Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 51

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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5, as compared to $3.1 million for the three months ended September 30, 2024.
The decrease was primarily attributable to a $3.1 million decrease in expense related to the August 2024 License Agreement in 2024 with
no comparable activity during the three months ended September 30, 2025. The decrease was partially offset by an increase of $1.2 million,
$0.1 million, and $0.1 million related to the Sarborg, Thesprogen, and Manoira agreements activity in 2025, respectively.

General
and Administrative Expenses

    Three Months ended  September 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    General and administrative expenses 
    $5,501  
    $2,718  
    $2,783  
     102%

General
and administrative expenses increased by $2.8 million, or 102%, to $5.7 million for the three months ended September 30, 2025, compared
to $2.7 million for the three months ended September 30, 2024. The increase was primarily driven by a $1.0 million increase in payroll
and stock-based compensation expense, $1.4 million increase in legal fees and a $0.3 million increase in travel expense.

30

Other
Income (Expense), Net

    Three Months ended  September 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Other income (expense), net 
    $(44) 
    $(341) 
    $297  
     (87)%

Other
income (expense), net changed by $0.3 million or 87%, to $44 thousand expense for the three months ended September 30, 2025, compared
to a net expense of $0.3 million for the three months ended September 30, 2024. The change was primarily driven by a $0.4 million contingent
liability incurred in the third quarter of 2024 and a $0.1 million research and development tax receivable recorded during the third
quarter of 2025, partially offset by $0.1 million change in fair value of convertible notes payable.

For