Medicus Pharma (NASDAQ:MDCX) reported first quarter 2026 financial results on Thursday, highlighting progress across its SkinJect and Teverelix clinical programs while continuing efforts to strengthen its financing position.
The biotech company said it recently reported positive expanded Phase 2 data for its SkinJect Doxorubicin Microneedle Array treatment for nodular basal cell carcinoma, including what it described as registrational-grade clearance rates in the 200-microgram treatment cohort.
Medicus also completed enrollment in its US-based Phase 2 SKNJCT-003 study and continued expansion of a UAE-based trial.
The company said it submitted an Orphan Drug Designation application to the US Food and Drug Administration for SkinJect in Gorlin Syndrome patients.
For Teverelix, Medicus said the FDA cleared a Phase 2b dose optimization study in advanced prostate cancer and that the company submitted an optimized Phase 2 protocol for preventing recurrent acute urinary retention in men with benign prostatic hyperplasia. The company also amended its LifeArc licensing agreement, reducing royalty rates on worldwide net sales from about 4% to 2%.
During the quarter, Medicus raised about $10 million in gross proceeds through its at-the-market facility and standby equity purchase agreement.
Subsequent to quarter-end, the company expanded its ATM financing capacity to as much as $50 million from about $15.3 million.
Medicus reported cash and cash equivalents of $6.4 million as of March 31, compared with $4 million a year earlier.
Net loss for the quarter widened to $9 million, or $0.31 per share, from $5.1 million, or $0.42 per share, in the prior-year period. Operating expenses rose to $8.6 million from $5.1 million, driven by higher general and administrative and research and development costs.
Looking ahead, Medicus said it expects several potential catalysts in 2026, including an end-of-Phase 2 FDA meeting for SkinJect, further development of Teverelix in women’s health indications, and continued strategic partnering discussions.
“During the first quarter of 2026, Medicus continued to execute on its transformation into a diversified clinical-stage biotechnology company, highlighted by expanded positive Phase 2 SkinJect data, advancement of Teverelix into additional clinical development pathways, and continued expansion of our regulatory and strategic initiatives,” Medicus CEO Dr. Raza Bokhari said in a statement.
“We believe the growing strength of our clinical datasets, combined with expanded financing flexibility and continued development of AI-enabled clinical capabilities, positions the company to pursue multiple value-driving milestones in dermatologic oncology, prostate cancer, acute urinary retention, and rare disease indications throughout 2026 and beyond.”