Medicus Pharma Ltd. Provides Corporate Updates and Reports Third Quarter 2025 Financial Highlights

Rhea-AI Summary

Medicus Pharma (NASDAQ:MDCX) reported Q3 2025 corporate and financial updates including clinical progress, an acquisition, patient-access initiatives, and financing activity.

Key points: SKNJCT-003 (Phase 2 D-MNA for basal cell carcinoma) has randomized >75% of a 90-patient target and received FDA Type C feedback supporting a 505(b)(2) pathway; UK MHRA/HRA/WREC approvals were received to expand the study and the first patient was treated in a UAE SKNJCT-004 study. Medicus completed the acquisition of Antev (Teverelix) in August 2025. Q3 cash was $8.7M after $10.4M aggregate net proceeds; Q3 operating expenses were $15.4M and net loss was $16.0M.

Positive

• $10.4M aggregate net proceeds added to balance sheet
• SKNJCT-003 >75% randomized of 90 planned patients
• UK regulatory approvals from MHRA/HRA/WREC to expand Phase 2 study
• Completed acquisition of Antev adding Teverelix to pipeline

Negative

• Q3 operating expenses of $15.4M versus $2.3M year-ago
• Q3 net loss of $16.0M compared to $2.3M year-ago
• Cash and cash equivalents of $8.7M at September 30, 2025

Insights

Biotech/CFO Analyst

Medicus reports Phase 2 progress, regulatory approvals, an acquisition, and increased cash from financings while reporting a larger quarterly loss.

The company advances its SkinJect program with a Phase 2 trial running in nine U.S. sites and an EU/UK expansion after MHRA, HRA and WREC approvals. The study has randomized more than 75% of the planned 90 patients in SKNJCT-003 and began a 36-patient UAE study (SKNJCT-004). The FDA provided positive feedback in a Type C meeting indicating a possible 505(b)(2) regulatory pathway for D-MNA. Management completed the acquisition of Antev, adding Teverelix, a long-acting GnRH antagonist formulated for six-week dosing described as lacking an initial testosterone surge, and announced an MoU with HelixNano and a collaboration with the Gorlin Syndrome Alliance to pursue an Expanded Access IND for SkinJect™.

Financially, the company raised aggregate net proceeds of 10.4 million and reported 8.7 million in cash at quarter end versus 5.3 million a year earlier. Third quarter operating expenses rose to 15.4 million from 2.3 million a year ago, with R&D of 1.7 million, G&A of 5.0 million, and a net loss of 16.0 million. The business case rests on successful Phase 2 completion, regulatory acceptance of the 505(b)(2) route, and integration of Antev into operations.

Key dependencies and risks include timely patient randomization completion, regulatory interactions translating into clear approval pathways, and capital sufficiency given rising operating losses. Watch for completion of SKNJCT-003 enrollment, formal FDA guidance or agreement on the 505(b)(2) path, progress of the UAE SKNJCT-004 study, any updates on the Expanded Access IND, and subsequent cash or financing disclosures. Expect near-term updates within clinical enrollment and regulatory milestones over the next 6–18 months as the most monitorable items.

Clinical development programs for doxorubicin-containing microneedle array (D-MNA) and Teverelix, a next generation GnRH antagonist, are steadily advancing

PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / November 14, 2025 / Medicus Pharma Ltd. (NASDAQ:MDCX) ("Medicus" or the "Company"), a biotech/life sciences company focused on advancing the clinical development programs of novel and potentially disruptive therapeutic assets, announced today its financial and operating results for the quarter ending September 30, 2025, and highlighted important corporate updates.

Third Quarter Corporate Highlights:

• Skinject Clinical Development Program SKNJCT-003 & SKNJCT-004 Progress:

The Company is currently conducting a Phase 2 clinical study for SKNJCT-003 in nine (9) clinical sites across the United States. SKNJCT-003, which commenced randomizing patients in August 2024, is a double blinded, placebo controlled triple arm proof of concept Phase 2 clinical study, designed to non-invasively treat basal cell carcinoma (BCC) of the skin using novel, patent protected, dissolvable doxorubicin-containing microneedle arrays (D-MNA).

In August 2025, the Company announced that SKNJCT-003 has randomized more than seventy-five percent (75%) of the ninety (90) participants expected to be randomized in the study.

In September 2025, the Company received positive feedback from the Food and Drug Administration (FDA) regarding its Type C meeting supporting the development of SkinJect, indicating that the Company may follow the FDA's 505(b)(2) regulatory pathway to non-invasively treat BCC of the skin using dissolvable D-MNA.

