Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 45

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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 the A.G.P. convertible note converted $0.2
million of principal and interest into 60,000
shares of the Company’s common stock. The remaining outstanding principal and interest balance post-conversion totals $3.2
million.

26

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the related notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”)
as well as the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year
ended December 31, 2024 that was filed with the SEC on March 28, 2025. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties. The following discussion contains forward-looking
statements based upon current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially
from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section
titled “Risk Factors” or in other parts of this Quarterly Report. Our historical results are not necessarily indicative of
the results that may be expected for any period in the future. All dollar amounts are expressed in thousands of United States dollars
(“$”), unless otherwise indicated.

Overview

On
September 22, 2023, a merger transaction (the “Business Combination”) between Conduit Pharmaceuticals Limited (“Old
Conduit”), Murphy Canyon Acquisition Corp (“MURF”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company
and a wholly owned subsidiary of MURF (“Merger Sub”), was completed pursuant to the Agreement and Plan of Merger, dated November
8, 2022, as amended, (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, at the closing, (i) Merger
Sub merged with and into Old Conduit, with Old Conduit surviving the Business Combination as a wholly-owned subsidiary of MURF, and (ii)
MURF changed its name from Murphy Canyon Acquisition Corp. to Conduit Pharmaceuticals Inc. Effective August 5, 2025, the Company changed
its name from Conduit Pharmaceuticals Inc. to CDT Equity Inc. Our change to CDT Equity Inc. reflects the