Medicus Pharma Ltd Financials
This page shows Medicus Pharma Ltd (MDCX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rising cash burn has been matched by larger equity financing, showing a business still funded more by capital raises than operations.
From FY2023 to FY2025, operating cash outflow widened from-$4.2M to-$22.8M while financing inflows climbed from$5.6M to$31.9M and shares outstanding more than tripled. That combination explains why cash still reached$8.7M even as equity slipped slightly below zero: the balance sheet is being refilled from outside capital, not from the underlying operation.
The latest year shows a liquidity squeeze: current ratio fell from 2.3x in FY2024 to 1.0x in FY2025. With current liabilities at
Loss expansion was not just a single accounting line moving around: SG&A rose from
Financial Health Signals
Medicus Pharma Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Medicus Pharma Ltd passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Medicus Pharma Ltd reported a net loss of $47.3M while operations used $22.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Medicus Pharma Ltd reported an operating loss of $34.4M against $197K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Medicus Pharma Ltd reported -$47.3M in net income in fiscal year 2025. This represents a decrease of 323.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Medicus Pharma Ltd held $8.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
None of these metrics is reported for fiscal year 2025.
Capital Allocation
Medicus Pharma Ltd invested $7.7M in research and development in fiscal year 2025. This represents an increase of 118.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
MDCX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| R&D Expenses | N/A | $7.7M+118.9% | $3.5M+1722.4% | $194K |
| SG&A Expenses | N/A | $17.9M+134.2% | $7.7M+68.7% | $4.5M |
| Operating Income | N/A | -$34.4M-207.3% | -$11.2M-136.4% | -$4.7M |
| Interest Expense | N/A | -$197K-877.5% | $25K | N/A |
| Income Tax | N/A | $0 | $0 | $0 |
| Net Income | N/A | -$47.3M-323.8% | -$11.2M-109.9% | -$5.3M |
| EPS (Diluted) | — | -$2.74 | -$1.16 | -$1.53 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MDCX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $10.1M+78.2% | $5.6M+198.3% | $1.9M |
| Current Assets | $9.9M+83.9% | $5.4M+184.1% | $1.9M |
| Cash & Equivalents | $8.7M+109.0% | $4.2M+142.2% | $1.7M |
| Total Liabilities | $10.0M+299.0% | $2.5M+221.4% | $782K |
| Current Liabilities | $9.9M+330.9% | $2.3M+195.1% | $782K |
| Total Equity | -$68K-102.2% | $3.1M+182.0% | $1.1M |
| Retained Earnings | -$64.3M-122.6% | -$28.9M-62.9% | -$17.7M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
MDCX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | -$29.3M | -$22.8M-122.3% | -$10.2M-146.4% | -$4.2M |
| Investing Cash Flow | N/A | -$4.6M | $0 | N/A |
| Financing Cash Flow | $49.4M | $31.9M+151.6% | $12.7M+126.2% | $5.6M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MDCX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Return on Equity | N/A | -355.9%+122.3pp | -478.2% |
| Return on Assets | -469.9%-272.4pp | -197.6%+83.2pp | -280.8% |
| Current Ratio | 1.00-1.3x | 2.33-0.1x | 2.42 |
| Debt-to-Equity | N/A | 0.80+0.1x | 0.70 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$68K), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Medicus Pharma Ltd Ranks
Frequently Asked Questions
Is Medicus Pharma Ltd profitable?
No, Medicus Pharma Ltd (MDCX) reported a net income of -$47.3M in fiscal year 2025.
What is Medicus Pharma Ltd's operating cash flow?
Medicus Pharma Ltd (MDCX) recorded an outflow of $22.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Medicus Pharma Ltd's total assets?
Medicus Pharma Ltd (MDCX) had $10.1M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Medicus Pharma Ltd spend on research and development?
Medicus Pharma Ltd (MDCX) invested $7.7M in research and development during fiscal year 2025.
What is Medicus Pharma Ltd's current ratio?
Medicus Pharma Ltd (MDCX) had a current ratio of 1.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Medicus Pharma Ltd's return on assets (ROA)?
Medicus Pharma Ltd (MDCX) had a return on assets of -469.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Medicus Pharma Ltd's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Medicus Pharma Ltd (MDCX) held $8.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $22.8M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Medicus Pharma Ltd's debt-to-equity ratio negative or not reported?
Medicus Pharma Ltd (MDCX) has negative shareholder equity of -$68K as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Medicus Pharma Ltd's Piotroski F-Score?
Medicus Pharma Ltd (MDCX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Medicus Pharma Ltd's earnings high quality?
Medicus Pharma Ltd (MDCX) reported a net loss of $47.3M while operations used $22.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Medicus Pharma Ltd cover its interest payments?
Medicus Pharma Ltd (MDCX) reported an operating loss of $34.4M against $197K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.