Indaptus Therapeutics, Inc. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, which focuses on cancer immunotherapy for unresectable or metastatic solid tumors and lymphomas, experienced a notable decline in its cash and cash equivalents, which decreased to $7.4 million from $13.4 million as of December 31, 2023. Total current assets also fell to $7.6 million, down from $14.0 million, while total assets decreased to $8.2 million from $14.9 million during the same period.

On the liabilities side, total liabilities decreased to $2.2 million from $2.8 million, resulting in total stockholders’ equity dropping to $6.0 million from $12.1 million. This decline in equity reflects the company's ongoing financial challenges.

For the three months ended September 30, 2024, Indaptus reported total operating expenses of $3.1 million, a reduction from $4.2 million in the same quarter of 2023. For the nine-month period, operating expenses totaled $11.2 million, down from $12.2 million year-over-year. The net loss for the third quarter of 2024 was $(3.1 million), an improvement compared to a net loss of $(3.9 million) in the third quarter of 2023. For the nine months ended September 30, 2024, the net loss was $(10.9 million), compared to $(11.4 million) for the same period in 2023.

The company reported net cash used in operating activities of $(8.9 million) for the nine months ended September 30, 2024, an improvement from $(10.8 million) in the prior year. Additionally, Indaptus raised approximately $2.5 million through an offering in August 2024, contributing to net cash provided by financing activities of $2.9 million for the nine-month period.

Despite these efforts, the company faces substantial doubt regarding its ability to continue as a going concern due to uncertainties in securing additional financing. As of September 30, 2024, the accumulated deficit stood at approximately $56.3 million. The company has an equity incentive plan approved in 2021, with unrecognized compensation costs related to unvested stock options amounting to approximately $0.9 million, expected to be recognized over a weighted average period of 1.6 years. The weighted average fair value of stock options granted during the nine months ended September 30, 2024, was $1.67 per share.