Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 426

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 426
---
 Merger 
    $-  
    $2,253 
  
    Accumulated deficit assumed to APIC as a result of the business combination 
    $-  
    $6,124 
  
    Initial value of warrant liabilities issued in connection with PIPE Financing 
    $-  
    $223 
  
    Non-Cash Assets Assumed in the Merger Financing 
    $-  
     91 
  
    Non-Cash Liabilities Assumed in the Merger Financing 
    $-  
     124 
  
    Supplemental Cash Disclosures 

    Cash paid for interest 
    $80  
     124 

The
accompanying notes are an integral part of these consolidated financial statements.

F-7

CONDUIT
PHARMACEUTICALS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

1.
Nature of the Business, Basis of Presentation and Summary of Significant Accounting Policies

Conduit
Pharmaceuticals Inc., a Delaware corporation (“Conduit” or the “Company”), is a clinical-stage specialty
biopharmaceutical company that was formed to facilitate the development and commercialization of clinical assets. The Company has
developed a unique business model that allows it to act as a conduit to bring clinical assets from pharmaceutical companies and
develop new treatments for patients. Our novel approach addresses unmet medical needs and lengthens the intellectual property for
our existing assets through cutting-edge solid-form technology with the expectation of commercializing these products with life
science companies. Our initial development plan is to conduct a Phase II clinical trial on AZD1656 in Lupus (including Lupus
Nephritis) and ANCA Vasculitis (AAV). We anticipate developing our Initial Pipeline (which has already undergone pre-clinical and
clinical trials) through the Phase II stage and then monetizing such clinical assets through a license, royalty, or other
transaction at this stage. At this time, we do not expect that we will commercialize any clinical assets or seek marketing approval
from the FDA (or similar organizations) as we intend to enter into agreements with third parties following Phase II clinical trials
for each such clinical asset that would provide that such third party would pursue the further development, commercialization, and
marketing of such assets.

Merger
Agreement

On
September 22, 2023 (the “Closing Date”), a merger transaction between Conduit Pharmaceuticals Limited (“Old Conduit”),
Murphy