• Business Combination Facilitation: The company's primary activity is to effect a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization with one or more target businesses.
• Target Business Identification: Identifying potential acquisition targets, with a specific focus on businesses within the real estate industry and related technologies.

CDT Equity (Murphy Canyon Acquisition Corp.) is a Special Purpose Acquisition Company (SPAC) that does not have significant operations or traditional customers. Its primary business model involves identifying and merging with an existing private operating company. Therefore, it does not sell products or services to other companies or individuals.

Dr. Andrew Regan Chief Executive Officer

Dr. Regan is a British-born polar explorer and entrepreneur based in Saint Barths. He is the founder and Chief Executive Officer of Corvus Capital. Dr. Regan previously sold Hobson Plc in 1996 for £154 million through a recommended cash takeover. He was also a founding shareholder in companies such as ASOS and Imperial Energy.

James Bligh Chief Financial Officer

Mr. Bligh co-founded Conduit Pharmaceuticals Limited in 2019.

Dr. Joanne Holland Chief Scientific Officer

Dr. Holland brings over 20 years of experience to her role as CSO at Conduit, with expertise spanning the entire development spectrum.

Dr. Freda Lewis-Hall Chair of the Board of Directors

In her 35-year career in medicine, Dr. Lewis-Hall served as Pfizer, Inc.'s Chief Medical Officer and Executive Vice President until 2018, and as Chief Patient Officer and Executive Vice President in 2019. She held senior leadership positions in medical affairs and product development with Vertex, Bristol-Myers Squibb, Pharmacia, and Eli Lilly and Company. Dr. Lewis-Hall also served on the board of directors of SpringWorks Therapeutics.

Chele Chiavacci Farley Chair of Audit Committee

Ms. Farley has been a Partner and Managing Director of Mistral Capital International, a private equity firm, since 1995. In this role, she originates, evaluates, and executes equity investment opportunities, creates and implements deal and financial structures, negotiates credit facilities with banks, and oversees management. She also serves as President and a board member of Palmilla San Jose Inmobiliaria. Prior to Mistral, Ms. Farley was Vice President of Tricap International from 1994 to 1995.

The key risks to CDT Equity (symbol: CDT) are primarily associated with its operations as a clinical-stage biopharmaceutical development company, a significant shift from its initial purpose as a Special Purpose Acquisition Company (SPAC) focused on real estate. The company, formerly Murphy Canyon Acquisition Corp. and then Conduit Pharmaceuticals Inc., is now a data-driven biopharmaceutical firm developing high-potential therapeutic assets.

1. Clinical Development and Regulatory Approval Risk: CDT Equity's business model relies on identifying, enhancing, and advancing therapeutic assets for various conditions, including autoimmune disorders and idiopathic male infertility. As of December 31, 2023, its clinical assets are still in development and have not received approval from the FDA or any other regulatory body. The company has not yet demonstrated its ability to generate revenue, and there is no guarantee it will ever achieve profitability through its drug development efforts. Even if successful in building its pipeline, the identified assets may not be suitable for clinical development or find suitable licensing partners for further progression and commercialization.
2. Financial Health and Profitability Challenges: The company currently reports zero revenue growth and a significantly negative Earnings Per Share (EPS) of -307.66, indicating substantial hurdles in achieving profitability. Financial analyses highlight concerns, including a low Piotroski F-Score, suggesting poor business operations, and a Sloan Ratio pointing to a poor quality of earnings. The company's very low market capitalization (approximately $2.45 million to $3.3 million as of early March 2026) and substantial stock price decline (down 99% over the past year) underscore investor skepticism about its financial viability and future prospects.
3. High Stock Volatility and Shareholder Dilution: CDT Equity has experienced extreme stock price volatility, with its shares considered "very high risk." Additionally, shareholders have faced substantial dilution over the past year, reflecting the financial instability and capital-raising activities often associated with early-stage biopharmaceutical companies.

Expected Drivers of Future Revenue Growth for CDT Equity (CDT) over the Next 2-3 Years

CDT Equity Inc., which operates as Conduit Pharmaceuticals Inc. following its business combination with Murphy Canyon Acquisition Corp. in September 2023, is a clinical-stage specialty biopharmaceutical company focused on developing and advancing high-potential therapeutic assets. The company's revenue growth over the next 2-3 years is expected to be driven by the following factors:

1. Successful Advancement and Out-licensing of Therapeutic Assets: Conduit Pharmaceuticals' primary business model involves identifying and developing clinical-stage assets, such as AZD1656 and AZD5904, through Phase II trials. Future revenue is anticipated from upfront payments, milestone achievements, and potential royalties generated from licensing these developed assets to larger pharmaceutical companies.
2. Expansion through AI-Driven Drug Discovery via Sarborg Acquisition: A significant driver of future growth is the strategic acquisition of a 20% stake in Sarborg Limited, an "agentic AI signature intelligence business," in February 2026. This acquisition is expected to provide "transformational growth" by integrating scalable AI capabilities across pharmaceuticals, bacteria, and agrochemicals, enhancing the identification and development of new therapeutic assets for its pipeline.
3. New Strategic Partnerships and Collaborations: The company's disease-agnostic approach and efficient model for compound development position it for further strategic partnerships. New collaborations with major pharmaceutical companies or other entities could lead to additional funding, shared development costs, and milestone payments, thereby expanding its revenue streams.
4. Monetization of Sarborg's AI Capabilities: Beyond direct pharmaceutical development, the investment in Sarborg could unlock additional revenue opportunities through licensing its AI signature intelligence to other industries or offering AI-driven services, particularly in the broader life science, bacteria, and agrochemical sectors where Sarborg operates.

Share Repurchases

• Conduit Pharmaceuticals, which later became CDT Equity Inc., authorized a share repurchase program of up to $1,000,000 in April 2025.

Share Issuance

• Murphy Canyon Acquisition Corp. completed its Initial Public Offering (IPO) in February 2022, raising $132.25 million through the issuance of 13,225,000 units, each consisting of common stock and warrants.
• Prior to its business combination in September 2023, Murphy Canyon Acquisition Corp. closed a $20 million Private Investment in Public Equity (PIPE).
• In January 2025, Conduit Pharmaceuticals, which later became CDT Equity, implemented a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement.

Inbound Investments

• Murphy Canyon Acquisition Corp. raised $132.25 million through its Initial Public Offering (IPO) in February 2022.
• A $20 million Private Investment in Public Equity (PIPE) from a single institutional investor was completed in September 2023, immediately before Murphy Canyon Acquisition Corp.'s merger with Conduit Pharmaceuticals.
• Murphy Canyon Acquisition Sponsor, LLC, the SPAC's sponsor, purchased 754,000 placement units for $7,540,000 in connection with the IPO.

Outbound Investments

• Murphy Canyon Acquisition Corp. completed its business combination (reverse merger) with Conduit Pharmaceuticals Limited on September 22, 2023. This transaction resulted in Conduit Pharmaceuticals becoming the publicly traded entity, later renamed CDT Equity Inc.
• In February 2026, CDT Equity acquired a strategic stake in Sarborg Limited. This involved an exchange of CDT Equity common stock and pre-funded warrants, and a commitment to pay $8 million in cash, deferred until the company secures at least $20 million through a specific financing program.

Capital Expenditures

• No significant capital expenditures were explicitly reported for Murphy Canyon Acquisition Corp. as a Special Purpose Acquisition Company (SPAC), nor for Conduit Pharmaceuticals/CDT Equity Inc. as a biopharmaceutical development company, within the 3-5 year period.