Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 70

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 70
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 co-crystals of AZD1656 to increase patent life as well as purchasing technology to help us determine the feasibility
that AZD1656, and potentially other de-prioritized assets, reach commercialization. Some of this work was completed by third-party CROs
but all intellectual property is retained by us. We currently have one pending international patent application and two pending national
patent applications. The successful completion of clinical trials increases the value of clinical assets and may lead to the commercialization
and/or licensing of such assets to other pharmaceutical companies. There is no assurance that any clinical trials on the assets owned
or licensed by us will be successful.

General
and Administrative Expenses

General
and administrative expenses consist of salaries and other related costs, legal fees relating to intellectual property and corporate matters,
professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, and other operating costs.

We
anticipate that our general and administrative expenses will increase substantially for the foreseeable future as we increase our administrative
headcount to operate as a public company and as we advance clinical assets through clinical development. We also will incur additional
expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the
SEC and the Nasdaq listing rules, additional insurance expenses, investor relations activities and other administrative and professional
services. In addition, if regulatory approval is obtained for clinical assets, we expect to incur expenses associated with building a
sales and marketing team.

29

Other
Income (Expenses)

Other
income (expenses), net

Other
income (expenses), net consists of change in the fair value of options, change in fair value of convertible notes, change in fair value
of digital assets and expense incurred upon the issuance of warrants during the year.

Interest
expense, net

Interest
expense, net consists primarily of interest expense on convertible loan notes and promissory notes and interest expense on deferred commissions
payable to an advisor for fees related to the merger, as well as a small amount of interest income on cash and cash equivalents held
by the Company.

Results
of Operations

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

    Three Months ended September 30,  
    Nine Months ended September 30, 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    2025  
    2024 
  
    Operating expenses: