CDT Equity Inc.

Company identity

• Delaware corporation, formerly Conduit Pharmaceuticals Inc.
• Headquarters: 4581 Tamiami Trail North, Suite 200, Naples, FL.
• Cambridge, UK facility used for solid-form chemistry and related R&D activities.

Business model and strategy

• Data-driven pharmaceutical development company focused on identifying, improving, and advancing therapeutic assets through scientific innovation and strategic partnerships.
• Asset-repositioning platform improves drug properties and extends patent life using solid-form and co-crystal technologies developed at the Cambridge facility.
• Uses AI (through Sarborg) to accelerate identification of new indications and combination opportunities for existing compounds.
• Operates a lean, asset-agnostic model intended to monetize clinical assets by licensing, royalties, or other transactions after preclinical and early clinical work (primarily up to Phase I/early Phase II).
• Plans to exit assets through third-party license deals after generation of preclinical and early-stage clinical data rather than pursuing full internal late-stage development.

Pipeline (current and planned assets)

• AZD1656: HK-4 glucokinase activator, investigated for autoimmune disorders.
• AZD5658: metabolite/related glucokinase activator component of the AZD1656 program.
• AZD5904: irreversible inhibitor of human myeloperoxidase (MPO) with potential in idiopathic male infertility.
• All three assets were licensed from AstraZeneca in August 2024; CDT Equity is responsible for development and commercialization under the license terms.
• Primary focus is on generating preclinical (in vitro/in vivo) and early clinical data to support third-party licensing that would advance development beyond Phase I where required.

Partnerships and collaborations

• Sarborg Limited (related party)
  • December 2024 Services Agreement to provide AI-based signature analysis, decision-support tools, dashboards, and predictive models to optimize asset management and trial design.
  • 2025 costs included $1.8 million in milestone payments and $0.4 million of capitalized diagnostic assets; $2.2 million of related costs were expensed in 2025.
  • March 31, 2025 Additional Agreement for analysis of acquired AstraZeneca assets with $2.0 million total consideration (paid via cash or stock); related 2025 R&D expense of $1.3 million and a $0.6 million prepaid balance. Term extended through March 31, 2027.
  • First Addendum (July 1, 2025) and Second Addendum (August 11, 2025) expanded scope to third-party pharma asset analysis and treasury-related AI tooling, with associated 2025 payments recorded.
• Manoira Corporation (related party)
  • Joint Development Agreement dated June 3, 2025: Manoira will evaluate AZD1656/AZD5658 for animal health applications and provide data to inform human programs.
  • Manoira received a royalty-free, non-exclusive license to CDT assets for animal health evaluation.
  • CDT Equity recorded $0.4 million as prepaid for this arrangement, with $0.1 million amortized in 2025; $0.6 million prepaid remained as of year-end.
• Other service agreements
  • Agreements with Charles River Laboratories (preclinical testing), Thesprogen PC (expert advisory support), NJS Foresight Bio-Advisory (business development; addendum in 2027), and related consulting arrangements. Several agreements include stock-based or prepaid components.

Manufacturing and operations

• No in-house GMP manufacturing capability for clinical assets; relies on contract manufacturers, CROs, and external labs for preclinical testing, formulation, and other development activities.
• Cambridge facility used to develop solid-form chemistry and to extend patent life; lease term March 2024–January 2027 (2,100 sq ft; approximately £92,925 per year).
• Legal, regulatory, and supply-chain risk management are managed through partners and CROs.

Intellectual property

• Eight pending patent applications related to solid-form compounds and the AZD1656/AZD5658/AZD5904 families across multiple jurisdictions.
• Patent families include:
  • AZD1656 Glucokinase Activator — co-crystal (HK-4) and related activator patents with filings in several jurisdictions and expirations in the mid- to late-2020s.
  • AZD5658 Glucokinase Activator — existing filings and granted claims.
  • AZD5904 MPO Inhibitor — licensed from AstraZeneca with related international protection.
• Ongoing IP dispute with St George Street Capital over the AZD1656 co-crystal patent in the UK; CDT UK has contested the claims.
• Company controls the cdtequity.com domain and is managing trademark considerations.

Financial and employment snapshot (as of December 31, 2025)

• Employees: four full-time employees; relies on consultants and CROs for operations.
• Revenue: zero or not materially significant; the company does not expect meaningful revenues until after substantial development of its first asset.
• Net loss: $39.2 million in 2025; $17.8 million in 2024.
• Accumulated deficit: $68.3 million as of December 31, 2025.
• Liquidity and going concern: the company reports substantial doubt about its ability to continue as a going concern and expects to require additional funding to support operations and development.
• Financing history: PIPE financing completed in September 2023, use of short-term and convertible notes, and an at-the-market equity program; additional equity or debt financing may be pursued.

Corporate and market positioning

• Target markets: autoimmune and inflammatory diseases, idiopathic male infertility, dermatology, rare diseases, and animal health.
• Strategy emphasizes licensing and partnering rather than internal, late-stage clinical development; the company seeks to monetize assets through third-party licensing deals after early-stage preclinical and Phase I data.
• CDT positions its solid-form technology and AI-supported asset repositioning as drivers of potential value in a competitive market.