On November 6, 2026 Medicus Pharma Ltd. (NASDAQ:MDCX) ("Medicus" or the "Company"), a precision guided, biotech/life sciences company focused on advancing the clinical development programs of novel and potentially disruptive therapeutic assets, reported financial results for the three and nine months ended September 30, 2026, and provided a business update highlighting capital efficient strategic, clinical and regulatory progress across its development portfolio.

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During the third quarter of 2026, Medicus entered into a co-development and license agreement with Pfizer Inc. ("Pfizer") for PF-08046031 (CD228V), a clinical-stage antibody-drug conjugate (ADC) targeting melanotransferrin, or CD228. The Company subsequently designated CD228V as its principal development priority, with an initial focus on establishing clinical proof-of-concept in melanoma.

During and after the quarter, the Company achieved several important milestones, including the announcement of an exclusive development focus for SkinJect in Gorlin syndrome and the submission of an optimized Teverelix registrational protocol to the FDA for advanced prostate cancer. On November 4, 2026, Medicus announced a non-binding LOI (as defined below) for a proposed Business Combination (as defined below) between SkinJect and an undisclosed special purpose acquisition company. In addition, following the Share Consolidation (as defined below), the Company regained compliance with Nasdaq’s minimum bid price requirement.

During the quarter and on an ongoing basis, the Company has highlighted a capital-efficient portfolio strategy, which combines focused development of CD228V with essential support for SkinJect and Teverelix as partner-ready therapeutic programs. The Company is allocating resources to maintain these programs and keep their development packages current while pursuing the proposed SkinJect Business Combination and strategic partnerships for Teverelix.

Management Commentary

"The third quarter saw the transformation of Medicus into a precision oncology-led biotech company with CD228V as our principal development priority," stated Dr. Raza Bokhari, Medicus Executive Chairman and CEO. "With capital-efficient allocation of resources, we remain focused on disciplined execution, regulatory excellence and strategic growth as we seek to build long-term shareholder value and advance therapies with the potential to improve patient outcomes."

Financial Highlights (Q3 2026)

As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, financial results include:

Cash, cash equivalents and restricted cash: $13.1 million.
Cash and cash equivalents: $5.0 million (vs.$8.7 million as of December 31, 2025).
Total Operating expenses (loss from operations): $14.5 million (vs. $15.4 million in Q3 2025).
General and administrative expenses: $2.5 million (vs. $5.0 million in Q3 2025).
Research and development expenses: $2.0 million (vs. $1.7 million in Q3 2025).
Net loss: $15.2 million (vs. $16.0 million in Q3 2025).
Net loss per share*: $11.64 (vs. $56.18 in Q3 2025).
* Share and per share amounts for all periods have been retroactively adjusted to reflect the Company’s 50-to-1 share consolidation effective October 12, 2026 (the "Share Consolidation").

The Company’s complete unaudited financial statements and results of operations for the quarter ended September 30, 2026, are included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2026 (the "Form 10-Q").

Third Quarter 2026 and Subsequent Operational Highlights

During and after the third quarter, Medicus established its revised portfolio priorities. The following summarizes the key developments and current program status.

CD228V License and Co-Development:

Worldwide license. On September 2, 2026, the Company through its wholly owned subsidiary, Medicus Pharma Inc., entered into a co-development and licensing agreement with Pfizer providing an exclusive worldwide license to develop, manufacture and commercialize CD228V, subject to Pfizer’s retained rights and other contractual provisions. Under the agreement, the Company controls program execution under the co-development framework.
Clinical development focus. CD228V is a second-generation CD228-targeted ADC, utilizing Pfizer’s established vedotin linker-payload platform. Medicus intends to pursue initial proof-of-concept in relapsed, refractory or immunotherapy-resistant melanoma, supported by the existing U.S. investigational new drug application (IND) for CD228V and a first-in-human Phase 1 clinical study.
Pfizer participation. Pfizer provided $2.0 million in development funding and retains the right, without an obligation, to elect to fund all or part of development beginning with the first pivotal trial, subject to a further definitive agreement in respect of such arrangements.
SkinJect Proposed Business Combination and Gorlin Syndrome Development

On November 4, 2026, Medicus announced that its wholly owned subsidiary, SkinJect, Inc. ("SkinJect"), had entered a non-binding letter of intent ("LOI") with an undisclosed special purpose acquisition company ("SPAC") for a proposed business combination involving SkinJect(the "Business Combination").

