CDT Equity Inc. is a clinical-stage biopharma with assets AZD1656, AZD5658, and AZD5904. It’s filing for an IPO after a 1-for-10 reverse split in July 2026 and a Nasdaq non-compliance notice in May.

The company has no revenue and posted a net loss of $37.15 million. Pipeline remains early-to-mid stage, so there’s no near-term commercial catalyst in the filing. Proceeds are tied to a restructuring story: $6.3 million in debt eliminated in June 2026, plus a SAFE note with Pep’d Inc. Use of proceeds details beyond that aren’t specified here. Risk is front and center. A 20.95% after-hours drop hit shares in September 2026 after disclosures on share issuance and leadership changes. Market cap sits near $8.45 million. Bottom line: a distressed, sub-$10M market cap biotech with a pre-revenue pipeline and fresh Nasdaq compliance scars is a tough IPO pitch in a cautious tape.

The company has no revenue and posted a net loss of $37.15 million. Pipeline remains early-to-mid stage, so there’s no near-term commercial catalyst in the filing.