Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 65

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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.P. Convertible Note may not occur prior to
the Company having sufficiently authorized shares of Common Stock to permit the entire conversion of the convertible promissory note.
Refer to Note 4 to our financial statements included elsewhere in this Quarterly Report on Form 10-Q.

On
March 31, 2025, April 11, 2025, April 16, 2025, June 2, 2025, June 17, 2025, and June 26, 2025, the holder of the A.G.P. convertible
note converted $0.4 million, $0.5 million, $0.8 million, $0.1 million, $0.2 million, and $0.2 million of principal and interest into
28,667, 28,666, 71,026, 40,000, 90,000, and 100,000 shares of the Company’s Common Stock, respectively. As of June 30, 2025, there
was approximately $3.6 million in outstanding principal and interest remaining.

37

Working
Capital

We
currently anticipate that cash required for working capital for the next 12 months is approximately $12.7 million, which includes forecasted
research and development costs of $1.3 million, forecasted general and administrative costs of $7.2 million, and a convertible promissory
note payable, if not converted prior to maturity of $4.2 million. We do anticipate being able to fund required working capital for the
next 12 months with cash and cash equivalents on hand and current borrowings. Management believes that we will be able to fund cash required
for the next 12 months through borrowings and equity raises. We have historically been able to access funds through the issuance of debt,
and more recently the at the market offering program agreement, and believe we can continue to obtain funding through such debt financing
agreements and Sales agreement as needed to meet cash requirements for the next 12 months.

As
of June 30, 2025, we had raised $15.9 million out of the $23.9 million available to us through the Sales Agreement and expect to raise
the additional $8.0 million over the next 12 months.

Cash
Flows

The
following table set forth our cash flows for the period indicated (in thousands):

    Six Months ended June 30, 

    2025  
    2024