Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 69

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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1.
Nature of the Business, Basis of Presentation and Summary of Significant Accounting Policies

Conduit Pharmaceuticals Inc.,
a Delaware corporation (“Conduit” or the “Company”), is a dynamic, multi-asset clinical stage, life science company
delivering an efficient model for compound development. Conduit both acquires and funds the development of Phase 2-ready assets, building
an integrated and advanced platform-driven approach powered by artificial intelligence (AI) and cybernetics, and seeking an exit through
third-party license deals following successful clinical trials. Our novel approach addresses unmet medical needs and lengthens the intellectual
property for our existing assets through cutting-edge solid-form technology with the expectation of commercializing these products with
life science companies. Led by a highly experienced team of executives including Dr. Andrew Regan and Dr. Freda Lewis-Hall, this
novel approach is a departure from the traditional pharma/biotech business model of taking assets through regulatory approval. At this
time, we do not expect that we will commercialize any clinical assets or seek marketing approval from the FDA (or similar organizations)
as we intend to enter into agreements with third parties for each such clinical asset that would provide that such third party would pursue
the further development, commercialization, and marketing of such assets.

On
September 22, 2023 (the “Closing Date”), a merger transaction between Conduit Pharmaceuticals Limited (“Old Conduit”),
Murphy Canyon Acquisition Corp (“MURF”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company and a wholly owned
subsidiary of MURF (“Merger Sub”), was completed (the “Merger”) pursuant to the initial merger agreement dated
November 8, 2022 and subsequent amendments to the merger agreement dated January 27, 2023 and May 11, 2023 (the “Merger Agreement”).
Pursuant to the terms of the Merger Agreement, on the Closing Date, (i) Merger Sub merged with and into Old Conduit, with Old Conduit
surviving the merger as a wholly-owned subsidiary of MURF, and (ii) MURF changed its name from Murphy Canyon Acquisition Corp. to Conduit
Pharmaceuticals Inc. The common stock of the Company commenced trading on The Nasdaq Global Market under the symbol “CDT”
on September 25, 2023, and the Company’s warrants commenced trading on The Nasdaq Capital Market under the