Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 78

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 78
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 payable, if not converted
prior to maturity of $3.4 million. We do not anticipate being able to fund required working capital for the next 12 months with cash and
cash equivalents on hand and current borrowings. Management believes that we will be able to fund cash required for the next 12 months
through borrowings and equity raises. We have historically been able to access funds through the issuance of debt, and more recently our
at the market offering program through the Sales Agreement and believe we can continue to obtain funding through such debt financing agreements
and Sales agreement as needed to meet cash requirements for the next 12 months.

As
of September 30, 2025, we had raised $22.1 million out of the $23.9 million available to us through the Sales Agreement and expect to
raise an additional $1.8 million over the next 12 months.

Cash
Flows

The
following table sets forth our cash flows for the period indicated (in thousands):

    Nine Months ended September 30, 

    2025  
    2024 
  
    Net cash (used in) provided by: 

    Operating Activities 
    $(10,919) 
    $(5,869)
  
    Investing Activities 
     (1,403) 
     (128)
  
    Financing Activities 
     15,681  
     1,857 
  
    Effect of exchange rate changes on cash and cash equivalents 
     (75) 
     (17)
  
    Net increase (decrease) in cash and cash equivalents 
    $3,284  
    $(4,157)

Cash
Flows Used in Operating Activities

Net cash used in operating activities for the nine months ended September
30, 2025, was $10.9 million, resulting primarily from a net loss of $17.9 million, adjusted for non-cash items including a $0.4 million
gain on waiver of accrued interest, $0.3 million gain on debt extinguishment, $0.1 change in fair value of derivative warrant liability,
a $3.0 million change in fair value of convertible notes, $3.0 million of amortization expense, $2.0 million of stock-based compensation,
$0.3 million of non-cash interest expense, and a $0.6 million cash outflow from operating assets and liabilities. The $0.6 million cash
outflow from operating assets and liabilities