[Form 4] Medicus Pharma Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing (07/24/2025) discloses two transactions by Lindblad Expeditions Holdings (LIND) founder & CEO Benjamin Bressler on 07/23/2025.

• Option exercise (Code M): Bressler exercised 1,334,319 employee stock options at an exercise price of $8.44, converting them into an equal number of common shares.
• Open-market sale (Code S): He immediately sold 47,325 shares at a weighted-average price of $13.02 (range $13.00-$13.06).

Following the transactions, Bressler’s direct ownership stands at 1,310,460 common shares. All corresponding derivative holdings from this option grant are now fully exercised and reduced to zero.

The filing reflects routine executive equity activity: a large option exercise under the 2021 LTIP and a small partial sale (~3.5 % of exercised shares) for liquidity or tax purposes. No earnings guidance or operational data are provided.

Insights

Equity Capital Markets Analyst

TL;DR: Founder exercised 1.33 M options at $8.44 and sold 47 K shares at $13; retains 1.31 M shares—neutral signal.

Bressler converted a sizable in-the-money option block, crystallizing a $6+ spread, yet only sold a fraction (≈3.5 %). The bulk of shares were retained, maintaining meaningful insider alignment. The option strike and grant details match the 2021 LTIP, so dilution impact was already modeled; actual net sale is immaterial (<0.1 % of 53 M basic shares). Insider selling of any size can raise eyebrows, but magnitude and retention indicate routine financial planning rather than bearish sentiment. Market impact therefore neutral.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ashton William

(Last) (First) (Middle)

300 CONSHOHOCKEN STATE ROAD

SUITE 200

(Street)

W. CONSHOHOCKEN PA 19428

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$2.75(1)							(2)	12/17/2029	Common Shares	15,000		15,000	D
Stock Option (right to buy)	$3.08	07/22/2025		A		25,000		(3)	07/22/2030	Common Shares	25,000	$0	25,000	D

Explanation of Responses:

1. Represents an exercise price of $3.95 Canadian dollars, converted to U.S. dollars at the daily average exchange rate of $1.00 to CAD$1.4379 reported by the Bank of Canada on December 30, 2024.

2. The board of directors of Medicus Pharma Ltd. (the ?Board?) approved, during a Board meeting held on July 22, 2025, accelerated vesting of the Reporting Person's options that were otherwise unvested and scheduled to vest quarterly in four equal installments over one year from the initial grant date of December 17, 2024. All these options are now vested.

3. The option was granted on July 22, 2025. The option is scheduled to vest quarterly in four equal installments over one year.

	/s/ Raza Bokhari, as Attorney-in-Fact, for William L. Ashton	07/24/2025
	** 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 4 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.