In October 2025, the Company treated its first patient in the clinical study (SKNJCT-004) currently underway in the United Arab Emirates (UAE). The study is expected to randomize thirty-six (36) patients in six (6) sites in the UAE. Cleveland Clinic Abu Dhabi is the principal investigator.

In November 2025, the company 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 of the skin. The approvals were issued by the Medicines and Healthcare products Regulatory Agency (MHRA), the Health Research Authority (HRA) and the Wales Research Ethics Committee (WREC). The MHRA approval followed a comprehensive scientific review of the Investigational Medicinal Product Dossier (IMPD) and protocol. The WREC issued a favorable ethical opinion, and the HRA granted study wide governance approval, confirming compliance with U.K. Good Clinical Practice and National Health Service capacity and capability standards.

• Skinject Platform Expansion:

In August 2025, the Company announced its entry into a non-binding memorandum of understanding (the "MoU") with Helix Nanotechnologies, Inc. ("HelixNano"), a Boston-based biotech company focused on developing a proprietary advanced mRNA platform, to explore co-development of thermostable infectious disease vaccines.

• Pipeline Expansion-Acquisition of Antev

In August 2025, the Company completed the acquisition of Antev Limited ("Antev"), a UK-based late clinical stage biotech company, developing Teverelix, a next generation GnRH antagonist, as a first in market product for cardiovascular high-risk advanced prostate cancer patients and patients with first acute urinary retention relapse (AURr) episodes due to enlarged prostate.

Antev's flagship drug candidate is Teverelix trifluoroacetate, a long-acting gonadotrophin-releasing hormone (GnRH) antagonist. Unlike GnRH agonists, which can cause an initial surge in testosterone levels, Teverelix directly suppresses sex hormone production without this surge, potentially reducing cardiovascular risks. This mechanism is particularly beneficial for patients with existing cardiovascular conditions. Teverelix is formulated as a microcrystalline suspension, allowing for sustained release and a six-week dosing interval, which may improve patient compliance and outcomes.

• Patient Access & Advocacy-Gorlin Syndrome Alliance Collaboration

In October 2025, the Company announced a strategic collaboration with the Gorlin Syndrome Alliance (GSA) to advance compassionate access to SkinJect^™, the Company's investigational doxorubicin containing microneedle arrays (D-MNA) for patients suffering from Gorlin Syndrome, also known as nevoid basal cell carcinoma syndrome.

Under the collaboration, Medicus and the GSA will jointly pursue the Expanded Access IND Program with the FDA to allow patients with multiple, recurrent, or inoperable BCCs of the skin to access SkinJect^™ under physician-supervised treatment protocols. The initiative aims to establish a framework for expanded access while collecting valuable real-world safety and tolerability data to inform future regulatory filings. It will also more tightly integrate patient community-led insights and data into the design, monitoring, and long-term development of SkinJect^™ in this rare disease population.

Today the Company also announced its financial and operating results for the quarter ended September 30, 2025, highlights of which are provided below.

Third Quarter Financial Highlights

The addition of $10.4 million of aggregate net proceeds from financing transactions and the exercise of warrants has bolstered the Company's already strong balance sheet as it continues to progress its clinical development program while pursuing strategic acquisition, building out its core management team and strengthening its board of directors.

Cash and cash equivalents were $8.7 million at the end of the third quarter compared to $5.3 million at the end of the same period in 2024.

• Total operating expenses were $15.4 million for the third quarter compared to $2.3 million for the same period in 2024.

• Research and development expenses were $1.7 million for the third quarter compared to $0.6 million for the same period in 2024.

• General and administrative expenses were $5.0 million for the third quarter compared to $1.8 million for the same period in 2024.

• Net loss for the third quarter was $16.0 million compared to $2.3 million for the same period in 2024. This reflects increased expenses as the Company accelerates its clinical development program in United States, Europe and the Middle East, raises additional capital, completed the acquisition of Antev in the United Kingdom and continues to integrate Antev into its business and operations, as well as continues to pursue strategic growth.

The Company's complete financial statements for the quarter are included in its quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission on November 14, 2025, and are also available on SEDAR+.

