What is Indaptus Therapeutics Inc's earnings per share (EPS)?

Indaptus Therapeutics Inc (INDP) reported diluted earnings per share of $-21.58 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Indaptus Therapeutics Inc Financials

INDP

Source SEC Filings (10-K/10-Q) Updated May 15, 2026 Currency USD FYE December

This page shows Indaptus Therapeutics Inc (INDP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI INDP FY2025 2026-05-15

Indaptus remains a pre-revenue research enterprise whose core mechanic is using external financing to fund continuing cash burn.

Cash rose to $8.5M from $5.8M in the latest year. But that stronger balance came with -$14.8M of operating cash flow and $17.5M of financing inflows, so the company is not becoming self-funding; it is replenishing liquidity from capital raising. The pressure shows up in short-term liquidity: current ratio fell from 5.0x to 1.5x over the recent period.

Spending intensity increased on both fronts: R&D reached $9.3M and SG&A reached $10.5M in the latest year. Because SG&A still exceeds research spending, cash needs are tied not just to scientific work but also to the infrastructure required to run the company without a revenue base.

The business consumed more cash in operations than it ended the year holding, with -$14.8M of operating cash flow against $8.5M of cash. Equity erosion is also visible: book equity shrank from $12.1M to $3.2M, which leaves less balance-sheet buffer even when new funding replenishes cash.

Financial Health Signals

Financial Profile 15/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Indaptus Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Indaptus Therapeutics Inc has a moderate D/E ratio of 1.95. This balance of debt and equity financing earns a leverage score of 62/100.

Liquidity

Indaptus Therapeutics Inc's current ratio of 1.51 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (138% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Indaptus Therapeutics Inc generates a -661.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -380.8% the prior year.

Piotroski F-Score Weak

1/9

Indaptus Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.71x

For every $1 of reported earnings, Indaptus Therapeutics Inc generates $0.71 in operating cash flow (-$14.8M OCF vs -$20.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$20.8M

YoY-38.8%

Indaptus Therapeutics Inc reported -$20.8M in net income in fiscal year 2025. This represents a decrease of 38.8% from the prior year.

EPS (Diluted)

$-21.58

Indaptus Therapeutics Inc earned $-21.58 per diluted share (EPS) in fiscal year 2025. This represents an increase of 52.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.5M

YoY+47.0%

5Y CAGR+39.0%

Indaptus Therapeutics Inc held $8.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Indaptus Therapeutics Inc had 2M shares outstanding in fiscal year 2025. This represents an increase of 405.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-661.5%

YoY-280.7pp

Indaptus Therapeutics Inc's ROE was -661.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 280.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$9.3M

YoY+28.8%

5Y CAGR+28.6%

Indaptus Therapeutics Inc invested $9.3M in research and development in fiscal year 2025. This represents an increase of 28.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

INDP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.3M+28.8%	$7.3M-4.9%	$7.6M+20.5%	$6.3M+150.7%	$2.5M-5.0%	$2.7M
SG&A Expenses	$10.5M+29.3%	$8.1M-7.3%	$8.8M+2.0%	$8.6M+64.9%	$5.2M+451.3%	$944K
Operating Income	-$19.8M-29.1%	-$15.4M+6.2%	-$16.4M-9.8%	-$14.9M-92.9%	-$7.7M-114.7%	-$3.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2K+0.9%	$2K-30.6%	$2K+8066.7%	$30-98.2%	$2K+106.3%	$800
Net Income	-$20.8M-38.8%	-$15.0M+2.6%	-$15.4M-7.7%	-$14.3M-85.7%	-$7.7M-115.2%	-$3.6M
EPS (Diluted)	$-21.58	$-44.96	$-1.83-5.8%	$-1.73	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$491K	N/A	$1.5M-30.0%	$2.2M-22.9%	$2.8M	N/A	$1.5M-14.5%	$1.7M
SG&A Expenses	$1.7M	N/A	$1.1M-50.6%	$2.3M+30.0%	$1.8M	N/A	$1.7M-30.0%	$2.4M
Operating Income	-$2.2M	N/A	-$2.6M+40.6%	-$4.5M+2.5%	-$4.6M	N/A	-$3.1M+23.5%	-$4.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.5M	N/A	-$3.0M+43.1%	-$5.2M-15.4%	-$4.5M	N/A	-$3.1M+23.6%	-$4.0M
EPS (Diluted)	$-0.23	N/A	$-2.98+67.2%	$-9.09	$-0.32	N/A	$-9.04+31.3%	$-13.16

INDP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.3M+26.9%	$7.3M-50.8%	$14.9M-46.8%	$28.1M-30.8%	$40.6M+2182.4%	$1.8M
Current Assets	$9.3M+40.7%	$6.6M-52.7%	$14.0M-48.6%	$27.2M-32.5%	$40.4M+2231.8%	$1.7M
Cash & Equivalents	$8.5M+47.0%	$5.8M-56.7%	$13.4M+38.8%	$9.6M-75.4%	$39.1M+2289.8%	$1.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.2M+81.5%	$3.4M+19.2%	$2.8M-17.1%	$3.4M-26.6%	$4.7M+132.1%	$2.0M
Current Liabilities	$6.2M+81.5%	$3.4M+22.3%	$2.8M-19.2%	$3.4M-25.4%	$4.6M+128.4%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.2M-20.1%	$3.9M-67.3%	$12.1M-51.0%	$24.6M-31.4%	$35.9M+15202.8%	-$238K
Retained Earnings	-$81.3M-34.5%	-$60.4M-33.1%	-$45.4M-51.4%	-$30.0M-91.4%	-$15.7M-96.9%	-$8.0M

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	N/A	$9.3M+36.1%	$6.8M0.0%	$6.8M+26.4%	$5.4M-26.3%	$7.3M-10.9%	$8.2M+1.5%	$8.1M
Current Assets	N/A	$9.3M+44.6%	$6.4M+0.4%	$6.4M+29.3%	$5.0M-25.0%	$6.6M-13.3%	$7.6M+1.9%	$7.5M
Cash & Equivalents	N/A	$8.5M+46.0%	$5.8M-5.4%	$6.2M+58.3%	$3.9M-32.8%	$5.8M-21.6%	$7.4M+1.1%	$7.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$6.2M+175.6%	$2.2M-73.8%	$8.5M+225.9%	$2.6M-23.0%	$3.4M+51.8%	$2.2M+14.4%	$2.0M
Current Liabilities	N/A	$6.2M+175.6%	$2.2M-73.8%	$8.5M+225.9%	$2.6M-23.0%	$3.4M+52.0%	$2.2M+15.8%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	N/A	$3.2M-31.6%	$4.6M+375.2%	-$1.7M-159.8%	$2.8M-29.0%	$3.9M-34.3%	$6.0M-2.6%	$6.2M
Retained Earnings	N/A	-$81.3M-11.1%	-$73.2M-4.2%	-$70.2M-8.0%	-$65.0M-7.5%	-$60.4M-7.3%	-$56.3M-5.8%	-$53.2M

INDP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.8M-20.3%	-$12.3M+8.1%	-$13.4M-2.5%	-$13.1M-15.8%	-$11.3M-239.6%	-$3.3M
Capital Expenditures	N/A	N/A	N/A	N/A	$4K	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$11.3M	N/A
Investing Cash Flow	N/A	N/A	$17.1M+204.3%	-$16.4M-3768.8%	$448K	N/A
Financing Cash Flow	$17.5M+269.5%	$4.7M	N/A	N/A	$48.3M+4055.7%	$1.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$7.0M-119.7%	-$3.2M-24.3%	-$2.6M+36.1%	-$4.0M+20.4%	-$5.0M-48.6%	-$3.4M-35.1%	-$2.5M-1.4%	-$2.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$3.2M-46.3%	$5.9M+162.7%	$2.2M-64.4%	$6.3M+99.4%	$3.2M+74.9%	$1.8M-30.5%	$2.6M+6709.5%	$38K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

INDP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-661.5%-280.7pp	-380.8%-253.1pp	-127.7%-69.6pp	-58.1%-36.7pp	-21.5%	N/A
Return on Assets	-223.9%-19.2pp	-204.7%-101.3pp	-103.4%-52.3pp	-51.0%-32.0pp	-19.0%+182.6pp	-201.6%
Current Ratio	1.51-0.4	1.95-3.1	5.05-2.9	7.94-0.8	8.77+7.9	0.86
Debt-to-Equity	1.95+1.1	0.86+0.6	0.24+0.1	0.140.0	0.13+8.6	-8.48
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	-64.6%	N/A	-161.9%	N/A	-51.1%+14.0pp	-65.1%
Return on Assets	N/A	N/A	-43.5%+33.0pp	-76.5%+7.3pp	-83.8%	N/A	-37.3%+12.2pp	-49.4%
Current Ratio	N/A	1.51-1.4	2.88+2.1	0.75-1.1	1.90-0.1	1.95-1.5	3.42-0.5	3.88
Debt-to-Equity	N/A	1.95+1.5	0.49+5.6	-5.09-6.0	0.93+0.1	0.86+0.5	0.37+0.1	0.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Indaptus Therapeutics Inc profitable?

No, Indaptus Therapeutics Inc (INDP) reported a net income of -$20.8M in fiscal year 2025.

What is Indaptus Therapeutics Inc's return on equity (ROE)?

Indaptus Therapeutics Inc (INDP) has a return on equity of -661.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Indaptus Therapeutics Inc's operating cash flow?

Indaptus Therapeutics Inc (INDP) generated -$14.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Indaptus Therapeutics Inc's total assets?

Indaptus Therapeutics Inc (INDP) had $9.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Indaptus Therapeutics Inc spend on research and development?

Indaptus Therapeutics Inc (INDP) invested $9.3M in research and development during fiscal year 2025.

How many shares does Indaptus Therapeutics Inc have outstanding?

Indaptus Therapeutics Inc (INDP) had 2M shares outstanding as of fiscal year 2025.

What is Indaptus Therapeutics Inc's current ratio?

Indaptus Therapeutics Inc (INDP) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.

What is Indaptus Therapeutics Inc's debt-to-equity ratio?

Indaptus Therapeutics Inc (INDP) had a debt-to-equity ratio of 1.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Indaptus Therapeutics Inc's return on assets (ROA)?

Indaptus Therapeutics Inc (INDP) had a return on assets of -223.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Indaptus Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Indaptus Therapeutics Inc (INDP) had $8.5M in cash against an annual operating cash burn of $14.8M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Indaptus Therapeutics Inc's Piotroski F-Score?

Indaptus Therapeutics Inc (INDP) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Indaptus Therapeutics Inc's earnings high quality?

Indaptus Therapeutics Inc (INDP) has an earnings quality ratio of 0.71x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Indaptus Therapeutics Inc?

Indaptus Therapeutics Inc (INDP) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.