Conduit Pharmaceuticals Inc. (Conduit) reported financial and operational results for the quarter ended June 30, 2024. Research and development expenses increased to $25,000, attributed to the development of co-crystals of AZD1656, targeting autoimmune diseases. General and administrative expenses rose to $3.1 million, driven by increases in salaries, stock compensation, insurance, and professional fees. Other income and expenses netted to a loss of $2.1 million, primarily due to the issuance of warrants for stockholder lock-up agreements. Interest expense was $119,000, related to convertible notes and deferred commission payable. The company's cash used in operating activities was $3.9 million, with a net decrease in cash of $4.0 million. Conduit received a Nasdaq deficiency letter for not meeting the minimum bid price requirement and has until February 10, 2025, to regain...Show More

Conduit Pharmaceuticals Inc. (Conduit) reported financial and operational results for the quarter ended June 30, 2024. Research and development expenses increased to $25,000, attributed to the development of co-crystals of AZD1656, targeting autoimmune diseases. General and administrative expenses rose to $3.1 million, driven by increases in salaries, stock compensation, insurance, and professional fees. Other income and expenses netted to a loss of $2.1 million, primarily due to the issuance of warrants for stockholder lock-up agreements. Interest expense was $119,000, related to convertible notes and deferred commission payable. The company's cash used in operating activities was $3.9 million, with a net decrease in cash of $4.0 million. Conduit received a Nasdaq deficiency letter for not meeting the minimum bid price requirement and has until February 10, 2025, to regain compliance. The company plans to monitor its stock price and may consider a reverse stock split to address the issue. Conduit entered into a License Agreement with AstraZeneca, granting exclusive rights to certain intellectual property for developing and commercializing specific clinical assets. The company issued 9,504,465 shares of common stock to AstraZeneca as part of the agreement. Additionally, Conduit secured a $2.65 million Senior Secured Promissory Note from Nirland Limited, a related party, to support operations.