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 .