Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 123

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 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 the at the market offering program 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 March 31, 2025, we had
raised $11.9 million (net of fees) out of the $23.9 million available to us through the Sales agreement and expect to raise the additional
$11.6 million (net of fees) over the next 12 months.

33

Cash
Flows

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

    Three Months ended
                                                                                March 31, 

    2025  
    2024 
  
    Net cash provided by (used in): 

    Operating Activities 
    $(4,329) 
    $(2,357)
  
    Investing Activities 
     (4) 
     - 
  
    Financing Activities 
     5,927  
     - 
  
    Effect of exchange rate changes on cash and cash equivalents 
     (18) 
     (27)
  
    Net increase (decrease) in cash and cash equivalents 
    $1,576  
    $(2,384)

Cash
Flows Used in Operating Activities

Net cash used in operating
activities for the three months ended March 31, 2025, was $4.3 million, resulting primarily from a net loss of $5.1 million, adjusted
for non-cash items including a $1.8 million loss on the change in fair value of convertible notes payable, a $0.3 million gain on debt
extinguishment, $0.3 million gain on waiver of accrued interest, a $0.1 million gain on change in fair value of warrant liability, $0.2
million of stock-based compensation expense, $0.2 million of non-cash interest expense, $0.2 million of amortization expense, $0.4 million
of prepaid directors and officers insurance amortization and a $1.6 million cash outflow from operating assets and liabilities. The $1.6
million cash out