Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 61

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 61
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 was primarily related to a $0.5
million loss on the issuance of warrants.

For further details refer to Note 14, “Other income (expense), net,” in the unaudited financial statements as of March 31, 2025 and March 31, 2024 included elsewhere in this Quarterly Report.

Interest Expense, Net

| (Dollar amounts in thousands) |     | Three Months ended March 31, 
 2025                         |      |   |     | 2024 |      |   |     | Change 
 Amount |     |   |     | % |    |   |
|:------------------------------|:----|:-----------------------------|:-----|:--|:----|:-----|:-----|:--|:----|:-------|:----|:--|:----|:--|---:|:--|
| Interest expense, net         |     | $                            | (176 | ) |     | $    | (119 | ) |     | $      | (57 | ) |     |   | 48 | % |

Interest expense was $0.2 million for the three months ended March 31, 2025 compared to $0.1 million for the three months ended March 31, 2024. The change was driven by $77,000 of interest expense on the A.G.P. Convertible Note, $24,000 of interest expense on the August 2024 Nirland Note, $8,000 of interest expense on the October 2025 Nirland Note, and $65,000 of debt issuance cost amortization related to the Convertible Promissory Note Payable, partially offset by a $79,000 decrease of interest expense related to the Deferred Commission Payable balance and a $40,000 of decrease of interest expense on the Convertible Promissory Note Payable.

Liquidity and Capital Resources

Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Since our inception, and in line with our growth strategy, we have prepared our financial statements assuming we will continue as a going concern. Since our inception, we have incurred net losses and experienced negative cash flows from operations. To date, our primary sources of capital have been through private placements of equity securities and convertible debt and the Sales Agreement with A.G.P. During the three months ended March 31, 2025 and 2024, we incurred operating losses of $4.