Indaptus Therapeutics Reports $15M Net Loss and Decreased Operating Expenses for Fiscal Year 2024

Indaptus Therapeutics, Inc. reported a net loss of approximately $15.0 million for the fiscal year ending December 31, 2024, a slight improvement from a net loss of $15.4 million in the previous year. The company’s total operating expenses decreased by 6.2% to $15.4 million, down from $16.4 million in 2023. This reduction was primarily driven by a decrease in research and development expenses, which fell to $7.3 million from $7.6 million, attributed to lower costs associated with the development of manufacturing processes for its lead candidate, Decoy20. General and administrative expenses also decreased by 7.3% to $8.1 million, reflecting reduced legal and recruitment costs.

In terms of financial position, Indaptus had cash and cash equivalents of approximately $5.8 million as of December 31, 2024, a significant decline from $13.4 million at the end of 2023. The company has indicated that it will need to secure additional capital to fund its operations beyond the second quarter of 2025. To address this, Indaptus has entered into several financing agreements, including a Standby Equity Purchase Agreement with Yorkville, allowing it to sell up to $20 million of common stock over a 36-month period. The company also completed private placements in January and November 2024, raising approximately $4.5 million combined.

Operationally, Indaptus is advancing its clinical trial for Decoy20, which is designed to treat advanced solid tumors. The Phase 1 trial began in December 2022 and has progressed through various cohorts, with the company reporting early signs of potential benefits in some patients. As of March 2025, more than 20 patients have been enrolled in the trial, and the company is working to expand the number of trial sites to accelerate patient enrollment. Additionally, Indaptus has entered into a clinical supply agreement with BeiGene to evaluate Decoy20 in combination with BeiGene’s anti-PD-1 antibody, with plans to seek FDA approval for this combination study anticipated to begin in 2025.

Indaptus continues to face significant challenges, including the need for ongoing funding and the inherent risks associated with clinical trials. The company has acknowledged substantial doubt about its ability to continue as a going concern, given its history of operating losses and the need for additional capital. The management plans to address these challenges through strategic collaborations and financing efforts, but the uncertainty surrounding these initiatives could impact the company's future operations and financial stability.