Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 77

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 77
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 converted as specified in
the A.G.P. Convertible Note, the principal amount plus all accrued but unpaid interest is due on November 25, 2025 (the “Maturity
Date”). The A.G.P. Convertible Note accrues interest at 5.5% per annum.

At
any time prior to the full payment of the A.G.P. Convertible Note, provided that A.G.P. has given at least three business days written
notice to the Company, A.G.P., in its sole discretion, may elect to have all or any portion of the outstanding principal amount and all
interest accrued converted into shares of the Company’s Common Stock, at the lower of the Reverse Split price and the market price
per share at the time of the conversion date, but in no event less than $1.00, subject to adjustment as provided therein and to take
into account any future share splits or reverse splits. However, the conversion of the A.G.P. Convertible Note may not occur prior to
the Company having sufficiently authorized shares of Common Stock to permit the entire conversion of the convertible promissory note.
Refer to Note 5 to our financial statements included elsewhere in this Quarterly Report on Form 10-Q.

On
March 31, April 11, 2025, April 16, 2025, June 2, 2025, June 17, 2025, June 26, 2025 and September 29, 2025, the holder of the
A.G.P. Convertible Note converted $0.4 million, $0.5 million, $0.8 million, $0.1 million, $0.2 million, $0.2 million and $0.3
million of principal and interest into 3,583, 3,583, 8,878, 5,000, 11,250, 12,500 and 60,000 shares of the Company’s Common
Stock, respectively. As of September 30, 2025, there was approximately $3.4 million in outstanding principal and interest
remaining.

33

Working
Capital

We currently anticipate that cash required for working capital for the
next 12 months is approximately $11.7 million, which includes forecasted research and development costs of $0.1 million, forecasted general
and administrative costs of $5.8 million, current liabilities of $2.4 million and a convertible promissory note