Indaptus Therapeutics, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
INDP$3.32+5.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023362
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037579
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 58 previous paragraphs and 62 current paragraphs.
36 unchanged; 13 reworded; 11 added; 8 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
We are a clinical-stage biotechnology company that has historically focused on developing a novel and patented systemically-administered anti-cancer and anti-viral immunotherapy platform. During the second quarter of 2026, we also began evaluating our strategic alternatives, including a potential Post-Investment Transaction, involving an investment in or acquisition of an operating business, while continuing to evaluate our existing therapeutic assets and related research initiatives.
Current report
During the second quarter of 2026, we discontinued further enrollment in our combination study, there are no participants remaining in any active Decoy20 clinical study, and we substantially reduced activities related to the further development of Decoy20 while we evaluate strategic alternatives for our business and therapeutic assets.
Current report
During the second quarter of 2026, we also started a research collaboration with Kunming University of Science and Technology in the areas of neurological research and sleep, which we are evaluating as a complementary research initiative while we continue to evaluate the Company’s Decoy platform and Decoy20 assets from a scientific and strategic perspective, including the existing data, mechanism of action, potential applications, and possible licensing, partnership or other strategic opportunities.
Current report
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
Our general and administrative expenses for the six months ended June 30, 2026 and 2025 were $3.1 million and $4.1 million, respectively, representing a decrease of $0.9 million or 23%. The decrease was primarily attributable to a decrease in certain expenses related to the transition of management as well as a decrease in payroll and related expenses due to reductions to headcount and base salaries.
Current report
Other Income (Expense), net
Current report
The change in our other income (expense), net between the six months ended June 30, 2026 and 2025 was approximately $0.4 million and consists primarily of the change in the fair value of outstanding convertible promissory notes during the six months ended June 30, 2025 offset by the warrant repricing in February 2026.
Current report
On June 17, 2026, the Company entered into the Private Placement pursuant to which the Company agreed to issue and sell an aggregate of 20,000,000 shares of its common stock at a purchase price of $0.60 per share. The aggregate gross proceeds to the Company from the Private Placement were approximately $12.0 million before deducting offering expenses payable by the Company. The Private Placement was conducted directly by the Company, and no commissions or other compensation were paid in connection with it.
Current report
We believe that our cash and cash equivalents of approximately $7.6 million as of June 30, 2026, together with approximately $4.0 million held in certificates of deposit that are available for withdrawal will provide us with sufficient liquidity to fund our operating expenses and capital expenditure requirements through the second quarter of 2027. During this period, we may also seek to further strengthen our capital position through additional equity financings to further support our operational goals or maintain strategic flexibility. Accordingly, we believe that our cash resources are adequate for our anticipated near-term operating needs.
Current report
These expectations are based on management’s current assumptions, which involve risks and uncertainties, and actual resource requirements may differ materially. If our liquidity needs exceed current projections, or if additional capital cannot be obtained on acceptable terms, we may adjust the scale or timing of our research and development activities accordingly. For additional discussion of our liquidity and financial condition, see Note 1 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
Current report
During the six months ended June 30, 2026, the Company invested $4.0 million in certificates of deposit.
Removed paragraphs (8)
Previous report
We are a clinical biotechnology company developing a novel and patented systemically-administered anti-cancer and anti-viral immunotherapy. We have evolved from more than a century of immunotherapy advances. Our approach is based on the hypothesis that efficient activation of both innate and adaptive immune cells and associated anti-tumor and anti-viral immune responses will require a multi-targeted package of immune system activating signals that can be administered safely intravenously. Our patented technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria, designed to have reduced i.v. toxicity, but largely uncompromised ability to prime or activate many of the cellular components of innate and adaptive immunity. This approach has led to broad anti-tumor and anti-viral activity in preclinical models, including durable anti-tumor response synergy observed with each of four different classes of existing agents, including NSAIDs, checkpoint therapy, targeted antibody therapy and low-dose chemotherapy. Tumor eradication by our technology has demonstrated activation of both innate and adaptive immunological memory and, importantly, did not require provision of or targeting a tumor antigen in preclinical models. In 2023, we initiated a Phase 1 clinical trial with our lead clinical candidate, Decoy20, in patients with advanced solid tumors where currently approved therapies have failed. In May 2025, we decided to conclude enrollment in the dosing of Decoy20 as a monotherapy and focus on the Combination Study. We have discontinued further enrollment in the Combination Study and there are no participants remaining in the study. We do not have any current plans to initiate a new clinical trial.
