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Indaptus Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Core Insights - Indaptus Therapeutics has initiated a Phase 1b/2 combination trial for Decoy20 with the PD-1 inhibitor tislelizumab, marking a significant clinical milestone for the company [2][7] - The company raised approximately $5.7 million through the sale of convertible promissory notes, which has strengthened its balance sheet to support ongoing clinical development [2][8] - Indaptus plans to share initial data from the combination trial later this year, reflecting its commitment to advancing immunotherapy options for patients [11][12] Financial Highlights - Research and development expenses for Q2 2025 were approximately $2.2 million, up from $1.7 million in Q2 2024, primarily due to increased costs associated with the ongoing Phase 1 study [4] - General and administrative expenses for Q2 2025 were approximately $2.3 million, a slight decrease from $2.4 million in Q2 2024, attributed to reduced stock-based compensation and related expenses [5] - Loss per share for Q2 2025 was approximately $9.09, compared to $13.16 in Q2 2024, indicating an improvement in financial performance [6][20] Cash Flow and Liquidity - As of June 30, 2025, the company had cash and cash equivalents of approximately $6.2 million, an increase from $5.8 million at the end of 2024, which is expected to support operations into Q4 2025 [8] - Net cash used in operating activities for the first half of 2025 was approximately $9.1 million, up from $6.4 million in the same period of 2024, primarily due to increased research and development activities [9] - Net cash provided by financing activities for the first half of 2025 was approximately $9.4 million, significantly higher than $0.4 million in the first half of 2024, reflecting successful capital raising efforts [10] Clinical Development - The first patient has been dosed in the Phase 1b/2 study evaluating the combination of Decoy20 and tislelizumab, which aims to provide new treatment options for patients unresponsive to existing therapies [2][7] - Indaptus' Decoy platform is designed to activate both innate and adaptive immune responses, showing promise in preclinical studies for various cancers and viral infections [12]