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Indaptus Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update

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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.

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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.

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11 points · 0 major

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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.

1 major · 6 points

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 October 16, 2026 for 20,338,974 common shares; the $20,549,933 received by September 30, 2026 remained recorded as a liability pending share issuance, and issuing the shares increases total shares and reduces existing holders’ percentage ownership, absent offsetting changes.

Key Figures

Private placement gross proceeds: approximately $24.0 million Shares in private placement: 20,338,974 shares Cash and short-term investments: approximately $30.6 million +4 more
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

1 past event · Latest: Aug 13
Same Type 1 event
  1. Aug 13

    Q2 earnings

    24h Move
    +3.9%

    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, convertible promissory notes
2 terms
private placement financial
"entered into a private placement for 20,338,974 shares of common stock"
A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.
convertible promissory notes financial
"Change in fair value of convertible promissory notes"
A convertible promissory note is a loan a company takes that can later be turned into shares instead of being paid back in cash; think of lending money now in exchange for a voucher that can become ownership later. Investors care because it mixes credit risk and potential ownership upside—it can protect lenders if a company struggles while also diluting existing shareholders when converted, affecting future share value and investor returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 $24.0 million private placement provides an important foundation to advance this vision, giving us the financial resources and strategic flexibility to explore new opportunities and build long-term shareholder value.

“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 82% to approximately $0.3 million for the third quarter of 2026, compared with approximately $1.5 million for the same period in 2025. For the first nine months of 2026, research and development expenses decreased 83% to approximately $1.1 million, compared with approximately $6.5 million in 2025. The decreases were primarily attributable to lower clinical costs related to the Decoy20 Phase 1 study and lower payroll and related expenses following reductions in headcount and base salaries.

General and administrative expenses decreased 24% to approximately $0.9 million for the third quarter of 2026, compared with approximately $1.1 million for the same period in 2025. For the first nine months of 2026, general and administrative expenses decreased 23% to approximately $4.0 million, compared with approximately $5.2 million in 2025. The decreases were primarily attributable to lower expenses related to the transition of management and lower payroll and related expenses following reductions in headcount and base salaries. For the nine months ended September 30, 2026, these decreases were partially offset by a $0.5 million termination fee incurred in connection with the termination of the ATM Agreement.
Net loss decreased to approximately $1.0 million for the third quarter of 2026, compared with approximately $3.0 million for the same period in 2025. For the first nine months of 2026, net loss decreased to approximately $5.4 million, compared with approximately $12.7 million in 2025. Basic and diluted net loss per share was approximately $0.01 for the third quarter of 2026 and $0.06 for the first nine months of 2026, compared with $2.98 and $18.48, respectively, for the corresponding periods in 2025.

As of September 30, 2026, the Company had approximately $30.6 million in cash, cash equivalents and short-term investments. Net cash used in operating activities was approximately $10.4 million for the nine months ended September 30, 2026. The Company received approximately $20.5 million in proceeds from the September 2026 private placement during the third quarter. As the transaction closed on October 16, 2026, these proceeds were recorded as "Proceeds received pending share issuance" under current liabilities on the September 30, 2026 condensed consolidated balance sheet.

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: $0.01 par value, 1,000,000,000 and 200,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 133,242,324 shares issued and outstanding as of September 30, 2026 and 2,167,324 shares issued and outstanding as of December 31, 2025  1,332,424   21,674 
Preferred stock: $0.01 par value, 5,000,000 shares authorized as of September 30, 2026 and December 31, 2025; no shares issued and outstanding as of September 30, 2026 and 1,000,000 shares issued and outstanding as of December 31, 2025  -   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.

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