**Indaptus Therapeutics, Inc. Reports 2025 Financial Results and Strategic Developments**
Indaptus Therapeutics, Inc., a clinical-stage biotechnology company, announced its financial results for the year ended December 31, 2025. The company reported a net loss of $20.8 million, compared to a net loss of $15.0 million in 2024. Research and development expenses increased to $9.3 million from $7.3 million in the previous year, primarily due to higher clinical trial costs and payroll expenses. General and administrative expenses also rose to $10.5 million from $8.1 million, driven by increased payroll expenses and transaction-related costs, partially offset by a decrease in D&O insurance premium, investor relations and board fees.
A significant development in 2025 was the Lazar Investment Transaction, where David E. Lazar purchased preferred stock for $6.0 million, with plans to pursue a strategic transaction involving an investment in or acquisition of an operating business. As a result of this transaction, the company's board and management team have undergone significant changes. The company's cash and cash equivalents stood at $8.5 million as of December 31, 2025, which the company believes will fund operations into the second quarter of 2026.
Operationally, Indaptus Therapeutics discontinued further enrollment in the Combination Study of Decoy20 with BeOne’s anti-PD-1 antibody, Tislelizumab, and there are no participants remaining in the study. The company does not have any current plans to initiate a new clinical trial. The company also completed a private placement of convertible notes in June 2025, raising approximately $5.7 million, which automatically converted into common stock and pre-funded warrants in July 2025. In February 2026, the company reduced the exercise price of warrants issued in financing transactions during 2024 and 2025 to $1.75 per share.
Looking ahead, Indaptus Therapeutics anticipates that combining with a Target Company will create future growth opportunities for both the Company and its stockholders. The company is currently in the process of evaluating its strategic options for a Post-Investment Transaction. However, the company acknowledges that it will need to raise additional capital to continue operations and that there is substantial doubt about its ability to continue as a going concern. The company's future success depends on its ability to identify and complete a Post-Investment Transaction, secure additional funding, and navigate the challenges inherent in the biotechnology industry.
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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