Previous report
In addition to the development of systemically-administered immunotherapy programs for oncology and other immune-mediated diseases, we are currently in the process of evaluating our strategic options for a Post-Investment Transaction, including but not limited to, pursuing a strategic transaction involving either an investment in or acquisition of a target company to create future growth opportunities for both the Company and its stockholders. Our investments in any such strategic options will be based on scientific validation, clinical and regulatory considerations, resource availability, and overall strategic planning. We expect to continue advancing our existing therapeutic development activities while assessing how these additional research capabilities can be utilized to promote health and may contribute to our longer-term development strategy.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
We believe that our cash and cash equivalents of approximately $1.5 million as of March 31, 2026 will enable us to fund our operating expenses and capital expenditure requirements through the second quarter of 2026. We will need to increase our capital resources through equity or debt financings, and we may need to do so sooner than we expect. If sources of financing are available, they may result in substantial dilution to our stockholders. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms or in the amounts required, if at all. If we are unable to consummate a financing or other transaction, we may need to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects, or cease operations. These conditions raise substantial doubt regarding our ability to continue as a going concern within one year after the date of this prospectus. For additional information, see Note 1 to our unaudited interim condensed consolidated financial statements included elsewhere in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect.
Previous report
There was no net cash provided by or used in investing activities for the three months ended March 31, 2026 and 2025.
Reworded paragraphs (13)
Previous wording
In April 2026, the Company appointed Joe Z. Tsien as a scientific consultant to support the Company’s ongoing evaluation of certain research and data-related initiatives involving sleep-related biological signals, neurophysiological activity patterns, immune-therapeutic response pathways and functional physiological assessment methods.
Current wording
In April 2026, the Company appointed Joe Z. Tsien as a scientific consultant to support the Company’s ongoing evaluation of certain research and data-related initiatives involving sleep-related biological signals, neurophysiological activity patterns, immune-therapeutic response pathways and functional physiological assessment methods. We continue to evaluate how these additional research capabilities may contribute to our longer-term scientific and strategic objectives.
Previous wording
Currently, we have discontinued further enrollment to the Combination Study and there are no participants remaining in the study. We do not have any current plans to initiate a new clinical trial. As a result, we expect our research and development expenses to decrease in the short term.
Current wording
Currently, we have discontinued further clinical development of Decoy20 and there are no participants remaining in the study. We do not have any current plans to initiate a new clinical trial. As a result, we expect our research and development expenses to decrease in the short term.
Previous wording
With the discontinuation and winding down of the Combination Study, we expect our general and administrative expenses to decrease in the short term, however, this may be offset by additional costs related to any Post Investment Transaction.
Current wording
With the discontinuation and winding down of the clinical development of Decoy20, we expect our general and administrative expenses to decrease in the short term, however, this may be offset by additional costs related to any Post-Investment Transaction.
Previous wording
Our research and development expenses for the three months ended March 31, 2026 and 2025 were $0.5 million and $2.8 million, respectively, a decrease of $2.3 million or 83%, primarily attributable to a decrease in clinical costs related to our Phase 1 study of approximately $1.9 million as well as a decrease in payroll and related expenses of approximately $0.4 million due to reductions to headcount and base salaries.
Current wording
Our research and development expenses for the three months ended June 30, 2026 and 2025 were $0.4 million and $2.2 million, respectively, a decrease of $1.8 million or 83%, primarily attributable to a decrease in clinical costs related to our Phase 1 study of Decoy20 as well as a decrease in payroll and related expenses due to reductions to headcount and base salaries.
Previous wording
Our general and administrative expenses for the three months ended March 31, 2026 and 2025 were $1.7 million and $1.8 million, respectively, a decrease of $0.1 million or 5%. The decrease was primarily attributable to a decrease in certain expenses related to operating as a public company related to the transition of management.
Current wording
Our general and administrative expenses for the three months ended June 30, 2026 and 2025 were $1.4 million and $2.3 million, respectively, representing a decrease of $0.8 million or 37%. The decrease was primarily attributable to a decrease in certain expenses related to the transition of management as well as a decrease in payroll and related expenses due to reductions to headcount and base salaries.
Previous wording
The change in our other income (expense), net between the three months ended March 31, 2026 and three months ended March 31, 2025 was approximately $0.4 million and consists primarily of the warrant repricing during the three months ended March 31, 2026 as well as income earned on the Company’s cash and cash equivalent accounts, the balances of which were lower during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Current wording
The change in our other income (expense), net between three months ended June 30, 2026 and 2025 was approximately $0.8 million and consists primarily of the change in the fair value of outstanding convertible promissory notes during the three months ended June 30, 2025 with no similar charges during the three months ended June 30, 2026.
Previous wording
In June 2022, we entered into the ATM Agreement with Wainwright, which was amended on September 1, 2022, pursuant to which we may offer and sell, from time to time through Wainwright, shares of our common stock for aggregate gross proceeds of up to $6.3 million. The issuances and sales of common stock by us under the ATM Agreement were being made pursuant to “shelf” registration statements on Form S-3 filed with the SEC on September 1, 2022 and declared effective on September 9, 2022 and most recently on August 13, 2025 and declared effective on August 20, 2025. As of the date of this Quarterly Report, we have sold 525,428 shares of our common stock for aggregate gross proceeds of approximately $2.7 million.
Current wording
In June 2022, we entered into the ATM Agreement with H.C. Wainwright & Co. (“Wainwright”), which was amended on September 1, 2022, pursuant to which we may offer and sell, from time to time through Wainwright, shares of our common stock for aggregate gross proceeds of up to $6.3 million. The issuances and sales of common stock by us under the ATM Agreement were being made pursuant to “shelf” registration statements on Form S-3 filed with the SEC on September 1, 2022 and declared effective on September 9, 2022 and most recently on August 13, 2025 and declared effective on August 20, 2025. As of the date of this Quarterly Report, we have sold 525,428 shares of our common stock for aggregate gross proceeds of approximately $2.7 million.
