Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 30

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 August 2, 2022, and (ii) agreed to defer
payment, to be paid in the future under certain circumstances by a date no later than March 21, 2025, of $5.7 million of fees plus annual
interest of 5.5% as a result of its engagement for MURF’s IPO. Accrued interest was recorded as a liability on the Company’s
consolidated balance sheet under accrued expenses and other current liabilities and totaled $0.4 million as of December 31, 2024. During
the three months ended March 31, 2025, the Company reached an agreement with A.G.P. to waive all previously accrued interest. As such,
the Company removed accrued interest of $0.4 million and recorded other income of $0.4 million for the three months ended March 31, 2025.

On
November 25, 2024, the Company issued the A.G.P. Convertible Note in the principal amount of $5.7 million to evidence the currently owed
deferred commission payable, at which time the deferred commission payable balance was removed. Refer to  Note 4 for additional information.

For
the three months ended March 31, 2024, the Company recorded $0.1 million of interest expense related to the deferred commission payable
balance in the condensed consolidated statement of operations and comprehensive income loss.

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 Astra