Indaptus Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Indaptus Therapeutics (Nasdaq: INDP) reported a narrower third-quarter net loss as research and development and administrative expenses declined year over year. Net loss was $1,048,778, or $0.01 per share, versus $2,975,117, or $2.98 per share, a year earlier. Nine-month net loss narrowed to $5,384,709 from $12,736,466.
A private placement of 20,338,974 common shares for approximately $24.0 million in gross proceeds closed October 16, 2026. Approximately $20.5 million arrived by September 30 and approximately $3.5 million in October. September 30 cash, cash equivalents and short-term investments totaled approximately $30.6 million; nine-month operating cash use was $10,374,463. The company plans to explore early-stage research and preclinical evaluation of a potential sleep-related neurotechnology device, with a view toward a potential future FDA submission.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointPrivate placement closed October 16, 2026, raising approximately $24.0 million in gross proceeds. 5.7% of market cap
- Moderate pointCash, cash equivalents and short-term investments totaled approximately $30.6 million at September 30, before October proceeds.
- Moderate pointThird-quarter net loss narrowed to $1,048,778, or $0.01 per share, from $2,975,117, or $2.98, year over year.
- Minor pointNine-month net loss narrowed to $5,384,709, or $0.06 per share, from $12,736,466, or $18.48, year over year.
- Minor pointThird-quarter research and development expenses fell 82% to $271,204 from $1,517,723 a year earlier.
6 minor points
- Minor pointNine-month research and development expenses fell 83% to $1,125,465 from $6,495,677 a year earlier.
- Minor pointThird-quarter administrative expenses fell 24% to $864,663 from $1,130,764 a year earlier.
- Minor pointNine-month administrative expenses fell 23% to $3,978,854 from $5,182,132 a year earlier.
- Minor pointNine-month operating cash use decreased to $10,374,463 from $11,632,743 a year earlier.
- Minor pointOther income, net, increased to $87,089 for the quarter and $129,764 for nine months, versus $39,088 and $94,764.
- Minor point. Forward-looking: it has not happened yet and may not happen.Company plans early-stage research and preclinical evaluation of a potential sleep-related neurotechnology device.
Negative
- Major pointCommon shares outstanding increased to 133,242,324 at September 30, 2026, from 2,167,324 at December 31, 2025.
- Moderate pointPrivate placement issued 20,338,974 common shares, diluting existing holders.
- Minor pointTermination of the ATM agreement incurred a $0.5 million fee during the first nine months of 2026.
- Minor pointNine-month warrant repricing expense was $410,154, versus none a year earlier.
- Minor pointNine-month financing issuance costs were $78,655.
- Minor point. Forward-looking: it has not happened yet and may not happen.Potential device research scope and timing depend on scientific validation, available resources and regulatory considerations, among other factors.
News Explained
The placement closed
Key Figures
- Private placement gross proceeds
- approximately $24.0 million
- September 2026 private placement
- Shares in private placement
- 20,338,974 shares
- Common stock issued in the September 2026 private placement
- Cash and short-term investments
- approximately $30.6 million
- As of September 30, 2026
- Q3 research and development expenses
- decreased 82% to approximately $0.3 million
- Third quarter 2026 versus the same period in 2025
- Nine-month research and development expenses
- decreased 83% to approximately $1.1 million
- First nine months of 2026 versus the same period in 2025
- Q3 net loss
- decreased to approximately $1.0 million from approximately $3.0 million
- Third quarter 2026 versus the same period in 2025
- Nine-month net loss
- decreased to approximately $5.4 million from approximately $12.7 million
- First nine months of 2026 versus the same period in 2025
Previous Earnings Reports
-
R&D expense and net loss declined; the report's 24-hour price reaction was positive.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
private placement financial
convertible promissory notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Nov. 13, 2026 (GLOBE NEWSWIRE) -- Indaptus Therapeutics, Inc. (Nasdaq: INDP) (“Indaptus” or the “Company”), a biotechnology company dedicated to immunotherapy research, today announced financial results for the third quarter and nine months ended September 30, 2026, and provided a corporate update.
Junyi Dai, Indaptus Therapeutics’ Chief Executive Officer and Chairman of the Board, commented, “Our strategic objective is to position Indaptus for its next phase of growth by actively pursuing innovative opportunities with significant long-term potential and expanding the Company’s strategic focus into promising areas of medical innovation. We believe the successful completion of our approximately
“We are particularly excited about the opportunity to explore the potential of an innovative neurotechnology- and neural-network-based device for certain sleep-related conditions. We believe this area represents an intriguing opportunity to investigate novel approaches to addressing unmet needs in sleep-related health. Through early-stage research and preclinical evaluation, we hope to further assess its scientific potential and explore a possible development pathway toward a future FDA submission.
“Our ambition is to position Indaptus for its next phase of growth by pursuing innovative opportunities with meaningful potential. We intend to move forward with energy and conviction, while maintaining a disciplined approach to capital allocation and focusing our resources on opportunities that we believe can create meaningful long-term value for our shareholders.”
