Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 52

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 52
---

further details refer to Note 13, “Other income (expense), net,” in the unaudited financial statements as of September 30,
2025 and September 30, 2024 included elsewhere in this document.

Interest
Expense, Net

    Three Months ended  September 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Interest expense, net 
    $(48) 
    $(309) 
    $261  
     (84)%

Interest
expense, net decreased by $261 thousand, or 84%, to $48,000 for the three months ended September 30, 2025, as compared to $309 thousand
for the three months ended September 30, 2024. The decrease was driven by a decrease of $0.1 million of interest expense related to the
amortization of debt discount, decrease of $0.1 million of interest expense on the deferred commission payable to an advisor for fees
related to the Merger and a $0.1 decrease of interest expense on convertible notes and notes payable.

Comparison
of the Nine Months Ended September 30, 2025 and 2024

Research
and Development Expenses

    Nine Months ended  September 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Research and development expenses 
    $4,308  
    $3,246  
    $1,062  
     33%

Research and development expenses increased by $1.1 million, or 33%, for
the nine months ended September 30, 2025, as compared to $3.2 million for the nine months ended September 30, 2024. The increase was primarily
driven by $3.6 million of expense incurred under the Sarborg agreements, $0.3 million of expense incurred under Thesprogen Consulting
Agreement, $0.4 million of expense under the Charles River MSA and $0.1 million incurred under the Joint Development Agreement with Manoira,
partially offset by a $3.1 million decrease related to the August 2024 License Agreement.

General
and Administrative Expenses

    Nine Months ended  September 30,  
    Change 
  
    (