Management Commentary

"The fundamentals of the Company continue to remain strong," stated Dr. Raza Bokhari, Medicus's Executive Chairman and CEO. "The clinical development program of SkinJect, which we believe represents more the $2 billion in potential market opportunity, is now active across the United States, Europe, and the Middle East. This expansion is enhancing global patient recruitment and our clinical dataset, which, among other things, is expected to assist us in designing a robust pivotal program. Completing the acquisition of Antev has been the highlight of the third quarter, which not only adds strategic depth to our drug development pipeline but also strengthens our team, both at the board and management levels. We believe, Teverelix, a next generation GnRH antagonist, is well positioned to become a first in class product to prevent acute urinary retention relapse due to enlarged prostate, and to treat advanced prostate cancer in patients with high cardiovascular risk profile, collectively representing approximately US$6 billion in potential market opportunity. The Company's balance sheet is stable, and management's confidence level is high."

For further information contact:

Carolyn Bonner, President and Acting Chief Financial Officer
(610) 636-0184
cbonner@medicuspharma.com

Anna Baran-Djokovic, SVP Investor Relations
(305) 615-9162
adjokovic@medicuspharma.com

About Medicus Pharma Ltd.

Medicus Pharma Ltd. (Nasdaq:MDCX) is a biotech/life sciences company focused on accelerating the clinical development programs of novel and potentially disruptive therapeutics assets. The Company is actively engaged in multiple countries, spread over three continents.

SkinJect Inc. a wholly owned subsidiary of Medicus Pharma Ltd., is a development stage, life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using a patented dissolvable microneedle patch to deliver a chemotherapeutic agent to eradicate tumors cells. The Company completed a phase 1 safety & tolerability study (SKNJCT-001) in March of 2021, which met its primary objective of safety and tolerability; the study also describes the efficacy of the investigational product D-MNA, with six (6) participants experiencing complete response on histological examination of the resected lesion. The Company is currently conducting a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-003) in the United States and Europe. The Company has also commenced a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-004) in the United Arab Emirates.

In August 2025, the Company announced its entry into a non-binding memorandum of understanding (the "MoU") with Helix Nanotechnologies, Inc. ("HelixNano"), a Boston-based biotech company focused on developing a proprietary advanced mRNA platform, in respect of their shared mutual interest in the development or commercial arrangement contemplated by the MoU. The MoU is non-binding and shall not be construed to obligate either party to proceed with a joint venture or any further development or commercial arrangement, unless and until definitive agreements are executed.

In August 2025, the Company completed the acquisition of Antev, a UK-based late clinical stage biotech company, developing Teverelix, a next generation GnRH antagonist, as a first in market product for cardiovascular high-risk advanced prostate cancer patients and patients with first acute urinary retention relapse (AURr) episodes due to enlarged prostate.

Antev's flagship drug candidate is Teverelix trifluoroacetate, a long-acting gonadotrophin-releasing hormone (GnRH) antagonist. Unlike GnRH agonists, which can cause an initial surge in testosterone levels, Teverelix directly suppresses sex hormone production without this surge, potentially reducing cardiovascular risks. This mechanism is particularly beneficial for patients with existing cardiovascular conditions. Teverelix is formulated as a microcrystalline suspension, allowing for sustained release and a six-week dosing interval, which may improve patient compliance and outcomes.

In September 2020, Antev completed a Phase 1 clinical trial in which Teverelix was shown to be well tolerated with no dose-limiting toxicities and demonstrated rapid testosterone suppression. The study included 48 healthy male volunteers. In February 2023, Antev also completed a Phase 2a study in fifty (50) patients with advanced prostate cancer (APC), where Teverelix achieved the primary endpoint of greater than 90% probability of castration levels of testosterone suppression (97.5%) but the secondary endpoint of maintaining this rate above 90% was not met with the probability dropping to 82.5% by Day 42.

In January 2023, the FDA, reviewed the Phase 1 and Phase 2a data and provided written guidance on Antev's proposed Phase 3 trial design for Teverelix. This milestone supports the Company's clinical plans to develop Teverelix as a treatment for advanced prostate cancer patients with increased cardiovascular risk.

In December 2023, FDA approved the Phase 2b study design in advanced prostate cancer covering 40 patients.

In November 2024, FDA approved the Phase 2b study design in acute urinary retention covering 390 patients

In October 2025, the Company announced a strategic collaboration with the Gorlin Syndrome Alliance (GSA) to advance compassionate access to SkinJect^™, the Company's investigational doxorubicin containing microneedle arrays (D-MNA) for patients suffering from Gorlin Syndrome, also known as nevoid basal cell carcinoma syndrome.

