Core Viewpoint - CDT Equity Inc. has engaged NJS Foresight Bio-Advisory to enhance its out-licensing opportunities for its solid-form patent portfolio, aiming to expand commercial reach and accelerate licensing transactions [1][4]. Group 1: Company Strategy and Engagement - The engagement with NJS Foresight Bio-Advisory is focused on identifying and supporting out-licensing opportunities for selected assets within CDT's solid-form patent portfolio [1]. - NJS Foresight Bio-Advisory has over 20 years of experience in out-licensing and has successfully completed numerous agreements in the biotechnology and pharmaceutical sectors [2]. - Dr. Nicholas J. Sarlis, the principal of NJS Foresight, has extensive expertise in clinical and pharmaceutical development, having led teams in both early and late-stage programs and participated in over thirty clinical studies [2]. Group 2: Solid-Form Patent Portfolio - CDT's solid-form patent portfolio includes cocrystals and salts that provide enhanced physicochemical properties, such as improved solubility and bioavailability, with up to twenty years of patent protection [3]. - The company is actively exploring opportunities where marketed products face significant patent cliffs, leveraging its differentiated solid-forms of active pharmaceutical ingredients [4]. Group 3: Market Environment and Future Outlook - Industry data indicates a renewed investment activity in biopharma, driven by patent expirations, strategic consolidation, and the adoption of AI technologies, creating a favorable environment for solid-form innovation and out-licensing [4]. - CDT's CEO, Dr. Andrew Regan, emphasized the strong potential for solid-form assets to support lifecycle management strategies across the sector [5]. Group 4: Company Overview - CDT Equity Inc. is a biopharmaceutical development company focused on enhancing high-potential therapeutic assets through scientific innovation and strategic partnerships [6]. - The company has implemented a cryptocurrency treasury reserve strategy, initially focused on Bitcoin, to diversify capital allocation and strengthen its financial position [6].

Core Viewpoint - CDT Environmental Technology Investment Holdings Limited held its annual general meeting (AGM) on November 26, 2025, where all resolutions were passed by shareholders, including a significant share consolidation plan [1][2]. Shareholder Resolutions - The AGM approved a consolidation of every twenty-five (25) existing Class A ordinary shares of US$0.0025 par value into one (1) Class A ordinary share of US$0.0625 par value [2]. - Similarly, every twenty-five (25) existing Class B ordinary shares of US$0.0025 par value will be consolidated into one (1) Class B ordinary share of US$0.0625 par value [2]. - The authorized share capital will be adjusted to US$250,000, divided into 3,760,000 Class A ordinary shares and 240,000 Class B ordinary shares [2]. - Fractional entitlements resulting from the share consolidation will not be issued but rounded up to the next whole number [2]. - The Board is authorized to determine the effective date of the share consolidation and make necessary changes to the authorized share capital [2]. Board Appointments - Mr. Ling Kai was appointed as an executive director of the Company with immediate effect [3]. - Mr. Chen Xi was appointed as an independent director of the Company with immediate effect [3]. Voting Results - The independent inspector of election certified that 6,166,191 shares were voted, representing approximately 50.03% of CDT's outstanding shares as of the record date [4]. - The share consolidation will only take place if the Board determines it is in the best interest of the Company, with the discretion to effect the consolidation expiring on the first anniversary of the AGM [5]. Company Overview - CDT is a leading provider of waste treatment systems and services in China, focusing on sustainable development through innovative solutions [6]. - The Company designs, develops, manufactures, sells, installs, operates, and maintains sewage treatment systems, having completed over 150 plants across China [7]. - CDT aims to help customers achieve critical infrastructure objectives while promoting positive changes in environmental protection technology [7].

