CDT Equity Inc. Reports Q3 2025 Financial Results with Increased Net Loss and Operating Expenses

CDT Equity Inc., formerly known as Conduit Pharmaceuticals Inc., reported its financial results for the third quarter of 2025, revealing a net loss of $7.1 million, compared to a net loss of $6.5 million for the same period in 2024. The company's total operating expenses for the quarter reached $7.0 million, a significant increase from $5.8 million in the prior year. This rise was primarily driven by a 102% increase in general and administrative expenses, which totaled $5.5 million, largely due to higher payroll, legal fees, and travel costs. In contrast, research and development expenses decreased by 50% to $1.5 million, attributed to reduced activity related to the August 2024 License Agreement with AstraZeneca.

In terms of financial position, CDT Equity reported total assets of $8.6 million as of September 30, 2025, up from $4.2 million at the end of 2024. The increase was largely due to a rise in cash and cash equivalents, which grew to $3.8 million from $0.6 million, and the addition of digital assets valued at approximately $1.0 million. The company’s liabilities also decreased significantly, from $11.0 million at the end of 2024 to $4.3 million, primarily due to the repayment of convertible promissory notes and other debts.

Strategically, CDT Equity has made notable advancements, including the completion of a merger with Murphy Canyon Acquisition Corp. in September 2023, which facilitated its transition to a public company. The company has also entered into several agreements to enhance its research capabilities, including partnerships with Sarborg Limited for AI-driven drug development and Manoira Corporation to explore veterinary applications of its pharmaceutical assets. These collaborations are expected to bolster CDT's pipeline, which includes candidates targeting autoimmune disorders and male infertility.

Operationally, the company has focused on leveraging its digital assets and AI technologies to optimize drug development processes. As of September 30, 2025, CDT Equity had approximately 1.3 million shares outstanding, reflecting a significant increase from the previous year due to various stock issuances under its at-the-market offering program. The company has raised approximately $22.1 million through this program, which is expected to support its ongoing research and development efforts.

Looking ahead, CDT Equity anticipates continued operating losses and negative cash flows, raising concerns about its ability to sustain operations without additional funding. Management has indicated that it will seek further capital through equity or debt financing to support its business plan. The company has expressed a commitment to exploring strategic alternatives, including a potential shift towards digital asset treasury management, to enhance its financial stability and operational flexibility.