Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 23

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 23
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, the Company remeasured the fair value of the A.G.P. Convertible Note through the use of a binomial lattice model
and calculated a fair value of approximately $1.7 million. For the three months ended September 30, 2025, the Company recorded a $0.1
million loss in the change in fair value of the A.G.P. Convertible Note and interest expense of approximately $0.1 million. For the nine
months ended September 30, 2025, the Company recorded a $0.1 million gain in the change in fair value of the A.G.P. Convertible Note
and interest expense of approximately $0.2 million. As of September 30, 2025, there was approximately $3.4 million in outstanding principal
and interest remaining.

6.
Loans Payable

Loans

On May 1, 2022, the Company entered into two non-interest-bearing loan
agreements totaling $0.2 million, funded in multiple tranches. As of December 31, 2024, all tranches under the first loan and two tranches
under the second loan had been drawn.

On
October 9, 2024, the parties amended the loan agreements to extend the maturity date to December
19, 2024 and modify repayment terms to include (i) a £60,000 cash payment, (ii) £25,000
of
Common Stock valued at the market price prior to issuance, and (iii) 20 additional shares of Common Stock as consideration for the extension.
On October 11, 2024, the Company issued a total of 94
shares
to the lenders.

The
Company repaid the remaining principal balance of $0.1
million in February 2025, and no obligations remained as of September 30, 2025. No
interest expense was recorded for the three or nine months ended September 30, 2025.

October
2024 Nirland Note

In
October 2024, the Company issued a $0.6 million promissory note to Nirland, a related party (the “October 2024 Nirland Note”).
The note bore interest at 12% per annum, included a 1% arrangement fee accounted for as a debt discount, and was scheduled to mature
on October 31, 2025. See Note 12 for further reference to the relationship between the Company and Nirland.

In