Indaptus Therapeutics, Inc.INDP

Indaptus Therapeutics Inc. is a clinical-stage biotech chasing experimental immunotherapies, but the latest SEC filings read more like a cash-flow autopsy than a growth story. The company closed the quarter to 31 March 2026 with $1.5 million in cash and cash equivalents, having incinerated $7 million of operating cash during the period while posting a net loss attributable to parent of $2.5 million. Diluted earnings per share came to negative twenty-three cents on 11 million shares, a figure that doubles as both a valuation haircut and a cautionary note about dilution risk. (source: 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1857044/000149315226023362/form10-q.htm)

The business describes itself as developing proprietary immunotherapies, yet the financial statements reveal no product revenue and only $491,134 of research and development spend in the quarter-an amount that could fund a single late-stage trial for a fraction of what the company burns every month in operating cash. Shareholders’ equity stands at $1.2 million against total assets of $9.3 million, a ratio that forces the question: how long can a company with such slender equity keep the lights on while it searches for a commercial product? The board’s latest proxy filing quietly signals that it wants shareholder approval to adopt a fresh 2026 equity incentive plan, a move that arrives just as the old plan is being terminated. (source: 10-Q, period ending 2026-03-31 and DEF 14A, 2026-07-16, https://www.sec.gov/Archives/edgar/data/1857044/000149315226023362/form10-q.htm and https://www.sec.gov/Archives/edgar/data/1857044/000149315226033545/formdef14a.htm)

Filings show that the company has long operated an ATM sales agreement, now amended, which has quietly provided the firm with sporadic capital infusions while the balance sheet continues to leak cash. The board’s decision to terminate the old equity plan and seek fresh approval for a new one sits uneasily next to the company’s net cash used in operating activities of $7 million in the quarter, a pace that would exhaust the current cash balance in roughly two quarters if it continues. The only line item in the income statement that looks anything like a positive is the modest R&D spend, which itself is dwarfed by the cash burn elsewhere. (source: 10-Q, period ending 2026-03-31, and ATM agreement references, https://www.sec.gov/Archives/edgar/data/1857044/000149315226023362/form10-q.htm)

For context on the company’s capital structure and recent governance moves, investors can skim the board’s 16 July 2026 proxy filing, which also points to the company’s investor-relations portal hosted by VStock Transfer for the upcoming shareholder vote on or about 29 July 2026. The portal’s address is repeated in the proxy and is the official source for the meeting materials and record date. (source: DEF 14A, 2026-07-16, https://ts.vstocktransfer.com/irhlogin/I-INDAPTUS)

The SEC’s EDGAR index for Indaptus lists every filing in one place, while the company’s XBRL company facts and submissions JSON files give machine-readable snapshots of tagged metrics and filing events. None of these sources show revenue, product approvals, or partnerships; they merely confirm the granular filings that already sit in the 10-Q and 10-K. (source: SEC EDGAR index, company facts JSON and submissions JSON, https://www.sec.gov/edgar/browse/?CIK=1857044 and https://data.sec.gov/api/xbrl/companyfacts/CIK0001857044.json and https://data.sec.gov/submissions/CIK0001857044.json)