Core Viewpoint - CDT Environmental Technology Investment Holding Co., Ltd. is entering the green hydrogen sector as part of a strategic growth initiative aimed at addressing the demand for organic waste treatment and clean energy solutions [1][2]. Strategic Growth Initiative and Background - The initiative targets the significant resource utilization of urban and rural organic waste in China, with over 3.9 billion tons of crop straw and livestock manure generated annually [2]. - Municipal sludge production is projected to exceed 100 million tons in 2025, while the hydrogen energy industry reached several hundred billion RMB (over USD 40 billion) in 2024 [2]. Technology Collaboration and R&D Foundation - The company has appointed a Chief Scientist from the Guangzhou Institute of Energy Conversion to enhance its technical capabilities [3]. - High-temperature gasification technology is employed to convert organic waste into syngas, primarily hydrogen and carbon monoxide, at temperatures of 700-900°C [3]. Standards and Technical Optimization - A subsidiary participated in drafting the "Technical Requirements for Waste-to-Hydrogen Based on High-Temperature Pyrolysis and Gasification," which was published in January 2025 [4]. Business Model and Revenue Diversification - The company plans to implement an "EPC engineering + long-term operation" business model, focusing on syngas resource utilization to create diversified revenue sources [5]. - Waste treatment service fees will be collected from waste generators, transforming traditional environmental expenditure into a composite revenue structure of treatment fees and energy product sales [5]. Hydrogen Production and Utilization Pathways - Syngas can be purified to produce high-purity hydrogen for industrial or fuel cell applications [6]. - It can also be combusted to supply clean industrial steam, and residual syngas can be used for grid-connected power generation [6]. Flexibility and Project Evaluation - The company's technical solution allows for multiple commercialization pathways for syngas, optimizing project configurations based on regional market conditions and customer needs [7].

Merger and Company Formation - The merger transaction between Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp was completed on September 22, 2023, resulting in the formation of Conduit Pharmaceuticals Inc, which will be renamed CDT Equity Inc effective August 5, 2025[170]. Financial Performance - The total operating costs and expenses for the three months ended September 30, 2025, were $7.0 million, compared to $5.8 million for the same period in 2024, resulting in an operating loss of $7.0 million[191]. - The net loss for the three months ended September 30, 2025, was $7.1 million, compared to a net loss of $6.5 million for the same period in 2024[191]. - Operating losses for the nine months ended September 30, 2025, were $17.9 million, compared to $15.4 million for the same period in 2024[202]. - Cash used in operating activities was $10.9 million for the nine months ended September 30, 2025, compared to $5.9 million for the same period in 2024[213]. Research and Development Expenses - Research and development expenses decreased by $1.6 million, or 50%, to $1.5 million for the three months ended September 30, 2025, compared to $3.1 million for the same period in 2024[192]. - The company incurred approximately $4.3 million on research and development activities during the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[184]. - Research and development expenses increased by $1.1 million, or 33%, to $4.3 million for the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[197]. General and Administrative Expenses - General and administrative expenses increased by $2.8 million, or 102%, to $5.5 million for the three months ended September 30, 2025, compared to $2.7 million for the same period in 2024[193]. - General and administrative expenses rose by $2.6 million, or 30%, to $11.3 million for the nine months ended September 30, 2025, compared to $8.7 million for the same period in 2024[198]. Other Income and Expenses - Other income (expense), net changed by $0.3 million or 87%, to a net expense of $44 thousand for the three months ended September 30, 2025, compared to a net expense of $341 thousand for the same period in 2024[194]. - Other income (expense), net changed by $918,000, or 31%, to $2.0 million of expense for the nine months ended September 30, 2025, compared to $3.0 million of net expense for the same period in 2024[199]. Cash Flow and Financing Activities - Net cash provided by financing activities for the nine months ended September 30, 2025, was $15.7 million, primarily from the issuance of common shares related to the ATM program totaling $18.0 million[218]. - For the nine months ended September 30, 2024, net cash provided by financing activities was $1.9 million, including $1.6 million from the issuance of a promissory note[219]. - Net cash used in investing activities was $1.4 million for the nine months ended September 30, 2025, primarily due to $1.0 million in digital asset purchases[216]. Company Outlook and Concerns - The company anticipates cash requirements for working capital over the next 12 months to be approximately $11.7 million[211]. - Management has substantial doubt regarding the company's ability to continue as a going concern for at least 12 months from the filing date of the Quarterly Report[206]. Strategic Initiatives - The company has a pipeline targeting inflammatory and autoimmune disorders, idiopathic male infertility, dermatology, and animal health, with pending patent applications for solid-form compounds[173]. - The collaboration with Sarborg utilizes AI-powered disease mapping to identify novel re-purposing opportunities, leading to two new combination patent filings[174]. - CDT Equity is exploring a cryptocurrency treasury reserve strategy to leverage potential strategic and financial benefits as part of a diversified capital management approach[178]. Debt and Valuation - Interest expense, net decreased by $261,000, or 84%, to $48,000 for the three months ended September 30, 2025, compared to $309,000 for the same period in 2024[196]. - The company utilizes Binomial Lattice Pricing Models to value convertible debt, which involves various assumptions including stock price, term of the debt, and expected volatility[222]. - Significant inputs for estimating the fair value of convertible notes include the company's stock price, risk-free interest rate, and probability of default[223]. - The convertible debt will be remeasured at fair value each reporting date until settled or converted[224]. Regulatory and Reporting Status - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[226]. - The surviving company from the merger remains an emerging growth company until certain revenue or market value thresholds are met[227]. - CDT Equity is also classified as a smaller reporting company, which allows it to take advantage of scaled disclosures[228]. - As a smaller reporting company, the company is not required to provide disclosures regarding quantitative and qualitative market risk[229].

