Conduit Pharmaceuticals Inc. (Conduit) reported its financial performance for the quarter ended September 30, 2024. The company experienced a significant increase in operating expenses, primarily due to research and development costs associated with a license agreement with AstraZeneca and the issuance of shares. Research and development expenses were $3.1 million for the quarter, driven by upfront payments and share issuance related to the license agreement for AZD1656 and other assets. General and administrative expenses also rose to $2.7 million, a 532% increase from the previous year, attributed to higher salaries, stock compensation, insurance, and professional fees. Other income and expenses saw a shift from a net income of $3.1 million in 2023 to a net expense of $0.3 million in 2024, due to a contingent liability and changes in the...Show More

Conduit Pharmaceuticals Inc. (Conduit) reported its financial performance for the quarter ended September 30, 2024. The company experienced a significant increase in operating expenses, primarily due to research and development costs associated with a license agreement with AstraZeneca and the issuance of shares. Research and development expenses were $3.1 million for the quarter, driven by upfront payments and share issuance related to the license agreement for AZD1656 and other assets. General and administrative expenses also rose to $2.7 million, a 532% increase from the previous year, attributed to higher salaries, stock compensation, insurance, and professional fees. Other income and expenses saw a shift from a net income of $3.1 million in 2023 to a net expense of $0.3 million in 2024, due to a contingent liability and changes in the fair value of options. Interest expense also increased to $0.3 million, up from $47,000 in the previous year, due to interest on convertible notes and deferred commission payable. The company's future plans include continuing to develop its product candidates, with a focus on diseases with large patient populations and unmet medical needs. Conduit plans to fund future operations through equity or debt financings, strategic partnerships, and potential licensing agreements following successful clinical trials.