NAPLES, Fla. and CAMBRIDGE, United Kingdom, June 04, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit" or the "Company") today announced that it has entered into a joint development agreement with Manoira Corporation ("Manoira"), a privately held specialty animal health company specializing in proprietary reformulation technologies to create novel therapeutics for veterinary and livestock applications. Under the terms of the joint development agreement, Manoira will evaluate Con ...

NAPLES, Fla. and CAMBRIDGE, United Kingdom, May 22, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development, announces that, following confirmation of compliance with the Bid Price and Equity Requirements as detailed in the announcement dated May 21, 2025, the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s ...

Conduit regains compliance with Bid Price and Equity RequirementsCDT will continue to be listed and traded on The Nasdaq Stock Market NAPLES, Fla. and CAMBRIDGE, United Kingdom, May 21, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (“Conduit” or the “Company”), a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development, announced that the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company h ...

Company Merger and Structure - Conduit Pharmaceuticals completed a merger with Murphy Canyon Acquisition Corp on September 22, 2023, resulting in a name change to Conduit Pharmaceuticals Inc.[163] Financial Performance - The net loss for the three months ended March 31, 2025, was $5.1 million, compared to a net loss of $3.6 million for the same period in 2024[185]. - Operating losses for the three months ended March 31, 2025, were $5.1 million, compared to $3.6 million for the same period in 2024, reflecting a year-over-year increase of approximately 42%[192]. - Total operating costs and expenses for the three months ended March 31, 2025, were $4.0 million, compared to $3.0 million for the same period in 2024[185]. - Net cash used in operating activities for the three months ended March 31, 2025, was $4.3 million, compared to $2.4 million for the same period in 2024, indicating a significant increase in cash outflow[204][205]. - Interest expense for the three months ended March 31, 2025, was $0.2 million, an increase of 48% compared to $0.1 million for the same period in 2024[191]. Research and Development - Research and development expenses increased by $1.2 million, or 923%, to approximately $1.3 million for the three months ended March 31, 2025, compared to $0.1 million for the same period in 2024[186]. - Conduit plans to leverage AI and cybernetics technology through a partnership with SARBORG Limited to enhance drug development efficiency and reduce costs[172][176]. - The company has a pending international patent application and two pending national patent applications related to its proprietary solid-form technology[180]. - AstraZeneca has licensed certain intellectual property rights to Conduit for further development of HK-4 Glucokinase activators and myeloperoxidase inhibitors[169]. - Conduit aims to pursue additional partnerships for licensing further assets that are currently deprioritized, focusing on developing clinical assets for widespread disorders[177]. Financial Needs and Projections - Cash required for working capital over the next 12 months is estimated at $12.7 million, including $1.3 million for research and development and $7.2 million for general and administrative costs[200]. - As of March 31, 2025, the company had raised $11.9 million (net of fees) out of the $23.9 million available through the Sales agreement, with an expectation to raise an additional $11.6 million over the next 12 months[201]. - The company anticipates significant cash needs for ongoing research and development and business operations, which may require additional financing through equity or debt[193]. Going Concern and Company Classification - The company has substantial doubt regarding its ability to continue as a going concern for at least 12 months from the filing date of the Quarterly Report[195]. - Conduit is classified as a smaller reporting company, with non-affiliate common stock valued at less than $250.0 million as of the last business day of the second fiscal quarter[222]. - Conduit's annual revenue is below $100.0 million for the most recently completed fiscal year, with non-affiliate common stock valued at less than $700.0 million[222]. - The company may continue to utilize scaled disclosures available to smaller reporting companies[222]. - There is no requirement for the company to disclose quantitative and qualitative market risk due to its smaller reporting company status[223]. Lease Obligations - The company has a laboratory space lease with annual rent payments of $0.1 million for the years ending December 31, 2025, and December 31, 2026[210].

Core Insights - Conduit Pharmaceuticals has secured a composition of matter patent for its lead asset, AZD1656, from the Korean Intellectual Property Office, enhancing its global intellectual property position and facilitating clinical development and strategic partnerships [1][2] - The patent approval follows similar grants in the U.S., Japan, and Australia, indicating a robust international patent strategy that supports Conduit's growth in the Asia-Pacific pharmaceutical market [1][2] - The company aims to leverage its innovative approach to compound development, utilizing artificial intelligence and cybernetics, to create long-term value through global partnerships and licensing deals [2] Company Overview - Conduit Pharmaceuticals is a clinical-stage life science company focused on developing Phase 2-ready assets through an integrated platform-driven approach [2] - The leadership team, including Dr. Andrew Regan and Dr. Freda Lewis-Hall, emphasizes a departure from traditional pharmaceutical business models by seeking exits through third-party licensing after successful clinical trials [2]

