Indaptus Therapeutics (INDP) Q4 2024 earnings summary

Executive summary

• Achieved key clinical milestone with over 20 patients enrolled in the weekly dosing cohort of the Phase 1 Decoy20 trial, showing early signs of stable disease and favorable safety profile.

• Entered a clinical supply agreement with BeiGene to evaluate Decoy20 in combination with tislelizumab, with trial initiation expected in 2025.

• Expanded intellectual property with new patents in China, Japan, and Israel for Decoy bacteria compositions targeting HBV and HIV.

• Received Health Canada authorization to expand clinical trial sites and presented promising data at major oncology conferences.

Financial highlights

• Research and development expenses were $2.5M for Q4 2024 (up from $2.0M in Q4 2023) and $7.2M for FY 2024 (down from $7.6M in FY 2023).

• General and administrative expenses were $1.7M for Q4 2024 (down from $2.2M in Q4 2023) and $8.1M for FY 2024 (down from $8.8M in FY 2023).

• Net loss for FY 2024 was $15.0M, compared to $15.4M in FY 2023; loss per share improved to $1.61 from $1.83.

• Cash and cash equivalents were $5.8M as of December 31, 2024, down from $13.4M at year-end 2023.

• Net cash used in operating activities was $12.3M for FY 2024, compared to $13.4M in FY 2023.

Outlook and guidance

• Plans to initiate combination study with BeiGene's tislelizumab in 2025.

• Aims to increase trial sites to accelerate enrollment and provide further clinical updates throughout 2025.

• Expects current cash to support operations into Q2 2025, excluding additional funding or business development.