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].
duit Pharmaceuticals (CDT) - 2025 Q1 - Quarterly Report