Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 153

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 153
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 entity after the Merger between Conduit Pharmaceuticals Limited and MURF, following the consummation
of the Merger, at a price per share equal to the volume-weighted average price per share over the ten (10) business days prior to the
date of the notice of exercise. The option contained a provision stating that in no event would the price per share for the consideration
shares be lower than $5 or higher than $15. The option was exercisable in whole at any time from the close of the Merger (the “Effective
Time”) until the earlier of (i) the date that was six (6) months from the Effective Time, and (ii) February 7, 2024, the expiration
date of the term.

On
November 30, 2023, Vela exercised its option to sell back its indirect investment in AZD 1656 in exchange for 10,157 shares of the Common
Stock. The Company recognized the $2.8 million of deferred revenue and recorded $2.8 million to other income (expense), net, on the consolidated
statement of operations and comprehensive income (loss) for the year ended December 31, 2023. As of December 31, 2023, there was no liability
for the sale of future revenue related to Vela.

    F-18

Cizzle
Biotechnology Holdings PLC

On
February 11, 2022, the Company entered into an agreement with Cizzle PLC (“Cizzle”) whereby Cizzle agreed to purchase a percentage
of future revenue earned in AZD 1656, should it reach the commercialization stage. Total consideration under the agreement is specified
as $1.6 million (£1.2 million), consisting of the issuance of the fair value of 25.0 million new common shares in Cizzle on the
date of the agreement and the fair value of 22.0 million shares to be issued at the earlier of Cizzle’s shareholder approval or
one year from the date of the agreement. The 22.0 million shares were received by the Company in the fourth quarter of 2022 and were
subsequently sold within the fourth quarter of 2022. The Company recorded a liability related to deferred revenue of $1.4 million for
the consideration received from Cizzle as of December 31, 2022.

The
payments received for the sale of future revenue were classified as a liability related to the future sale of revenue.