Indaptus Therapeutics (INDP) Q2 2025 earnings summary

Executive summary

• Lead candidate Decoy20 advanced to Phase 1 clinical trials for advanced solid tumors, with a new combination study with Tislelizumab initiated in June 2025 and first patient dosed, marking a key clinical milestone.

• Completed weekly dosing cohorts and shifted focus to combination studies after enrolling 32 participants in weekly dosing and 13 in single-dose cohorts by May 2025.

• Early signs of clinical benefit observed, with manageable adverse events, including transient cytokine release syndrome.

• Raised $5.7 million in gross proceeds via private placement of convertible notes and warrants in June 2025, later converted to equity in July 2025.

• Strengthened executive visibility with Dr. Michael Newman named chair and expert speaker at a major industry summit.

Financial highlights

• Net loss for Q2 2025 was $5.2 million, a 30.2% increase year-over-year; net loss for the first half of 2025 was $9.8 million, up 24.8% from the prior year.

• Research and development expenses rose 26.4% year-over-year for Q2 and 50.6% for the first half, driven by higher clinical trial costs.

• General and administrative expenses decreased 4.4% in Q2 and 14.7% for the first half, mainly due to lower stock-based compensation and payroll, partially offset by transaction-related expenses.

• Cash and cash equivalents were $6.2 million as of June 30, 2025, expected to fund operations into Q4 2025.

• Net cash used in operating activities for the first half of 2025 was $9.1 million, up from $6.4 million in the prior year.

Outlook and guidance

• Cash runway extends into Q4 2025; additional capital will be needed to continue operations and clinical development beyond that period.

• Cost-reduction plan implemented in May 2025, including focus on the combination study, elimination of non-essential expenses, and temporary salary and board fee reductions.

• Ongoing efforts to secure additional funding through equity, debt, or strategic partnerships.

• Initial data from the combination trial's first cohort expected later in 2025.