Financial Performance - The company reported a loss per share of $1.61 for the fiscal year 2024, compared to $1.83 for the fiscal year 2023[8]. - Net loss narrowed from $15,423,471 in 2023 to $15,022,027 in 2024, representing a decrease of about 2.6%[21]. - Net loss per share improved from $(1.83) in 2023 to $(1.61) in 2024, reflecting a 12.0% enhancement[21]. - Comprehensive loss decreased from $15,519,905 in 2023 to $15,022,027 in 2024, a reduction of approximately 3.2%[21]. Research and Development - Research and development expenses for Q4 2024 were $2.5 million, up from $2.0 million in Q4 2023, primarily due to a $0.7 million increase in Phase 1 clinical trial expenses[4]. - Total research and development expenses for the fiscal year 2024 were $7.2 million, a decrease from $7.6 million in 2023, mainly due to a $1.3 million reduction in manufacturing process development costs[4]. - The company achieved a key clinical milestone by enrolling over 20 patients in the weekly dosing cohort of the Phase 1 trial of Decoy20[6]. - A clinical supply agreement was established with BeiGene to evaluate Decoy20 in combination with tislelizumab, with trial initiation expected in 2025[6]. - The company plans to increase trial sites to accelerate patient enrollment and expects to provide further clinical updates throughout 2025[15]. - Indaptus secured new patents in China, Japan, and Israel for Decoy bacteria compositions, enhancing its intellectual property position[6]. Cash and Cash Equivalents - As of December 31, 2024, cash and cash equivalents were $5.8 million, down from $13.4 million at the end of 2023, with a private placement in January 2025 generating net proceeds of $2.0 million[9]. - Cash and cash equivalents decreased from $13,362,053 at the beginning of the year to $5,786,753 at the end of the year, a decline of approximately 56.7%[23]. Operating Expenses - General and administrative expenses for Q4 2024 were $1.7 million, down from $2.2 million in Q4 2023, attributed to lower stock-based compensation and legal fees[5]. - Total operating expenses decreased from $16,378,474 in 2023 to $15,365,751 in 2024, a reduction of approximately 6.2%[21]. - Stock-based compensation decreased from $2,965,938 in 2023 to $2,305,849 in 2024, a decline of about 22.2%[23]. Cash Flow - Net cash used in operating activities for the fiscal year 2024 was $12.3 million, an improvement from $13.4 million in 2023[10]. - Net cash used in operating activities reduced from $13,405,315 in 2023 to $12,323,188 in 2024, a decrease of about 8.1%[23]. - Proceeds from the issuance of shares of common stock and warrants amounted to $5,510,591 in 2024, with issuance costs of $762,703[23]. Shareholder Information - The weighted average number of shares used in calculating net loss per share increased from 8,401,047 in 2023 to 9,355,710 in 2024, an increase of approximately 11.4%[21].
Indaptus Therapeutics(INDP) - 2024 Q4 - Annual Results