[Form 3] Medicus Pharma Ltd. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Patrick J. Mahaffy, a director of Medicus Pharma Ltd. (MDCX), reports beneficial ownership of 35,435 common shares and a stock option for 25,000 common shares exercisable through 08/29/2030 at an exercise price of $1.94. The option vests in equal quarterly installments over the 12 months following 08/29/2025. The Form 3 was signed by an attorney-in-fact on 09/08/2025.

Insights

Financial Analyst

TL;DR: Routine insider disclosure showing modest director equity and an option award with a multi-year exercise window.

The filing is a standard initial Section 16 disclosure documenting a director's ownership stake and an accompanying option grant. The option's $1.94 exercise price and 08/29/2030 expiry provide a long exercise window while the stated quarterly vesting over 12 months indicates a one-year service-related vesting schedule. No transaction values, cash payments, or related-party transfers are disclosed.

Corporate Governance Expert

TL;DR: Governance disclosure is complete for initial ownership; vesting schedule and director status are explicitly reported.

The Form 3 properly identifies the reporting person as a director and lists both direct share ownership and a derivative security. The exhibit list includes a power of attorney and the form is executed by an attorney-in-fact. The document contains the necessary details for transparency under Section 16 but does not include additional compensation terms or board committee roles.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

MAHAFFY PATRICK J

(Last) (First) (Middle)

300 CONSHOHOCKEN STATE ROAD

SUITE 200

(Street)

W. CONSHOHOCKEN PA 19428

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/29/2025

3. Issuer Name and Ticker or Trading Symbol
Medicus Pharma Ltd. [ MDCX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares, no par value ("Common Shares")	35,435	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	08/29/2030	Common Shares	25,000	$1.94	D

Explanation of Responses:

1. The option is scheduled to vest in equal quarterly instalments over the twelve months immediately following August 29, 2025.

Remarks:

Exhibit List - Exhibit 24.1 - Power of Attorney

	/s/ Raza Bokhari, as Attorney-in-Fact, for Patrick J. Mahaffy	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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