Under the collaboration, Medicus and the GSA will jointly pursue the Expanded Access IND Program with the Food and Drug Administration (FDA) to allow patients with multiple, recurrent, or inoperable basal cell carcinomas (BCCs) to access SkinJect^™ under physician-supervised treatment protocols. The initiative aims to establish a framework for expanded access while collecting valuable real-world safety and tolerability data to inform future regulatory filings. It will also more tightly integrate patient community-led insights and data into the design, monitoring, and long-term development of SkinJect^™in this rare disease population.

In November 2025, the Company received full regulatory and ethical approvals in the United Kingdom to expand its ongoing Phase 2 clinical study (SKNJCT-003) evaluating Doxorubicin Microneedle Array (D-MNA) to non-invasively treat basal cell carcinoma (BCC) of the skin. The approvals were issued by the Medicines and Healthcare products Regulatory Agency (MHRA), the Health Research Authority (HRA) and the Wales Research Ethics Committee (WREC). The MHRA approval followed a comprehensive scientific review of the Investigational Medicinal Product Dossier (IMPD) and protocol. The WREC issued a favorable ethical opinion, and the HRA granted study wide governance approval, confirming compliance with U.K. Good Clinical Practice and National Health Service capacity and capability standards

Cautionary Notice on Forward-Looking Statements

Certain information in this news release constitutes "forward-looking information" under applicable securities laws. "Forward-looking information" is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, the collaboration with GSA including the potential benefits thereof for GSA, those suffering with Gorlin Syndrome and Medicus (including as it relates to the development of SkinJect^™), ability to be approved for the Expanded Access IND Program to enable those suffering with Gorlin Syndrome to access SkinJect^™ under physician-supervised treatment protocols, the development of Teverelix and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of Teverelix for AURr and high CV risk prostate cancer, and the potential market opportunities related thereto, the MOU, including the potential signing of definitive agreements between Medicus and HelixNano and the development of thermostable infectious diseases vaccines by combining HelixNano's proprietary mRNA vaccine platform with Medicus's proprietary microneedle array (MNA) delivery platform, the Company's aim to fast-track the clinical development program and convert the SKNJCT-003 exploratory clinical trial into a pivotal clinical trial, and approval from the FDA and the timing thereof, plans and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of SkinJect through SKNJCT-003 and SKNJCT-004, and the potential market opportunities related thereto, the expansion of SKNJCT-003 into the United Kingdom and the potential benefits therefrom, the advancement of the SKNJCT-004 study and the potential results of and benefits of such study. Forward-looking statements are often but not always, identified by the use of such terms as "may", "on track", "aim", "might", "will", "will likely result", "could," "designed," "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target", "potential" or the negative and/or inverse of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company's annual report on form 10-K for the year ended December 31, 2024 (the "Annual Report"), and in the Company's other public filings on EDGAR and SEDAR+, which may impact, among other things, the trading price and liquidity of the Company's common shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

SOURCE: Medicus Pharma Ltd

View the original press release on ACCESS Newswire

FAQ

What clinical progress did Medicus (MDCX) report for SKNJCT-003 as of November 14, 2025?

SKNJCT-003 is a Phase 2 trial for D-MNA in BCC that has randomized >75% of the 90 planned patients and is active across U.S. sites.

What regulatory milestones did Medicus (MDCX) achieve for SkinJect by November 14, 2025?

Medicus received FDA Type C feedback supporting a 505(b)(2) pathway and obtained MHRA, HRA, and WREC approvals to expand the Phase 2 study in the U.K.

How did the Antev acquisition affect Medicus’s pipeline and what is Teverelix?

The August 2025 acquisition of Antev added Teverelix, a long-acting GnRH antagonist formulated for six-week dosing aimed at advanced prostate cancer and AURr patients.

What were Medicus (MDCX) cash and financing positions at the end of Q3 2025?

Medicus reported $8.7M in cash and cash equivalents at September 30, 2025, after $10.4M of aggregate net proceeds from financings and warrant exercises.

What were Medicus’s Q3 2025 operating results that investors should note?

For Q3 2025, operating expenses were $15.4M, R&D was $1.7M, G&A was $5.0M, and net loss was $16.0M.

What patient-access initiative did Medicus announce on November 14, 2025?

Medicus announced a collaboration with the Gorlin Syndrome Alliance to pursue an Expanded Access IND Program for SkinJect to enable physician-supervised access and collect real-world safety data.