Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 30

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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 digital currencies into CDT Equity’s operations as part of its treasury strategy.

The
term of the Second Addendum is a minimum of four (4) months, which may be renewed or extended upon the mutual written agreement of
the Company and Sarborg. The initial consideration for the expanded scope of work was $0.2
million, which was paid during the three and nine months ended September 30, 2025 and included in the consolidated statement of
operations and comprehensive loss. The Company agreed to pay further consideration of $0.2
million in cash or shares, at the Company’s sole discretion, at such time as the Company invests more than $0.6
million in cryptocurrency as part of its treasury strategy. The Company accrued $0.2
million on the consolidated balance sheet as of September 30, 2025.

In total, the Company
recorded $1.2
million and $3.6
million of research and development expense for the three and
nine months ended September 30, 2025, respectively, all of which related to services and costs incurred through the SARBORG Agreement,
SARBORG Additional Agreement, First Addendum to the SARBORG Additional Agreement and the Second Addendum to the SARBORG Additional Agreement,
collectively.

Master
Service Agreement – CDT Equity Inc. and Charles River Laboratories

On
February 7, 2025, the Company and Charles River Laboratories (“Charles River”) entered into a Master Services Agreement (the
“Charles River MSA”). Under the Charles River MSA, Charles River agreed to provide preclinical testing and research services
to CDT, including the evaluation of compounds in animal models and other related services. The services are defined in individual Statements
of Work (“SOWs”) or Protocols, which outline the specific scope, design, and timelines for each study. To date, one SOW,
dated February 11, 2025, has been entered into with a total commitment of $0.2 million. Charles River will conduct the studies in compliance
with applicable laws and industry standards, and CDT will provide necessary test articles and materials. The Charles River MSA includes
provisions for confidentiality, intellectual property ownership, indemnification, and dispute resolution. The Charles River MSA has a
term of five years and can be terminated by either party under specified conditions. For the three and nine months ended September 30,
2025, the Company recognized $0.1 million and