CDT Equity Inc.

Listed Company

CDTCIK 0001896212NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-39.22M

Total Assets

$5.65M

Equity

$-7.17M

Shares Out

4.86M

Op. Cash Flow

$-15.60M

Business

CDT Equity Inc. is a pharmaceutical company that acquires and develops clinical assets, acting as a conduit to advance deprioritized or licensed assets from larger pharmaceutical companies through clinical development. It offers drug development and commercialization services, including solid-form cocrystal development, clinical trial selection and management, and AI/cybernetic decision-support tools. Key business activities include proprietary IP creation for co-crystals, licensed asset development (notably AZD1656, AZD5658 and AZD5904 under license from AstraZeneca), and technology and CRO partnerships. The company sources assets and conducts R&D, manufacturing oversight and clinical operations via collaborations and third-party providers across the U.S., U.K., Europe and other international markets.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Research and development expenses	5	3	90,000	37,000
General and administrative expenses	32	12	5	3
Total operating costs and expenses	37	15	5	3
Operating loss	−37	−15	−5	−3
Other expense, net	−2	−890,000	5	−2
Interest income	28,000	13,000	15,000	—
Interest expense, net	−319,000	−2	−211,000	—
Total other expense, net	−2	−2	5	−2
Net loss	−39	−18	−535,000	−5
Basic net loss per share	−1,178	−61,599	−0.79	−0.13
Diluted net loss per share	−1,178	−61,599	−8.92	−0.13
Basic weighted-average common shares outstanding	33,300	289	669,739	37
Diluted weighted-average common shares outstanding	33,300	289	678,939	37
Foreign currency translation adjustment	−430,000	3,000	−264,000	753,000
Total comprehensive loss	−40	−18	−799,000	−4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-02-29	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	2	554,000	—	4	—
Prepaid R&D services- related party (see Note 10 and Note 16)	881,000	380,000	—	—	—
Prepaid R&D services	166,000	—	—	—	—
Prepaid expenses and other current assets	2	2	—	2	—
Total current assets	4	3	—	6	—
Operating lease right-of-use assets, net	142,000	263,000	400,000	—	—
Equipment and clinical assets, net	269,000	40,000	—	—	—
Prepaid expenses and other long-term assets	860,000	1	—	—	—
Total assets	6	4	—	7	—
Accounts payable	2	1	—	215,000	—
Accrued expenses and other current liabilities	538,000	2	—	601,000	—
Accrued litigation liability	10	—	—	—	—
Operating lease liability, current portion	115,000	119,000	200,000	—	—
Convertible promissory note payable	—	800,000	—	800,000	—
Total current liabilities	13	11	—	2	—
Operating lease liability, non-current portion	—	107,000	200,000	—	—
Derivative warrant liability	—	138,000	—	142,000	—
Total liabilities	13	11	—	8	—
Commitments and contingencies (see Note 15)	—	—	—	—	—
Common stock, par value $0.0001; 250,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively, 92,140 shares and 461 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	7,000	—
Preferred stock, par value $0.0001; 1,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; nil shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Additional paid-in capital	61	22	—	10	10
Accumulated deficit	−68	−29	—	−11	−12
Accumulated other comprehensive income (loss)	−16,000	414,000	—	411,000	—
Total stockholders equity (deficit)	−7	−7	—	−457,000	—
Total liabilities and stockholders equity (deficit)	6	4	—	7	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Compensation expense recognized for the issuance of shares and warrants in connection with the sale of a previously controlled subsidiary	7	—	—	—
Gain on debt extinguishment, net	−278,000	—	—	—
Loss on debt extinguishment, net	—	707,000	—	—
Realized gain on short-term investments	—	−8,000	—	—
Loss on disposal of crypto holdings	403,000	—	—	—
Gain on waiver of accrued interest	−371,000	—	—	—
Unrealized foreign exchange gain / loss	−16,000	13,000	−39,000	—
Loss (gain) on change in fair value of convertible notes payable	3	−2	—	—
Gain on change in fair value of warrants	−138,000	−221,000	−81,000	—
Loss on issuance of warrants	—	3	—	—
Non-cash lease expense	125,000	89,000	—	—
Stock-based compensation expense	2	2	199,000	—
Issuance of common stock for licensing right	—	2	—	—
Non-cash interest expense	253,000	536,000	87,000	—
Depreciation expense	21,000	10,000	—	—
Amortization of prepaid directors and officers insurance	1	2	479,000	—
Amortization expense	2	447,000	—	—
Issuance of common stock for services	1	—	—	—
Issuance of common stock for services - related party	2	—	—	—
Amortization of debt discount	—	929,000	—	—
Gain (loss) on issuance of common stock for services	−70,000	202,000	—	—
Prepaid expenses and other current assets	−4	−2	−990,000	—
Accounts payable	434,000	1	215,000	—
Accrued expenses and other current liabilities	−1	1	−2	601,000
Accrued litigation liability	10	—	—	—
Lease liability	−125,000	−124,000	—	—
Net cash used in operating activities	−16	−10	−8	−2
Purchase of digital assets	−2	—	—	—
Proceeds from disposal of digital assets	2	—	—	—
Purchase of equipment and clinical assets	−405,000	−51,000	—	—
Purchases of short-term investments	—	−490,000	—	—
Proceeds from the sale of short-term investments	—	498,000	—	—
Net cash flows used in investing activities	−808,000	−43,000	725,000	−183,000
Proceeds from the issuance of notes payable related parties	—	3	—	179,000
Proceeds from issuance of common shares related to ATM program	20	3	—	—
Exercise of warrants	—	176,000	—	—
Repayment of notes payable	−158,000	−776,000	—	—
Proceeds from issuance of warrants	—	113,000	—	—
Repayment of notes payable - related parties	−425,000	—	—	—
Repayment of convertible notes payable - related parties	−927,000	—	—	—
Repayment of convertible notes payable	−661,000	—	—	—
Purchases of treasury stock	−106,000	—	—	—
Net cash flows provided by financing activities	17	6	11	2
Net change in cash and cash equivalents before effect of exchange rate changes	1	−4	4	−1,000
Effect of exchange rate changes on cash and cash equivalents	−104,000	−16,000	299,000	1,000
Net change in cash	955,000	−4	4	—
Right of Use Asset obtained in exchange for Operating Lease Liabilities	—	352,000	—	—
Correction of immaterial error related to franchise tax expense	—	144,000	—	—
Issuance of Common Stock in exchange for debt extension	—	489,000	—	—
Shares cancelled	−106,000	—	—	—
Conversion of deferred commission payable to convertible promissory note	—	5	—	—
Cash paid for interest	—	80,000	124,000	—

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