Indaptus Therapeutics (INDP) Q3 2025 earnings summary

Executive summary

• Lead candidate Decoy20 is in Phase 1 clinical trials for advanced solid tumors, with a combination study with Tislelizumab ongoing; Safety Lead-In cohort completed, showing tolerable safety and early stable disease in three of six participants, with enrollment paused for further efficacy evaluation.

• No revenue from product sales; operations funded by equity and debt offerings, including $2.3 million raised in September 2025 and $5.7 million in promissory notes converted to equity in July 2025.

Financial highlights

• Net loss for Q3 2025 was $3.0 million, with a nine-month net loss of $12.7 million, up from $10.9 million year-over-year; net loss per share for Q3 2025 was $(2.98), improved from $(9.04) in Q3 2024.

• Research and development expenses for the nine months ended September 30, 2025, rose 36.1% to $6.5 million, mainly due to increased Phase 1 study costs.

• General and administrative expenses for the nine months decreased 19.3% to $5.2 million, mainly due to lower stock-based compensation and payroll.

• Cash and cash equivalents were $5.8 million as of September 30, 2025, expected to fund operations into Q1 2026.

Outlook and guidance

• Cash runway expected to fund operations into Q1 2026; additional capital will be required to continue development.

• Cost-reduction plan implemented in May 2025, including temporary salary and board fee reductions.

• Enrollment in the combination trial paused pending further efficacy data and development assessment; more data expected by year-end.