Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 66

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 the litigation may impact our business due to, among other things, legal costs and the diversion of the attention
of our management.

In
November and December 2024, the Company received a letter from St George Street Capital and formal complaints filed with the Intellectual
Property Office claiming the Company was assigned the US Application, and was not the sole owner, of the AZD 1656 co-crystal patent.
In January 2025, Conduit issued a counter statement to the Intellectual Property Office disputing the claim filed by St George Street
Capital. As of March 31, 2025, the damages sought by St George Street Capital are unknown and the potential contingency is not considered
probable. As such, the Company has not accrued a loss contingency in the accompanying financial statements. We intend to vigorously defend
against these claims. Regardless of its outcome, the litigation may impact our business due to, among other things, legal costs and the
diversion of the attention of our management.

Item
1A. Risk Factors.

As a smaller reporting company, we are not required to provide information
required by this item.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

No
unregistered sales of equity securities occurred during the quarter ended March 31, 2025 that were not previously reported.

On
April 10, 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may purchase up
to $1.0 million of its outstanding common stock. As of March 31, 2025, the Company has not repurchased any of its outstanding common
stock.

Item
3. Defaults Upon Senior Securities.

None.

Item
4. Mine Safety Disclosures.

Not
applicable.

Item
5. Other Information.

During the fiscal quarter ended March 31, 2025, none of the Company’s directors or officers (as defined in
Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company
securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement

38

Item
6. Exhibits

The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

EXHIBIT
INDEX2

    Exhibit
     
    Description