Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 104

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 Regan, Chief Executive Officer and member of Conduit’s board of directors, also sits on the board of directors of Sarborg
but does not have an equity interest in Sarborg. During the three months ended March 31, 2025, the Company recorded $1.1 million as research
and development expense related to the Sarborg Service Agreement. Additionally, on March 31, 2025, the Company issued 1,853,933 fully vested unregistered shares of Common Stock to
prepay the Sarborg Additional Agreement. The fair value of the shares issued was $1.5 million and was recorded as a prepaid within the
condensed consolidated balance sheets. Refer to Note 7 above for additional information.

Officers
and Directors

On
April 22, 2024, the Company issued in a private placement common stock purchase warrants (the “April Warrants”) to third
parties which also included certain directors, to purchase up to an aggregate of 9,077
shares of the Company’s common stock, in exchange for entering into a lock-up with respect to the shares of common stock held
by such holder and for such directors, an additional $12.50
per warrant. The April Warrants are not exercisable until one year after their date of issuance. Each April Warrant is exercisable
into one share of the Company’s common stock at a price per share of $312
(as adjusted from time to time in accordance with the terms thereof) for a two-year period after the date of
exercisability.

    23

13.
Other Income (expense), net

The
following table presents other income (expense), net, for the three months ended March 31, 2025 and 2024 (in thousands):

 Schedule
of Other Expense, Net 

    2025  
    2024 

    For the three months ended
                                                                                March 31, 

    2025  
    2024 
  
    Other income: 

    Unrealized foreign currency transaction gain 
    $26  
    $- 
  
    Gain on change in fair value of the warrants 
     130  
     19 
  
    Gain on the change in fair value of convertible notes payable 
     204  
     - 
  
    Interest income 
     8  
     9 
  
    Gain on debt extinguishment 
     274  
     -