Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 2

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 2
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 determined that certain milestone payments to Sarborg Limited (“Sarborg”) in connection with a Services Agreement (the “Sarborg Service Agreement”) for the acquisition of diagnostic tool used to monitor clinical trials, aggregate data on an ongoing basis and tracking intellectual property patent status, which was previously classified as research and development expense, should have been classified as an acquired diagnostic asset in the Company’s March 31, 2025 condensed consolidated balance sheet in accordance with ASC 730.

Restatement Background

On August 8, 2025,the Audit Committee of the Board of Directors of the Company, after discussions with the Company’s management and independent registered public accounting firm, determined that the Company’s unaudited financial statements included in the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2025 (the “Q1 2025 Form 10-Q”) also known as (the “Financial Statements” or “Affected Period), filed with the SEC on May 14, 2025, as well as the relevant portions of any communication which describe or are based on the Financial Statements, should no longer be relied upon.

In connection with the preparation of the Company’s financial statements for the three and six months ended June 30, 2025, the Company’s management determined that an adjustment was necessary in its previously issued unaudited financial statements, relating to the balance sheet as of March 31, 2025, condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2025, the condensed consolidated statement of changes in stockholders’ deficit as of March 31, 2025 and the condensed consolidated statement of cash flows for the three months ended March 31, 2025. See Note 2 for further discussion of the impact of the adjustment.

Items Amended in this Filing

This Form 10-Q/A amends and restates the following items included in the original form 10-Q as appropriate to reflect the Restatement and revision of the relevant periods:

● Part I, Item 1-Financial Statements (Unaudited)

The Company is including with this Form 10-Q/A currently dated certifications of the Company’s Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32.1, and 32.2).

Except as discussed above and as further described in Note 2, Note 8, Note 13 and Note 17 to the Condensed Consolidated Financial Statements in