aibioCDT Equity closes second tranche of its $1,460,000 convertible loan
Tickers CDT
J.J. Astor & Co. is the lender on a senior secured convertible note with a principal amount of $1,971,000, amended on June 30, 2026. The company receives $1,460,000 in two tranches, and repays the loan in weekly installments of $82,125 starting July 10, 2026.
Key facts
- Company
- CDT Equity Inc. (NASDAQ: CDT)
- News type
- Debt Financing
- Primary source
- SEC filing (Form 8-K)
CDT Equity Inc. amended its loan with J.J. Astor & Co. on June 30, 2026 to close the second tranche. The company's Form 8-K, dated June 30, 2026 and signed by Chief Executive Officer Andrew Regan on July 7, 2026, says the company issued a senior secured convertible promissory note to the lender in the principal amount of $1,971,000 in connection with a loan agreement. The company will receive $1,460,000, before deduction of closing fees, funded in two tranches. The principal amount is larger than the sum the company will receive. The company first disclosed the loan on June 11, 2026. The filing names no placement agent, underwriter or advisor.
Repayment terms
Under an Amended and Restated Loan Agreement and an Amended and Restated Senior Secured Convertible Note, both dated June 30, 2026, the company will repay the loan in twenty-four equal weekly installments of $82,125. Under the earlier terms, the installments were to start June 18, 2026. Under the amendment they start July 10, 2026.
The 8-K does not state the interest rate, the maturity date or the conversion price. It says the summary is not complete and that the full note and agreement are filed as Exhibits 10.1 and 10.2. The company's common stock trades on Nasdaq under the symbol CDT.
The company and its lender relationship
The 10-K filed April 15, 2026 describes CDT Equity, formerly Conduit Pharmaceuticals Inc., as a data-driven pharmaceutical development company. It says the company looks for high-potential compounds, particularly clinical-stage assets that large pharmaceutical companies have deprioritized, and aims to license them after preclinical work. The company describes a lean, asset-agnostic model that avoids the cost of late-stage clinical trials.
The 10-K discloses a related-party relationship with Sarborg Limited, an artificial intelligence partner. The company's chief executive, Dr. Andrew Regan, also sits on Sarborg's board, and a company director, Chele Chiavacci Farley, is a Sarborg shareholder. The company says Sarborg's insights informed two new combination patent filings, and that the collaboration applies its algorithms across a database of more than 3,000 disease signatures. The 10-K also describes an animal health partnership with Manoira Corporation.
The 10-K says the company's solid-form technology is developed at its Cambridge facilities. Its patent applications describe a solid-form compound, the AZD1656 cocrystal, which is a HK-4 glucokinase activator. The company says its solid-form technology can extend patent life by up to 20 years. That is the company's claim.
Losses and cash use
The company reports a net loss of $39.2 million for 2025, against $17.8 million for 2024. Cash used in operations was $15.6 million in 2025, up from $9.7 million in 2024. Research and development expense was $5.1 million in 2025 and $3.4 million in 2024.
Cash and cash equivalents were $554,000 at the end of 2024, according to the 10-K. Short-term investments were $600,000 at the end of 2024, according to an amended 10-Q filed August 14, 2025. The 8-K gives no cash balance, so the loan cannot be measured against cash on hand. Research and development expense was small beside the net loss, and the 10-K's business section reports no clinical results.
Board and management
The 10-K names Dr. Freda Lewis-Hall, a former chief medical officer of Pfizer Inc., as chair of the board. It names Dr. Andrew Regan as chief executive and James Bligh as chief financial officer. The company describes its management team as having experience in the pharmaceutical market.
What comes next
The next dated item is the first weekly installment of $82,125 on July 10, 2026, which the amendment moved from June 18. The 8-K says the note and loan agreement were amended to close the second tranche, and the filing does not show any further tranche. The note is convertible, but the filing gives no conversion price, so the possible dilution cannot be sized. Under the 10-K's stated model, the company intends to seek an exit through third-party license deals after pre-clinical trials succeed.