Medicus Pharma Ltd. (MDCX) Balance Sheet
MDCX balance sheet, 2025
December 31, 2025 · U.S. dollars$10.1M assets = $10.0M liabilities + $37,311 equity
Both columns are drawn to the same scale: what MDCX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MDCX financial health
Descriptive bands, not a rating. Fiscal 2025.
MDCX balance sheet trends, 2010–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.0M2010 | $10.1M2025 | +22.4%/yr | |
| Total liabilities | $5.0M2010 | $10.0M2025 | +12.3%/yr | |
| Shareholders’ equity | −$2.0M2010 | −$67,5542025 | — | |
| Cash & short-term investments | $5,4102010 | $8.7M2025 | +242.3%/yr | |
| Total debt | $2.3M2010 | $4.0M2025 | +9.6%/yr | |
| Net cash (debt) | −$2.3M2010 | $4.7M2025 | +$7.0M | |
| Working capital | −$1.4M2010 | −$47,4182025 | +$1.3M | |
| Current ratio | 0.682010 | 1.002025 | +0.31 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDCX assets
MDCX liabilities and equity
MDCX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MDCX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2017 | 2010 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $8.7M | $4.2M | $1.7M | $267,652 | $78,514 | $40,583 | $5,410 |
| Cash & equivalents | $8.7M | $4.2M | $1.7M | $267,652 | $78,514 | $40,583 | $5,410 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $1.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $1.1M |
| Other current assets | $1.2M | $1.2M | $173,719 | $15,000 | $0 | $0 | $46,230 |
| Total current assets | $9.9M | $5.4M | $1.9M | $282,652 | $78,514 | $40,583 | $3.0M |
| Property, plant & equipment (net) | $170,733 | $268,571 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $29,130 |
| Total assets | $10.1M | $5.6M | $1.9M | $282,652 | $78,514 | $40,583 | $3.0M |
| Liabilities | |||||||
| Accounts payable | $3.4M | $1.3M | $210,842 | — | — | $3,234 | $2.7M |
| Short-term debt | $3.9M | $116,323 | — | $1.5M | $667,931 | — | $1.7M |
| Total current liabilities | $9.9M | $2.3M | $781,609 | $12.5M | $10.6M | $3,234 | $4.4M |
| Long-term debt | $25,865 | $0 | $0 | $0 | $0 | $0 | $644,185 |
| Lease obligations | $205,595 | $322,268 | $0 | — | — | — | — |
| Other long-term liabilities | $36,877 | $205,945 | $0 | $0 | $0 | $100,000 | $0 |
| Total liabilities | $10.0M | $2.5M | $781,609 | $12.5M | $10.6M | $103,234 | $5.0M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $57.1M | $30.5M | $18.8M | $194,538 | $194,538 | $88,754 | $18,354 |
| Retained earnings (deficit) | −$64.3M | −$28.9M | −$17.7M | −$12.4M | −$10.7M | −$10.3M | −$12.2M |
| Accumulated other comprehensive income | $10,880 | — | — | — | — | — | — |
| Minority interest | $104,865 | $0 | — | — | — | — | — |
| Total shareholders' equity | −$67,554 | $3.1M | $1.1M | −$12.2M | −$10.5M | −$62,651 | −$2.0M |
| Key figures | |||||||
| Total debt | $4.0M | $322,268 | — | $1.5M | $667,931 | — | $2.3M |
| Net cash (debt) | $4.7M | $3.8M | — | −$1.3M | −$589,417 | — | −$2.3M |
| Working capital | −$47,418 | $3.1M | $1.1M | −$12.2M | −$10.5M | $37,349 | −$1.4M |
| Tangible book value | −$67,554 | $3.1M | $1.1M | −$12.2M | −$10.5M | −$62,651 | −$2.0M |
| Book value per share | −$0.20 | — | — | — | — | — | — |
| Shares outstanding | 346K | — | — | — | — | — | — |
| Current ratio | 1.00 | 2.33 | 2.42 | 0.02 | 0.01 | 12.55 | 0.68 |
| Quick ratio | 0.88 | 1.81 | 2.20 | 0.02 | 0.01 | 12.55 | 0.43 |
| Debt / equity | — | 0.10 | — | — | — | — | — |
| Equity / assets | −0.7% | 55.5% | 58.7% | −4,315.6% | −13,380.6% | −154.4% | −66.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $10.7M | $6.4M | $6.4M | $8.7M | $9.7M | $4.0M | $4.2M | $5.3M | $2.9M | $542,405 | $1.7M | $5.1M |
| Cash & equivalents | $10.7M | $6.4M | $6.4M | $8.7M | $9.7M | $4.0M | $4.2M | $5.3M | $2.9M | $542,405 | $1.7M | $5.1M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.3M | $916,956 | $792,355 | $1.1M | $1.3M | $1.1M | $1.2M | $136,361 | $5.5M | $112,076 | $173,719 | $219 |
| Total current assets | $12.0M | $7.3M | $7.1M | $9.8M | $11.0M | $5.1M | $5.4M | $5.4M | $8.5M | $654,481 | $1.9M | $5.1M |
| Property, plant & equipment (net) | $82,596 | $144,331 | $124,554 | $196,249 | $220,999 | $245,091 | $268,571 | $278,389 | $304,711 | $330,748 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.1M | $0 | $72,446 | $0 | $716,898 | $325,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $19.1M | $7.4M | $7.3M | $10.0M | $11.9M | $5.7M | $5.6M | $5.7M | $8.8M | $985,229 | $1.9M | $5.1M |
