aibioCDT Equity raises J.J. Astor note to $2,266,650 at 19% interest
Tickers CDT
CDT Equity and J.J. Astor & Co. signed a second amendment on July 31, 2026 that raised the note's principal to $2,266,650 at 19% interest. Weekly installments of $104,187.65 start August 19, 2026, and the lender may convert part of the balance into common stock.
Key facts
- Company
- CDT Equity Inc. (NASDAQ: CDT)
- News type
- Debt Financing
- Primary source
- SEC Form 8-K
CDT Equity Inc. and J.J. Astor & Co. signed a second amendment to their amended loan agreement and amended senior secured convertible note on July 31, 2026. The company's Form 8-K, filed August 6, 2026, reports the amendment. The original note was issued June 11, 2026 with a principal amount of $1,971,000. The filing names no placement agent or underwriter. A.G.P./Alliance Global Partners appears only as counterparty to a sales agreement.
What the second amendment changed
The second amendment raised the principal under the amended note to $2,266,650 and set the interest rate at 19%. The note is payable in twenty-three equal weekly installments of $104,187.65, starting August 19, 2026.
The company also raised the share of net proceeds from its sales agreement with A.G.P./Alliance Global Partners that goes to the lender, from eighty percent to ninety percent. The filing says the higher share is to pay down those installments.
The 8-K does not state how the loan proceeds will be used.
The conversion terms
The lender may convert all or part of the balance into common stock. Conversion is subject to stockholder approval. The conversion price is the greater of two figures: seventy percent of the lowest volume-weighted average price over twenty consecutive trading days, or the Nasdaq floor price under Nasdaq Rule 5635(d). The earlier terms set the price at ninety percent of the lowest average price over ten consecutive trading days, so the amendment cut the factor to seventy percent and lengthened the window to twenty days.
Under that formula, the lower the stock trades, the lower the conversion price becomes, and the more shares the lender could receive for the same balance. The filing does not estimate how many shares that could be. The second amendment also moved the filing date for a resale registration statement, covering 200% of the shares tied to the increased principal, to August 31, 2026, with effectiveness required by September 11, 2026. It advanced the deadline for stockholder approval of share issuances under the note to August 28, 2026.
The third amendment and the warrants
On August 3, 2026, a third amendment advanced $200,000 to the company, subject to fees, and raised the principal to $2,536,650. The company also issued the lender warrants for 37,500 shares at $7.20 a share. The principal of $2,266,650 is therefore no longer the total owed. The third amendment also redefined the floor price as twenty percent of the lowest average price over the prior twenty trading days, adjusting every six months from December 11, 2026. Issuing conversion and warrant shares above 19.99% of current outstanding shares needs stockholder approval under Nasdaq rules. The company issued the securities under the Section 4(a)(2) exemption from registration.
The company
The company's 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 clinical-stage compounds that larger drugmakers have deprioritized, and it aims to license them after development. The company says it works with Sarborg Limited on AI-powered signature analysis, and that its solid-form technology can extend patent life by up to 20 years. Sarborg is a related party, because Chief Executive Officer Andrew Regan sits on its board. The 10-K says the company avoids the cost of early and late-stage clinical trials and plans to seek license deals after in vitro and in vivo pre-clinical studies.
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. The 8-K gives no current cash balance, so the new borrowing cannot be set against the company's cash on hand.
What comes next
The first installment of $104,187.65 is due August 19, 2026. The 8-K does not describe a maturity date for the note beyond the weekly installments. The filing gives no timetable for the stockholder approval that conversion requires.