Proposed valuation and financing. The LOI contemplates an approximate $135 million pre-money enterprise valuation for SkinJect as well as a concurrent equity financing at closing of the proposed Business Transaction to support the SKNJCT-005 study in Gorlin syndrome and preparation and submission of a potential New Drug Application ("NDA"). Clinical package and indication focus. In September, the Company announced an exclusive development focus on evaluating SkinJect in treating multiple basal cell carcinoma lesions in patients with Gorlin syndrome and concluded any further development in sporadic nodular BCC. The clinical study report for the completed SKNJCT-003 Phase 2 study was finalized that month, and, among other things, the Company believes that it provides a basis for potential partners to assess the next development program.
Study authorization. In July, the FDA issued a "Study May Proceed" letter for SKNJCT-005, the planned registrational Phase 2b study in Gorlin syndrome. The authorization permits initiation of the study under the existing IND. SkinJect remains investigational, and any NDA submission or approval would depend on clinical results and applicable regulatory requirements.
Designation applications. The FDA has held review of the Company’s Orphan Drug Designation and Rare Pediatric Disease Designation applications in abeyance pending receipt of additional information from the Company.
Teverelix Partner Ready Therapeutic Programs

The Company views Teverelix as a portfolio of partner-ready opportunities in urology, advanced prostate cancer and women’s health. Existing clinical work, regulatory engagement and proposed study designs provide defined programs for potential partners to evaluate. Medicus is allocating essential resources to maintain program readiness and keep development documentation current as it seeks partners with the capabilities and resources to advance these opportunities.

Advanced prostate cancer. On September 29, 2026, Medicus announced that it had submitted to the FDA a proposed seamless Phase 2b/3 registration-intent protocol for Teverelix for patients at increased cardiovascular risk. The design is expected to begin with approximately 80 randomized patients and, if predefined continuation criteria are met, enroll approximately 528 additional patients, for a total of approximately 608 patients. The proposal remains subject to FDA feedback and there can be no assurance that the FDA will agree with the proposed protocol. Medicus intends to seek an out-license or other strategic partnership rather than independently fund the proposed study; however, there can be no assurance that the Company will successfully enter into any such transaction.
Other Corporate Developments:

During and after the quarter, Medicus also advanced initiatives, aimed at fostering long-term growth and building shareholder value. Medicus and YA II PN, Ltd. ("Yorkville") mutually agreed to terminate the standby equity purchase agreement (the "SEPA") effective September 11, 2026. No borrowings, advance notices or shares to be issued remained outstanding under the SEPA at the time of its termination.

Following the Share Consolidation, Medicus announced on October 26, 2026, that it had received written notice from Nasdaq on October 23, 2026, confirming that the Company had regained compliance with the minimum bid price requirement.

Anticipated Clinical Development and Partnering Priorities

The Company intends to focus in the coming quarters on capital-efficiency and disciplined execution. Medicus is focused on concentrating incremental development investment on selected CD228V milestones. Essential resources will continue to support current clinical and regulatory documentation, manufacturing information and readiness activities as the Company pursues the proposed SkinJect Business Combination, including definitive agreements and concurrent financing, and strategic partnerships for Teverelix. There can be no assurance that definitive agreements will be signed, that the financing will be secured or that the Business Combination will be completed on favorable terms or at all.

(Press release, Medicus Pharma, NOV 6, 2026, View Source [SID1234674394])