Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 876

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 876
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i) received a cash fee of $6.5 million, 13,000 shares of Common Stock, and warrants to purchase 540 shares of
Common Stock at an exercise price of $1,100 per share pursuant to its engagement agreement with Old Conduit entered into on August 2,
2022, and (ii) agreed to defer payment, to be paid in the future under certain circumstances by a date no later than March 21, 2025,
of $5.7 million of fees plus annual interest of 5.5% as a result of its engagement for MURF’s IPO. The $5.7 million deferred commissions
payable was recorded as a non-current liability on the Company’s consolidated balance sheet as of December 31, 2023. Accrued interest
was recorded as a liability on the Company’s consolidated balance sheet under accrued expenses and other current liabilities and
totaled $0.4 million and $0.1 million as of December 31, 2024, and December 31, 2023, respectively.

On
November 25, 2024, the Company issued the A.G.P. Convertible Note in the principal amount of $5.7 million to evidence the currently owed
deferred commission payable, at which time the deferred commission payable balance was removed. Refer to the Note 7 for additional information.

10.
Research and Development Expense

August
2024 License Agreement

On August 7, 2024, the Company and AstraZeneca AB (PUBL) (“AstraZeneca”) entered into a License Agreement, dated August 7,
2024 (the “August 2024 License Agreement”). Pursuant to the August 2024 License Agreement, AstraZeneca agreed to grant a
license to the Company under certain intellectual property rights controlled by AstraZeneca related to HK-4 Glucokinase activators AZD1656
and AZD5658 in all indications and myeloperoxidase inhibitor AZD5904 for the treatment, prevention, and prophylaxis of idiopathic male
infertility. The Company will be responsible for the development and commercialization of the Licensed Products under the August
2024 License Agreement.

As
consideration for the grant of the license, the Company (i) granted AstraZeneca Common Stock pursuant to a stock issuance agreement
(the “Issuance Agreement”), (ii) paid AstraZeneca an up-front payment of $1