Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 864

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 864
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 investment in AZD 1656 in exchange for 3,954
shares of the Common Stock. The Company recognized
the $1.5
million of deferred revenue and recorded $1.5
million to other income (expense), net, on the
consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2023. As of December 31, 2023,
there was no liability for the sale of future revenue related to Cizzle.

    F-19

7.
Convertible Notes Payable

Convertible
Promissory Notes Payable

During
March 2023, the Company issued a convertible promissory note payable (the “Convertible Promissory Notes Payable”) with an
aggregate principal amount of $0.8
million to a non-related third party. The
Convertible Promissory Note Payable had a maturity date of 18 months from the date of issuance. The
note carries interest at a rate of 20%
annually, which is payable every six (6) months from the date of the note until the maturity date.

On
October 9, 2024, the Company and the loan holder signed an extension to extend the maturity date from September 20, 2024 to October
20, 2024 with the option for the Company to further extend the maturity date two times, each by an additional 30-day period. The
Company exercised both options to extend the maturity date to December 19, 2024 which included interest previously payable as well as the principal. As consideration for extending the maturity date,
the Company amended the form of repayment of the remaining interest due on the loan. As payment for the interest, the Company issued
the loan holder, (i) $80,000 worth
of Common Stock to be issued at the closing market price on the date prior to issuance and (ii) 20,000 shares
of Common Stock. On October 11, 2024, the Company issued the loan holder 27,812 shares
of Common Stock in satisfaction of the obligations in (i) and (ii) in the preceding sentence.

The
extension met the criteria for as a debt extinguishment under ASC 470-50. As of October 9, 2024, the Company recorded a gain on debt extinguishment
of $0.1
million, calculated as the difference between (i) the $0.8 million
carrying value