Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 331

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 331
---
 Nirland, and
on October 31, 2024, the Company and Nirland amended the August 2024 Nirland Note, and on November 22, 2024, the Company and Nirland
amended the August 2024 Nirland Note for a second time. Refer to Note 7, Note 8 and Note 20 above for additional
information.

SARBORG

On
December 12, 2024, the Company entered into the Sarborg Service Agreement with Sarborg. Dr. Andrew Regan, a member of
Conduit’s board of directors, also sits on the board of directors of Sarborg but does not have an equity interest in Sarborg.
During the year ended December 31, 2024, the Company recorded $0.1
million as research and development expense related to the Sarborg Service Agreement. Refer to Note 10 above for additional
information.

Officers and
Directors

On April 22, 2024,
the Company issued in a private placement common stock purchase warrants (the “April Warrants”) to third parties which also
included certain directors, to purchase up to an aggregate of 9,077
shares of the Company’s common stock, in exchange for entering into a lock-up with respect to the shares of common stock
held by such holder and for such directors, $12.50
per warrant. The April Warrants are not exercisable until one year after their date of issuance. Each April Warrant is exercisable
into one share of the Company’s common stock at a price per share of $312
(as adjusted from time to time in accordance with the terms thereof) for a two-year period after the date of exercisability.

    F-32

17.
Other Income (expense), net

The
following table presents other income (expense), net, for the years ended December 31, 2024 and 2023 (in thousands):

 Schedule
of Other Expense, Net 

    2024  
    2023 

    For the years ended December 31, 

    2024  
    2023 
  
    Other income: 

    Recognition of Cizzle deferred revenue upon option exercise 
    $-  
    $1,480 
  
    Recognition of Vela deferred revenue upon option exercise 
     -  
     2,774 
  
    Change in fair value of Cizzle option 
     -