Key Highlights
- September 2026 private placement. On September 8, 2026, the Company entered into a private placement for 20,338,974 shares of common stock and aggregate gross proceeds of approximately
$24.0 million . The transaction closed on October 16, 2026; approximately$20.5 million had been received by September 30, 2026, and the remaining approximately$3.5 million was received in October. The Company currently intends to use the net proceeds from the Private Placement for working capital, research and development and other general corporate purposes, which may include early-stage research and preclinical evaluation of a potential neurotechnology and neural-network-based device for certain sleep-related conditions, with a view toward a potential future FDA submission. - Liquidity position. As of September 30, 2026, the Company had approximately
$26.6 million in cash and cash equivalents and$4.0 million in short-term investments, consisting of certificates of deposit that are redeemable on demand. In addition, the Company received approximately$3.5 million in remaining proceeds from the September 2026 Private Placement in October 2026. Based on its current operating plan, management believes that these resources provide sufficient liquidity to fund the Company’s anticipated operating expenses and capital expenditure requirements and support its planned research and development activities.
Financial Highlights for the Third Quarter and Nine Months Ended September 30, 2026
Research and development expenses decreased
General and administrative expenses decreased
Net loss decreased to approximately
As of September 30, 2026, the Company had approximately
About Indaptus Therapeutics
Indaptus Therapeutics is a biotechnology company dedicated to immunotherapy research. The Company’s patented Decoy technology uses attenuated and killed, non-pathogenic Gram-negative bacteria designed to activate multiple components of innate and adaptive immunity while reducing systemic toxicity. The Company is evaluating the Decoy platform and existing therapeutic assets, including potential licensing, partnership and other strategic opportunities.
The Company seeks to better understand the relationship among sleep, physical recovery, neurological function and immune status, which could potentially support future immunotherapy evaluation, patient recovery monitoring and biomarker research. The Company is also evaluating complementary research initiatives, including early-stage research and preclinical evaluation of a potential neurotechnology and neural-network-based device for certain sleep-related conditions. The scope and timing of any such activities will depend on scientific validation, strategic fit, market opportunities, available resources, regulatory considerations and other business factors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s expectations, beliefs and intentions concerning, among other things, the Company’s ability to use the proceeds from the September 2026 private placement for working capital, research and development and other general corporate purposes; the potential scope and progress of early-stage research and preclinical evaluation of a potential neurotechnology and neural-network-based device for certain sleep-related conditions and any potential future FDA submission; the Company’s review of the Decoy platform and Decoy20; potential licensing, partnership and other strategic opportunities; research collaborations and complementary research initiatives; the Company’s strategic review and potential investments in or acquisitions of operating businesses; the sufficiency of the Company’s cash, cash equivalents and short-term investments to fund its activities; the Company’s cash runway and ability to raise additional capital; and the Company’s future results of operations and financial condition.
Forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “plan,” “may,” “should,” “could,” “might,” “seek,” “target,” “will,” “project,” “forecast,” “continue” or “anticipate,” or their negatives or variations, or by the fact that the statements do not relate strictly to historical matters. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially, including: the Company’s limited operating history and history of losses; the need for, and ability to raise, additional capital; dilution from future financings; the Company’s ability to identify, negotiate and complete strategic transactions and realize anticipated benefits; risks associated with investments, acquisitions and expansion into new research or business areas; the absence of active clinical development programs and the discontinuation and wind-down of Decoy20 clinical activities; uncertain outcomes and costs of research, preclinical and clinical development; the possibility that any research initiative or potential product candidate may not demonstrate sufficient scientific merit or obtain regulatory approval; reliance on third parties; competition; protection of proprietary or licensed technology; compliance with healthcare, securities and other laws; information technology failures, cyberattacks and cybersecurity deficiencies; Nasdaq continued-listing risks; stock-price volatility; and unfavorable global economic conditions.
These and other important factors discussed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and in the Company’s other filings with the Securities and Exchange Commission, could cause actual results to differ materially from those indicated by the forward-looking statements. 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. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances.
Contact: investors@indaptusrx.com
| INDAPTUS THERAPEUTICS, INC. | ||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||
| As of September 30, | As of December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 26,604,443 | $ | 8,507,628 | ||||
| Short-term investments | 4,000,000 | - | ||||||
| Prepaid expenses and other current assets | 607,542 | 802,540 | ||||||
| Total assets | $ | 31,211,985 | $ | 9,310,168 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other current liabilities | $ | 329,926 | $ | 6,158,575 | ||||
| Proceeds received pending share issuance (Note 6h) | 20,549,933 | - | ||||||
| Total liabilities | 20,879,859 | 6,158,575 | ||||||
| Commitments and contingencies (Note 7) | - | |||||||
| Stockholders’ equity: | ||||||||
| Common stock: | 1,332,424 | 21,674 | ||||||
| Preferred stock: | - | 10,000 | ||||||
| Additional paid-in capital | 95,672,510 | 84,408,018 | ||||||
| Accumulated deficit | (86,672,808 | ) | (81,288,099 | ) | ||||
| Total stockholders’ equity | 10,332,126 | 3,151,593 | ||||||
| Total liabilities and stockholders’ equity | $ | 31,211,985 | $ | 9,310,168 | ||||
* Share and per-share amounts have been retroactively adjusted for the one-for-28 reverse stock split effected in June 2025.
