Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 447

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 447
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0 
  
    Weighted-average discount rate 
     11.2%

The
Company’s future minimum lease payments for our operating lease as of the year ended December 31, 2024, are as follows (in thousands):

 Schedule
of Future Minimum Lease Payments For Operating Lease

    December 31,
2024 
  
    Year ending December 31, 

    2025 
    $140 
  
    2026 
     113 
  
    Total 
     253 
  
    Less: imputed interest 
     (27)
  
    Total lease liability 
    $226 

6.
Liability Related to the Sale of Future Revenue

Vela
Technologies PLC

The
Company entered into an Agreement with SGSC to approve an Indirect Investment from Vela Technologies PLC (“Vela”) on October
20, 2020, whereby Vela agreed to provide funding to the Company for an indirect investment in AZD 1656 for use in the field in exchange
for 8% of future revenue earned if AZD 1656 is commercialized (the “Vela Agreement”). Total consideration under the Vela
Agreement was $2.9 million (£2.35 million), consisting of $1.6 million (£1.25 million) cash and the issuance of 1.1 billion
common shares in Vela, which based on the Vela’s fair value per share and was $1.3 million. During the year ended December 31,
2021, the Company sold all 1.1 billion of its Vela shares for $1.2 million and recorded a loss of $0.1 million on the sale. The Company
received the $1.6 million (£1.25) million cash consideration during the year ended December 31, 2020. This consideration was recorded
as a liability related to the future sale of revenue on the balance sheet in accordance with ASC 470-10.

In
April 2023, the Company entered into an agreement with Vela which granted Vela the right, but not the obligation, to sell its 8% royalty
interest in AZD 1656 back to Conduit. Vela paid a one-time, non-refundable option fee to Conduit of $0.5 million (£0.4 million).
Total consideration payable to Vela upon exercise of the option was £4.0 million ($5.08 million on the exercise date) worth of