Indaptus Therapeutics(INDP) - 2025 Q3 - Quarterly Results

Financial Performance - Loss per share for Q3 2025 was approximately $2.98, compared to approximately $9.04 for Q3 2024[6] - The 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, representing an increase in loss of approximately 16.9%[18] - The net loss per share for the three months ended September 30, 2025, was $(2.98), compared to $(9.04) for the same period in 2024, showing a decrease in loss per share of about 67.0%[16] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were approximately $5.8 million, expected to support operations into Q1 2026[7] - Cash and cash equivalents at the end of the period on September 30, 2025, were $5,825,639, a decrease from $7,380,686 at the end of the same period in 2024, reflecting a decline of approximately 21.1%[18] - Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million, an increase of about $2.7 million from $8.9 million in the same period of 2024[8] - Net cash used in operating activities for the nine months ended September 30, 2025, was $(11,632,743), compared to $(8,927,441) for the same period in 2024, indicating an increase in cash outflow of about 30.3%[18] - Net cash provided by financing activities for the nine months ended September 30, 2025, was approximately $11.7 million, compared to $2.9 million in the same period of 2024[9] - The company raised approximately $2.3 million in September 2025 through its at-the-market facility[2] - Proceeds from the issuance of convertible promissory notes amounted to $5,714,800 during the nine months ended September 30, 2025, with no such proceeds reported in the same period in 2024[18] Expenses - Research and development expenses for Q3 2025 were approximately $1.52 million, an increase of about $50,000 from $1.47 million in Q3 2024[3] - General and administrative expenses for Q3 2025 were approximately $1.1 million, a decrease of about $0.6 million from $1.7 million in Q3 2024[4] - The ongoing Phase 1 study saw an increase of $2.6 million in research and development expenses for the nine months ended September 30, 2025[3] - Research and development expenses for the three months ended September 30, 2025, were $1,517,723, compared to $1,466,037 for the same period in 2024, reflecting an increase of approximately 3.5%[16] - Total operating expenses for the nine months ended September 30, 2025, were $11,677,809, compared to $11,194,181 for the same period in 2024, indicating an increase of about 4.3%[16] - The company reported stock-based compensation of $572,268 for the nine months ended September 30, 2025, compared to $2,001,727 for the same period in 2024, indicating a decrease of approximately 71.4%[18] Assets and Equity - Total assets as of September 30, 2025, were approximately $6.84 million, down from $7.34 million as of December 31, 2024[14] - Total stockholders' equity as of September 30, 2025, was approximately $4.61 million, an increase from $3.94 million as of December 31, 2024[14] Convertible Promissory Notes - The change in fair value of convertible promissory notes resulted in a loss of $(1,153,421) for the nine months ended September 30, 2025, with no such loss reported in the same period in 2024[18] - The weighted average number of shares used in calculating net loss per share for the nine months ended September 30, 2025, was 689,174, compared to 315,451 for the same period in 2024, reflecting an increase of approximately 118.5%[16]