CDTTW
CDTTW
CDT Equity Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $720.12M ▲ | $163.05M ▲ | $255.42M ▲ | 35.47% ▲ | $1.73 ▼ | $87.54M ▲ |
| Q3-2025 | $0 | $6.15M ▲ | $-7.12M ▼ | 0% | $4.05 ▲ | $-6.28M ▼ |
| Q2-2025 | $0 | $4.95M ▲ | $-6.03M ▼ | 0% | $1.54 ▲ | $-5.14M ▼ |
| Q1-2025 | $0 | $3.62M ▲ | $-4.75M ▼ | 0% | $-1.32 ▼ | $-4.38M ▼ |
| Q4-2024 | $0 | $3.06M | $-2.41M | 0% | $3.88 | $-994K |
What's going well?
The company delivered a massive jump in revenue and swung from a loss to strong profitability. Margins improved sharply, and costs are well under control. The business is now generating significant cash and profit.
What's concerning?
The extreme volatility in revenue and profit raises questions about sustainability and predictability. 'Other' expenses are high, and the previous quarter's lack of sales suggests possible instability or seasonality.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $389.89M ▲ | $3.48B ▲ | $2.22B ▲ | $1.26B ▲ |
| Q3-2025 | $4.83M ▲ | $8.55M ▲ | $4.27M ▼ | $4.28M ▲ |
| Q2-2025 | $3.33M ▲ | $7.99M ▲ | $4.46M ▼ | $3.53M ▲ |
| Q1-2025 | $2.13M ▼ | $7.32M ▲ | $4.63M ▼ | $2.69M ▲ |
| Q4-2024 | $370.3M | $4.19M | $10.99M | $-6.79M |
What's financially strong about this company?
The company now has a much larger asset base and strong positive equity. Liquidity is healthy, and retained earnings are solid, showing either a turnaround or the addition of a profitable business.
What are the financial risks or weaknesses?
Debt has jumped to aggressive levels, and over 40% of assets are goodwill and intangibles, which could be written down if the acquisition doesn't perform. Cash is a smaller slice of the balance sheet, so flexibility is more limited.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $134.92M ▲ | $245M ▲ | $-64.26M ▼ | $-70.58M ▼ | $75.63M ▲ | $180.71M ▲ |
| Q3-2025 | $56.69M ▲ | $105.01M ▲ | $-39.8M ▼ | $-54.16M ▼ | $12.77M ▲ | $65.33M ▲ |
| Q2-2025 | $-6.03M ▼ | $-2.58M ▼ | $-1K ▲ | $3.76M ▲ | $1.2M ▲ | $-2.58M ▲ |
| Q1-2025 | $51.94M ▲ | $7.44M ▲ | $-24.18M ▼ | $-96.78M ▼ | $-111.31M ▼ | $-24.76M ▼ |
| Q4-2024 | $-2.41M | $-3.81M | $85K | $4.21M | $483K | $-3.81M |
What's strong about this company's cash flow?
Operating cash flow and free cash flow more than doubled this quarter, showing the business is scaling well. The company is self-funding, returning cash to shareholders, and building a large cash cushion.
What are the cash flow concerns?
A lot of cash is tied up in inventory and receivables, which could be a risk if sales slow. The big jump in cash flow may not be repeated if working capital swings reverse.
5-Year Trend Analysis
A comprehensive look at CDT Equity Inc.'s financial evolution and strategic trajectory over the past five years.
CDT Equity’s biggest positives are its sharp financial and operational inflection in 2025 and its clearly differentiated strategy. After years of losses and cash burn, the company is now generating meaningful revenue, healthy margins, and strong free cash flow, all while ramping up investment and even initiating dividends. On the strategic side, the combination of AI‑driven repurposing, solid‑form chemistry, and a lean, asset‑agnostic partnering model offers a distinctive angle in biotech that can, in principle, be scaled across many assets without building a full, capital‑intensive commercial infrastructure.
The main risks center on balance‑sheet fragility, concentration, and execution. Historically, CDT Equity has operated with negative equity, volatile debt levels, and tight liquidity, leaving little room for error if conditions deteriorate. Its financial success so far is dominated by a single year of strong results, with a large portion of its value tied to a few key assets and a still‑developing licensing track record. Clinical setbacks, delays in trials, difficulty closing attractive out‑licensing deals, or broader industry headwinds could quickly pressure both cash flows and the already weak historical capital structure. In addition, the heavy reliance on intangible assets from acquisitions increases exposure to potential write‑downs if expectations are not met.
The overall picture is of a company at a pivotal transition point. On one hand, 2025 results suggest that CDT Equity’s model can generate substantial revenue, profits, and cash once programs and partnerships mature. On the other hand, the short operating history at scale, lingering balance‑sheet issues up to 2024, and the inherent uncertainty of biotech development mean that outcomes remain wide‑ranging. Key areas to watch include the stability and recurrence of revenue, the health of the licensing pipeline, the trajectory of cash generation versus new investment, and evidence that the balance sheet is being rebuilt with stronger equity and liquidity buffers over time.
