NAPLES, Fla. and CAMBRIDGE, United Kingdom, April 16, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit Pharmaceuticals" or "Conduit" or the "Company") today announced key leadership changes to support the company’s next phase of growth and execution. Dr. Andrew Regan, the founder and initial financial backer of Conduit Pharmaceuticals, has been appointed Chief Executive Officer. He will succeed Dr. David Tapolczay, who is stepping down as CEO and as a member of the Board of Dire ...

Conduit Pharmaceuticals files next generation cocrystal patent for VTAMA® (tapinarof) which the Company believes could be a superior asset with both inflammatory and autoimmune prospectives just as the drug approaches 2027 exclusivity expiration, positioning the Company for high-value licensing partnerships. NAPLES, Fla. and CAMBRIDGE, United Kingdom, April 11, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (NASDAQ:CDT) ("Conduit Pharmaceuticals" or "Conduit" or the "Company") today announces the fil ...

NAPLES, Fla. and CAMBRIDGE, United Kingdom, April 10, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (NASDAQ:CDT) ("Conduit" or the "Company") today announced that its Board of Directors has authorized a share repurchase program under which the Company may purchase up to $1,000,000 of its outstanding common stock. The Directors believe that the market price of its common stock trades at prices that do not reflect their underlying value. Under the program, Conduit may repurchase shares from time to ti ...

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]

Group 1: Company Overview - Conduit Pharmaceuticals has secured a composition of matter patent from the USPTO for its lead asset, AZD1656, a Glucokinase Activator targeting autoimmune disorders such as Lupus and ANCA Vasculitis, positioning the company for clinical development and strategic partnerships [1][2] - The company is focused on developing Phase 2-ready assets and employs an integrated platform-driven approach powered by artificial intelligence (AI) and cybernetics, aiming for exit through third-party license deals following successful clinical trials [4] Group 2: Market Potential - The U.S. autoimmune disease market is projected to reach $150 billion by 2030, with Lupus affecting approximately 1.5 million Americans and ANCA Vasculitis impacting 200,000 patients annually, indicating a growing demand for innovative treatments [2] - Conduit's patent protection, which provides up to 20 years of exclusivity in the U.S., reinforces its competitive positioning and opens opportunities for commercial and strategic licensing partnerships [2][3] Group 3: Intellectual Property - Composition of matter patents are considered the gold standard in pharmaceutical intellectual property, offering strong market exclusivity and protection against generic competition [3] - The newly granted patent, along with existing approvals in Japan and Australia, positions Conduit favorably in three major pharmaceutical markets, with pending applications in Europe and other regions expected to expand its footprint [2]

Merger and Corporate Structure - The merger transaction between Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp was completed on September 22, 2023, resulting in the name change to Conduit Pharmaceuticals Inc[374]. Financial Performance - The company reported a net loss of $17.8 million for the year ended December 31, 2024, compared to a net loss of $0.5 million in 2023, indicating a substantial decline in financial performance[430][431]. - Operating losses for the years ended December 31, 2024 and 2023 were $15.4 million and $5.3 million, respectively[409]. - Other income (expense), net changed by $5.8 million, or 118%, resulting in an expense of approximately $0.9 million for the year ended December 31, 2024, compared to income of $4.9 million for 2023[405]. - Interest expense, net increased by $1.3 million or 614%, reaching $1.5 million for the year ended December 31, 2024, driven by a $0.9 million increase in amortization of debt issuance costs and a $0.4 million increase in interest on convertible promissory notes[408]. Cash Flow and Capital Requirements - Net cash used in operating activities for the year ended December 31, 2024 was $9.7 million, compared to $7.7 million in 2023, reflecting a significant increase in cash outflows[430][431]. - Cash required for working capital for the next 12 months is approximately $22.9 million, including forecasted research and development costs of $6.0 million and operating expenses of $6.2 million[426]. - The net cash provided by financing activities for the year ended December 31, 2024 was $6.1 million, a decrease from $11.0 million in 2023, primarily due to lower proceeds from financing agreements[434][435]. - The company has incurred net losses since inception and experienced negative cash flows from operations, relying on private placements and convertible debt for capital[409]. Research and Development - Research and development expenses increased by approximately $3.3 million, or 3,653%, to approximately $3.4 million for the year ended December 31, 2024, compared to approximately $90 thousand for the year ended December 31, 2023[403]. - The increase in research and development expenses was primarily driven by a $3.1 million upfront payment to AstraZeneca related to a license agreement, which included $1.5 million in cash and $1.6 million in common shares[403]. - Conduit has a pipeline that includes a pending patent application for a solid-form compound targeting autoimmune disorders, specifically the AZD1656 Cocrystal[378]. - The company plans to leverage AI and cybernetics technology through a partnership with SARBORG Limited to enhance drug development efficiency and reduce costs[384][385]. - The company is focused on developing clinical assets for disorders with significant unmet medical needs, aiming to address large populations[390]. Compliance and Future Outlook - As of March 27, 2025, the company's market value per share is $5,166,785, indicating compliance with Nasdaq Capital Market listing standards[393]. - The company expects to maintain compliance with Nasdaq's Equity Standard through additional fundraising and careful expenditure management[394]. - 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 Annual Report[412]. Debt and Financing - The A.G.P. Convertible Note issued on November 25, 2024, has a principal amount of $5.7 million, due on November 25, 2025, accruing interest at 5.5% per annum[418]. - The August 2024 Nirland Note has an original principal amount of $2.65 million, including a $500,000 original issuance discount, and may be converted into shares of Common Stock at Nirland's discretion[420]. - As of December 31, 2024, the company raised $3.3 million (net of fees) out of the $23.9 million available through the Sales Agreement, expecting to raise an additional $20.4 million over the next 12 months[427]. - The company has raised an additional $8.1 million, net of fees, through the Sales Agreement after December 31, 2024, leaving $12.0 million available[428]. Operating Expenses - General and administrative expenses rose by $6.9 million, or 133%, to approximately $12.0 million for the year ended December 31, 2024, compared to approximately $5.2 million for the year ended December 31, 2023[404]. - Cash outflow from operating assets and liabilities in 2024 was primarily due to a $2.3 million cash outflow from prepaid expenses and other current assets[430]. - 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[436]. Valuation and Accounting - The company utilized Binomial Lattice Pricing Models to estimate the fair value of convertible debt, which includes various significant inputs such as stock price and expected volatility[438][439]. - The fair value of stock options is estimated using the Black-Scholes option-valuation model, which requires subjective assumptions about stock price and expected volatility[446][443]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[451][452]. - The company is also classified as a smaller reporting company, which permits it to take advantage of scaled disclosures[453].

