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Here are 1-2 brief analogies for Indaptus Therapeutics (INDP):

• Like a clinical-stage Moderna or BioNTech, but focused on developing novel RNA-based treatments that activate the immune system to fight cancer, rather than vaccines.

• A small, early-stage oncology biotech, aiming to find breakthrough cancer cures similar to the impact a company like Genentech made with its initial pioneering cancer drugs.

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• DTP-007: An immunotherapy drug candidate currently in clinical trials for treating solid tumors and lymphomas.
• Decoy20 Platform: A proprietary technology designed to develop immunotherapies that activate both innate and adaptive immune systems for cancer treatment.

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Indaptus Therapeutics (symbol: INDP) is a clinical-stage biotechnology company focused on the development of novel anti-cancer immunotherapeutics.

As of its latest public filings (e.g., Q3 2023 10-Q and 2022 10-K), Indaptus Therapeutics has not generated any revenues from product sales to date. Therefore, the company does not currently have any major customers, whether other companies or individual consumers, purchasing its products. Its primary activities are centered on research and development and conducting clinical trials for its drug candidates.

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• Polypeptide SA (Symbol: PPGN)
• Ajinomoto Co., Inc. (Symbol: 2802)

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Jeffrey A. Meckler, Chief Executive Officer

Jeffrey Meckler brings over 30 years of financial and healthcare leadership experience to Indaptus Therapeutics, serving as CEO. He previously held CEO positions at Intec Pharma and Cocrystal Pharma, where he transformed Cocrystal Pharma from a research company into a clinical and development company. Earlier in his career, he was a managing director at the life sciences consulting firm Andra Group and acted as a director and interim CEO of Cypress Bioscience following its acquisition by Royalty Pharma. Meckler began his career at Pfizer, where he gained experience in manufacturing systems, market research, business development, strategic planning, and corporate finance, playing a significant role in acquisitions and divestitures. He has also served as a director for several companies including QLT, Inc., Cocrystal Pharma, and Travere Therapeutics, where he also previously served as Chairman.

Nir Sassi, Chief Financial Officer

Nir Sassi serves as the Chief Financial Officer of Indaptus Therapeutics, contributing a diverse skill set in management, corporate finance, due diligence, accounting, and financial analysis. Before joining Indaptus, Sassi spent 11 years at Intec Pharma, progressing from Vice President of Finance to Chief Financial Officer. Prior to that, he was a Senior Manager at PricewaterhouseCoopers Israel for eight years, including a two-year relocation to the PWC New York office.

Michael J. Newman, Ph.D., Founder and Chief Scientific Officer

Dr. Michael Newman is a founder of Indaptus Therapeutics and currently holds the position of Chief Scientific Officer. He was the Founder and CEO of Decoy Biosystems, where he developed the core technology that forms the foundation of Indaptus. With over 35 years of experience in oncology drug discovery and early development within academia, pharmaceutical, and biotechnology companies, Dr. Newman has also consulted for numerous companies on target identification, R&D management, fundraising, and licensing.

Walt A. Linscott, Chief Operating Officer

Walt Linscott brings over three decades of global leadership, entrepreneurial, and professional experience to his role as Chief Operating Officer at Indaptus. His background includes extensive business development, operational, regulatory, and transactional experience in the Life Sciences sector. Previously, he was the Chief Business Officer at Intec Pharma and co-founded Treiber Therapeutics, an anti-viral-focused venture, where he served as President, COO, and General Counsel.

Roger J. Waltzman, M.D., M.B.A., Chief Medical Officer

Dr. Roger Waltzman serves as the Chief Medical Officer of Indaptus Therapeutics. He is a board-certified medical oncologist with a career that includes being the Chief Medical Officer of Molecular Templates (2019-2023) and holding multiple senior drug development roles at Novartis Oncology from 2007–2013. At Novartis, he played a leading role in the development of imatinib, nilotinib, and ruxolitinib. From 2013 to 2016, Dr. Waltzman was the Full Development Head of Malaria Drug Development at Novartis.

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Key Risks to Indaptus Therapeutics (INDP)

The most significant risk for Indaptus Therapeutics is the substantial doubt about its ability to continue as a going concern without securing additional financing. The company has a limited operating history and has consistently incurred significant net losses, with approximately $15.0 million reported for the year ended December 31, 2024, and an accumulated deficit of about $60.4 million. As of December 31, 2024, Indaptus had approximately $5.8 million in cash and expects to continue incurring significant cash outflows, projecting a need for additional capital beyond the second quarter of 2025. This ongoing need for capital to fund operations, research, and development activities poses a fundamental threat to the company's long-term viability.

