Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 60

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 60
---
     | $      | (127   | ) |     |     | (4 | )% |

General and administrative expenses decreased by $0.1 million, or 4%, to $2.7 million for the three months ended March 31, 2025, as compared to $2.8 million for the three months ended March 31, 2024. The decrease was primarily driven by a $0.3 million decrease in salaries and stock compensation expense, a $0.1 million decrease in travel and other general and administrative expenses, a $0.1 million decrease in accounting and audit expenses, and a $0.1 million decrease in insurance expense related to the amortization of prepaid directors and officers insurance, partially offset by a $0.5 million increase in legal expenses.

| 32 |

Other Income (Expense), Net

| (Dollar amounts in thousands) |     | Three Months ended March 31, 
 2025                         |      |   |     | 2024 |      |   |     | Change 
 Amount |      |   |     | % |    |   |
|:------------------------------|:----|:-----------------------------|:-----|:--|:----|:-----|:-----|:--|:----|:-------|:-----|:--|:----|:--|---:|:--|
| Other income (expense), net   |     | $                            | (969 | ) |     | $    | (487 | ) |     | $      | (482 | ) |     |   | 99 | % |

Other income (expense), net
changed by $0.5 million, or 99%, to $1.0 million of expense for the three months ended March 31, 2025, as compared to $0.5 million of
net expense for the three months ended March 31, 2024. The $1.0 million in other income (expense) for the three months ended March 31,
2025 is primarily related to a $1.8 million loss on the change in fair value of convertible notes, partially offset by a $0.1 million
gain on the change in fair value of the warrant liability, $0.3 million gain on debt extinguishment, and $0.4 million gain on the waiver
of accrued interest. The $0.5 million in other income (expense) for the three months ended March 31, 2024