Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 56

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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31, 2024. The increase was primarily due to $1.1 million of expense recorded
under the Sarborg Service Agreement and $0.1 million of expense incurred under the Charles River MSA.

General
and Administrative Expenses

    Three Months ended March 31,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    General and administrative expenses 
    $2,700  
    $2,827  
    $(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.

31

Other
Income (Expense), Net

    Three Months ended March 31,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    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.