Financial leverage is highly elevated, with the debt-to-equity ratio reaching a precarious 146.80% in 2025Q4, signaling significant insolvency risk for shareholders.
| 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 |
Capital structure insolvency risk
As reported in recent financial filings, Medicus Pharma's equity position has experienced extreme volatility, swinging from a positive $6.5 million in 2024Q2 to a deficit of $49.3 thousand by 2025Q4, signaling a rapid erosion of shareholder value as the company funds its clinical development through debt.
The persistent decline in retained earnings, which reached negative $73.4 million by 2026Q1, indicates that the company is consuming its capital base to sustain R&D activities. This trajectory suggests that without a successful clinical milestone or equity infusion, the firm may face significant challenges in maintaining its operational independence.
Based on the company's reported figures, the debt-to-equity ratio reached a precarious 146.80% in 2025Q4, highlighting a reliance on debt financing that is highly unusual for a pre-revenue biotechnology entity and potentially limiting the firm's strategic flexibility during critical Phase II trial execution.
The reliance on debt to bridge the gap between clinical development and commercialization introduces significant interest rate and refinancing risks. Investors should monitor whether this leverage is a temporary bridge or a structural dependency that could lead to further dilution or restrictive covenant triggers.
According to quarterly balance sheet data, the current ratio has compressed from a high of 4.11 in 2024Q2 to 1.22 in 2026Q1, indicating a narrowing buffer against short-term obligations as the company continues to burn through its $8.7 million cash position to fund ongoing clinical trials.
The reduction in liquidity metrics suggests that the company's ability to cover immediate liabilities is becoming increasingly sensitive to the timing of clinical trial expenditures. This tightening liquidity profile warrants close observation, as it may necessitate dilutive capital raises sooner than the market currently anticipates.
As noted in recent financial statements, the company's reliance on debt-heavy financing in the absence of revenue creates a structural distortion where the balance sheet may not reflect the full extent of future dilution risks associated with potential warrant exercises or debt-to-equity conversions.
The presence of significant derivative liabilities and warrants, as implied by the MDCXW ticker, suggests that headline equity figures may be misleading due to potential future share count expansion. This complexity makes it difficult to assess the true book value per share, as the capital structure appears designed to prioritize immediate funding over long-term shareholder dilution protection.
Quick answers to the most common questions about buying MDCXW stock.
As of 2025, Medicus Pharma Ltd. (MDCXW) had total assets of $10.1M including $9.9M in current assets.
Medicus Pharma Ltd. (MDCXW) 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. (MDCXW) 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. (MDCXW) 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.