Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 132

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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,103) 
     (52)%

Other
income (expense), net changed by $1.1 million, or 52%, to $1.0 million of expense for the three months ended June 30, 2025, as compared
to $2.1 million of net expense for the three months ended June 30, 2024. The decrease was primarily driven by a decrease of $2.2 million
related to the issuance of warrants in exchange for stockholders’ entering into lock-up agreements during the three months ended
June 30, 2024 partially offset by an increase of $1.1 million in the loss on the change in fair value of convertible notes payable.

For
further details refer to Note 12, “Other income (expense), net,” in the unaudited financial statements as of June 30, 2025
and June 30, 2024 included elsewhere in this document.

Interest
Expense, Net

    Three Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Interest expense, net 
    $(57) 
    $(119) 
    $(62) 
     (52)%

Interest
expense, net decreased by $62,000, or 52%, to $57,000 for the three months ended June 30, 2025, as compared to $0.1 million for the three months ended June 30, 2024.
The change was driven by a decrease of $0.1 million of interest expense on the deferred commission payable to an advisor for fees related
to the merger, offset by an increase of $57,000 of interest expense on the A.G.P. Convertible Note.

Comparison
of the Six Months Ended June 30, 2025 and 2024

Research
and Development Expenses

    Six Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Research and development expenses 
    $2,776  
    $153  
    $2,623  
     1,714%

Research and development expenses increased by $2.6 million, or 1,714%,
for the six months ended June 30, 2025