Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 28

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 28
---
, 2025. During the three and nine months ended September 30, 2025, the Company recorded $50
thousand and $0.1 million in amortization expense, respectively.

All
other costs under the Sarborg Service Agreement shall be expensed as incurred and recorded within research and development expense in
the condensed consolidated statement of operations and comprehensive income loss, as the services are designed to aid in the Company’s
research and development activities.

During
the three and nine months ended September 30, 2025, Sarborg was paid $0.2 million and $2.0 million, respectively, for completed milestones
under the Sarborg Service Agreement and did not have an outstanding payable balance as of September 30, 2025. The Company recorded $0.1
million and $1.7 million in expense within research and development expense in the condensed consolidated statement of operations and
comprehensive income loss for the three and nine months ended September 30, 2025, respectively. The remaining $0.4 million was related
to the delivery of the dashboard, which was recorded as a diagnostic asset on the condensed consolidated balance sheet as of March 31,
2025.

    18

SARBORG
Additional Agreement

Effective
March 31, 2025, the Company entered into an additional license and use agreement (the “Sarborg Additional Agreement”) with
Sarborg, a related party, covering certain additional deliverables and incorporating a new scope of work focused on analysis of the Company’s
acquired AstraZeneca assets. The term of the Sarborg Additional Agreement is for six months and provides for the payment, in aggregate,
of $2.0 million, which includes an up-front license fee for the term of such agreement, in cash or stock at the Company’s election
at the closing price on the day preceding the effective date of such agreement. On March 31, 2025, the Company prepaid $1.65 million
of the Sarborg Additional Agreement through the issuance of 15,449 fully vested unregistered shares of Common Stock. The Company recorded
the shares issued under the Sarborg Additional Agreement at their fair value, as determined by the closing price of the Company’s
Common Stock on March 30, 2025, $106.80, and adjusted for a 7% discount for lack of marketability, as determined by a third-party valuation
expert. Effective May 2, 2025, the