Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 115

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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24

Nirland

On
August 6, 2024, the Company entered into the August 2024 Nirland Note with Nirland, a related party of the Company. The Company determined
that Nirland was a related party due to Nirland’s ownership interest in the Company concurrently with the execution of the August
2024 Nirland Note. Additionally, on October 28, 2024, the Company issued the October 2024 Nirland Note to Nirland, and on October 31,
2024, the Company and Nirland amended the August 2024 Nirland Note, and on November 22, 2024, the Company and Nirland amended the August
2024 Nirland Note for a second time. As of June 30, 2025, no obligations remained under the terms of the August 2024 Nirland Note and
October 2024 Nirland Note, and Nirland did not own or beneficially own shares of the Company’s Common Stock. Refer to Note 4 and
Note 5 for additional information.

SARBORG

On
December 12, 2024, and March 31, 2025, the Company entered into the Sarborg Service Agreement and the Sarborg Additional Agreement,
respectively. Dr. Andrew Regan, Chief Executive Officer and member of the Board, also sits on the board of
directors of Sarborg but does not have an equity interest in Sarborg. On January 17, 2025, the Company issued 1,515 shares of fully
vested unregistered Common Stock as an initial fee for the Sarborg Services Agreement. The fair value of the shares issued was $0.2
million and was recorded as a prepaid within the condensed consolidated balance sheets. The shares are being amortized over the
initial 12 month term of the Sarborg Service Agreement to research and development expense. On March 31, 2025, the Company issued 123,595
fully vested unregistered shares of Common Stock to prepay the Sarborg Additional Agreement. The fair value of the shares issued was
$1.5
million and was recorded as a prepaid within the condensed consolidated balance sheets. During the three and six months ended June
30, 2025, the Company recorded $0.7
million and $1.5
million as research and development expense related to the Sarborg Service Agreement, respectively. During the three and six months
ended June 30, 202