Indaptus Therapeutics(US:INDP)2025-11-12 13:31Financial Performance - Net loss for the nine months ended September 30, 2025, was $12,736,466, compared to a net loss of $10,890,980 for the same period in 2024, indicating an increase in losses of approximately 16.9%[20] - Net loss for the three months ended September 30, 2025, was $2,975,117, slightly down from $3,069,036 in the same period of 2024, indicating a reduction of 3.1%[70] - For the nine-month period ended September 30, 2025, the Company incurred a net loss of approximately $12.7 million and had an accumulated deficit of approximately $73.2 million[30] - Net cash used in operating activities for the nine months ended September 30, 2025 was approximately $11.6 million, compared to $8.9 million in the same period of 2024[110] - Net cash provided by financing activities for the nine months ended September 30, 2025 was approximately $11.7 million, significantly higher than $2.9 million in the same period of 2024[111] Assets and Liabilities - Total assets decreased to $6,840,052 as of September 30, 2025, down from $7,338,756 as of December 31, 2024, representing a decline of approximately 6.8%[17] - Total current liabilities decreased to $2,234,325 as of September 30, 2025, compared to $3,393,881 as of December 31, 2024, a reduction of about 34.2%[17] - Total accounts payable and other current liabilities as of September 30, 2025, amounted to approximately $2.23 million, down from $3.31 million as of December 31, 2024[51] - Total prepaid expenses and other current assets as of September 30, 2025, were approximately $613,354, a decrease from $831,577 as of December 31, 2024[50] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $6,495,677, up from $4,771,152 in 2024, reflecting a growth of about 36.1%[20] - Research and development expenses for Q3 2025 were approximately $1.52 million, an increase of 3.5% from $1.47 million in Q3 2024, primarily due to higher clinical trial costs[95] - The company expects research and development expenses to increase substantially as clinical development activities ramp up[87] - The company is focused on developing a novel, multi-targeted product aimed at enhancing cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas[28] Financing Activities - The company issued 75,335 shares of common stock and warrants, netting $1,986,744 during the nine months ended September 30, 2025[22] - The Company raised net proceeds of approximately $1.75 million under the Standby Equity Purchase Agreement during the nine-month period ended September 30, 2025[30] - In June 2025, the Company raised total gross proceeds of approximately $5.7 million through the issuance of convertible notes[30] - The company completed a private placement offering in January 2025, raising approximately $2.0 million from the sale of 75,335 shares of common stock and warrants[57] - The company completed a private placement in June 2025, raising approximately $5.7 million through the issuance of convertible notes and warrants[104] Stock and Equity - Stock-based compensation for the nine months ended September 30, 2025, was $572,268, compared to $2,001,727 for the same period in 2024, showing a decrease of approximately 71.5%[24] - The weighted average number of shares used in calculating net loss per share, basic and diluted, was 689,174 for the nine months ended September 30, 2025, compared to 315,451 for the same period in 2024, an increase of about 118.5%[20] - The company executed a 1-for-28 reverse stock split on June 26, 2025, reducing outstanding common stock from 16,946,528 shares to 604,963 shares[32] - As of September 30, 2025, the company had 104,396 outstanding stock options with a weighted average exercise price of $125.59[53] - The company granted 3,301 stock options during the nine months ended September 30, 2025, with a weighted average fair value of $8.14 per share[54] Operational Insights - The company operates in one business segment focused on developing a novel anti-cancer and anti-viral immunotherapy[68] - General and administrative expenses for the three months ended September 30, 2025, were $1,130,764, a decrease of 32.6% compared to $1,676,020 in the same period of 2024[70] - General and administrative expenses for the nine months ended September 30, 2025 were approximately $5.2 million, a decrease of 19.3% from $6.4 million in the same period of 2024[101] - Total operating expenses for Q3 2025 were approximately $2.65 million, down 15.7% from $3.14 million in Q3 2024[94] Concerns and Risks - There is substantial doubt about the Company's ability to continue as a going concern due to ongoing losses and cash utilization[31] - Economic conditions such as inflation and interest rates may negatively impact the company's ability to access capital, affecting both short-term and long-term liquidity[84] - The company is currently not aware of any legal proceedings or claims that would significantly affect its business or financial position[128] - There have been no material changes to risk factors from those disclosed in the previous filings[129] Compliance and Governance - The management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2025, concluding they were effective at the reasonable assurance level[124] - There were no changes in internal control over financial reporting that materially affected the company during the quarter ended September 30, 2025[125] - The company has filed various exhibits related to its corporate governance and financial reporting[134]