₿$70,733.55▼ 2.97%
CDT Equity Inc.
CDT🇺🇸Reserve
CDT Equity Inc. (formerly Conduit Pharmaceuticals Inc.) is a clinical-stage specialty biopharmaceutical company based in Naples, Florida. The company adopted a cryptocurrency treasury reserve strategy in September 2025, purchasing BTC with existing cash reserves.
BTC Holdings
17.906 BTC
Insufficient history
Stock Price
$4.08
180d
Total financing
6.06M USD
180d
mNAV
15.21x
180d
Leverage
175.1%
180d
BTC Credit
0 bps0.6x
Sats/Share
379
180d
Mkt cap
19.27M USD
Shares
4.72M
Fiat reserve
3.84M USD
Total reserve
5.10M USD
Dilution
0.0%
Coverage
22.8 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPQuarterlyAs of 2025-09-30
Balance Sheet
Total Assets$8.6M▲7.0%
Total Liabilities$4.3M▼4.2%
Stockholders' Equity$4.3M▲21.2%
Cash & Equivalents$3.8M▲15.2%
Total Debt—
Digital Assets—
Income Statement
Revenue—
Operating Income$-7M▼42.0%
Net Income$-7.1M▼18.1%
Interest Expense$100K▲0.0%
Cash Flow
Operating Cash Flow$-10.9M▼67.8%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| CDT-AGP | Nov '24 – Dec '99 | 0% | 5.70M USD | 5.50M USD | — | 0.6x |
| CDT-Jul26 | Mar '26 – Jul '26 | 10% | 555.56K USD | 555.56K USD | — | >10x |
| Total | 6.06M USD | |||||
Recent Changes
Fri, Mar 27, 2026
Shares Outstanding
176.8K→4.7M+4.5M(+2570.5%)
Post 1:25 reverse split effective Mar 26, 2026; ~4,722,450 post-split shares
Form 8-K (1-for-25 reverse stock split)Tue, Mar 3, 2026
Debt OutstandingIssuanceCDT-Jul26
555.6K
Form 8-K (Senior Secured Convertible Note)
Wed, Feb 25, 2026
Shares Outstanding
51.1K→176.8K+125.8K(+246.3%)
Adjusted for 1:25 split Mar 2026 (pre-adjustment: 4,420,963)
DEF 14A (Special Meeting March 2026)Tue, Oct 28, 2025
Debt OutstandingConversionCDT-AGP
5.7M→5.5M-200.0K(-3.5%)
Partial conversion of $200K on Oct 28, 2025
Form 10-Q (Q3 2025)Fri, Oct 17, 2025
BTC Holdings
8.65→17.906+9.256 BTC(+107.0%)
BTC Holdings Tracker