Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 132

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the related notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”)
as well as the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year
ended December 31, 2024 that was filed with the SEC on March 28, 2025. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties. The following
discussion contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those set forth under the section titled “Risk Factors” or in other parts of this Quarterly Report. Our historical
results are not necessarily indicative of the results that may be expected for any period in the future. All dollar amounts are expressed
in thousands of United States dollars (“$”), unless otherwise indicated.

Overview

On
September 22, 2023, a merger transaction (the “Business Combination”) between Conduit Pharmaceuticals Limited (“Old
Conduit”), Murphy Canyon Acquisition Corp (“MURF”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company
and a wholly owned subsidiary of MURF (“Merger Sub”), was completed pursuant to the Agreement and Plan of Merger, dated November
8, 2022, as amended, (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, at the closing, (i) Merger
Sub merged with and into Old Conduit, with Old Conduit surviving the Business Combination as a wholly-owned subsidiary of MURF, and (ii)
MURF changed its name from Murphy Canyon Acquisition Corp. to Conduit Pharmaceuticals Inc.

Conduit
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 and then commercializing these products with life science companies. We continue to
evaluate novel artificial intelligence and cybernetics approaches to drug re-purposing, intellectual property and asset selection to
give Conduit a competitive advantage.

We are led by highly experienced