Indaptus Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Update
Rhea-AI Summary
Indaptus Therapeutics (Nasdaq: INDP) reported Q1 2026 results and a strategic update amid executive management transition. The company is reassessing its Decoy platform, development priorities and resource allocation.
R&D expenses fell to $0.5M, G&A to $1.7M, and net loss to $2.5M ($0.23/share). All preferred shares converted to common stock. Cash and equivalents were $1.5M versus $8.5M at year-end 2025, with $7.0M net cash used in operating activities and no Q1 2026 financing. Indaptus expects to seek additional capital and is evaluating financing and strategic options.
AI-generated analysis. Not financial advice.
Positive
- R&D expenses reduced to approximately $0.5M, down about $2.3M year over year
- General and administrative expenses decreased to approximately $1.7M, about 5% lower year over year
- Net loss narrowed to approximately $2.5M from approximately $4.5M year over year
- Loss per share decreased to approximately $0.23 from approximately $9.11 year over year
- All Series AA and Series AAA preferred stock converted into common stock in Q1 2026
Negative
- Cash and cash equivalents declined to approximately $1.5M from approximately $8.5M at December 31, 2025
- Net cash used in operating activities increased to approximately $7.0M from approximately $5.0M year over year
- No net cash provided by financing activities in Q1 2026 versus approximately $3.2M in Q1 2025
- Company discloses it will need to raise additional capital with no assurance of availability or terms
News Market Reaction – INDP
On the day this news was published, INDP declined 9.14%, reflecting a notable negative market reaction. Argus tracked a trough of -16.7% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $413K from the company's valuation, bringing the market cap to $4.10M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
INDP was flat ahead of earnings while peers showed mixed moves, with names like SLXN in momentum scanners but no common news theme across the group.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | +6.3% | Q3 2025 results plus tolerable Decoy20 combo data and financing updates. |
| May 14 | Q1 2025 earnings | Neutral | -3.7% | Q1 2025 results with Decoy20 combo initiation and higher R&D spend. |
| Mar 13 | Q4 2024 results | Positive | -4.0% | Year-end 2024 results with positive Decoy20 data and new financings. |
| Nov 12 | Q3 2024 earnings | Neutral | -5.0% | Q3 2024 update with BeiGene supply deal and lower operating expenses. |
| Aug 12 | Q2 2024 earnings | Neutral | +0.6% | Q2 2024 results with capital raise and ongoing Decoy20 trial progress. |
Earnings updates have usually led to modest single-digit moves, with one notable selloff on otherwise positive clinical and financing news.
Over the last five earnings-related updates from Aug 2024 to Nov 2025, Indaptus has repeatedly paired Decoy20 clinical progress and financing steps with detailed cash runway disclosures. Price reactions clustered in the low single digits, both up and down, even when updates included new trials, supply agreements, or equity lines. Today’s Q1 2026 release extends this pattern of operational updates alongside funding needs and cost actions, now also layered with management transition and platform reevaluation.
Historical Comparison
Over the last five earnings updates, INDP’s average move was about -1.16%, suggesting historically muted, single-digit reactions to financial and corporate updates.
Earnings releases have tracked Decoy20’s evolution from early Phase 1 work toward combination studies, alongside recurring financings and shifting cash runways.
Regulatory & Risk Context
An effective S-3 shelf from Aug 13, 2025 registers 2,160,166 resale shares tied to a June 2025 private placement; the company would only receive proceeds, up to about $12.2 million, if related warrants are exercised for cash.
Market Pulse Summary
The stock moved -9.1% in the session following this news. A negative reaction despite operational cost reductions would fit a pattern where balance sheet concerns outweigh earnings optics. Cash fell to $1.5M while net cash used in operations rose to $7.0M, and no financing cash was raised in the quarter. Historical earnings releases often highlighted the need for additional capital; continued attention on future funding transactions and development reprioritization could shape how prolonged any downside becomes.
Key Terms
reverse stock split financial
standby equity purchase agreement financial
warrant repricing financial
phase 1 study medical
preferred stock financial
AI-generated analysis. Not financial advice.
NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) (“Indaptus” or the “Company”), a clinical-stage biotechnology company, today announced financial results for the first quarter ended March 31, 2026, and provided a strategic corporate update.
Junyi Dai, Indaptus Therapeutics’ Chief Executive Officer and Chairman of the Board, commented, “Following recent changes in executive management, the Company has conducted a review of its development programs, operating resources and ongoing corporate initiatives. While this transition period involves certain operational and organizational adjustments, the Company remains focused on supporting and advancing its therapeutic and research activities.”
“Currently we are evaluating our Decoy platform, including its preclinical data and underlying scientific rationale, as we assess its potential relevance to the Company’s ongoing therapeutic, immunological and translational research activities. As part of this process, we believe it is prudent to reassess the Company’s development priorities, operating initiatives and resource allocation considerations,” Mr. Dai commented.
Key Highlights
● Executive management transition. Recent changes in executive management have resulted in a transition period during which certain operational and organizational adjustments are underway. The Company continues to evaluate operational priorities, ongoing corporate initiatives and resource allocation matters.
● Corporate and development evaluation activities. The Company continues to evaluate corporate initiatives, research activities and potential development opportunities intended to support the Company’s long-term operational and therapeutic objectives. Any such activities will be assessed based on scientific validation, clinical and regulatory considerations, resource availability and overall development planning.
● Preferred stock conversion completed. During the first quarter of 2026, all outstanding shares of the Company’s Series AA Preferred Stock and Series AAA Preferred Stock were converted into shares of common stock.
Financial Highlights for the First Quarter Ended March 31, 2026
Research and development expenses for the three months ended March 31, 2026 were approximately
General and administrative expenses for the three months ended March 31, 2026 were approximately
Net loss for the three months ended March 31, 2026 was approximately
As of March 31, 2026, the Company had cash and cash equivalents of approximately
Net cash used in operating activities was approximately
There was no net cash provided by financing activities during the three months ended March 31, 2026, compared with net cash provided by financing activities of approximately
About Indaptus Therapeutics
Indaptus Therapeutics is a clinical biotechnology company developing a novel and patented systemically-administered anti-cancer and anti-viral immunotherapy. The Company’s approach is based on the hypothesis that efficient activation of both innate and adaptive immune cells and associated anti-tumor and anti-viral immune responses requires a multi-targeted package of immune system-activating signals that can be administered safely intravenously. The Company’s patented technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria designed to have reduced i.v. toxicity, but largely uncompromised ability to prime or activate many of the cellular components of innate and adaptive immunity.
The Company is currently reassessing its development priorities, operating initiatives and resource allocation considerations as part of its ongoing review of corporate and research activities. The Company expects that any future development or collaborative opportunities under evaluation will be assessed based on scientific validation, clinical and regulatory considerations, resource availability and overall development planning.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These include statements regarding management’s expectations, beliefs and intentions regarding, among other things, the sufficiency of the Company’s cash and cash equivalents to fund its ongoing activities; the Company’s ability to raise additional capital; the Company’s plans regarding Decoy20, the Combination Study and any future clinical development activities; the Company’s strategic review and potential strategic transactions, including a potential investment in or acquisition of an operating business; the Company’s appointment of a scientific consultant and potential immunotherapy-related business area; and the anticipated effects and development potential of the Company’s product candidates, including Decoy20.
Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should,” “could,” “might,” “seek,” “target,” “will,” “project,” “forecast,” “continue” or “anticipate,” or their negatives or variations of these words or other comparable words, or by the fact that these statements do not relate strictly to historical matters. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements.
Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to: the Company’s limited operating history; conditions and events that raise substantial doubt regarding the Company’s ability to continue as a going concern; the need for, and the Company’s ability to raise, additional capital given its lack of current cash flow; the Company’s clinical and preclinical development activities, which involve lengthy and expensive processes with uncertain outcomes; the Company’s decision to discontinue further enrollment in the Combination Study and not currently plan a new clinical trial; the Company’s ability to identify, evaluate and complete any strategic transaction; risks related to management transition and associated operational and governance uncertainties; the Company’s ability to successfully develop or commercialize Decoy20 or any future product candidates; reliance on third parties to conduct preclinical studies, clinical trials and manufacturing activities; competition from other product candidates and technologies; the Company’s ability to adequately protect its proprietary or licensed technology; compliance with healthcare, securities and other applicable laws and regulations; information technology system failures, cyberattacks or deficiencies in cybersecurity; and unfavorable global economic conditions.
These and other important factors discussed under the caption “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and in the Company’s other SEC filings, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included herein. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable law.
Contact: investors@indaptusrx.com
| INDAPTUS THERAPEUTICS, INC. Unaudited Condensed Consolidated Balance Sheets | ||||||||
| As of March 31, | As of December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,497,635 | $ | 8,507,628 | ||||
| Prepaid expenses and other current assets | 683,221 | 802,540 | ||||||
| Total current assets | $ | 2,180,856 | $ | 9,310,168 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other current liabilities | $ | 932,999 | $ | 6,158,575 | ||||
| Total current liabilities | 932,999 | 6,158,575 | ||||||
| Commitments and contingencies (Note 7) | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock: | 1,132,424 | 21,674 | ||||||
| Preferred stock: | - | 10,000 | ||||||
| Additional paid in capital | 83,944,602 | 84,408,018 | ||||||
| Accumulated deficit | (83,829,169 | ) | (81,288,099 | ) | ||||
| Total stockholders’ equity | 1,247,857 | 3,151,593 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,180,856 | $ | 9,310,168 | ||||
| * | Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025. |
| Unaudited Condensed Consolidated Statements of Operations | ||||||||
| For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 491,134 | $ | 2,810,840 | ||||
| General and administrative | 1,668,454 | 1,761,719 | ||||||
| Total operating expenses | 2,159,588 | 4,572,559 | ||||||
| Loss from operations | (2,159,588 | ) | (4,572,559 | ) | ||||
| Other income (expense): | ||||||||
| Warrant repricing | (410,154 | ) | - | |||||
| Other income, net | 28,672 | 40,129 | ||||||
| Total other income (expense), net | (381,482 | ) | 40,129 | |||||
| Net loss | $ | (2,541,070 | ) | $ | (4,532,430 | ) | ||
| Net loss available to common shareholders per share of common stock, basic and diluted* | $ | (0.23 | ) | $ | (9.11 | ) | ||
| Weighted average number of shares used in calculating net loss per share, basic and diluted* | 10,956,650 | 497,794 | ||||||
| * | Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025. |
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
| For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,541,070 | ) | $ | (4,532,430 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 227,180 | 240,891 | ||||||
| Warrant repricing | 410,154 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | 119,319 | 7,346 | ||||||
| Accounts payable and other current liabilities | (5,225,576 | ) | (762,338 | ) | ||||
| Operating lease right-of-use asset and liability, net | - | (596 | ) | |||||
| Net cash used in operating activities | (7,009,993 | ) | (5,047,127 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of shares of common stock and warrants | - | 3,482,650 | ||||||
| Issuance costs | - | (331,255 | ) | |||||
| Net cash provided by financing activities | - | 3,151,395 | ||||||
| Net change in cash and cash equivalents | (7,009,993 | ) | (1,895,732 | ) | ||||
| Cash and cash equivalents, beginning of period | 8,507,628 | 5,786,753 | ||||||
| Cash and cash equivalents, end of period | $ | 1,497,635 | $ | 3,891,021 | ||||
| Noncash investing and financing activities: | ||||||||
| Transaction costs in accounts payable and other current liabilities | $ | - | $ | 5,000 | ||||
| Issuance of commitment shares* | $ | - | $ | 109 | ||||
| Conversion of Series AA and Series AAA preferred stock | $ | 1,100,000 | $ | - | ||||
| * | Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025. |
