Indaptus Therapeutics, Inc. reported a net loss of $5.2 million for the three months ended June 30, 2025, compared to a net loss of $4.0 million for the same period in 2024. For the six-month period ending June 30, 2025, the company incurred a net loss of approximately $9.8 million, up from $7.8 million in the prior year. The increase in losses is attributed to higher operating expenses, which totaled $4.5 million for the second quarter of 2025, compared to $4.1 million in the same quarter of 2024. Research and development expenses rose to $2.2 million in the second quarter of 2025, up from $1.7 million in the prior year, reflecting ongoing investments in clinical trials and product development.
The company’s total assets decreased to $6.8 million as of June 30, 2025, down from $7.3 million at the end of 2024. This decline was primarily due to a reduction in prepaid expenses and other current assets, which fell to $255,357 from $831,577. Current liabilities increased significantly to $8.5 million, driven by the fair value of convertible promissory notes amounting to $6.5 million, which were not present in the previous fiscal period. The accumulated deficit also widened to approximately $70.2 million, compared to $60.4 million at the end of 2024.
Strategically, Indaptus Therapeutics executed a 1-for-28 reverse stock split on June 26, 2025, which allowed the company to regain compliance with Nasdaq's minimum bid price requirement. Following the split, the number of outstanding shares decreased from approximately 16.9 million to 604,963. The company also raised approximately $5.7 million through the issuance of convertible notes during the first half of 2025, alongside net proceeds of about $1.75 million from a Standby Equity Purchase Agreement, which allows the company to sell up to $20 million of its common stock over a 36-month period.
Operationally, Indaptus Therapeutics continues to focus on its clinical development programs, particularly the Phase 1 clinical trial of its product candidate Decoy20. The company anticipates that ongoing clinical trials will require significant additional financing, and it plans to pursue collaborations and strategic alliances to secure necessary capital. As of June 30, 2025, the company had cash and cash equivalents of $6.2 million, which it believes will fund operations into the fourth quarter of 2025. However, management has expressed substantial doubt regarding the company's ability to continue as a going concern without securing additional financing.
Looking ahead, Indaptus Therapeutics aims to advance its product candidates through clinical trials while managing its financial resources carefully. The company acknowledges the inherent risks associated with clinical development and the need for additional capital to support its operations. Future results will depend on the successful execution of its strategic plans, market conditions, and the ability to attract investment to sustain its research and development efforts.
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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