CDTTWHIGH SIGNALFINANCIAL10-K

CDTTW executed four reverse stock splits within 14 months while burning cash at an accelerated rate and suffering massive operating losses that more than doubled year-over-year.

The company's market value held by non-affiliates collapsed from $41.4M to just $552, indicating severe equity destruction despite multiple reverse splits designed to maintain listing compliance. The combination of deteriorating operations, accelerated cash burn, and repeated reverse splits suggests significant financial distress and potential going concern issues.

Comparing 2026-04-15 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position deteriorated dramatically with operating losses more than doubling to $36.8M and operating cash outflows increasing 61% to $15.6M, indicating an unsustainable burn rate. While cash increased to $1.5M and total assets grew to $5.7M, this was insufficient relative to the $12.8M in current liabilities, creating a working capital deficit of over $8M. The substantial increase in interest expense alongside mounting losses and negative cash flows paints a picture of a company in severe financial distress requiring immediate capital infusion or restructuring.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+525%
$32K→$200K

Interest expense surged 525% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+172.4%
$554K→$1.5M

Cash position surged 172.4% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
-138.4%
-$15.4M→-$36.8M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-120.3%
-$17.8M→-$39.2M

Net income declined 120.3% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
+61.3%
$2.7M→$4.4M

Current assets grew 61.3% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
-60.7%
-$9.7M→-$15.6M

Operating cash flow fell 60.7% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+49.6%
$3.4M→$5.1M

R&D investment increased 49.6% — signals commitment to future product development, though near-term margin impact.

Total Assets
Balance Sheet
+34.7%
$4.2M→$5.7M

Asset base grew 34.7% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+19.4%
$10.7M→$12.8M

Current liabilities rose 19.4% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
+16.7%
$11.0M→$12.8M

Liabilities increased 16.7% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-03-28
ADDED
The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant s most recently completed second fiscal quarter, was $ 552.00 based upon the closing price reported for such date on The Nasdaq Capital Market.
On January 24, 2025, May 19, 2025, October 10, 2025 and March 26, 2026, the Registrant effected 1-for-100, 1-for-15, 1-for-8 and 1-for-25 reverse stock splits of its authorized shares of common stock, respectively.
Each reverse stock split was accompanied by a corresponding decrease in its issued and outstanding shares of common stock.
We may issue additional shares of common stock or preferred stock, including issuances upon exercise of outstanding pre-funded warrants, in connection with capital raising transactions and under an employee incentive plan, which issuances would significantly dilute the interest of our stockholders.
Business Overview CDT Equity Inc., formerly Conduit Pharmaceuticals Inc., a Delaware corporation ( CDT , CDT Equity or the Company ), is a data-driven pharmaceutical development, focused on identifying, enhancing, and advancing high-potential therapeutic assets through scientific innovation and strategic partnerships.
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REMOVED
The aggregate market value of the common stock held by non-affiliates of the registrant as of June 28, 2024, the last business day of the registrant s most recently completed second fiscal quarter, was $ 41,401,162 based upon the closing price reported for such date on The Nasdaq Global Market.
On January 25, 2025, the Registrant effected a 1-for-100 reverse stock split of its authorized shares of common stock, accompanied by a corresponding decrease in its issued and outstanding shares of common stock.
It is difficult to accurately predict the time and cost of development and of subsequently obtaining regulatory approval for AZD1656 as it employs newly developed technology.
We currently rely on agreements with a related party and third parties for the purpose of licensing our clinical assets.
In the near-term, we intend to rely on third parties for the licensing of clinical assets and those which may arise through future partnerships.
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