Previous wording
In February 2025, we entered into the SEPA with Yorkville, pursuant to which we have the right, but not the obligation, to sell up to $20.0 million of our common stock during a 36-month period, subject to the restrictions and satisfaction of the conditions in the SEPA. Upon execution of the SEPA, we issued to Yorkville 10,927 commitment shares. As of March 16, 2026, we sold and issued 89,902 shares of common stock under the SEPA for aggregate net proceeds of approximately $1.74 million, after deducting offering expenses in the amount of approximately $0.1 million.
Current wording
In February 2025, we entered into the SEPA with Yorkville, pursuant to which we have the right, but not the obligation, to sell up to $20.0 million of our common stock during a 36 month period, subject to the restrictions and satisfaction of the conditions in the SEPA. Upon execution of the SEPA, we issued to Yorkville 10,927 commitment shares. As of March 16, 2026, we sold and issued 89,902 shares of common stock under the SEPA for aggregate net proceeds of approximately $1.74 million, after deducting offering expenses in the amount of approximately $0.1 million. Effective March 11, 2026, we terminated the SEPA with Yorkville, and the SEPA is no longer in effect.
Previous wording
Net cash used in operating activities was approximately $7.0 million for the three months ended March 31, 2026, compared with net cash used in operating activities of approximately $5.0 million for the three months ended March 31, 2025. The approximately $2.0 million increase in net cash used was primarily attributable to the decrease in accounts payable and other current liabilities and partially offset by the decrease in the net loss. The decrease in our accounts payable and other current liabilities was primarily a result of the payment of certain expenses accrued as of December 31, 2025 during the three months ended March 31, 2026 combined with significantly reduced operating expenses accrued and payable as of March 31, 2026 due to the wind-down of the Phase 1 trial and decreases in executive compensation.
Current wording
Net cash used in operating activities was approximately $8.9 million for the six months ended June 30, 2026, compared with net cash used in operating activities of approximately $9.1 million for the six months ended June 30, 2025. The change is primarily attributable to the reduction in our net loss of approximately $5.4 million and the decrease in our accounts payable and other current liabilities of approximately $5.5 million. The decrease in our accounts payable and other current liabilities was primarily a result of the payment of certain expenses accrued as of December 31, 2025 during the six months ended June 30, 2026, combined with significantly reduced operating expenses due to the wind-down of the Phase 1 trial and decreases in executive compensation.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2025 was approximately $3.1 million, which was provided by the issuance and sale of our common stock and warrants in the January 2025 Financing and the issuance and sale of our common stock under the SEPA. There was no such activity during the three months ended March 31, 2026.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2026 was approximately $12.0 million, which was provided by the issuance and sale of our common stock pursuant to the June 2026 Private Placement.
Previous wording
We will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. For example, the trading prices for our and other biopharmaceutical companies’ stock have been highly volatile as a result of current macroeconomic conditions and market volatility. As a result, we may face difficulties raising capital through sales of our common stock on acceptable terms, if at all. If we are unsuccessful in securing sufficient financing, we may need to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects, or cease operations. For additional information, see Note 1 to our unaudited interim condensed consolidated financial statements included elsewhere in this Quarterly Report.
Current wording
We will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. For example, the trading prices for our and other biopharmaceutical companies’ stock have been highly volatile as a result of current macroeconomic conditions and market volatility. As a result, we may face difficulties raising capital through sales of our common stock on acceptable terms, if at all. If we are unsuccessful in securing sufficient financing, we may need to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects, or cease operations. For additional information, see Note 1 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.
Previous wording
Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our 2025 Annual Report on Form 10-K. During the three months ended March 31, 2026, there were no material changes to our critical accounting policies from those discussed in our 2025 Annual Report on Form 10-K.
Current wording
Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our 2025 Annual Report on Form 10-K. During the six months ended June 30, 2026, there were no material changes to our critical accounting policies from those discussed in our 2025 Annual Report on Form 10-K.
Previous wording
Certain recently issued accounting pronouncements are discussed in Note 2, Significant Accounting Policies, to the accompanying unaudited interim condensed consolidated financial statements.
Current wording
Certain recently issued accounting pronouncements are discussed in Note 2, Significant Accounting Policies, to the accompanying unaudited condensed consolidated financial statements.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table sets forth our results of operations for the six months ended June 30, 2026 and 2025 and the relative dollar and percentage change between the two periods.
Current report — wording carried from elsewhere
Our research and development expenses for the six months ended June 30, 2026 and 2025 were $0.9 million and $5.0 million, respectively, a decrease of $4.1 million or 83%, primarily attributable to a decrease in clinical costs related to our Phase 1 study of Decoy20 as well as a decrease in payroll and related expenses due to reductions to headcount and base salaries.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Effective March 11, 2026, we terminated the SEPA with Yorkville, and the SEPA is no longer in effect.