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

Core Viewpoint - Indaptus Therapeutics, Inc. reported its financial results for Q3 2025, highlighting ongoing clinical trials and financial performance, including a recent capital raise of approximately $2.3 million to strengthen its balance sheet [1][2]. Financial Highlights - 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, primarily due to a $0.35 million increase in the ongoing Phase 1 study [3]. - For the nine months ended September 30, 2025, research and development expenses totaled approximately $6.5 million, up by $1.7 million from $4.8 million in the same period in 2024, mainly due to a $2.6 million increase in the Phase 1 study [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, primarily due to a reduction in stock-based compensation and payroll-related expenses [4]. - Loss per share for Q3 2025 was approximately $2.98, compared to approximately $9.04 for Q3 2024, indicating a significant reduction in losses [5]. - As of September 30, 2025, the company had cash and cash equivalents of approximately $5.8 million, which is expected to support operations into Q1 2026 [6][7]. Operational Updates - The company completed the Safety Lead-In cohort, dosing six evaluable participants with the combination of Decoy20 and tislelizumab, with three participants achieving stable disease at the first assessment [2]. - Enrollment for the trial has been paused pending further efficacy evaluations of remaining participants and to assess future development options [2]. - The company raised approximately $2.3 million in September 2025 through its at-the-market facility, enhancing its financial position [2]. Cash Flow and Financing Activities - Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million, compared to $8.9 million for the same period in 2024, primarily due to increased research and development activities [8]. - 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 for the same period in 2024 [9].