Indaptus Therapeutics (INDP) Q1 2025 earnings summary

Executive summary

• Lead candidate Decoy20 is in Phase 1 clinical trials for advanced solid tumors and lymphomas, with a combination study with Tislelizumab initiated in March 2025 following promising preclinical and early clinical data.

• As of May 2025, 13 participants received single-dose and 32 received weekly dosing of Decoy20; enrollment in weekly dosing concluded to focus on the combination study.

• Early data from Decoy20 weekly dosing shows favorable safety and clinical benefit, including stable disease.

• Expanded patent portfolio in China, Japan, and Israel for Decoy platform.

• Implemented a cost-reduction plan in May 2025 to prioritize and extend cash runway for the combination study.

Financial highlights

• Net loss for Q1 2025 was $4.53 million, a 19.1% increase year-over-year from $3.81 million in Q1 2024.

• Research and development expenses rose to $2.81 million, driven by increased Phase 1 clinical trial costs.

• General and administrative expenses decreased to $1.76 million, mainly due to lower payroll and legal fees.

• Cash and cash equivalents were $3.89 million as of March 31, 2025, down from $5.79 million at year-end 2024.

• Net cash used in operating activities was $5.0 million for Q1 2025, up from $3.9 million in Q1 2024.

Outlook and guidance

• Additional capital is required to fund operations beyond Q2 2025; a cost-reduction plan was implemented in May 2025, including salary and board fee reductions.

• Future capital needs depend on clinical progress, regulatory outcomes, and ability to secure financing or partnerships.

• No revenue is expected in the near term; commercial revenues are not anticipated for several years, if at all.

• Focus is shifting to the combination study of Decoy20 with Tislelizumab.