Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 891

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 891
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in the accompanying financial statements. The trial in this matter remains scheduled for October 20, 2025. We intend to vigorously
defend against these claims. Regardless of its outcome, the litigation may impact our business due to, among other things, legal
costs and the diversion of the attention of our management.

In November and
December 2024, the Company received a letter from St George Street Capital and formal complaints filed with the Intellectual
Property Office claiming the Company was assigned the US Application, and was not the sole owner, of the AZD 1656 co-crystal patent.
In January 2025, Conduit issued a counter statement to the Intellectual Property Office disputing the claim filed by St George
Street Capital. As of December 31, 2024, the damages sought by St George Street Capital are unknown and the potential contingency is
not considered probable. As such, the Company has not accrued a loss contingency in the accompanying
financial statements. We intend to vigorously defend against these claims. Regardless of its outcome, the litigation may impact our
business due to, among other things, legal costs and the diversion of the attention of our management.

    F-31

16.
Related Party Transactions

Corvus
Capital Limited

Corvus
Capital Limited (“Corvus”) is a significant investor in the Company through subscribing to 1,000 common
shares prior to the closing of the Merger on September 22, 2023. As discussed in Note 2, the shares held by Corvus on the closing
date of the Merger were exchanged for shares of Conduit Pharmaceuticals Inc. common stock. The Chief Executive Officer and principal
owner of Corvus is a member of Conduit’s board of directors. Occasionally, Corvus provides advisory services to the Company
and is paid a fee for the services. As of December 31, 2024, and December 31, 2023, no advisory fees were due to Corvus.

For
the years ended December 31, 2024 and 2023, the Company incurred director travel expenses payable to the board of directors member
of approximately $0.4 million
and $1.0 million,
respectively. As of December 31, 2024, and December 31, 2023, the Company did not owe the CEO of Corvus any director’s fees as
the CEO of Corvus and the Company agreed to cease director’s fees