Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 29

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 to pay Nirland a 1% arrangement fee, which was included with the principal and
interest owed under the October 2024 Nirland Note. The 1% arrangement fee is accounted for as a debt discount and was amortized to interest
expense, net in the consolidated statement of operations and comprehensive income (loss) using the effective interest method over the
life of the October 2024 Nirland Note.

On
December 11, 2024, the Company reduced the exercise price of the PIPE Warrants held by Nirland to $8.83, at which time all PIPE Warrants
were exercised. The Company received approximately $0.2 million of proceeds from the exercise of the Warrants, all of which were used
to pay down the October 2024 Nirland Note.

The
Company repaid principal and interest of $0.1 million, $0.2 million, and $0.1 million on January 14, 2025, January, 31, 2025, and February
7, 2025, respectively. As of June 30, 2025, no obligations remain under the October 2024 Nirland Note.

During
the three and six months ended June 30, 2025, the Company recorded zero
and approximately $8,000
 of interest expense, respectively.

    18

6.
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 AstraZeneca an up-front payment of $1.