Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 53

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 53
---
Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    General and administrative expenses 
    $11,293  
    $8,660  
    $2,633  
     30%

General
and administrative expenses increased by $2.6 million, or 30%, to $11.3 million for the nine months ended September 30, 2025, as compared
to $8.7 million for the nine months ended September 30, 2024. The increase was primarily driven by a $2.1 million increase in legal expenses,
a $0.3 million increase in salaries and stock compensation expense, a $ 0.3 million increase in travel expense, and a $0.1 million increase
in professional fees, partially offset by a $0.2 million decrease in insurance expense.

31

Other
Income (Expense), Net

    Nine Months ended  September 30,  
    Change 
  
    (Dollar amounts in thousands) 
    2025  
    2024  
    Amount  
    % 
  
    Other income (expense), net 
    $(2,036) 
    $(2,954) 
    $918  
     (31)%

Other
income (expense), net changed by $0.9 million, or 31%, to $2.0 million of expense for the nine months ended September 30, 2025, as compared
to $3.0 million of net expense for the nine months ended September 30, 2024. The change was primarily driven by a $2.7 million decrease
related to the issuance of warrants in exchange for stockholders’ entering into lock-up agreements during the nine months ended
September 30, 2024, a $0.4 million decrease related to a waiver of interest on the A.G.P. Convertible Note, a $0.4 million expense related
to a loss contingency recorded during the nine months ended September 30, 2024, a $0.3 million gain on debt extinguishment, a $0.1 million
gain on the issuance of shares for services and a $0.1 million research and development tax credit receivable recorded during the nine
months ended September 30, 2025, partially offset by a $3.0 million loss on the change in fair value and loss on conversion of convertible