Core Insights - Conduit Pharmaceuticals is advancing its pipeline with significant progress in preclinical lupus studies for AZD5658, Phase IIa trial design for AZD1656, formulation optimization, and intellectual property (IP) expansion, positioning the company for near-term milestones and growth [1][6] R&D Progress - Conduit has partnered with Charles River Laboratories to conduct preclinical studies on glucokinase inhibitors for autoimmune diseases, focusing initially on lupus, with results expected in Q2 2025 [2] - The Phase II clinical trial for AZD1656 is being optimized, targeting systemic lupus erythematosus (SLE) with nephritis and ANCA-associated vasculitis (AAV), designed as a single-center, double-blind, placebo-controlled study [3] Intellectual Property Development - The company is enhancing its IP portfolio at its Cambridge Science Park facility, securing a composition-of-matter patent for AZD1656 Cocrystals from the Japan Patent Office and IP Australia, with pending applications at the USPTO and European Patent Office [4] - Conduit is developing new solid forms of its key assets, including AZD1656, AZD5904, and AZD5658, to strengthen its IP portfolio and support commercialization strategies [4] Formulation Development - Through a strategic agreement with Agility Life Sciences, Conduit is developing novel solid oral-dosage forms for its pipeline assets, focusing on proprietary solid forms tailored to patient needs [5] Future Outlook - The company is committed to advancing its pipeline and expects to reach key results and milestones in the near term, positioning itself for growth and development in the autoimmune disorder treatment space [6]

Core Points - Conduit Pharmaceuticals presented a compliance plan to Nasdaq on February 11, 2025, requesting an extension to meet specific listing rules [1] - On March 5, 2025, Nasdaq granted an extension for Conduit to regain compliance with MVPHS and MVLS rules, contingent upon filing an application to transfer to the Nasdaq Capital Market by March 12, 2025, and demonstrating compliance by March 31, 2025 [2] - As of February 26, 2025, Conduit regained compliance with the Bid Price rule [3] - Following the transfer to the Nasdaq Capital Market, Conduit expects its MVPHS to comply with the standard of greater than $1.0 million and aims to demonstrate compliance with the Equity Standard of Stockholder's Equity greater than $2.5 million by the March 31, 2025 deadline [4] 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 [5] - 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 [5] - The leadership team includes experienced pharmaceutical executives, indicating a strong foundation for the company's innovative approach [5]

Core Insights - Conduit Pharmaceuticals has successfully completed initial milestones in Phase II of its collaboration with Sarborg Limited, focusing on the development of personalized dashboards for real-time data access [1][3][7] - The prototype AI product will enable Conduit's management to evaluate key deliverables in real-time, with continuous improvements planned for efficiency and data analysis [2][3] - The collaboration aims to address challenges in the pharmaceutical sector by reducing human error, lowering costs, and accelerating drug development timelines through AI and cybernetics technology [3][4][7] Company Overview - Conduit Pharmaceuticals is a clinical-stage life science company that employs an efficient model for compound development, acquiring and funding Phase 2-ready assets [5] - The company is led by experienced pharmaceutical executives and is focused on a novel approach that diverges from traditional pharma/biotech business models [5] Strategic Focus - The integration of AI-driven technology is central to Conduit's strategy, aiming to enhance clinical decision-making efficiency and reduce reliance on traditional methods [4][5] - The ongoing development of the AI platform will incorporate management expertise to maximize operational efficiency [2][4]

Core Insights - Conduit Pharmaceuticals has entered into a collaboration with Charles River Laboratories to evaluate AZD1656 in a Systemic Lupus Erythematosus model, aiming to generate high-quality preclinical data for its clinical program in autoimmune disorders [1][8] - The partnership will leverage Charles River's expertise in immunology to refine study parameters and enhance the predictability of clinical outcomes for the upcoming Phase II trials [2][5] Group 1: Collaboration and Objectives - The collaboration with Charles River is intended to provide essential data that will inform and de-risk future clinical trials, focusing on the drug's impact on disease progression and inflammatory markers [3][4] - The study aims to optimize Phase II trials by reducing development timelines and maximizing the therapeutic potential of AZD1656, which may also enhance the value for potential out-licensing opportunities [4][8] Group 2: Company Overview - Conduit Pharmaceuticals is a clinical-stage life science company that employs an efficient model for compound development, focusing on acquiring and funding Phase 2-ready assets [6] - The company is led by experienced pharmaceutical executives and utilizes a platform-driven approach powered by artificial intelligence and cybernetics, seeking exits through third-party licensing deals following successful clinical trials [6]