Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 40

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 of operations and
comprehensive loss, respectively.

8.
Income Taxes

For
the six months ended June 30, 2025, and 2024, the Company’s effective tax rate was 0.0% due to the current year tax loss and valuation allowance established against the Company’s net deferred tax assets,
and due to operating in a zero tax jurisdiction, respectively.

9.
Common Stock and Preferred Stock

At-the-Market
Offering

On
October 23, 2024, the Company entered into the Sales Agreement with A.G.P. (the “Sales Agreement”) relating to shares of
the Company’s Common Stock. In accordance with the terms of the Sales Agreement, the Company may offer and sell shares of our
Common Stock having an aggregate offering price of up to $23.9
million from time to time through A.G.P., acting as our sales agent or principal.

The
compensation to A.G.P. for sales of Common Stock sold pursuant to the Sales Agreement will be equal to 3.0% of the gross proceeds of
any shares of Common Stock sold under the sales agreement.

During
the three and six months ended June 30, 2025, the Company sold 1,183,221 and 1,472,945 shares of the Company’s Common Stock through
the Sales Agreement, respectively. The Company received proceeds of $11.9 million, net of commissions payable to A.G.P. of $0.4 million.
As of the date of this Quarterly Report on Form 10-Q, the Company has approximately $8.0 million available under the Sales Agreement.

    23

Share
Repurchase Program

On
April 10, 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may purchase up
to $1.0 million of its outstanding Common Stock. Under the program, CDT may repurchase shares from time to time through open market
transactions or other methods in compliance with SEC Rule 10b-18. Purchases will be executed by The Benchmark Company, the Company’s
appointed broker, and will be subject to market conditions, corporate liquidity requirements, regulatory considerations, and other factors.
As of June 30, 2025, the Company has repurchased an aggregate of 11,713 shares of its outstanding Common Stock at an average price of
$8.85/share and paid approximately $2,000 in commission to the broker. The repurchased shares