Medicus Pharma Ltd. (NASDAQ:MDCX) reported financial results for the three and nine months ended September 30, 2026, alongside a corporate update that places CD228V at the centre of its development plans. The company also outlined the status of SkinJect and Teverelix, including a proposed SkinJect business combination that remains subject to further agreements and financing.
#Third-quarter financial results
Medicus reported cash, cash equivalents and restricted cash of $13.1 million at September 30, 2026. Cash and cash equivalents were $5.0 million, compared with $8.7 million as of December 31, 2025.
Total operating expenses, described by the company as loss from operations, were $14.5 million in Q3 2026, compared with $15.4 million in Q3 2025. General and administrative expenses were $2.5 million, down from $5.0 million, while research and development expenses were $2.0 million, compared with $1.7 million.
Net loss was $15.2 million, compared with $16.0 million in Q3 2025. Net loss per share was $11.64, compared with $56.18 in Q3 2025. Share and per-share amounts for all periods were retroactively adjusted to reflect the 50-to-1 share consolidation effective October 12, 2026.
#CD228V agreement with Pfizer
On September 2, 2026, Medicus Pharma Inc., a wholly owned subsidiary of Medicus Pharma, entered into a co-development and licensing agreement with Pfizer Inc. The agreement provides an exclusive worldwide license to develop, manufacture and commercialize CD228V, subject to Pfizer's retained rights and other contractual provisions.
Medicus has made CD228V its principal development priority and intends to pursue initial proof-of-concept in relapsed, refractory or immunotherapy-resistant melanoma. The programme is supported by an existing U.S. investigational new drug application and a first-in-human Phase 1 clinical study.
Pfizer provided $2.0 million in development funding. It retains the right, without an obligation, to elect to fund all or part of development beginning with the first pivotal trial. Any such funding arrangement would be subject to a further definitive agreement.
#Proposed SkinJect business combination
On November 4, 2026, Medicus announced that its wholly owned subsidiary, SkinJect, Inc., had entered into a non-binding letter of intent with an undisclosed special purpose acquisition company for a proposed business combination.
The letter of intent contemplates an approximate $135 million pre-money enterprise valuation for SkinJect and concurrent equity financing at the closing of the proposed transaction. The financing would support the SKNJCT-005 study in Gorlin syndrome and preparation and submission of a potential New Drug Application.
The transaction has not been completed. It remains subject to definitive agreements, financing and other conditions, and there can be no assurance that definitive agreements will be signed, that the financing will be secured or that the business combination will be completed on favorable terms or at all.
#SkinJect development status
Medicus said its exclusive development focus for SkinJect is multiple basal cell carcinoma lesions in patients with Gorlin syndrome. The company has concluded any further development in sporadic nodular BCC.
The FDA issued a “Study May Proceed” letter in July for SKNJCT-005, the planned registrational Phase 2b study, under the existing investigational new drug application. SkinJect remains investigational, and any New Drug Application submission or approval depends on clinical results and applicable regulatory requirements.
The FDA has held review of Medicus' Orphan Drug Designation and Rare Pediatric Disease Designation applications in abeyance while awaiting additional information from the company. The clinical study report for the completed SKNJCT-003 Phase 2 study was finalised in September.
#Teverelix proposal remains subject to FDA feedback
Medicus submitted a proposed seamless Phase 2b/3 registration-intent protocol for Teverelix in advanced prostate cancer on September 29, 2026. The proposed programme is for patients at increased cardiovascular risk.
The design is expected to begin with approximately 80 randomized patients. If predefined continuation criteria are met, it would enroll approximately 528 additional patients, for a total of approximately 608 patients. The proposal remains subject to FDA feedback, and there can be no assurance that the FDA will agree with it.
Medicus intends to seek an out-license or another strategic partnership for the proposed study rather than independently fund it. The company stated that there can be no assurance it will successfully enter into such a transaction. It is allocating essential resources to maintain Teverelix development documentation and readiness while seeking partners.
#Other corporate developments
Medicus and YA II PN, Ltd., also known as Yorkville, mutually agreed to terminate the standby equity purchase agreement effective September 11, 2026. No borrowings, advance notices or shares to be issued remained outstanding under the agreement at the time of termination.
Following the 50-to-1 share consolidation, Medicus said it received written notice from Nasdaq on October 23, 2026, confirming on October 26, 2026, that it had regained compliance with the minimum bid price requirement.
For the coming quarters, the company said it intends to concentrate incremental development investment on selected CD228V milestones. Essential resources will continue to support clinical and regulatory documentation, manufacturing information and readiness activities for SkinJect and Teverelix while Medicus pursues the proposed SkinJect business combination and strategic partnerships for Teverelix.
#Key Takeaways
- Medicus Pharma reported $13.1 million in cash, cash equivalents and restricted cash and a Q3 2026 net loss of $15.2 million.
- CD228V became the company's principal development priority after a co-development and licensing agreement with Pfizer.
- SkinJect entered a non-binding letter of intent with an undisclosed SPAC for a proposed business combination contemplating an approximate $135 million pre-money enterprise valuation.
- The proposed Teverelix Phase 2b/3 protocol remains subject to FDA feedback and is intended to be advanced through a partner rather than independently funded by Medicus.
- The proposed SkinJect transaction still requires definitive agreements and financing and may not be completed.
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