| Liabilities | ||||||||||||
| Accounts payable | $6.7M | $2.3M | $3.4M | $2.0M | $1.8M | $2.0M | $1.3M | $1.9M | — | — | $210,842 | — |
| Short-term debt | $2.6M | $145,456 | $3.9M | $141,070 | $4.8M | $120,296 | $116,323 | $112,387 | $108,547 | $71,123 | — | — |
| Total current liabilities | $7.6M | $6.0M | $7.3M | $10.7M | $8.5M | $3.3M | $2.3M | $2.0M | $2.1M | $1.3M | $781,609 | $1.6M |
| Long-term debt | $18.0M | $21,042 | $25,865 | $29,462 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $137,330 | $169,624 | $205,595 | $236,258 | $266,155 | $294,693 | $322,268 | $348,971 | $375,028 | $365,792 | $0 | — |
| Other long-term liabilities | $0 | $24,168 | $36,877 | $95,188 | $141,753 | $174,397 | $205,945 | $236,584 | $266,481 | $294,669 | $0 | $0 |
| Total liabilities | $20.3M | $6.0M | $7.3M | $10.8M | $8.7M | $3.5M | $2.5M | $2.2M | $2.3M | $1.6M | $781,609 | $1.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $52.4M | $67.1M | $41.6M | $48.5M | $37.8M | $32.9M | $30.5M | $30.5M | $30.5M | $19.8M | $18.8M | $19.8M |
| Retained earnings (deficit) | −$59.9M | −$73.4M | −$46.9M | −$56.2M | −$40.2M | −$34.0M | −$28.9M | −$27.8M | −$24.8M | −$20.7M | −$17.7M | −$16.3M |
| Accumulated other comprehensive income | $43,062 | −$190,510 | $236,960 | $10,676 | — | — | — | $727,300 | — | — | — | — |
| Minority interest | $38,687 | $101,838 | $104,865 | $105,236 | — | — | — | — | — | — | — | — |
| Total shareholders' equity | −$1.2M | $1.3M | −$49,282 | −$910,126 | $3.2M | $2.1M | $3.1M | $3.5M | $6.5M | −$610,247 | $1.1M | $3.5M |
| Key figures | ||||||||||||
| Total debt | $15.3M | $169,624 | $4.0M | $236,258 | $5.0M | $294,693 | $322,268 | $348,971 | $375,028 | $365,792 | — | — |
| Net cash (debt) | −$4.6M | $6.2M | $2.4M | $8.4M | $4.7M | $3.7M | $3.8M | $5.0M | $2.6M | $176,613 | — | — |
| Working capital | $4.3M | $1.3M | −$107,038 | −$876,489 | $2.5M | $1.8M | $3.1M | $3.5M | $6.4M | −$646,326 | $1.1M | $3.5M |
| Tangible book value | −$1.2M | $1.3M | −$49,282 | −$910,126 | $3.2M | $2.1M | $3.1M | $3.5M | $6.5M | −$610,247 | $1.1M | $3.5M |
| Book value per share | −$1.13 | $2.24 | −$0.10 | −$2.44 | — | — | — | — | — | — | — | — |
| Shares outstanding | 1.1M | 591K | 504K | 373K | — | — | — | — | — | — | — | — |
| Current ratio | 1.57 | 1.22 | 0.99 | 0.92 | 1.29 | 1.53 | 2.33 | 2.73 | 4.11 | 0.50 | 2.42 | 3.19 |
| Quick ratio | 1.40 | 1.07 | 0.88 | 0.81 | 1.13 | 1.19 | 1.81 | 2.66 | 1.42 | 0.42 | 2.20 | 3.19 |
| Debt / equity | — | 0.13 | — | — | 1.53 | 0.14 | 0.10 | 0.10 | 0.06 | — | — | — |
| Equity / assets | −6.5% | 17.9% | −0.7% | −9.1% | 27.2% | 38.0% | 55.5% | 61.0% | 73.5% | −61.9% | 58.7% | 68.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 25, 2026); data from EODHD.
MDCX financial position
At the end of fiscal 2025 (December 31, 2025), Medicus Pharma had total assets of $10.1 million (up 78.2% from a year earlier), total liabilities of $10.0 million and shareholders' equity of -$0.1 million. It held $8.7 million in cash and short-term investments against $4.0 million of debt, a net cash position of $4.7 million. Its current ratio was 1.00. In the latest quarter (ended June 30, 2026) total assets were $19.1 million and equity -$1.2 million.
Related: MDCX income statement, MDCX cash flow statement, MDCX key metrics. See the MDCX stock overview for the latest quote and news.
MDCX balance sheet FAQ
What are Medicus Pharma's total assets?
Medicus Pharma reported total assets of $10.1 million at the end of fiscal 2025 (December 31, 2025), compared with $5.6 million a year earlier.
How much debt does Medicus Pharma have?
Medicus Pharma had $4.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Medicus Pharma have?
Medicus Pharma held $8.7 million in cash and short-term investments at the end of fiscal 2025; with $4.0 million of debt that is net cash of $4.7 million.
What is Medicus Pharma's book value?
Medicus Pharma's shareholders' equity (book value) was -$0.1 million at the end of fiscal 2025, or −$0.20 per share.
What is Medicus Pharma's current ratio?
Medicus Pharma had current assets of $9.9 million and current liabilities of $9.9 million, a current ratio of 1.00 (current liabilities exceed current assets).