Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 645

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 645
---
 cash equivalents held
by the Company.

Results
of Operations

The
following table set forth our results of operations for the periods indicated:

    Years ended December 31,  
    Change 
  
    (Dollar amounts in thousands) 
    2024  
    2023  
    Amount  
    % 
  
    Research and development expenses 
    $3,378  
    $90  
    $3,288  
     3,653%

61

Research
and development expenses increased by approximately $3.3 million, or 3,653%, to approximately $3.4 million for the year ended December
31, 2024, as compared to approximately $90 thousand for the year ended December 31, 2023. The increase was primarily driven by a $3.1
million upfront payment to AstraZeneca in connection with the license agreement, comprised of $1.5 million cash and $1.6 million of our
common shares issued to AstraZeneca with no comparable activity in 2023.

General
and administrative expenses

    Years ended December 31,  
    Change 
  
    (Dollar amounts in thousands) 
    2024  
    2023  
    Amount  
    % 
  
    General and administrative expenses 
    $12,041  
    $5,173  
    $6,868  
     133%

General
and administrative expenses increased by $6.9 million, or 133%, to approximately $12.0 million for the year ended December 31, 2024,
as compared to approximately $5.2 million for the year ended December 31, 2023. The increase was primarily driven by a $3.4 million increase
in salaries, stock-based compensation and payroll, a $1.3 million increase in other G&A expenses, a $1.1 million increase in D&O
insurance, a $0.5 million increase in professional fees including: legal fees, accounting and tax expense, listing fees and consulting
fees and a $0.5 million increase in travel expenses.

Other
income (expense), net

    Years ended December 31,  
    Change 
  
    (Dollar amounts in thousands) 
    2024  
    2023  
    Amount  
    % 
  
    Other income (expense), net 
    $(890) 
    $