Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 60

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 $0.1 million in other research and development related activity.

General
and Administrative Expenses

    Three Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    General and administrative expenses 
    $3,092  
    $3,115  
    $(23) 
     (1)%

General
and administrative expenses decreased by $23,000, or approximately one percent, during the three months ended June
30, 2025, as compared to the three months ended June 30, 2024. The decrease was driven by a $0.4 million decrease in
payroll and stock-based compensation expense, partially offset by a $0.2 million increase in legal fees, a $0.1 million increase in accounting
and audit expense and a $0.1 million increase in travel expense.

34

Other
Income (Expense), Net

    Three Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Other income (expense), net 
    $(1,023) 
    $(2,126) 
    $(1,103) 
     (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