Core Insights - CDT Equity Inc. announced the acquisition of 9.25648743 Bitcoin for a total price of $1,005,000, averaging $108,301.75 per BTC, increasing total holdings to 17.9090111 BTC [1][2] Group 1: Acquisition Details - The acquisition is part of CDT's cryptocurrency treasury reserve strategy aimed at diversifying the balance sheet and enhancing long-term shareholder value through digital asset accumulation [2][3] - The total Bitcoin holdings of CDT now amount to 17.9090111 BTC following this transaction [1] Group 2: Strategic Intent - CDT's CFO emphasized a disciplined and opportunistic approach to capital management, aligning with the growing institutional adoption of digital assets and aiming to strengthen financial resilience [3] - The company is committed to strategically deploying capital within its treasury reserve program, focusing initially on Bitcoin [3] Group 3: Company Overview - CDT Equity Inc. is a biopharmaceutical development company that leverages scientific innovation and strategic partnerships to advance therapeutic assets [3] - The company has evolved from Conduit Pharmaceuticals to a broader platform utilizing artificial intelligence and efficient asset repositioning for novel treatment development [3]

Core Viewpoint - CDT Equity Inc. has announced a 1-for-8 reverse stock split aimed at increasing the funds available for executing its strategic initiatives [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on October 10, 2025, at 5:00 PM Eastern Time, with trading on a reverse-adjusted basis starting on October 13, 2025 [2]. - Every eight shares of the Company's common stock will be combined into one share, maintaining a par value of $0.0001 per share [3]. - The number of outstanding shares will be reduced to approximately 1,352,448, and no fractional shares will be issued; stockholders entitled to fractional shares will receive a cash payment [4]. Group 2: Stockholder and Trading Information - The Company's transfer agent, VStock Transfer, LLC, will manage the exchange process, and registered stockholders will not need to take action to receive their new shares [5]. - The common stock will continue to trade under the ticker symbol "CDT" with a new CUSIP number of 20678X403 following the reverse stock split [4]. Group 3: Company Overview - CDT Equity Inc. is a biopharmaceutical development company focused on advancing therapeutic assets through scientific innovation and strategic partnerships [6]. - The company leverages artificial intelligence and solid-form chemistry to accelerate the development of novel treatments, aiming to create shareholder value through licensing and strategic mergers and acquisitions [6].

Core Viewpoint - CDT Environmental Technology Investment Holdings Limited held an extraordinary general meeting (EGM) on September 23, 2025, where significant resolutions regarding share capital and amendments to the company's articles of association were passed [3][4]. Share Capital Changes - The authorized share capital of the company has been increased to US$250,000, divided into 94,000,000 class A ordinary shares and 6,000,000 class B ordinary shares [4][5]. - A total of 18,800,000 existing ordinary shares will be re-designated as class A ordinary shares, while 1,200,000 authorized but unissued ordinary shares will be cancelled and replaced with class B ordinary shares, which will have enhanced voting rights [5][6]. - The EGM saw 5,894,505 shares voted, representing approximately 47.83% of the outstanding shares as of the record date [4][6]. Company Overview - CDT is a leading provider of waste treatment systems and services in China, focusing on sustainable development through innovative solutions [7][8]. - The company has completed over 150 plants across China and aims to advance next-generation technologies to address environmental challenges [8].

Core Insights - CDT Equity Inc. has announced the acquisition of 8.65252366 Bitcoin for a total cost of $1,000,000, averaging $115,285 per Bitcoin [1][2]. Group 1: Strategic Acquisition - The acquisition of Bitcoin is part of CDT's treasury reserve strategy aimed at enhancing financial stability and resilience of the balance sheet [2][3]. - This move aligns with the growing institutional adoption of digital assets in a regulatory environment that is becoming more favorable [2]. Group 2: Management Commentary - James Bligh, CFO of CDT, expressed satisfaction with the execution of this strategy, emphasizing its role in diversifying the balance sheet and supporting an innovation-driven business model [3]. - The company is committed to continuously evaluating asset allocation to optimize its treasury portfolio and enhance shareholder returns [3].

Core Viewpoint - CDT Equity Inc. has approved a cryptocurrency-based treasury reserve strategy to diversify its capital management approach and enhance its innovation-led model [1][2] Group 1: Treasury Reserve Strategy - The strategy aims to hold part of the current balance sheet in digital assets, reflecting the company's belief in the long-term strategic and financial benefits of exposure to cryptocurrencies [2] - The decision is influenced by significant market activity from investors in the cryptocurrency and stablecoin sector, positioning the company for potentially transformative transactions [2] Group 2: Technological Development - CDT is collaborating with Sarborg to create an autonomous AI-led system for evaluating the cryptocurrency market, which will provide real-time analytics and automated execution systems [3] - The company is also focused on advancing its pipeline of Phase-2 ready pharmaceutical assets, leveraging algorithmic repurposing and IP-led licensing opportunities [3] Group 3: Share Information - As of September 2, 2025, CDT has 3,382,025 shares of common stock outstanding, with a total of 250,000,000 authorized shares [4] - The company continues to utilize its at-the-market (ATM) facility with A.G.P./Alliance Global Partners as its primary funding source [4]

Core Insights - CDT Equity Inc. has identified a new biological target and therapeutic indication for its lead programme AZD1656, supported by positive pre-clinical trial data, affirming its AI-led drug repurposing strategy [1][3][4] - The company, in collaboration with Sarborg, utilized AI-powered disease mapping to analyze AZD1656 against a database of over 800 disease signatures, uncovering several new therapeutic indications [2][4] - The initial pre-clinical study results have validated the algorithmic findings, leading to plans for further studies to explore the commercial potential of the new biological target [3][4] Company Strategy - CDT has transitioned to a lean, disease-agnostic operating model informed by data-driven insights, successfully identifying novel indications for AZD1656 [4] - The company aims to progress AZD1656 towards a commercial out-licensing opportunity based on the positive outcomes of its research [4] Research and Development - Several pre-clinical studies have been initiated to explore the potential of AZD1656 in previously untapped therapeutic areas, leveraging a robust patent portfolio [2][3]