Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 70

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 symbol “CDTTW”
on September 25, 2023.

Basis
of Presentation

The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with U.S. GAAP as
set forth by the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the United States
Securities and Exchange Commission (“SEC”). References to U.S. GAAP issued by the FASB in these notes to the accompanying
unaudited condensed consolidated financial statements are to the FASB Accounting Standards Codifications (“ASC”) and Accounting
Standards Update (“ASUs”).

    5

The
accompanying interim unaudited condensed consolidated financial statements included in this quarterly report have been prepared in accordance
with U.S. GAAP and, in the opinion of the Company, contain all adjustments, consisting of only normal recurring adjustments, necessary
for a fair statement of its financial position as of March 31, 2025, and its results of operations for the three months ended March 31,
2025 and 2024, and cash flows for the three months ended March 31, 2025 and March 31, 2024. The condensed consolidated balance sheet
at December 31, 2024, was derived from the audited annual financial statements but does not contain all of the footnote disclosures from
the annual financial statements.

Reclassifications

In
certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current
presentation. Such reclassifications had no effect on previously reported stockholders’ equity (deficit) or net loss.

Principles
of Consolidation

The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries
Conduit UK Management Ltd. (United Kingdom) and Conduit Pharmaceuticals, Ltd. (Cayman Islands). As used herein, references to the “Company”
include references to Conduit Pharmaceuticals Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated
in consolidation.

Liquidity
and Going Concern

In
accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there
are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as
a going concern within one year after the date the financial statements are issued. Since its