Indaptus Therapeutics(INDP) - 2022 Q3 - Quarterly Report

Financial Performance - The net loss for Q3 2022 was $3.47 million, compared to a net loss of $3.37 million in Q3 2021, representing an increase of $99,201[96]. - The net loss attributable to common stockholders per share for Q3 2022 was $0.42, an improvement from $0.81 in Q3 2021[96]. - Net loss for the nine months ended September 30, 2022, was approximately $10.7 million, compared to a net loss of approximately $4.5 million for the same period in 2021, representing an increase of approximately $6.2 million (approximately 138%) in net loss[101]. Expenses - Research and development expenses for Q3 2022 were approximately $1.6 million, an increase of about $900,000 from $700,000 in Q3 2021[97]. - General and administrative expenses for Q3 2022 amounted to approximately $2 million, a decrease of about $700,000 from $2.7 million in Q3 2021[98]. - Total operating expenses for Q3 2022 were $3.55 million, compared to $3.37 million in Q3 2021, reflecting an increase of $184,558[96]. - Research and development expenses for the nine months ended September 30, 2022, were approximately $4.4 million, an increase of approximately $2.8 million (approximately 175%) compared to $1.6 million for the same period in 2021[102]. - General and administrative expenses for the nine months ended September 30, 2022, amounted to approximately $6.4 million, an increase of approximately $3.5 million (approximately 120%) compared to $2.9 million for the same period in 2021[104]. Cash Flow - Net cash used in operating activities was approximately $10.9 million for the nine months ended September 30, 2022, compared to approximately $7.8 million for the same period in 2021, indicating an increase of approximately $3.1 million (approximately 40%) in cash used[108]. - Net cash used in investing activities was approximately $21.5 million for the nine months ended September 30, 2022, primarily due to the purchase of marketable securities investments[109]. - As of September 30, 2022, the company had cash and cash equivalents and marketable securities of approximately $28.5 million, down from approximately $39.1 million as of December 31, 2021[106]. Future Plans - The company plans to commence a Phase 1 clinical trial targeting solid tumors before the end of 2022[80]. - The company expects substantial increases in research and development expenses as it ramps up clinical development activities[91]. - The company plans to commence the Phase 1 clinical trial, expecting a substantial increase in research and development expenses for the remainder of the year[102]. - The company anticipates needing significant additional financing in the future to fund operations, including progressing into additional clinical trials and obtaining regulatory approvals[113]. Mergers and Acquisitions - The company completed a merger with Decoy on August 3, 2021, which resulted in the business of Decoy becoming the business of the combined company[81]. Market Conditions - The company is closely monitoring the impact of the COVID-19 pandemic, which may negatively affect capital raise efforts and technology development[112].