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Here are 1-3 brief analogies for CDT Equity:

• Think of it as a Japanese version of Simon Property Group, but owning a diversified portfolio of offices, retail, residential, and hotel properties across Japan, rather than solely malls.
• It's similar to Equity Residential, but instead of focusing on U.S. apartments, it holds a broad mix of offices, shops, homes, and hotels throughout Japan.
• Imagine a major real estate firm like Brookfield Asset Management, but structured as a REIT and exclusively investing in a diversified portfolio of properties across Japan.

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• Real Estate Investment: Acquiring, owning, and managing a diverse portfolio of income-generating real estate properties across various sectors.
• Property Management: Providing comprehensive management services for its owned real estate assets, encompassing leasing, maintenance, and tenant relations.
• Real Estate Development: Undertaking the development and redevelopment of properties to create value, expand its asset base, and generate future income streams.

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Information regarding the major customers for a public company specifically named "CDT Equity" with the stock symbol "CDT" is not readily available in public financial databases or company reports.

It is possible that:

• The company is highly niche, has a limited public profile, or is primarily a private entity.
• The stock symbol "CDT" may refer to a different company, or "CDT Equity" is a name not widely associated with an actively traded public company that provides detailed customer breakdowns in its public filings.
• If "CDT Equity" were an investment firm, a real estate investment trust (REIT), or a holding company, its "customers" might be investors (institutional or individual) rather than traditional purchasers of goods or services. In such cases, specific customer names are typically not disclosed publicly, or its revenue sources (e.g., tenants for a REIT) are too numerous or varied to list individually as "major customers" in this context.

Without definitive public information on the primary business operations and filings of a company matching "CDT Equity" (CDT), it is not possible to accurately identify its major customers or categorize its individual customers as requested.

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Dr. Andrew Regan, Chief Executive Officer

Dr. Andrew Regan is a British-born polar explorer and entrepreneur who serves as the founder and Chief Executive Officer of Corvus Capital. He sold Hobson Plc in 1996 for £154 million through a recommended cash takeover. After the sale of Hobson Plc, Dr. Regan invested in numerous public and private companies and was a founding shareholder in ASOS, Imperial Energy, and IB Daiwa, all of which achieved valuations exceeding $1 billion. He was appointed CEO of CDT Equity in April 2025 and directly owns 41.63% of the company's shares.

James Bligh, Chief Financial Officer

James Bligh was appointed as the permanent Chief Financial Officer of CDT Equity Inc. effective August 4, 2025, having previously served as Interim Chief Financial Officer since May 2024. He is also a co-founder of Conduit Pharmaceuticals Limited in 2019 and has been a member of its board of directors since its inception. From 2008 to 2019, Mr. Bligh worked as a Partner with the investment vehicle Corvus Capital Limited, where he led various reverse takeover transactions, stock market listings, initial public offerings, secondary fundraisings, and merger transactions. His experience includes advising special purpose acquisition vehicles in listing on the London Stock Exchange.

Dr. Joanne Holland, Chief Scientific Officer

Dr. Joanne Holland brings over 20 years of experience to her role as Chief Scientific Officer at CDT Equity (formerly Conduit Pharmaceuticals), with expertise across the entire development spectrum.

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The key risks to CDT Equity's business are primarily centered around its financial viability, the inherent challenges of drug development, and its reliance on external partnerships and volatile digital assets.

1. Going Concern and Need for Additional Financing: CDT Equity, as a pre-revenue clinical-stage biopharmaceutical company, faces substantial doubt about its ability to continue operations without securing additional equity or debt financing. The company has reported significant net losses and, as of a recent quarterly report, had less than one year of cash runway based on its current free cash flow. Management has explicitly flagged "substantial doubt" about its ability to continue as a going concern beyond 12 months without further capital.

2. Risks Associated with Clinical-Stage Drug Development and Regulatory Approval: CDT Equity's core business involves the development of pharmaceutical products. This process is inherently risky, with no guarantee of success in preclinical or clinical trials. Obtaining regulatory approvals requires significant time and financial resources, and there is no assurance that the company will successfully develop its current or future clinical assets or achieve the necessary approvals.

3. Dependence on Third-Party Partnerships and Cryptocurrency Treasury Strategy: The company's business model relies heavily on strategic partnerships and licensing agreements for the development and potential commercialization of its assets, leading to operational risks tied to these material agreements, such as those with AstraZeneca and Sarborg. Furthermore, CDT Equity has recently adopted a cryptocurrency treasury reserve strategy, including increasing its Bitcoin holdings. This introduces exposure to the high volatility and unpredictable nature of digital assets, as evidenced by an already reported unrealized net loss on these assets.

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Here are 3-5 expected drivers of future revenue growth for CDT Equity (CDT) over the next 2-3 years:

1. Advancement and Commercialization of Pipeline Assets: CDT Equity is a clinical-stage biopharmaceutical company with a pipeline that includes AZD1656 and AZD5904, both of which have completed Phase I trials. Future revenue growth is expected to be driven by the successful progression of these therapeutic assets through further clinical development, regulatory approvals, and eventual commercialization or out-licensing.
2. Strategic Partnerships and Licensing Agreements: The company's strategy involves creating shareholder value through licensing and strategic partnerships. Securing new licensing deals for its therapeutic assets or leveraging its data-driven biopharmaceutical development platform with other companies could provide significant revenue streams.
3. AI-Driven Asset Repositioning and New Product Development: CDT Equity emphasizes its use of artificial intelligence for identifying, enhancing, and advancing high-potential therapeutic assets. The company has already identified new biological targets through its AI-driven repurposing strategy and filed new patents for AI-driven combination discoveries. Successful development and commercialization of new products or repositioned assets discovered through this AI-driven approach are expected to contribute to future revenue growth.
4. Strategic Mergers and Acquisitions (M&A): CDT Equity is committed to creating shareholder value through strategic M&A activities. This could involve acquiring revenue-generating assets or companies that complement its existing pipeline and technological capabilities, thereby expanding its revenue base.

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Share Repurchases

• On April 10, 2025, Conduit Pharmaceuticals (now CDT Equity) announced a share repurchase program authorizing the buyback of up to $1,000,000 of its outstanding common stock.
• The company's Board of Directors initiated this program believing the current market price does not reflect the stock's underlying value.
• The program does not have a fixed expiration date and can be adjusted or terminated at any time.

Share Issuance

• CDT Equity Inc. approved a 1-for-8 reverse stock split, which became effective on October 10, 2025.
• Trading on a reverse stock split-adjusted basis began on Nasdaq on October 13, 2025.
• This action reduced the number of outstanding common shares to approximately 1,352,448 and was expected to increase the amount of funds the company might be able to raise.

Outbound Investments

• CDT Equity has implemented a cryptocurrency treasury reserve strategy, initially focusing on Bitcoin (BTC), to diversify its balance sheet and enhance long-term shareholder value.
• On October 17, 2025, the company acquired 9.25648743 Bitcoin for an aggregate purchase price of approximately $1,005,000, at an average price of $108,301.75 per BTC, increasing its total Bitcoin holdings to 17.9090111 BTC.
• The company's initial step into this strategy was on September 17, 2025, with the purchase of 8.65252366 Bitcoin for $1 million, at an average price of $115,285 per BTC.