Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 208

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 208
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 can be no assurances to that effect. We have based
our estimates on assumptions of operating costs that may prove to be wrong. As a result, we could deplete our capital resources sooner
than we currently expect. If, for any reason, our expenses differ materially from our assumptions or we utilize our cash more quickly
than anticipated, or if we are unable to obtain funding on a timely basis we may be required to revise our business plan and strategy,
which may result in significantly curtailing, delaying or discontinuing one or more of our research or development programs or the commercialization
of any product candidates or may result in our being unable to expand our operations or otherwise capitalize on our business opportunities.
As a result, our business, financial condition, and results of operations could be materially affected.

Management
has concluded that there is substantial doubt regarding our ability to continue as a going concern for a period of at least 12 months
from the date of the filing of this Annual Report. This is based on our analysis under applicable accounting principles. These financial
statements have been prepared assuming the Company will continue as a going concern and do not include adjustments to reflect the possible
effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the
outcome of this uncertainty.

Cash
Requirements

Our
material cash requirements include the following contractual and other obligations.

Loans
Payable

In
May 2022, we entered into two loan agreements (the “Loans”), with an aggregate principal amount of $0.2 million, with
two lenders. The Loans were to mature and become payable in full two years from the date of the loan agreement and they bear no
interest. On October 9, 2024, the Company executed agreements to extend the loan maturity date for each loan to December 19, 2024.
As of December 31, 2024, the Loans are still outstanding and considered to be in default. The Company repaid the lenders in full during February 2025. Refer to Note 8 to our financial statements included elsewhere in this
Annual Report.

63

Promissory
Convertible Note

In
March 2023, we issued an aggregate principal amount of $0.8 million convertible promissory note (the “March 2023 Convertible Note”)
payable to an investor.

The
March 2023 Convertible Note originally was to mature and become payable in full, 18 months from the date of the March