The firm's financial stability appears compromised, as evidenced by a debt-to-equity ratio that spiked to 146.80 in 2025Q4 alongside a narrowing current ratio of 1.22 as of 2026Q1.
| Total Current Assets | 7.28M | 9.89M | 5.38M | 1.89M | 282.65K | 78.51K |
| Cash & Short-Term Investments | 6.37M | 8.71M | 4.16M | 1.72M | 267.65K | 78.51K |
| Cash Only | 6.37M | 8.71M | 4.16M | 1.72M | 267.65K | 78.51K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 916.96K | 1.19M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 144.33K | 170.73K | 268.57K | 0 | 0 | 0 |
| Property, Plant & Equipment | 144.33K | 170.73K | 268.57K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 7.43M | 10.06M | 5.65M | 1.89M | 282.65K | 78.51K |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 171.57% | 78.18% | 198.29% | 569.75% | 260% | - |
| Total Current Liabilities | 5.95M | 9.94M | 2.31M | 781.61K | 12.48M | 10.58M |
| Accounts Payable | 2.28M | 3.44M | 1.28M | 210.84K | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 145.46K | 3.93M | 116.32K | 0 | 1.53M | 667.93K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.53M | 2.57M | 140.99K | 27.77K | 10.95M | 9.92M |
| Current Ratio | 1.22x | 1.00x | 2.33x | 2.42x | 0.02x | 0.01x |
| Quick Ratio | 1.22x | 1.00x | 2.33x | 2.42x | 0.02x | 0.01x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 45.21K | 62.74K | 205.94K | 0 | 0 | 0 |
| Long-Term Debt | 24.17K | 18.87K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 185.63K | 43.87K | 205.82K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 21.04K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6M | 10.02M | 2.51M | 781.61K | 12.48M | 10.58M |
| Total Debt | 169.62K | 4M | 322.27K | 0 | 1.53M | 667.93K |
| Net Debt | -6.2M | -4.71M | -3.84M | -1.72M | 1.26M | 589.42K |
| Debt / Equity | 0.12x | 107.09x | 0.10x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - |
| Net Debt / EBITDA | 0.17x | - | - | - | - | - |
| Interest Coverage | 198.27x | -129.91x | -35.13x | -4.46x | -2.21x | -16.81x |
| Total Equity | 1.43M | 37.31K | 3.13M | 1.11M | -12.2M | -10.51M |
| Equity Growth % | -305.33% | -98.81% | 182.04% | 109.11% | -16.11% | - |
| Book Value per Share | 0.05 | 0.00 | 0.33 | 0.22 | -1.52 | -1.31 |
| Total Shareholders' Equity | 1.33M | -67.55K | 3.13M | 1.11M | -12.2M | -10.51M |
| Common Stock | 67.11M | 57.08M | 30.52M | 18.76M | 194.54K | 194.54K |
| Retained Earnings | -73.39M | -64.35M | -28.9M | -17.75M | -12.39M | -10.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -190.51K | 10.88K | 0 | 0 | 0 | 0 |
| Minority Interest | 101.84K | 104.86K | 0 | 0 | 0 | 0 |
Clinical-stage liquidity shortfall
As reported in recent financial filings, Medicus Pharma's equity base has eroded significantly, with the company shifting from a positive equity position of $6.5 million in 2024Q2 to a deficit of $49.3K by 2025Q4, signaling a precarious trajectory for long-term solvency.
The consistent accumulation of retained earnings losses, which reached $73.4 million by 2026Q1, suggests that the company is consuming its capital base at an unsustainable rate. This trend implies that the business quality is currently defined by capital depletion rather than value creation, necessitating a fundamental shift in funding strategy.
Based on the provided balance sheet data, the current ratio has fluctuated from a high of 4.11 in 2024Q2 to 1.22 in 2026Q1, indicating that the company's buffer against short-term operational shocks is narrowing as cash reserves are depleted to fund ongoing clinical development.
With cash levels at $6.4 million in 2026Q1, the company appears to have limited flexibility to manage unexpected delays in its Phase 2 trials. Investors should monitor the current ratio closely, as any further decline below unity would suggest an imminent need for external capital to maintain basic operations.
According to historical quarterly reports, Medicus Pharma's debt-to-equity ratio reached a peak of 146.80 in 2025Q4, highlighting a reliance on debt financing that appears disproportionate to the company's limited asset base and lack of recurring revenue streams.
The high leverage ratio suggests that the company may be utilizing debt as a necessity to bridge funding gaps rather than as a strategic tool for growth. This structure warrants further investigation into the maturity profiles of these obligations, as the current debt load may impose restrictive covenants that limit future financial maneuverability.
As indicated by the financial statements, the company's equity position has been periodically negative, such as the -$910.1K recorded in 2025Q3, which suggests that the headline asset values may be masking the underlying economic reality of a firm struggling to maintain a positive net worth.
The absence of goodwill on the balance sheet is a positive note, as it avoids the risk of future impairment charges, yet the persistent negative retained earnings remain the primary distortion to the company's book value. This implies that the balance sheet is highly sensitive to any further operational setbacks, which could lead to a rapid deterioration of shareholder equity.
Quick answers to the most common questions about buying MDCX stock.
As of 2025, Medicus Pharma Ltd. Common Stock (MDCX) had total assets of $10.1M including $9.9M in current assets.
Medicus Pharma Ltd. Common Stock (MDCX) carries total debt of $4.0M, offset by $8.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Medicus Pharma Ltd. Common Stock (MDCX) has total shareholders' equity (book value) of $-0.1M ($0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Medicus Pharma Ltd. Common Stock (MDCX) reported a current ratio of 1.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.