550">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_5" id="ixv-551">Subscription rights</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_5" format="ixt:booleantrue" id="ixv-552">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_5" id="ixv-553">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_5" id="ixv-554">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_5" id="ixv-555">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_6" format="ixt:booleanfalse" id="ixv-556">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_6" id="ixv-557">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_6" id="ixv-558">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_6" format="ixt:booleantrue" id="ixv-559">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_6" id="ixv-560">100,000,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_7" format="ixt:booleanfalse" id="ixv-561">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_7" id="ixv-562">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_7" format="ixt:booleantrue" id="ixv-563">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-564">100,000,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-565">0.0001381</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-566">13,810.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-567">100,000,000.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-568">13,810.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-569">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-570">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-571">13,810.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_7" id="ixv-572">There are being registered pursuant to the registration statement such indeterminate number of (a) common shares, no par value ("common shares"), (b) preferred shares, no par value ("preferred shares"), (c) warrants to purchase common shares or preferred shares of the registrant, (d) subscription rights to purchase common shares, preferred shares, warrants or units consisting of some or all of these securities of the registrant, and (e) units consisting of some or all of these securities, as may be offered from time to time pursuant to the prospectus contained in the registration statement with an aggregate initial offering price not to exceed $100,000,000, or the equivalent thereof in foreign currencies. There are also being registered under the registration statement an indeterminate amount or number of shares of the securities as may be issuable upon conversion or exchange of warrants or pursuant to antidilution provisions thereof or offered or issued from share splits, share dividends, recapitalizations or similar transactions.

The proposed maximum per unit and aggregate offering prices per class of securities will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered under the registration statement and is not specified as to each class of security pursuant to Instruction 2.A.iii.b of the Instructions to the Calculation of Filing Fee Tables and Related Disclosure of Form S-3.

The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act.

Any securities registered under the registration statement may be sold separately or as units with other securities registered under the registration statement.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
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        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
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              <b>Security Type</b>
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              <b>Security Class Title</b>
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              <b>Amount of Securities Previously Registered</b>
            </p>
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          <th style="width: 18%">
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              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
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              <b>Form Type</b>
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              <b>File Number</b>
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              <b>Initial Effective Date</b>
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          </th>
        </tr>
        <tr style="background-color:#E7E7E2;">
          <td style="text-align: center;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							}</script>
</head>
<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Dec. 19, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001997296<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Medicus Pharma Ltd.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Dec. 19, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common share, no par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Preferred shares, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Warrants<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=4', window );">Offering: 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Units<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=5', window );">Offering: 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Subscription rights<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=6', window );">Offering: 6</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=7', window );">Offering: 7</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 13,810.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">There are being registered pursuant to the registration statement such indeterminate number of (a) common shares, no par value ("common shares"), (b) preferred shares, no par value ("preferred shares"), (c) warrants to purchase common shares or preferred shares of the registrant, (d) subscription rights to purchase common shares, preferred shares, warrants or units consisting of some or all of these securities of the registrant, and (e) units consisting of some or all of these securities, as may be offered from time to time pursuant to the prospectus contained in the registration statement with an aggregate initial offering price not to exceed $100,000,000, or the equivalent thereof in foreign currencies. There are also being registered under the registration statement an indeterminate amount or number of shares of the securities as may be issuable upon conversion or exchange of warrants or pursuant to antidilution provisions thereof or offered or issued from share splits, share dividends, recapitalizations or similar transactions.

The proposed maximum per unit and aggregate offering prices per class of securities will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered under the registration statement and is not specified as to each class of security pursuant to Instruction 2.A.iii.b of the Instructions to the Calculation of Filing Fee Tables and Related Disclosure of Form S-3.

The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act.