Core Insights - Conduit Pharmaceuticals has filed a new composition of matter patent for AZD5904, a myeloperoxidase (MPO) inhibitor, which could provide up to 20 years of new intellectual property protection and enable enhanced formulation strategies for various diseases [1][2][4] Group 1: Patent and Development - The new solid form of AZD5904 shows significantly improved solubility compared to previous forms, allowing for new formulations that align better with disease biology and patient needs [2] - The patent filing marks a significant advancement for AZD5904, which previously had limited intellectual property coverage focused on idiopathic male infertility [2][4] - The improved solid form is expected to play a central role in Conduit's clinical development strategy, not only for male infertility but also for other conditions related to oxidative stress and MPO-driven inflammation [5] Group 2: Clinical Background and Market Opportunity - AZD5904 was originally developed by AstraZeneca for multiple sclerosis and chronic obstructive pulmonary disease (COPD), demonstrating robust target engagement in five Phase 1 clinical studies without major safety concerns [3] - In preclinical models, AZD5904 showed significant positive effects on sperm function, addressing a medical unmet need as male infertility contributes to 50% of infertility cases globally [3] Group 3: Company Overview - Conduit Pharmaceuticals operates as a multi-asset clinical stage life science company, focusing on efficient compound development and leveraging artificial intelligence and cybernetics [6] - The company aims to build an integrated platform-driven approach and seeks exits through third-party licensing deals following successful clinical trials [6]

Leadership Changes - Conduit Pharmaceuticals announced key leadership changes to support its next phase of growth, with Dr. Andrew Regan appointed as the new CEO, succeeding Dr. David Tapolczay, who will remain as Head of Strategy & Licensing [1][2][4] - Dr. Regan has a successful entrepreneurial background, having sold Hobson Plc for £154 million and being a founding shareholder of Asos plc, which grew to a market capitalization exceeding £4.8 billion [3] Strategic Focus - The company aims to maximize shareholder value through licensing opportunities, creating new 20-year Composition-of-Matter patents, and utilizing AI and Cybernetics in collaboration with Sarborg to repurpose drugs [4] - Dr. Tapolczay highlighted the company's achievements, including its public listing on NASDAQ and a licensing deal with AstraZeneca, while expressing confidence in Dr. Regan's leadership [4] Company Overview - Conduit Pharmaceuticals is a multi-asset clinical stage life science company focused on an efficient model for compound development, acquiring and funding Phase 2-ready assets [5] - The company seeks to build an integrated platform-driven approach powered by AI and cybernetics, aiming for exits through third-party license deals following successful clinical trials [5]

Core Viewpoint - Conduit Pharmaceuticals has filed two innovative patents for tapinarof (VTAMA®), aiming to enhance its therapeutic profile and commercial viability as it approaches the expiration of exclusivity in 2027, positioning the company for lucrative licensing partnerships [1][2][3] Group 1: Patent and Product Development - The new patents include a dual active cocrystal formulation that combines tapinarof with a complementary drug substance, targeting both inflammatory skin conditions and associated symptoms like pain and itch [1][2] - This innovative approach differentiates Conduit's intellectual property from existing formulations, potentially offering partners a next-generation asset with significant commercial viability [2][3] - The company believes this new intellectual property could lead to formulations that improve patient tolerability, extend patent protection, and expand therapeutic applications [3][4] Group 2: Market Potential and Strategy - The global market for anti-inflammatory therapies is projected to exceed $233.6 billion by 2032, indicating substantial growth potential for tapinarof as its mechanism of action becomes increasingly relevant across various inflammatory conditions [3][4] - The anti-inflammatory therapeutics market is growing at nearly 9% annually, while dermatology treatments are expected to maintain a growth rate of 6-8% through 2030, presenting a unique opportunity for Conduit to maximize tapinarof's market potential [4][5] - The company is actively pursuing partnerships to leverage this breakthrough intellectual property while continuing to advance its broader pipeline [5]

Core Viewpoint - Conduit Pharmaceuticals Inc. has authorized a share repurchase program to buy back up to $1,000,000 of its common stock, believing the current market price does not reflect its underlying value [1][4]. Share Repurchase Program - The program allows Conduit to repurchase shares through open market transactions or other methods, adhering to SEC Rule 10b-18, with purchases executed by The Benchmark Company [2]. - There is no obligation for the company to acquire a specific amount of stock, and the program has no fixed expiration date, allowing for adjustments or termination at any time [3]. Company Overview - Conduit is a clinical-stage life science company focused on an efficient model for compound development, acquiring and funding Phase 2-ready assets [4]. - The company employs a platform-driven approach powered by artificial intelligence and cybernetics, aiming for exits through third-party license deals after successful clinical trials [4]. - The leadership team includes experienced pharmaceutical executives, indicating a strong foundation for the company's innovative approach [4].

Core Insights - Conduit Pharmaceuticals has expanded its partnership with Sarborg to utilize advanced machine learning for analyzing clinical data from AstraZeneca-acquired assets, aiming to optimize development pathways and uncover new insights [1][2] Group 1: Partnership Details - The new agreement allows Sarborg to apply its proprietary machine learning algorithms to analyze Conduit's clinical and safety data, focusing on identifying missed insights and potential drug repurposing opportunities [2] - The collaboration includes a non-exclusive, non-transferable license for Conduit to access Sarborg's advanced algorithmic platform for six months, building on an existing Services Agreement [3] Group 2: Strategic Goals - The partnership aims to re-evaluate historical clinical trial data to identify specific patient subgroups that may have shown therapeutic benefits, which could refine Conduit's future clinical development strategy [2] - Dr. David Tapolczay, CEO of Conduit Pharmaceuticals, emphasized the commitment to leveraging data science to maximize the potential of their pipeline, particularly for key assets like AZD1656 [4] Group 3: Company Overview - Conduit Pharmaceuticals is a clinical-stage life science company focused on an efficient model for compound development, acquiring and funding Phase 2-ready assets while utilizing AI and cybernetics [4] - The company aims for exits through third-party license deals following successful clinical trials, representing a departure from traditional pharma/biotech business models [4]