Indaptus Therapeutics (INDP) Registration filing summary

Company overview and business model

• Clinical-stage biotechnology company developing systemically-administered anti-cancer and anti-viral immunotherapies based on attenuated and killed Gram-negative bacteria technology.

• Lead candidate Decoy20 is in Phase 1 trials for advanced solid tumors, with ongoing combination studies with anti-PD-1 antibody Tislelizumab.

• Technology aims to activate both innate and adaptive immune responses, showing synergy with multiple existing therapies in preclinical models.

• Recent clinical data show manageable safety profile and early signs of stable disease in some participants.

Financial performance and metrics

• As of June 30, 2025, cash and cash equivalents were $6.2 million (actual), $6.2 million (pro forma), and $10.5 million (pro forma as adjusted for the offering).

• Pro forma as adjusted stockholders' equity after the offering would be $9.2 million.

• Net tangible book value per share after the offering is estimated at $4.41, with immediate dilution of $1.99 per share to new investors at the assumed offering price.

• June 2025 private placement raised $5.7 million in convertible notes, converted into equity and warrants.

Use of proceeds and capital allocation

• Net proceeds (estimated at $4.3 million if fully subscribed) will fund research and development, working capital, and general corporate purposes.

• Management retains broad discretion over allocation; proceeds may be invested in short-term, interest-bearing instruments pending use.

• Proceeds, combined with existing cash, are expected to fund operations through March 2026 if the maximum is raised.