Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 134

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 2024, a $0.4 million decrease related to a waiver of interest on
the A.G.P. Convertible Note, and a $0.3 million gain on debt extinguishment, partially offset by a $2.9 million loss on the change in
fair value of convertible notes payable.

For
further details refer to Note 12, “Other income (expense), net,” in the unaudited financial statements as of June 30, 2025
and June 30, 2024 included elsewhere in this document.

Interest
Expense, Net

    Six Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Interest expense, net 
    $(233) 
    $(238) 
    $5  
     2%

Interest expense, net increased by $5,000, or 2%, during the three months ended June 30, 2025, as compared to
the three months ended June 30, 2024. The
change was immaterial for the six months ended June 30, 2025 as compared to June 30, 2024.

Liquidity
and Capital Resources

Management
assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. Since our inception,
and in line with our growth strategy, we have prepared our financial statements assuming we will continue as a going concern. Since our
inception, we have incurred net losses and experienced negative cash flows from operations. To date, our primary sources of capital have
been through convertible debt, private placements of equity securities and the Sales Agreement with A.G.P. During the six months ended
June 30, 2025 and 2024, we incurred operating losses of $8.6 million and $6.1 million, respectively.

36

Sources
and Uses of Liquidity

Our
primary use of cash is to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditures
as we invest in ongoing research and development and business operations. Until such time we can generate significant revenue from the
successful approval and commercialization of a product candidate, we expect to finance our cash needs for ongoing research and development
and business operations through public or private equity or debt financings or other capital sources, including strategic partnerships.
However,