MDCXHIGH SIGNALFINANCIAL10-K

MDCX's outstanding share count nearly tripled from 13.4 million to 39.4 million shares while current assets and total assets grew substantially, indicating significant dilutive equity financing.

The dramatic increase in share count represents massive dilution to existing shareholders, effectively reducing their ownership percentage by approximately two-thirds. However, the corresponding substantial growth in current assets suggests the company raised significant capital, which may be necessary to fund its SkinJect clinical development program for basal cell carcinoma treatment.

Comparing 2026-03-25 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet reflects a major capital raise, with current assets growing substantially from $5.4M to $9.9M and total assets expanding similarly to $10.1M. The nearly three-fold increase in outstanding shares indicates this growth was funded primarily through equity issuance rather than debt. While this dilution is significant for existing shareholders, the enhanced cash position should provide the biotech company with additional runway to advance its therapeutic development programs.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+83.9%
$5.4M→$9.9M

Current assets grew 83.9% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+78.2%
$5.6M→$10.1M

Asset base grew 78.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-25
PRIOR — 2025-03-28
ADDED
As of March 17, 2026, there were 39,362,109 common shares, no par value, issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 71 Item 7A.
In some cases, you can identify forward-looking statements by terminology such as "may", "on track", "aim", "might", "will", "will likely result", "could," "designed," "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target", "potential" or the negative and/or inverse of such terms or other similar expressions.
On September 29, 2023, the Company completed a business combination (the "Business Combination") with SkinJect Inc.
("SkinJect"), a company existing under the laws of Pennsylvania.
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REMOVED
As of March 18, 2025, there were 13,414,801 common shares, no par value, issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A.
In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions.
On September 29, 2023, we completed a business combination (the "Business Combination") with SkinJect, Inc., a Pennsylvania corporation ("SkinJect"), pursuant to a business combination agreement dated May 12, 2023, as amended, among the Company, SkinJect and RBx Capital, LP ("RBx"), an investment entity owned and managed by Dr.
We are a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutic assets.
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