Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 43

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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, and March 31, 2025, the Company entered into the Sarborg Service Agreement and the Sarborg Additional Agreement,
respectively. Dr. Andrew Regan, Chief Executive Officer and member of the Board, also sits on the board of
directors of Sarborg but does not have an equity interest in Sarborg. On January 17, 2025, the Company issued 1,515 shares of fully
vested unregistered Common Stock as an initial fee for the Sarborg Services Agreement. The fair value of the shares issued was $0.2
million and was recorded as a prepaid within the condensed consolidated balance sheets. The shares are being amortized over the
initial 12 month term of the Sarborg Service Agreement to research and development expense. On March 31, 2025, the Company issued 123,595
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. During the three and six months ended June
30, 2025, the Company recorded $0.7
million and $1.5
million as research and development expense related to the Sarborg Service Agreement, respectively. During the three and six months
ended June 30, 2025, the Company recorded $0.8
million as research and development expense related to the Sarborg Additional Agreement. Refer to Note 6 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 605 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 $187.50
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 $4,680 (as adjusted from time to time in accordance with the terms
thereof) for a two-year period after the date of exercisability.

Manoira

On
June 3, 2025, the Company entered into a joint development agreement (the “Joint Development Agreement