Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 64

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 64
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.2 million. We do anticipate being able to fund required working capital for the next 12 months with
cash and cash equivalents on hand and current borrowings. Management believes that we will be able to fund cash required for the next
12 months through borrowings and equity raises. We have historically been able to access funds through the issuance of debt, and more
recently the at the market offering program agreement, and believe we can continue to obtain funding through such debt financing agreements
and Sales agreement as needed to meet cash requirements for the next 12 months.

As of March 31, 2025, we had
raised $11.9 million (net of fees) out of the $23.9 million available to us through the Sales agreement and expect to raise the additional
$11.6 million (net of fees) over the next 12 months.

| 34 |

Cash Flows

The following table set forth our cash flows for the period indicated (in thousands):

| Net cash provided by (used in):                              
 Operating Activities                                         
 Investing Activities                                         
 Financing Activities                                         
 Effect of exchange rate changes on cash and cash equivalents |     | Three Months ended 
 March 31,          
 2025               
 (As Restated)      | (3,929 
   (404 
  5,927 
    (18 | ) 
 ) 
 ) |     | 2024 | (2,357 
 -      
 -      
 (27    | ) 
 ) |
|:-------------------------------------------------------------|:----|:-------------------|-------:|:--|:----|:-----|:-------|:--|
| Net increase (decrease) in cash and cash equivalents         |     | $                  |  1,576 |   |     | $    | (2,384 | ) |

Cash Flows Used in Operating Activities

Net cash used in operating
activities for the three months ended March 31, 2025, was $3.9 million, resulting primarily from a net loss of $4.8 million, adjusted
for non-cash items including a $1.8 million loss on the change in fair value of convertible notes payable, a $0.3 million gain on debt
extinguishment, $0.3 million gain on waiver of accrued interest, a $0.1 million gain on change in fair value of warrant liability, $0.2
million of stock-based compensation expense, $0.2 million of non-cash interest expense