--- title: "CDT EQUITY INC C/WTS 22/09/2028(TO PUR COM) | 10-K: FY2025 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/282899378.md" datetime: "2026-04-15T21:04:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282899378.md) - [en](https://longbridge.com/en/news/282899378.md) - [zh-HK](https://longbridge.com/zh-HK/news/282899378.md) generator: "portal-rs" --- # CDT EQUITY INC C/WTS 22/09/2028(TO PUR COM) | 10-K: FY2025 Revenue: USD 0 Revenue: As of FY2025, the actual value is USD 0. EBIT: As of FY2025, the actual value is USD -36.44 M. CDT Equity Inc., a data-driven biotech development company, reported key operational metrics for the years ended December 31, 2025, and 2024, without generating significant revenue . #### Net Loss - Net loss was - $39.2 million for the year ended December 31, 2025, compared to - $17.8 million for the year ended December 31, 2024 . #### Operating Loss - Operating losses were - $36.8 million for the year ended December 31, 2025, compared to - $15.4 million for the year ended December 31, 2024 . #### Research and Development Expenses - Research and development expenses increased by $1.7 million, or 50%, to $5.1 million for the year ended December 31, 2025, from $3.4 million for the year ended December 31, 2024 . - This increase was primarily due to a $4.2 million increase related to work performed under Sarborg agreements, a $0.3 million increase related to Thesprogen, a $0.2 million increase related to Charles River, and a $0.1 million increase related to Manoira . This was partially offset by a - $3.1 million decrease related to an upfront payment to AstraZeneca with no comparable activity in 2025 . #### General and Administrative Expenses - General and administrative expenses increased by $19.7 million, or 163%, to $31.7 million for the year ended December 31, 2025, from $12.0 million for the year ended December 31, 2024 . - The increase was mainly driven by a $9.6 million increase in litigation liability expense related to the Strand litigation, a $7.0 million increase in compensation expense from the issuance of common stock and pre-funded warrants for the sale of CPL, a $2.4 million increase in legal fees, and a $0.9 million increase in salaries and stock-based compensation . This was partially offset by a - $0.2 million decrease in directors’ and officers’ (D&O) insurance costs . #### Other Expense, Net - Other expense, net was - $2.2 million for the year ended December 31, 2025, compared to - $0.9 million for the year ended December 31, 2024 . - Activity in 2025 included a - $2.7 million loss on the change in fair value of convertible notes and a - $0.4 million loss on the disposition of digital assets, partially offset by a $0.4 million gain on the waiver of accrued interest, a $0.3 million gain on debt extinguishment, and a $0.2 million gain on the change in the fair value of warrant liability . - Activity in 2024 included a - $3.2 million loss of debt extinguishment and a - $2.7 million loss on the issuance of warrants for lock-up, partially offset by a $2.5 million gain on debt extinguishment, a $2.0 million gain on the change in fair value of convertible notes, a $0.3 million income tax refund, and a $0.2 million gain on the change in the fair value of warrant liability . #### Interest Expense, Net - Interest expense, net decreased by $1.2 million, or 79%, to - $0.3 million for the year ended December 31, 2025, from - $1.5 million for the year ended December 31, 2024 . - This decrease was mainly due to a - $0.9 million decrease in the amortization of debt issuance costs, debt discounts, and conversion costs, and a - $0.4 million decrease in interest expense and conversion costs related to interest-bearing convertible promissory notes, partially offset by a $0.1 million increase in loan settlement fees . #### Cash Flows - **Operating Activities**: Net cash used in operating activities was - $15.6 million in 2025, compared to - $9.7 million in 2024 . - **Investing Activities**: Net cash used in investing activities was - $0.8 million in 2025, compared to - $43 thousand in 2024 . - **Financing Activities**: Net cash provided by financing activities was $17.4 million in 2025, compared to $6.1 million in 2024 . #### Outlook / Guidance CDT Equity Inc. anticipates incurring significant expenses and operating losses without generating meaningful product revenues in the foreseeable future . Management has expressed substantial doubt about the company’s ability to continue as a going concern for at least the next 12 months due to the critical need for additional funding . While the company plans to raise funds through various means, there is no guarantee these efforts will cover all required working capital for the next 12 months . ### Related Stocks - [CDTTW.US](https://longbridge.com/en/quote/CDTTW.US.md) ## Related News & Research - [$1000 Invested In Watts Water Technologies 15 Years Ago Would Be Worth This Much Today](https://longbridge.com/en/news/297827427.md) - [Watts Water Technologies (WTS) Runs Near Fair Value, Is The Stock Now Too Pricey?](https://longbridge.com/en/news/297071015.md) - [Old Mutual picks PwC to replace Deloitte as joint external auditor from FY2028 audit](https://longbridge.com/en/news/297477027.md) - [Trump still teases a third presidential run, but he's talking more and more about life after 2028](https://longbridge.com/en/news/297463122.md) - [Qiagen targets about 7% constant-currency sales CAGR through 2028](https://longbridge.com/en/news/297204390.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**