| INDAPTUS THERAPEUTICS, INC. | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 271,204 | $ | 1,517,723 | $ | 1,125,465 | $ | 6,495,677 | ||||||||
| General and administrative | 864,663 | 1,130,764 | 3,978,854 | 5,182,132 | ||||||||||||
| Total operating expenses | 1,135,867 | 2,648,487 | 5,104,319 | 11,677,809 | ||||||||||||
| Loss from operations | (1,135,867 | ) | (2,648,487 | ) | (5,104,319 | ) | (11,677,809 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Warrant repricing | - | - | (410,154 | ) | - | |||||||||||
| Change in fair value of convertible promissory notes | - | (365,718 | ) | - | (1,153,421 | ) | ||||||||||
| Other income, net | 87,089 | 39,088 | 129,764 | 94,764 | ||||||||||||
| Total other income (expense), net | 87,089 | (326,630 | ) | (280,390 | ) | (1,058,657 | ) | |||||||||
| Net loss | $ | (1,048,778 | ) | $ | (2,975,117 | ) | $ | (5,384,709 | ) | $ | (12,736,466 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.01 | ) | $ | (2.98 | ) | $ | (0.06 | ) | $ | (18.48 | ) | ||||
| Weighted average number of shares basic and diluted | 133,242,324 | 997,038 | 87,494,438 | 689,174 | ||||||||||||
* Share and per-share amounts have been retroactively adjusted for the one-for-28 reverse stock split effected in June 2025.
| INDAPTUS THERAPEUTICS, INC. | ||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
| For the Nine Months Ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (5,384,709 | ) | $ | (12,736,466 | ) | ||
| Adjustments to reconcile net loss to net cash (used in) operating activities: | ||||||||
| Stock-based compensation | 171,269 | 572,268 | ||||||
| Change in fair value of convertible promissory note | - | 1,153,421 | ||||||
| Warrant repricing | 410,154 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | 257,472 | 463,902 | ||||||
| Accounts payable and other current liabilities | (5,828,649 | ) | (1,084,078 | ) | ||||
| Operating lease right-of-use asset and liability, net | - | (1,790 | ) | |||||
| Net cash (used in) operating activities | (10,374,463 | ) | (11,632,743 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Certificates of deposit | (4,000,000 | ) | - | |||||
| Net cash (used in) investing activities | (4,000,000 | ) | - | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of convertible promissory notes | - | 5,714,800 | ||||||
| Proceeds from issuance of shares of common stock and warrants | 12,000,000 | 6,397,042 | ||||||
| Proceeds from advance related to future financing | 20,549,933 | - | ||||||
| Issuance costs | (78,655 | ) | (440,213 | ) | ||||
| Net cash provided by financing activities | 32,471,278 | 11,671,629 | ||||||
| Net increase in cash and cash equivalents | 18,096,815 | 38,886 | ||||||
| Cash and cash equivalents, beginning of period | 8,507,628 | 5,786,753 | ||||||
| Cash and cash equivalents, end of period | $ | 26,604,443 | $ | 5,825,639 | ||||
| Noncash investing and financing activities: | ||||||||
| Settlement of convertible debt | $ | - | $ | 6,868,221 | ||||
| Issuance of commitment shares | $ | - | $ | 109 | ||||
| Conversion of Series AA and Series AAA preferred stock | $ | 1,110,000 | $ | - | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Indaptus Therapeutics' third-quarter 2026 earnings results?
Indaptus reported a net loss of $1,048,778, or $0.01 per share, compared with $2,975,117, or $2.98 per share, in the third quarter of 2025. Research and development expenses fell to $271,204, while general and administrative expenses fell to $864,663.
How much did Indaptus raise in its September 2026 private placement?
The private placement raised approximately $24.0 million in gross proceeds for 20,338,974 common shares and closed October 16, 2026. Approximately $20.5 million was received by September 30, 2026, and the remaining approximately $3.5 million arrived in October.
Why did Indaptus Therapeutics' operating expenses decline in 2026?
Lower Decoy20 Phase 1 clinical costs and reduced payroll following headcount and base-salary reductions primarily drove the decline in research and development expenses. Lower management-transition expenses and reduced payroll primarily drove the decline in administrative expenses. A $0.5 million ATM agreement termination fee partly offset the nine-month administrative savings.
Why did Indaptus record private-placement proceeds as a liability at September 30, 2026?
The approximately $20.5 million received by September 30 was recorded as “Proceeds received pending share issuance” under current liabilities because the transaction closed on October 16, 2026.