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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:    
Net loss $ (17,802) $ (535)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on change in fair value of Cizzle option (1,280)
Gain on change in fair value of Vela option (970)
Loss on issuance of Vela option 987
Change in reserve for related party uncollectible loan (240)
Loss on debt extinguishment, net 707
Loss on related party loan forgiveness 12
Realized gain on short-term investments (8)
Unrealized foreign exchange gain 13 (39)
Loss (gain) on change in fair value of convertible notes payable (2,018) 426
Gain on change in FV of the warrants (221) (81)
Non-cash reduction of deferred income upon exercise of option liability (4,254)
Loss on issuance of warrants 2,710
Non-cash lease expense 89
Stock-based compensation expense 1,632 199
Issuance of Common Stock for licensing right 1,568
Non-cash interest expense 536 87
Depreciation expense 10
Amortization of financed Directors and Officers insurance 1,666 479
Amortization Expense 447
Amortization of debt discount 929
Issuance of common stock for services 202
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,273) (990)
Accounts payable 1,225 215
Accrued expenses and other current liabilities 1,030 (1,746)
Lease liability (124)
Intangible assets 5
Net cash flows from operating activities (9,682) (7,725)
Issuance of loan - related party (357)
Purchases of property and equipment (51)
Purchases of short-term investments (490)
Proceeds from the sale of short-term investments 498
Proceeds from issuance of option 497
Proceeds from loan repayment - related party 585
Net cash flows from investing activities (43) 725
Cash flows from financing activities:    
Proceeds from Merger and related PIPE Financing, net of transaction costs 8,493
Proceeds from the issuance of notes payable – related parties 2,626
Proceeds from the issuance of notes payable – related parties 600
Capital contribution - related party 150
Proceeds from issuance of common shares related to ATM program 3,328
Exercise of warrants 176
Repayment of notes payable (776)
Proceeds from issuance of warrants 113
Proceeds from issuance of convertible promissory note payable, carried at cost 2,286
Net cash flows from financing activities 6,067 10,929
Net change in cash and cash equivalents before effect of exchange rate changes (3,658) 3,929
Effect of exchange rate changes on cash and cash equivalents (16) 299
Net change in cash (3,674) 4,228
Cash and cash equivalents at beginning of period 4,228
Cash and cash equivalents at end of period 554 4,228
Non-cash investing and financing activities    
Right of Use Asset obtained in exchange for Operating Lease Liabilities 352
Correction of immaterial error related to franchise tax expense 144
Issuance of Common Stock upon exercise of conversion option 92
Issuance of Common Stock in exchange for debt extension 489
Conversion of deferred commission payable to convertible promissory note 5,378
Issuance of Conduit Pharmaceuticals Inc. common stock to Cizzle Biotechnology Holding PLC upon exercise of option 151
Issuance of Conduit Pharmaceuticals Inc. common stock to Vela Technologies PLC upon exercise of option 544
Exchange of Conduit Pharmaceuticals Limited convertible notes for shares of Conduit Pharmaceuticals Inc. common stock in connection with the Merger 3,685
Deferred Underwriting Costs 5,738
Prepaid expense of directors and officers insurance paid out of PIPE financings proceeds in connection with the Merger 2,253
Accumulated deficit assumed to APIC as a result of the business combination 6,124
Initial value of warrant liabilities issued in connection with PIPE Financing 223
Non-Cash Assets Assumed in the Merger Financing 91
Non-Cash Liabilities Assumed in the Merger Financing 124
Supplemental Cash Disclosures    
Cash paid for interest $ 80 $ 124