About CDT Equity Inc.
https://www.conduitpharma.comCDT Equity, Inc. engages in facilitating the development and commercialization of clinical assets. The company was founded by David Joszef Tapolczay and Freda C. Lewis-Hall in October 2021 is headquartered in Naples, FL.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $720.12M ▲ | $163.05M ▲ | $255.42M ▲ | 35.47% ▲ | $1.73 ▼ | $87.54M ▲ |
| Q3-2025 | $0 | $6.15M ▲ | $-7.12M ▼ | 0% | $4.05 ▲ | $-6.28M ▼ |
| Q2-2025 | $0 | $4.95M ▲ | $-6.03M ▼ | 0% | $1.54 ▲ | $-5.14M ▼ |
| Q1-2025 | $0 | $3.62M ▲ | $-4.75M ▼ | 0% | $-1.32 ▼ | $-4.38M ▼ |
| Q4-2024 | $0 | $3.06M | $-2.41M | 0% | $3.88 | $-994K |
What's going well?
The company delivered a massive jump in revenue and swung from a loss to strong profitability. Margins improved sharply, and costs are well under control. The business is now generating significant cash and profit.
What's concerning?
The extreme volatility in revenue and profit raises questions about sustainability and predictability. 'Other' expenses are high, and the previous quarter's lack of sales suggests possible instability or seasonality.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $389.89M ▲ | $3.48B ▲ | $2.22B ▲ | $1.26B ▲ |
| Q3-2025 | $4.83M ▲ | $8.55M ▲ | $4.27M ▼ | $4.28M ▲ |
| Q2-2025 | $3.33M ▲ | $7.99M ▲ | $4.46M ▼ | $3.53M ▲ |
| Q1-2025 | $2.13M ▼ | $7.32M ▲ | $4.63M ▼ | $2.69M ▲ |
| Q4-2024 | $370.3M | $4.19M | $10.99M | $-6.79M |
What's financially strong about this company?
The company now has a much larger asset base and strong positive equity. Liquidity is healthy, and retained earnings are solid, showing either a turnaround or the addition of a profitable business.
What are the financial risks or weaknesses?
Debt has jumped to aggressive levels, and over 40% of assets are goodwill and intangibles, which could be written down if the acquisition doesn't perform. Cash is a smaller slice of the balance sheet, so flexibility is more limited.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $134.92M ▲ | $245M ▲ | $-64.26M ▼ | $-70.58M ▼ | $75.63M ▲ | $180.71M ▲ |
| Q3-2025 | $56.69M ▲ | $105.01M ▲ | $-39.8M ▼ | $-54.16M ▼ | $12.77M ▲ | $65.33M ▲ |
| Q2-2025 | $-6.03M ▼ | $-2.58M ▼ | $-1K ▲ | $3.76M ▲ | $1.2M ▲ | $-2.58M ▲ |
| Q1-2025 | $51.94M ▲ | $7.44M ▲ | $-24.18M ▼ | $-96.78M ▼ | $-111.31M ▼ | $-24.76M ▼ |
| Q4-2024 | $-2.41M | $-3.81M | $85K | $4.21M | $483K | $-3.81M |
What's strong about this company's cash flow?
Operating cash flow and free cash flow more than doubled this quarter, showing the business is scaling well. The company is self-funding, returning cash to shareholders, and building a large cash cushion.
What are the cash flow concerns?
A lot of cash is tied up in inventory and receivables, which could be a risk if sales slow. The big jump in cash flow may not be repeated if working capital swings reverse.
5-Year Trend Analysis
A comprehensive look at CDT Equity Inc.'s financial evolution and strategic trajectory over the past five years.
CDT Equity’s biggest positives are its sharp financial and operational inflection in 2025 and its clearly differentiated strategy. After years of losses and cash burn, the company is now generating meaningful revenue, healthy margins, and strong free cash flow, all while ramping up investment and even initiating dividends. On the strategic side, the combination of AI‑driven repurposing, solid‑form chemistry, and a lean, asset‑agnostic partnering model offers a distinctive angle in biotech that can, in principle, be scaled across many assets without building a full, capital‑intensive commercial infrastructure.
The main risks center on balance‑sheet fragility, concentration, and execution. Historically, CDT Equity has operated with negative equity, volatile debt levels, and tight liquidity, leaving little room for error if conditions deteriorate. Its financial success so far is dominated by a single year of strong results, with a large portion of its value tied to a few key assets and a still‑developing licensing track record. Clinical setbacks, delays in trials, difficulty closing attractive out‑licensing deals, or broader industry headwinds could quickly pressure both cash flows and the already weak historical capital structure. In addition, the heavy reliance on intangible assets from acquisitions increases exposure to potential write‑downs if expectations are not met.
The overall picture is of a company at a pivotal transition point. On one hand, 2025 results suggest that CDT Equity’s model can generate substantial revenue, profits, and cash once programs and partnerships mature. On the other hand, the short operating history at scale, lingering balance‑sheet issues up to 2024, and the inherent uncertainty of biotech development mean that outcomes remain wide‑ranging. Key areas to watch include the stability and recurrence of revenue, the health of the licensing pipeline, the trajectory of cash generation versus new investment, and evidence that the balance sheet is being rebuilt with stronger equity and liquidity buffers over time.
CEO
Andrew Regan
Compensation Summary
(Year )
Ratings Snapshot
Rating : B-