Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 31

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 31
---
 $0.2 million in research and development expense in the condensed consolidated statement
of operations and comprehensive loss related to the Charles River MSA.

Consulting
Agreement

Effective
March 25, 2025, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Thesprogen PC (“Thesprogen”),
an expert in advising clients on strategies for pharmaceutical and biotech development. Total fees under the Consulting Agreement total
to $0.3 million and was settled through the issuance of 2,809 fully vested unregistered shares of Common Stock on March 31, 2025. The
Company recorded the shares issued under the Consulting Agreement at their fair value, as determined by the closing price of the Company’s
Common Stock on March 30, 2025, $106.80, and adjusted for a 7% discount for lack of marketability, as determined by a third-party valuation
expert. The Company recorded the fair value of $0.3 million as prepaid within the condensed consolidated balance sheets. During the
three and nine months ended September 30, 2025, the Company recorded research and development expense of $0.1 million and $0.2 million
within the condensed consolidated statements of operations and comprehensive loss related to the amortization of the prepaid.

Manoira
Joint Development Agreement

On
June 3, 2025, the Company entered into a joint development agreement (the “Joint Development Agreement”) with Manoira
Corporation (“Manoira”) for a term of one year, which will be automatically renewed for successive one-year terms unless
advance termination notice is provided in accordance with the terms of the Joint Development Agreement. Manoira is an entity
controlled by Dr. Andrew Regan, of which he is sole director, and is therefore considered a related party of the Company. 15 Note 12
for additional details.

Pursuant
to the Joint Development Agreement, CDT granted Manoira a non-exclusive, non-transferable, non-sublicensable, fully paid-up, royalty-free
license to the intellectual property rights related to the pharmaceutical compounds known individually and together as AZD1656 and AZD5658
(the “CDT Assets”). Manoira will evaluate the CDT Assets’ applicability in animal health, explore veterinary market
opportunities, and provide data from the evaluations to inform CDT’s human clinical programs. The license does not grant Manoira