Secondly, Indaptus Therapeutics operates as a clinical-stage biotechnology company with a limited operating history and no approved products. None of its product candidates, including its lead candidate Decoy20, have reached the marketing approval stage, and the company does not anticipate achieving profitability in the near future. The clinical and preclinical development process is lengthy, expensive, and inherently uncertain. Unfavorable clinical trial results, delays in development, or safety concerns could significantly impair the company's value and ability to bring any therapies to market.

Finally, a direct consequence of the company's need for additional financing is the significant risk of dilution for existing shareholders. To fund its continued research and development and ongoing operations, Indaptus Therapeutics will likely need to raise capital through equity or debt financings. Past financing activities have included convertible note sales and a reverse stock split, indicating a history of actions that can dilute shareholder value. Any future equity financings would further dilute the ownership interests of current stockholders.

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Indaptus Therapeutics (INDP) is a clinical-stage biotechnology company focused on developing innovative cancer and viral infection treatments. While current analyst forecasts do not anticipate revenue generation within the next 2-3 years, the company's future revenue growth will be driven by several key developments related to its drug development pipeline and strategic positioning.

1. Successful Progression of Decoy20 Through Clinical Trials: The primary driver for Indaptus Therapeutics' long-term revenue potential is the successful advancement of its lead candidate, Decoy20, through clinical development. The company is currently conducting a Phase 1b/2 combination study of Decoy20 with the PD-1 checkpoint inhibitor Tislelizumab for advanced solid tumors. Positive data from these trials, demonstrating favorable safety profiles and efficacy, are crucial for progressing to later-stage trials, regulatory approvals, and eventual commercialization.

2. Expansion of the Decoy Platform to New Indications: Indaptus Therapeutics' proprietary Decoy platform is designed to activate both innate and adaptive immune responses for broad anti-tumor and anti-viral activity. Pre-clinical studies have indicated potential for Decoy20 as a single agent against various cancers, including pancreatic, hepatocellular, colorectal, and non-Hodgkin's lymphomas, as well as chronic hepatitis B virus (HBV) and human immunodeficiency virus (HIV) infections. Expanding the clinical pipeline to include these additional indications could significantly broaden the addressable market and future revenue streams for the company.

3. Formation of Strategic Collaborations and Partnerships: As a clinical-stage company with substantial research and development expenses, Indaptus Therapeutics' ability to secure strategic collaborations or partnerships with larger pharmaceutical companies will be a significant driver of future revenue. Such agreements can provide crucial non-dilutive funding, access to broader development expertise, and established commercialization infrastructure, potentially leading to upfront payments, milestone achievements, and royalty revenues upon product launch.

4. Strengthening and Expansion of Intellectual Property Portfolio: The continuous strengthening and expansion of its patent portfolio, as seen with recent expansions in China, Japan, and Israel, are essential for protecting Indaptus Therapeutics' proprietary Decoy platform and its drug candidates. A robust intellectual property position will be critical for securing market exclusivity, deterring competitors, and maximizing the long-term revenue potential of any successfully commercialized products.

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Share Issuance

• Indaptus Therapeutics raised an aggregate of $5.7 million in June and July 2025 through the sale of convertible promissory notes and accompanying warrants, which converted into common stock and pre-funded warrants.
• In January 2025, the company completed a private placement, issuing 2,109,383 unregistered shares of common stock and warrants, resulting in gross proceeds of approximately $2.25 million.
• Indaptus Therapeutics executed a 1-for-28 reverse stock split in June 2025 to meet Nasdaq listing requirements, reducing outstanding shares from approximately 16 million to 572 thousand.

Inbound Investments

• In June and July 2025, Indaptus Therapeutics secured an aggregate of $5.7 million through a private placement of convertible promissory notes and warrants, led by a healthcare-focused institutional investor.
• The company received approximately $3.0 million in gross proceeds from a registered direct offering of common stock and a concurrent private placement of warrants in August 2024.
• Indaptus Therapeutics obtained approximately $2.25 million in gross proceeds from a private placement of common stock and warrants in January 2025.

Capital Expenditures

• Research and development (R&D) expenses for the six months ended June 30, 2025, were approximately $5.0 million, an increase of about $1.7 million from the same period in 2024, primarily focused on the ongoing Phase 1 study.
• R&D expenses in Q2 2025 increased by approximately $0.5 million to $2.2 million compared to Q2 2024, mainly due to costs associated with the ongoing Phase 1 study.
• Proceeds from recent financings, including the $5.7 million raised in 2025, are intended for research and development activities, specifically funding a Phase 1b/2 clinical trial.