Medicus Pharma Reports Positive SkinJect Phase 2 Data, Teverelix FDA Clearance; Q1 Net Loss $9.0M
Medicus Pharma Ltd. reported its financial results for the first quarter ended March 31, 2026, with a net loss of $9.0 million, an increase from $5.1 million in Q1 2025, and higher operating expenses. Concurrently, the company provided a corporate update highlighting significant progress in its clinical development programs. SkinJect® Doxorubicin Microneedle Array demonstrated positive Phase 2 data for nodular basal cell carcinoma, including dose response and registrational grade clearance rates. Teverelix® received FDA clearance to initiate a Phase 2b dose optimization study in advanced prostate cancer and an optimized Phase 2 protocol submission for acute urinary retention recurrence prevention. The company also strengthened its balance sheet by securing $10 million in financing and expanding its ATM facility to $50 million.
Key Highlights
- SkinJect® Phase 2 SKNJCT-003 study showed positive dose-response and registrational grade clearance rates in the 200-µg treatment cohort for nodular BCC.
- Teverelix® received FDA "study may proceed" clearance for Phase 2b dose optimization study in advanced prostate cancer.
- Submitted Orphan Drug Designation application to FDA for SkinJect® in Gorlin Syndrome patients.
- Amended LifeArc licensing agreement for Teverelix®, reducing royalty rate from approximately 4% to 2% on worldwide net sales.
- Secured approximately $10 million in aggregate gross financing proceeds during Q1 2026.
- Expanded ATM financing capacity from up to approximately $15.3 million to up to $50 million subsequent to quarter end.
- Reported Q1 2026 net loss of $9.0 million, compared to $5.1 million in Q1 2025.
- Cash and cash equivalents were $6.4 million as of March 31, 2026, up from $4.0 million as of March 31, 2025.
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