CDT Equity Inc. (NASDAQ: CDT) is a clinical-stage pharmaceutical development company that identifies, acquires, and advances deprioritized therapeutic compounds from larger pharmaceutical companies. The company generates no product revenue, funding operations through equity issuances, including an at-the-market program that raised $3.3 million in FY2024, and notes payable that contributed $3.2 million in proceeds during the same period. CDT operates as a pre-commercial platform, applying co-crystallization and solid-form chemistry developed at its Cambridge facilities to improve drug properties and extend patent life, and using AI-powered signature analysis through its partnership with Sarborg Limited to identify new therapeutic applications for existing compounds. The pipeline spans autoimmune disorders, idiopathic male infertility, oncology, dermatology, rare disease, and animal health, all pre-revenue as of the 10-K filed April 15, 2026. Formerly known as Conduit Pharmaceuticals Inc., the company completed a SPAC merger with Murphy Canyon Acquisition Corp. on September 22, 2023, and is incorporated in Delaware. CBIZ CPAs P.C. has served as auditor since 2022.

Revenue model

No product revenue disclosed. Operations are funded through at-the-market equity issuances ($3.3 million in FY2024), notes payable ($3.2 million proceeds in FY2024), and warrant exercises ($0.2 million in FY2024). The intended commercial model is licensing and commercialization partnerships for pipeline assets.

Products and services

Pipeline therapeutic candidates targeting autoimmune disorders, idiopathic male infertility, oncology, dermatology, rare disease, and animal health. Co-crystallization and solid-form chemistry platform based at Cambridge facilities, designed to improve drug properties and extend patent life by up to 20 years. AI-powered signature analysis applied in partnership with Sarborg Limited. AZD5658, a compound for Type 2 Diabetes Mellitus, was subject to a Phase I study assessing safety, tolerability, and pharmacokinetics.

Customers and end markets

No commercial customers disclosed. End markets are pharmaceutical licensing partners and potential acquirers of clinical-stage assets. Consulting services are sourced from Thesprogen PC, engaged for pharmaceutical and biotech development strategy.

Value-chain role

Clinical-stage drug developer and asset repositioner. Acquires deprioritized compounds with Phase I safety data from larger pharmaceutical companies, applies proprietary solid-form chemistry and AI-based analysis, and targets out-licensing or commercialization partnerships as the exit path.

Geographic exposure

Cambridge facilities referenced for solid-form chemistry operations. No geographic revenue breakdown disclosed.

Source: SEC 10-K, filed 2026-04-15

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