Indaptus Therapeutics, Inc. reported a net loss of approximately $2.5 million for the first quarter of 2026, a decrease from a net loss of $4.5 million during the same period in 2025. The company's total operating expenses for the quarter were $2.16 million, significantly lower than the $4.57 million reported in the prior year. This reduction in expenses was primarily driven by a decrease in research and development costs, which fell to $491,134 from $2.81 million year-over-year. The company’s cash and cash equivalents also saw a substantial decline, ending the quarter at $1.5 million compared to $8.5 million at the end of 2025.
In terms of organizational changes, Indaptus completed a significant capital transaction in December 2025, raising $6 million through the sale of preferred stock, which was subsequently converted into common stock during the first quarter of 2026. This transaction was part of a broader strategy to explore potential acquisitions or investments in operating businesses to enhance growth opportunities. The company is actively evaluating these strategic options while continuing to advance its therapeutic development activities.
Operationally, Indaptus has faced challenges, including a substantial accumulated deficit of approximately $83.8 million as of March 31, 2026. The company reported a significant cash outflow of about $7 million from operations during the quarter, raising concerns about its ability to sustain operations without additional capital. The company indicated that it plans to secure further financing through public or private debt and equity offerings to support its ongoing activities and research programs.
The company’s employee headcount and customer metrics were not disclosed in the filing, but the focus remains on the development of its lead product candidate, Decoy20, which is currently undergoing Phase 1 clinical trials. Indaptus is also assessing the market potential and treatment capabilities of its product candidates, which are aimed at addressing unmet needs in cancer immunotherapy. The company acknowledges the inherent risks associated with clinical development and the need for successful commercialization to achieve profitability.
Looking ahead, Indaptus Therapeutics expressed uncertainty regarding its ability to continue as a going concern, citing the need for additional capital to fund operations and the potential impact of market conditions on its business. The company plans to continue its strategic evaluations and operational adjustments while navigating the challenges of the biotechnology landscape.
About Indaptus Therapeutics, Inc.
Indaptus Therapeutics develops systemic immunotherapies utilizing attenuated, non-pathogenic Gram-negative bacteria to activate innate and adaptive immune responses against cancer and viral infections. Its platform aims to induce broad, durable anti-tumor and antiviral activity without targeting specific antigens, reducing systemic toxicity. The company advances clinical trials for solid tumors, collaborates on combination therapies, and seeks regulatory approval, leveraging proprietary bacterial technology to enhance immunotherapy efficacy across multiple indications.
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