Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 121

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 of $6,000 and $0.1 million, respectively. For the six months ended June 30, 2025 and 2024,
the Company remeasured the fair value of the Liability Classified Warrants and recorded a gain on the change in the fair value of $0.1
million in each period. The gains were recorded to other income (expense), net, on the condensed consolidated statements of operations
and comprehensive loss. As of June 30, 2025 and December 31, 2024, the condensed consolidated balance sheets contained warrant liabilities
of $1,000 and $0.1 million, respectively.

PIPE
Warrants and A.G.P. Warrants 

Upon
closing of the Merger, 1,333 PIPE Warrants were issued to the PIPE Investors pursuant to subscription agreements. The warrants provide
the PIPE Investors the right to purchase up to 1,333 shares of Common Stock at an exercise price of $17,250. Additionally, on the Closing
Date of the Merger, the Company issued 36 A.G.P. Warrants to an advisor for services provided directly related to the Merger. The warrants
provide the advisor the right to purchase up to 36 shares of Common Stock at an exercise price of $16,500 per share.

The
warrants issued to the PIPE Investors and the advisor contain materially the same terms and are exercisable for a period of five years,
beginning on October 22, 2023.

On
December 11, 2024, the Company reduced the exercise price of the PIPE Warrants to be $132.45, at which time all PIPE Warrants were exercised.
The Company received approximately $0.2 million of proceeds from the exercise of the Warrants, all of which was used to pay down the
October 2024 Nirland Note. As of June 30, 2025, there are no outstanding PIPE Warrants.

    28

A.G.P.
2024 Warrants

As
partial consideration for an advance issued to the Company by A.G.P. on October 29, 2024, the Company issued A.G.P. Warrants (the “A.G.P.
2024 Warrants”) to purchase up to 1,908 shares of the Company’s Common Stock at an exercise price of $157.20 per share. The
Company determined that the A.G.P. 2024 Warrants should be classified as a liability and recorded at fair value through