Any securities registered under the registration statement may be sold separately or as units with other securities registered under the registration statement.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457oFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457oFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=4">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=4</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=6">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=6</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=7">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=7</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Dec. 19, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">13,810.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 13,810.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
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<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
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    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001997296</identifier>
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            <endDate>2025-12-19</endDate>
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    <context id="offrl_1">
        <entity>
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      id="ixv-526"
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      id="ixv-527"
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      unitRef="pure">0.0001381</ffd:FeeRate>
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      id="ixv-534"
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      decimals="INF"
      id="ixv-539"
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      decimals="INF"
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    <ffd:OfferingSctyTp contextRef="offrl_4" id="ixv-543">Other</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_4" id="ixv-544">Units</ffd:OfferingSctyTitl>
    <ffd:Rule457oFlg contextRef="offrl_4" id="ixv-545">true</ffd:Rule457oFlg>
    <ffd:MaxAggtOfferingPric
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      decimals="INF"
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      unitRef="USD">0.00</ffd:MaxAggtOfferingPric>
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      decimals="INF"
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      unitRef="pure">0.0001381</ffd:FeeRate>
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      decimals="INF"
      id="ixv-548"
      unitRef="USD">0.00</ffd:FeeAmt>
    <ffd:PrevslyPdFlg contextRef="offrl_5" id="ixv-549">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_5" id="ixv-550">Other</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_5" id="ixv-551">Subscription rights</ffd:OfferingSctyTitl>
    <ffd:Rule457oFlg contextRef="offrl_5" id="ixv-552">true</ffd:Rule457oFlg>
    <ffd:MaxAggtOfferingPric
      contextRef="offrl_5"
      decimals="INF"
      id="ixv-553"
      unitRef="USD">0.00</ffd:MaxAggtOfferingPric>
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      decimals="INF"
      id="ixv-554"
      unitRef="pure">0.0001381</ffd:FeeRate>
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      decimals="INF"
      id="ixv-555"
      unitRef="USD">0.00</ffd:FeeAmt>
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    <ffd:OfferingSctyTitl contextRef="offrl_6" id="ixv-558">Unallocated (Universal) Shelf</ffd:OfferingSctyTitl>
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    <ffd:MaxAggtOfferingPric
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      decimals="INF"
      id="ixv-560"
      unitRef="USD">100000000.00</ffd:MaxAggtOfferingPric>
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      decimals="INF"
      id="ixv-564"
      unitRef="USD">100000000.00</ffd:MaxAggtOfferingPric>
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      contextRef="offrl_7"
      decimals="INF"
      id="ixv-565"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="offrl_7"
      decimals="INF"
      id="ixv-566"
      unitRef="USD">13810.00</ffd:FeeAmt>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-567" unitRef="USD">100000000.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-568" unitRef="USD">13810.00</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt contextRef="rc" decimals="INF" id="ixv-569" unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-570" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-571" unitRef="USD">13810.00</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_7" id="ixv-572">There are being registered pursuant to the registration statement such indeterminate number of (a) common shares, no par value ("common shares"), (b) preferred shares, no par value ("preferred shares"), (c) warrants to purchase common shares or preferred shares of the registrant, (d) subscription rights to purchase common shares, preferred shares, warrants or units consisting of some or all of these securities of the registrant, and (e) units consisting of some or all of these securities, as may be offered from time to time pursuant to the prospectus contained in the registration statement with an aggregate initial offering price not to exceed $100,000,000, or the equivalent thereof in foreign currencies. There are also being registered under the registration statement an indeterminate amount or number of shares of the securities as may be issuable upon conversion or exchange of warrants or pursuant to antidilution provisions thereof or offered or issued from share splits, share dividends, recapitalizations or similar transactions.

The proposed maximum per unit and aggregate offering prices per class of securities will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered under the registration statement and is not specified as to each class of security pursuant to Instruction 2.A.iii.b of the Instructions to the Calculation of Filing Fee Tables and Related Disclosure of Form S-3.

The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act.

Any securities registered under the registration statement may be sold separately or as units with other securities registered under the registration statement.</ffd:OfferingNote>
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