Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 107

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 107
---
 Agreement through the issuance of 123,595
fully vested unregistered shares of Common Stock. The Company recorded the shares issued under the Sarborg Additional Agreement at
their fair value, as determined by the closing price of the Company’s Common Stock on March 30, 2025, $13.35,
and adjusted for an 7%
discount for lack of marketability, as determined by a third-party valuation expert. Effective May 2, 2025, the term was extended to
be 12 months from the effective date of the Sarborg Additional Agreement at no additional cost to the Company. The Company recorded
the fair value of $1.5
million as a prepaid within the condensed consolidated balance sheets. During the three and six months ended June 30, 2025, the
Company recorded research and development expense of $0.5
million within the condensed consolidated statements of operations and comprehensive loss related to the amortization of the
prepaid. As of June 30, 2025, $1.0 million of the prepaid balance remains within the condensed consolidated balance sheets.

During
the three and six months ended June 30, 2025, Sarborg was paid $0.3
million for deliverables under the Sarborg Additional Agreement and had an outstanding payable balance of $0.1 million as of June 30, 2025. The Company recorded $0.4
million in expense within research and development expense in the condensed consolidated statement of operations and comprehensive
income loss for the three and six months ended June 30, 2025.

Consulting
Agreement

Effective
March 25, 2025, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Thesprogen PC (“Thesprogen”),
an expert in advising clients on strategies for pharmaceutical and biotech development. Total fees under the Consulting Agreement total
to $0.3 million and was settled through the issuance of 22,472 fully vested unregistered shares of Common Stock on March 31, 2025. The
Company recorded the shares issued under the Consulting Agreement at their fair value, as determined by the closing price of the Company’s
Common Stock on March 30, 2025, $13.35, and adjusted for a 7% discount for lack of marketability, as determined by a third-party valuation
expert. The Company recorded the fair value of $0.3 million as a prepaid within the condensed consolidated balance sheets