Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 61

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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2024  
    Amount  
    % 
  
    Interest expense, net 
    $(57) 
    $(119) 
    $(62) 
     (52)%

Interest
expense, net decreased by $62,000, or 52%, to $57,000 for the three months ended June 30, 2025, as compared to $0.1 million for the three months ended June 30, 2024.
The change was driven by a decrease of $0.1 million of interest expense on the deferred commission payable to an advisor for fees related
to the merger, offset by an increase of $57,000 of interest expense on the A.G.P. Convertible Note.

Comparison
of the Six Months Ended June 30, 2025 and 2024

Research
and Development Expenses

    Six Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Research and development expenses 
    $2,776  
    $153  
    $2,623  
     1,714%

Research and development expenses increased by $2.6 million, or 1,714%,
for the six months ended June 30, 2025, as compared to $0.2 million for the six months ended June 30, 2024. The increase was primarily
due $2.4 million of expense recorded under the Sarborg Service Agreement and Sarborg Additional Agreement, $0.1 million of expense incurred
under Thesprogen Consulting Agreement, and $0.1 million in other research and development related activities.

General
and Administrative Expenses

    Six Months ended  June 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    General and administrative expenses 
    $5,792  
    $5,942  
    $(150) 
     (3)%

General
and administrative expenses decreased by $0.15 million, or 3%, to $5.8 million for the six months ended June 30, 2025, as compared to
$5.9 million for the six months ended June 30, 2024. The decrease was primarily driven by a $0.7 million decrease in salaries