Conduit Pharmaceuticals has filed a prospectus to register up to 75 million shares of common stock for potential issuance upon conversion of a senior secured promissory note held by Nirland Limited. The note was issued in August 2024 for $2.65 million. Conduit will not receive proceeds from any sales by Nirland.The filing comes as Conduit faces financial challenges, with only $110,000 in cash as of November 22, 2024. The company warned it may need to curtail operations or seek bankruptcy protection without additional funding. Conduit is developing clinical assets for autoimmune disorders, including AZD1656 for lupus and vasculitis.The prospectus also notes Conduit has identified material weaknesses in its financial controls. Its stock closed at $0.095 on December 5 on Nasdaq, where it risks potential delisting. The company cautioned that substantial share issuance could significantly dilute existing stockholders.

Conduit Pharmaceuticals has filed a prospectus to register up to 75 million shares of common stock for potential issuance upon conversion of a senior secured promissory note held by Nirland Limited. The note was issued in August 2024 for $2.65 million. Conduit will not receive proceeds from any sales by Nirland.The filing comes as Conduit faces financial challenges, with only $110,000 in cash as of November 22, 2024. The company warned it may need to curtail operations or seek bankruptcy protection without additional funding. Conduit is developing clinical assets for autoimmune disorders, including AZD1656 for lupus and vasculitis.The prospectus also notes Conduit has identified material weaknesses in its financial controls. Its stock closed at $0.095 on December 5 on Nasdaq, where it risks potential delisting. The company cautioned that substantial share issuance could significantly dilute existing stockholders.