Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 103

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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) the Company ceasing development of all Licensed Products (subject to certain exceptions for normal pauses or gaps between clinical
studies).

As
a result of the above, the Company is no longer funding the development of AZD1656 or AZD5904 under the terms of the Exclusive Funding
Agreement, dated March 26, 2021 with St George Street Capital (the “Funding Agreement”). In this regard, the Company previously
entered into a deed of amendment amending such Funding Agreement. The parties agreed that the project funding provisions of such Funding
Agreement whereby the Company had the right to fund a project or refer other parties to St George Street Capital, were amended to provide
that St George Street Capital must still include the Company in any project funding opportunities and requests but may now seek other
third-parties to fund projects in addition to the Company. In November and December 2024, the Company received a letter from St George
Street Capital and formal complaints filed with the Intellectual Property Office claiming the Company was not the sole owner of the AZD
1656 co-crystal patent. See Note 14 for additional details on the claim.

SARBORG
Service Agreement – Related Party

On
December 12, 2024, the Company entered into a Services Agreement (the “Sarborg Service Agreement”) with SARBORG Limited (“Sarborg”),
a Cayman Islands company and related party of the Company. See Note 11 for further reference to the relationship between the Company
and Sarborg. Under the terms of the Sarborg Service Agreement, Sarborg will provide algorithmic and cybernetic technology services to
CDT, including the development of decision-support tools and advanced cybernetic systems tailored to enhance CDT’s decision-making
processes and maximize the value of its pharmaceutical asset portfolio.

Sarborg
will perform the services to CDT comprised of three phases: the Initial Phase (0-24 weeks) focuses on establishing a foundation for
collaboration and aligning Sarborg’s services with CDT’s strategic goals; the Development Phase (24-36 weeks) involves
building technological infrastructure, including dashboards and predictive models; and the Ongoing Services Phase (36-52 weeks) ensures
the sustained functionality and relevance of Sarborg’s deliverables while supporting CDT’s growth through iterative improvements
and updates. Sarborg will create specific deliverables, including reports, computer programs, software applications, APIs, mobile applications,
source code, written technical specifications and