Conduit Pharmaceuticals Inc. (NASDAQ:CDT) shares are trading higher Thursday after the company announced that the Japan Patent Office granted a composition of matter patent for its lead asset, AZD1656. Here's what you need to know.

What To Know: AZD1656 is a glucokinase activator designed to target a range of autoimmune disorders. The patent approval in Japan comes after a similar patent was granted in Australia, marking continued progress in securing intellectual property protections for the company's assets.

"This approval represents another significant milestone in our efforts to maximize the value of our intellectual property portfolio," said David Tapolczay, CEO of Conduit Pharmaceuticals.

AZD1656 is part of Conduit's strategy to address unmet medical needs, particularly in diseases like Lupus and ANCA Vasculitis. Conduit Pharmaceuticals is also working on other assets, including AZD5658 and AZD5904, to expand its portfolio in the autoimmune space.

"The granting of this patent in Japan, one of the world's largest pharmaceutical markets, underscores the strength of our scientific and intellectual property strategy. We look forward to securing additional approvals in other major markets, further enhancing our global patent coverage and bolstering our out-licensing opportunities," Tapolczay added.

CDT Price Action: Conduit Pharmaceuticals shares were up 20.4% at 11 cents at the time of writing, according to Benzinga Pro.

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