Detailed financial statements for Medicus Pharma Ltd. Common Stock (MDCX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Medicus Pharma Ltd., a biotechnology and life sciences enterprise, is dedicated to expediting the progression of innovative and groundbreaking medical treatments through their clinical development phases. A primary focus for the company is the creation of non-surgical solutions specifically targeting dermatological malignancies.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.16, MDCX has negative trailing earnings (P/E not meaningful) and an ROE of 178.67%. Market capitalisation stands at $3M.
Balance sheet quality for MDCX: current ratio of 1.0, net cash position of $4.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $1.2M | $646384 | $193578 | $3.5M | $7.7M |
| Selling, General & Admin | $258009 | $332032 | $2.5M | $7.7M | $17.9M |
| Operating Expenses | $1.4M | $978416 | $4.7M | $11.2M | $18.4M |
| Operating Income | -$1.4M | -$978416 | -$4.7M | -$11.2M | -$18.4M |
| EBITDA | -$1.9M | -$1.2M | -$586785 | -$11.2M | -$25.2M |
| Interest Expense | $115406 | $526825 | $595544 | $317542 | $141260 |
| Pre-tax Income | -$2.1M | -$1.7M | -$5.3M | -$11.2M | -$25.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.1M | -$1.7M | -$5.3M | -$11.2M | -$25.4M |
| EPS | $-0.26 | $-0.16 | $-0.49 | $-0.69 | $-1.96 |
| EPS (Diluted) | $-0.26 | $-0.16 | $-0.49 | $-0.69 | $-1.96 |
| Shares Outstanding (Diluted) | $8.0M | $8.1M | $8.1M | $11.8M | $17.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$15.4M | -$7.8M | -$6.3M | -$8.3M |
| EBITDA | -$16.0M | -$8.0M | -$7.0M | -$8.3M |
| Net Income | -$16.0M | -$8.2M | -$6.6M | -$8.4M |
| EPS | $-0.82 | $-0.43 | $-0.22 | $-0.15 |
| EPS (Diluted) | $-0.82 | $-0.43 | $-0.22 | $-0.15 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $78514 | $267652 | $1.7M | $4.2M | $8.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $78514 | $282652 | $1.9M | $5.4M | $9.9M |
| Property, Plant & Equipment | 0 | 0 | 0 | $268571 | $170733 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $78514 | $282652 | $1.9M | $5.6M | $10.1M |
| Accounts Payable | 0 | 0 | $210842 | $1.3M | $3.4M |
| Short-term Debt | $667931 | $1.5M | 0 | $116323 | $3.9M |
| Total Current Liabilities | $10.6M | $12.5M | $781609 | $2.3M | $9.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | $18869 |
| Total Liabilities | $10.6M | $12.5M | $781609 | $2.5M | $10.0M |
| Retained Earnings | -$10.7M | -$12.4M | -$17.7M | -$28.9M | -$64.3M |
| Total Equity | -$10.5M | -$12.2M | $1.1M | $3.1M | -$67554 |
| Total Debt | $667931 | $1.5M | 0 | $322268 | $4.0M |
| Net Debt | $589417 | $1.3M | -$1.7M | -$3.8M | -$4.7M |
| Working Capital | -$10.5M | -$12.2M | $1.1M | $3.1M | -$47418 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.7M | $6.4M | $6.4M | $10.7M |
| Total Assets | $10.0M | $7.3M | $7.4M | $19.1M |
| Total Liabilities | $10.8M | $7.3M | $6.0M | $20.3M |
| Total Equity | -$910126 | -$49282 | $1.3M | -$1.2M |
| Total Debt | $236258 | $4.0M | $169624 | $15.3M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.1M | -$1.7M | -$5.3M | -$11.2M | -$35.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $98585 | $713119 | $1.5M |
| Change in Working Capital | -$6658 | -$78687 | $473096 | $32927 | $407700 |
| Operating Cash Flow | -$1.4M | -$1.1M | -$4.2M | -$10.2M | -$22.8M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | -$4.6M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.4M | -$1.1M | -$4.2M | -$10.2M | -$22.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.8M | -$4.6M | -$6.5M | -$5.0M |
| Capital Expenditure | 0 | $3 | 0 | -$5 |
| Free Cash Flow | -$6.8M | -$4.6M | -$6.5M | -$5.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $2.0M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +17.7% | -214.0% | -109.9% | -127.4% |
| EPS Growth (YoY) | | +38.5% | -206.2% | -40.8% | -184.1% |
| Shares Change (YoY) | | +0.3% | -0.0% | +46.3% | +46.3% |
| FCF Growth (YoY) | | +27.0% | -293.4% | -146.4% | -122.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.18 | $-0.13 | $-0.51 | $-0.87 | $-1.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8.0M | $8.1M | $8.1M | $11.8M | $17.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 17867.26% |
| Return on Invested Capital | -269.16% |
| Return on Assets | -204.84% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -12.27 |
| Current Ratio | 1.57 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.19 | -16.56 | -5.41 | -3.52 | -0.78 |
| P/B | -2.03 | -1.75 | 19.26 | 9.16 | -391.45 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |