Conduit Pharmaceuticals announces plans to initiate Phase 2a trials in both systemic lupus erythematosus and ANCA-associated vasculitis for its lead clinical candidate, AZD1656 AZD1656, a HK-4 glucokinase activator initially developed by AstraZeneca for diabetes, is now being repurposed by Conduit for autoimmune disorders, leveraging its established safety profile and targeted immune-modulating effects SAN DIEGO and LONDON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Condu ...

Core Viewpoint - Conduit Pharmaceuticals has received a new patent for its HK-4 Glucokinase Activator, which targets autoimmune diseases, leading to a significant increase in its stock price [2][7]. Company Developments - The company has secured an Australian patent for its lead asset, which is expected to enhance its intellectual property portfolio and future out-licensing opportunities [2][7]. - Conduit Pharmaceuticals plans to pursue similar patents in other regions, including the U.S., Europe, and Japan, utilizing the Patent Prosecution Highway (PPHH) [3]. Market Reaction - Following the patent approval, Conduit Pharmaceuticals' stock (CDT) experienced a trading surge, with over 41.7 million shares traded, significantly higher than its average daily volume of approximately 317,000 shares [7]. - As of Tuesday morning, CDT stock rose by 73%, although it had previously declined by 94.9% year-to-date before this news [8].

The Company is enrolled to participate in the Patent Prosecution Highway (PPH), a program to fast-track patent examination in major jurisdictions including the U.S., Europe and Japan. Since IP Australia has allowed patent application 2022384750, Conduit believes it is more likely to receive subsequent approvals in other markets. Patents in these major countries are the most sought after and valuable patents for marketed drug products, providing up to 20 years of patent protection. Conduit Pharmaceuticals (N ...

SHENZHEN, China, June 27, 2024 (GLOBE NEWSWIRE) -- CDT Environmental Technology Investment Holdings Limited (NASDAQ: CDTG) ("CDT"), a leading provider of waste treatment systems and services throughout China, announces the signing of a strategic cooperation framework agreement with a local high-tech company in Fujian Province. The collaboration leverages the complementary strengths of both parties, with CDT contributing its government relations, brand advantages, and expertise in waste treatment solutions, ...

SHENZHEN, China, June 18, 2024 (GLOBE NEWSWIRE) -- CDT Environmental Technology Investment Holdings Limited (NASDAQ: CDTG) ("CDT"), a leading provider of waste treatment systems and services throughout China, announces the signing of a strategic cooperation agreement with a subsidiary of a large stateowned construction group in China. The parent company of the state-owned construction group is among the top 40 in ENR's 2023 ranking of the world's largest contractors. Under the terms of the agreement, the tw ...

SAN DIEGO, May 29, 2024 (GLOBE NEWSWIRE) -- Presidio Property Trust, Inc. (NASDAQ: SQFT; SQFTP; SQFTW) ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT"), has announced that Conduit Pharmaceuticals Inc. (NASDAQ: CDT, CDTTW) ("Conduit"), of which the Company owns approximately 6.3%, is expected to be added to the Russell 2000 Index effective at the open of US equity markets on Monday, July 1, 2024, as part of the annual reconstitution of the Russell stock ...

CDT, headquartered in Shenzhen, China, is a leading national player in China's waste treatment sector that designs, develops, manufactures, sells, installs, operates and maintains sewage treatment systems and provides sewage treatment services in China, and is dedicated to promoting sustainable development through innovative solutions. Founded by pioneers in waste treatment, CDT aims to advance next-generation technologies that directly address environmental challenges and promote sustainable solutions. CDT ...

Announced three new patents that feature new AI-powered intelligent waste-sorting technologies Subsequent to 2023 year-end: "Following our IPO just a few weeks ago, we are pleased to report our third consecutive year of growth at both the top- and bottom-lines, with fundamentals continuing to trend well for our shareholders," remarked Yunwu Li, Chief Executive Officer of CDT. "The market demand continues to support the growth of our business, and indeed, we are proud of the consistent progress we have made ...

PART I—FINANCIAL INFORMATION This section presents Conduit Pharmaceuticals Inc.'s unaudited condensed consolidated financial statements and management's discussion for Q1 2024 [Item 1. Financial Statements.](index=5&type=section&id=Item%201.%20Financial%20Statements.) This section details Conduit Pharmaceuticals Inc.'s unaudited condensed consolidated financial statements for Q1 2024, covering balance sheets, operations, cash flows, and comprehensive notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, the company reported total assets of $4.9 million and total liabilities of $8.0 million, resulting in a total stockholders' deficit of $3.1 million | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :----- | :---------------------------- | :------------------------------- | | Total Assets | $4,917 | $7,224 | | Total Liabilities | $8,016 | $7,681 | | Total Stockholders' Deficit | $(3,099) | $(457) | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended March 31, 2024, the company reported a net loss of $3.55 million, an increase from $1.67 million in the prior-year period | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Research and development expenses | $128 | $0 | +$128 | | General and administrative expenses | $2,827 | $1,515 | +$1,312 | | Total operating expenses | $2,955 | $1,515 | +$1,440 | | Operating loss | $(2,955) | $(1,515) | $(1,440) | | Net loss | $(3,552) | $(1,672) | $(1,880) | | Basic and diluted earnings/(net loss) per share | $(0.05) | $(0.03) | $(0.02) | | Total comprehensive loss | $(3,575) | $(1,935) | $(1,640) | [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) The company's total stockholders' deficit increased significantly from $(457) thousand at January 1, 2024, to $(3,099) thousand at March 31, 2024 | Metric | Balance at January 1, 2024 (in thousands) | Balance at March 31, 2024 (in thousands) | | :----- | :---------------------------------------- | :--------------------------------------- | | Common Shares | 73,829,536 | 73,829,536 | | Additional paid-in capital | $10,424 | $11,357 | | Accumulated deficit | $(11,299) | $(14,851) | | Accumulated other comprehensive income | $411 | $388 | | Total stockholders' deficit | $(457) | $(3,099) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For Q1 2024, net cash used in operating activities was $2.36 million, with no cash flow from investing or financing activities | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :----------------- | :----------------------------------------------- | :----------------------------------------------- | | Net cash used in operating activities | $(2,357) | $(1,970) | | Net cash used in investing activities | $0 | $(243) | | Net cash provided by financing activities | $0 | $2,220 | | Effect of exchange rate changes on cash and cash equivalents | $(27) | $1 | | Net change in cash and cash equivalents | $(2,384) | $8 | | Cash and cash equivalents at end of period | $1,844 | $8 | [Notes to Unaudited Condensed Consolidated Financial Statements.](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements.) The notes provide detailed information on Conduit Pharmaceuticals Inc.'s business, accounting policies, merger details, fair value measurements, and other financial commitments - Conduit Pharmaceuticals Inc. is a clinical-stage specialty biopharmaceutical company that develops and commercializes clinical assets by acting as a "conduit" to bring assets from pharmaceutical companies and extend their intellectual property through solid-form technology[11](index=11&type=chunk)[324](index=324&type=chunk) - The company has a unique business model focused on developing clinical assets through Phase II trials efficiently using CROs and third-party service providers, and then seeking licensing opportunities with large biotech or pharmaceutical companies for milestone payments and royalty income[86](index=86&type=chunk)[325](index=325&type=chunk) - The company has generated significant losses and negative operating cash flows, with an accumulated deficit of **$14.9 million** as of March 31, 2024, raising substantial doubt about its ability to continue as a going concern for the next 12 months[43](index=43&type=chunk)[14](index=14&type=chunk)[278](index=278&type=chunk) [1. Nature of the Business, Basis of Presentation and Summary of Significant Accounting Policies](index=9&type=section&id=1.%20Nature%20of%20the%20Business,%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) Conduit Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company facing liquidity challenges, with financial statements prepared under U.S. GAAP [Company Overview](index=9&type=section&id=Company%20Overview) Conduit Pharmaceuticals Inc. is a clinical-stage specialty biopharmaceutical company focused on developing and commercializing clinical assets - Conduit Pharmaceuticals Inc. is a clinical-stage specialty biopharmaceutical company focused on developing and commercializing clinical assets, utilizing a unique business model to bring assets from pharmaceutical companies and extend intellectual property through solid-form technology[11](index=11&type=chunk)[324](index=324&type=chunk) [Merger Agreement](index=9&type=section&id=Merger%20Agreement) Conduit Pharmaceuticals Limited completed a reverse recapitalization merger with Murphy Canyon Acquisition Corp. on September 22, 2023 - The merger between Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp. (MURF) was completed on **September 22, 2023**, with MURF renamed Conduit Pharmaceuticals Inc[233](index=233&type=chunk)[276](index=276&type=chunk) - The merger was accounted for as a reverse recapitalization, treating MURF as the acquired company, with Old Conduit stockholders holding the majority voting power and management[276](index=276&type=chunk) [Basis of Presentation](index=10&type=section&id=Basis%20of%20Presentation) The unaudited condensed consolidated financial statements include Conduit Pharmaceuticals Inc. and its wholly-owned subsidiaries, prepared in accordance with U.S. GAAP and SEC rules - The financial statements consolidate Conduit Pharmaceuticals Inc. and its wholly-owned subsidiaries, Conduit UK Management Ltd. and Conduit Pharmaceuticals, Ltd., eliminating all intercompany balances and transactions[13](index=13&type=chunk) - The statements are prepared in accordance with U.S. GAAP and SEC rules, containing normal recurring adjustments for fair statement[234](index=234&type=chunk)[244](index=244&type=chunk) [Liquidity and Going Concern](index=10&type=section&id=Liquidity%20and%20Going%20Concern) The company has incurred significant losses and negative operating cash flows, raising substantial doubt about its ability to continue as a going concern - The company has an accumulated deficit of **$14.9 million** as of March 31, 2024, and reported net losses of **$3.6 million** and **$1.7 million** for the three months ended March 31, 2024 and 2023, respectively[43](index=43&type=chunk) - Management plans to seek additional cash resources through public or private equity or debt financings to alleviate substantial doubt about its ability to continue as a going concern[14](index=14&type=chunk)[278](index=278&type=chunk) [Other Risks and Uncertainties](index=10&type=section&id=Other%20Risks%20and%20Uncertainties) The company faces typical pharmaceutical industry risks, including commercialization uncertainties, regulatory approvals, and dependence on third parties - The company is exposed to typical pharmaceutical industry risks such as commercialization uncertainties, regulatory approvals, dependence on key products/customers/suppliers, and intellectual property protection[279](index=279&type=chunk) - Developing clinical assets requires substantial additional R&D, capital, personnel, infrastructure, and compliance, with no assurance of significant revenue from royalties or product sales[279](index=279&type=chunk) - The company relies on agreements with related parties and third parties for developing and licensing clinical assets, and termination of these agreements could materially adversely affect its business[247](index=247&type=chunk) [Summary of Significant Accounting Policies](index=11&type=section&id=Summary%20of%20Significant%20Accounting%20Policies) The preparation of financial statements requires management to make estimates and assumptions affecting reported amounts, which are reviewed periodically - Financial statements require management estimates and assumptions, which are periodically reviewed and based on available facts, historical experience, and economic conditions[46](index=46&type=chunk) [Use of Estimates](index=11&type=section

We currently operate as a virtual company, but also lease property in the United Kingdom. On March 7, 2024, we entered into a lease for laboratory space at Cambridge Science Park. Rent is £92,925 per annum, the equivalent of approximately $10,000 per month. The lease runs until January of 2027, and the laboratory space is intended to provide us with the ability to extend or develop proprietary solid-form intellectual property for existing and future clinical assets Item 4. Mine Safety Disclosures Item 5. Ma ...