Financial Performance - The net loss for Q1 2025 was $4.5 million, compared to a net loss of $3.8 million in Q1 2024, with a loss per share of $0.32 versus $0.45 in the prior year[4][17]. - General and administrative expenses decreased to $1.8 million in Q1 2025 from $2.4 million in Q1 2024, mainly due to reduced payroll and legal fees[4]. - Net cash used in operating activities increased to $5.0 million in Q1 2025 from $3.9 million in Q1 2024, primarily due to heightened research and development activities[6]. Research and Development - Research and development expenses for Q1 2025 were $2.8 million, up from $1.6 million in Q1 2024, primarily due to a $1.5 million increase related to the Phase 1 clinical trial[3]. - The company initiated a Phase 1b/2 combination study of Decoy20 with the PD-1 checkpoint inhibitor Tislelizumab, focusing on safety and early anti-tumor activity signals[2][10]. - A total of 32 patients have been enrolled in the Decoy20 weekly dosing trial, which has shown a favorable safety profile and early signs of clinical benefit[2]. Capital and Assets - As of March 31, 2025, the company had cash and cash equivalents of $3.9 million, down from $5.8 million at the end of 2024, indicating a need for additional capital to fund ongoing activities[5]. - The total assets as of March 31, 2025, were $5.4 million, down from $7.3 million at the end of 2024, reflecting a decrease in cash and cash equivalents[15]. - Net cash provided by financing activities was $3.2 million in Q1 2025, significantly higher than $0.3 million in Q1 2024, attributed to the issuance of common stock and warrants[8]. Intellectual Property - The company expanded its intellectual property portfolio with new patents granted in China, Japan, and Israel for its Decoy platform[2][10].
Indaptus Therapeutics(INDP) - 2025 Q1 - Quarterly Results