Summary by Moomoo AI
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
