Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 346

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 346
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-looking statements based upon current
expectations that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors”
or in other parts of this Annual Report and our other filings with the SEC. Our historical results are not necessarily indicative of
the results that may be expected for any period in the future. Conduit Pharmaceuticals Limited entered into an Agreement and Plan of
Merger (the “Merger Agreement”) with Murphy Canyon Acquisition Corp. (“MURF”) on November 8, 2022. The transaction
contemplated by the terms of the Merger Agreement was completed on September 22, 2023, in conjunction with which MURF changed its name
to Conduit Pharmaceuticals Inc. (hereafter referred to, collectively with is subsidiaries as “Conduit”, the “Company”,
“we”, “us” or “our”, unless the context otherwise requires. All dollar amounts are expressed in thousands
of United States dollars (“$”), unless otherwise indicated.

Overview

On
September 22, 2023, a merger transaction (the “Business Combination”) between Conduit Pharmaceuticals Limited (“Old
Conduit”), Murphy Canyon Acquisition Corp (“MURF”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company
and a wholly owned subsidiary of MURF (“Merger Sub”), was completed pursuant to the Agreement and Plan of Merger, dated November
8, 2022, as amended, (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, at the closing, (i) Merger
Sub merged with and into Old Conduit, with Old Conduit surviving the Business Combination as a wholly-owned subsidiary of MURF, and (ii)
MURF changed its name from Murphy Canyon Acquisition Corp. to Conduit Pharmaceuticals Inc.

Conduit
has developed a unique business model that allows it to act as a conduit to bring clinical assets from pharmaceutical companies and develop
new treatments for patients. Our novel approach addresses unmet medical needs and lengthens the intellectual property for our existing
assets through cutting-edge solid-form technology and then commercializing these products with life science companies. We continue to
evaluate novel artificial intelligence and cybernetics approaches to drug re-purposing, intellectual property and asset selection to
give Conduit a competitive advantage.

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We
are led by highly experienced pharmaceutical