Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 114

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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11.
Related Party Transactions

Corvus
Capital Limited

Corvus
Capital Limited (“Corvus”) is a significant investor in the Company through subscribing to 1,000 common shares prior to the
closing of the Merger on September 22, 2023. Shares held by Corvus on the closing date of the Merger were exchanged for shares of the
Company’s Common Stock. The Chief Executive Officer and principal owner of Corvus, Dr. Andrew Regan, is a member of the Board and was appointed as the Chief Executive Officer of the Company on April 15, 2025. Dr. Regan has not entered into
any compensation plans and will continue to waive all compensation fees in connection with his service as Chief Executive Officer of
the Company, and is entitled to reimbursement of expenses incurred in connection with his role as Chief Executive Officer.

For
the three months ended June 30, 2025 and 2024, the Company incurred director travel expenses payable to Dr. Regan of approximately $0.3
million and $0.2 million, respectively. For the six months ended June 30, 2025 and 2024, the Company incurred director travel expenses
payable to Dr. Regan of approximately $0.3 million and $0.3 million, respectively. As of June 30, 2025, and December 31, 2024, the Company
did not owe Dr. Regan any director’s fees, as Dr. Regan and the Company agreed to cease director’s fees effective at the
closing of the Merger.

In
September 2023, concurrently with the completion of the Merger, pursuant to the PIPE Subscription Agreement (the “PIPE Subscription
Agreement “) for an aggregate purchase price of $20.0 million, the Company issued an aggregate of 1,333 shares of the Company’s
Common Stock and PIPE Warrants (the “PIPE Warrants”) to purchase 1,333 shares of Company Common Stock. At the time of the
execution of the PIPE Subscription Agreement, Corvus and its affiliates entered into a participation and inducement agreement with Nirland
whereby Corvus agreed to provide certain payments and economic benefits to Nirland. In certain circumstances, Nirland may have a right
to cause Corvus to transfer 20,032 shares held by Corvus to Nirland.