Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 24

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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December 2024, the Company reduced the exercise price of the PIPE Warrants held by Nirland to $8.83,
after which all such warrants were exercised , resulting in proceeds of approximately $0.2
million. These proceeds were applied to reduce the outstanding balance of the October 2024 Nirland Note.

The
Company made additional repayments of $0.1
million, $0.2
million, and $0.1
million on January 14, 2025, January 31, 2025, and February 7, 2025, respectively. As of September 30, 2025, the October 2024
Nirland Note had been fully repaid and no
obligations remained outstanding.

For
the three and nine months ended September 30, 2025, the Company recorded nil and approximately $8,000 of interest expense, respectively.

    16

7.
Research and Development Expense

August
2024 License Agreement

On
August 7, 2024, the Company and AstraZeneca AB (PUBL) (“AstraZeneca”) entered into a License Agreement, dated August 7, 2024
(the “August 2024 License Agreement”). Pursuant to the August 2024 License Agreement, AstraZeneca agreed to grant a license
to the Company under certain intellectual property rights controlled by AstraZeneca related to HK-4 Glucokinase activators AZD1656 and
AZD5658 in all indications and myeloperoxidase inhibitor AZD5904 for the treatment, prevention, and prophylaxis of idiopathic male infertility.
The Company will be responsible for the development and commercialization of the Licensed Products under the August 2024 License Agreement.

As
consideration for the grant of the license, the Company (i) granted AstraZeneca Common Stock pursuant to a stock issuance agreement (the
“Issuance Agreement”), (ii) paid AstraZeneca an up-front payment of $1.5 million, and (iii) is obligated to pay AstraZeneca
a percentage (on a tiered basis) of any amounts it may receive in connection with a grant of a sublicense (subject to various customary
exceptions). The Issuance Agreement called for the Company to issue AstraZeneca 792 shares of the Company’s Common Stock. The Issuance
Agreement provides AstraZeneca with resale registration rights