Medicus Pharma Ltd美股招股说明书(2025-05-30版)

424B31form424b3.htmFORM424B3 Prospectus Upto3,710,000CommonShares FiledPursuanttoRule424(b)(3)RegistrationNo.333-287582 MedicusPharmaLtd. Thisprospectusrelatestotheresalefromtimetotimeofupto3,710,000commonsharesofMedicusPharmaLtd.(the"Company"),noparvalue(the"commonshares"),byYAIIPN,Ltd.(the"SellingShareholder"or“Yorkville”).Thecommonsharesbeingofferedbythisprospectusconsistofcommonsharesthatwehaveissuedorthatwemay,inourdiscretion,electtoissueandselltotheSellingShareholder,fromtimetotime,pursuanttoastandbyequitypurchaseagreementweenteredintowiththeSellingShareholderonFebruary10,2025(the"SEPA"),pursuanttowhichtheSellingShareholderhascommittedtopurchasefromus,atourdirection,upto $15,000,000ofcommonshares,subjecttotermsandconditionsspecifiedintheSEPA.AsconsiderationfortheSellingShareholder'sirrevocablecommitmenttopurchaseourcommonsharesatourelectionandinourdiscretionfromtimetotimeafterthedateoftheSEPAandpriortothethirdanniversaryoftheSEPA,uponthetermsandsubjecttothesatisfactionoftheconditionssetforthintheSEPA,wehaveissuedtotheSellingShareholder105,840commonsharespursuanttothetermsoftheSEPA(the"CommitmentShares").Asofthedateofthisprospectus,wehavenotissuedanycommonsharestotheSellingShareholderotherthantheCommitmentShares. WearenotsellinganysecuritiesunderthisprospectusandwillnotreceiveanyoftheproceedsfromthesaleofourcommonsharesbytheSellingShareholder.However,wemayreceiveupto$15,000,000aggregategrossproceedsfromsalesofcommonshareswemayelecttomaketoYorkvillepursuanttotheSEPApriortoorafterthedateofthisprospectus.See"StandbyEquityPurchaseAgreement"onpage132ofthisprospectusforadescriptionoftheSEPAand"SellingShareholder"onpage136ofthisprospectusforadditionalinformationregardingtheSellingShareholder. TheSellingShareholdermaysellorotherwisedisposeofthecommonsharesdescribedinthisprospectusinanumberofdifferentwaysandatvaryingprices.TheSellingShareholderisan"underwriter"withinthemeaningofSection2(a)(11)oftheSecuritiesActof1933,asamended(the"SecuritiesAct"),onlywithrespecttoadvancesundertheSEPAandanyprofitsonthesalesofourcommonsharesbytheSellingShareholderandanydiscounts,commissions,orconcessionsreceivedbytheSellingShareholderaredeemedtobeunderwritingdiscountsandcommissionsundertheSecuritiesAct.WewillpaytheexpensesincurredinregisteringundertheSecuritiesActtheofferandsaleofthecommonsharestowhichthisprospectusrelatesbytheSellingShareholder,includingourlegalandaccountingfees.TheSellingShareholderwillpayallbrokeragefeesandcommissionsandsimilarexpensesinconnectionwiththeofferandsaleofthecommonsharesbytheSellingShareholderpursuanttothisprospectus. OurcommonsharesarelistedonTheNasdaqCapitalMarket(the"Nasdaq"),underthesymbol"MDCX."TheclosingpriceofourcommonsharesontheNasdaqonMay29,2025was$3.64. Wearean"emerginggrowthcompany"anda"smallerreportingcompany"underapplicableU.S.SecuritiesandExchangeCommissionrulesandwillbeeligibleforreducedpubliccompanydisclosurerequirements.See"ProspectusSummary-ImplicationsofBeinganEmergingGrowthCompany"and"ProspectusSummary-ImplicationsofBeingaSmallerReportingCompany." Investinginoursecuritiesinvolvesrisks.See"RiskFactors"beginningonpage9ofthisprospectustoreadaboutfactorsyoushouldconsiderbeforebuyingoursecurities. NeithertheU.S.SecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesordeterminedifthisprospectusistruthfulorcomplete.Anyrepresentationtothecontraryisacriminaloffense. ThedateofthisprospectusisMay29,2025 TABLEOFCONTENTS CAUTIONARYSTATEMENTREGARDINGFORWARD-LOOKINGSTATEMENTSiii PROSPECTUSSUMMARY1 THEOFFERING6 SELECTEDHISTORICALCONSOLIDATEDFINANCIALINFORMATION7 RISKFACTORS9 DIVIDENDPOLICY42 USEOFPROCEEDS43 MANAGEMENT'SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS 44 OURBUSINESS51 MANAGEMENT89 SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENT113 RELATEDPARTYTRANSACTIONS115 DESCRIPTIONOFSECURITIES117 CERTAINMATERIALU.S.FEDERALINCOMETAXCONSIDERATIONS124 SELLINGSHAREHOLDER136 PLANOFDISTRIBUTION138 EXPERTSANDLEGALMATTERS 140 ENFORCEMENTOFCIVILLIABILITIES 141 WHEREYOUCANFINDMOREINFORMATION 141 INDEXTOFINANCIALSTATEMENTS F-1 NeitherwenortheSellingShareholderhaveauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthantheinformationcontainedinthisprospectus,anyamendmentorsupplementtothisprospectusorinanyfreewritingprospectuspreparedbyoronbehalfofusortowhichwemayhavereferredyou.WeandtheSellingShareholdertakenoresponsibilityfor,andcanprovidenoassuranceastothereliabilityof,anyotherinformationthatothersmaygiveyou.WeandtheSellingShareholderhavenotauthorizedanyotherpersontoprovideyouwithdifferentoradditionalinformation.NeitherwenortheSellingShareholderaremakinganoffertosellsecuritiesinanyjurisdictionwheretheofferorsaleisnotpermitted.ThisofferingisbeingmadeintheUnitedStatesandelsewheresolelyonthebasisoftheinformationcontainedinthisprospectus.Youshouldassumethattheinformationappearinginthisprospectusisaccurateonlyasofthedateonthefrontcoverofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusoranysaleofthes