Company: INDP
Filing Date: 2025-09-02
Form Type: S-1
Source: 0001493152-25-012531
Chunk: 23

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-09-02
Form: S-1
Chunk 23
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 the exercise of the common warrants issued in this offering, our pro forma as adjusted net tangible book value as of June
30, 2025 would have been approximately $9.1 million, or approximately $4.408 per share. This represents an immediate
increase in net tangible book value of approximately $0.683 per share to existing stockholders and an immediate dilution of approximately
$1.992 per share to new investors in this offering. The following table illustrates this per share dilution:

| Assumed combined public offering price per share and accompanying common warrants              
 Net tangible book value per share as of June 30, 2025                                          |     |   | (2.765 | ) |     |   |  6.40 |
|:-----------------------------------------------------------------------------------------------|:----|:--|-------:|:--|:----|:--|------:|
| Increase in net tangible book value per share attributable to Pro Forma Adjustments            |     | $ |  6.490 |   |     |   |       |
| Pro forma net tangible book value per share as of June 30, 2025 after giving effect to the Pro 
 Forma Adjustments                                                                              |     | $ |  3.725 |   |     |   |       |
| Increase per share attributable to new investors in this offering                              |     | $ |  0.683 |   |     |   |       |
| Pro forma as adjusted net tangible book value per share as of June 30, 2025                    
 after giving effect to this offering                                                           |     |   |        |   |     | $ | 4.408 |
| Dilution in net tangible book value per share to new investors in this offering                |     |   |        |   |     | $ | 1.992 |

Each
$0.10 increase (decrease) in an assumed combined public offering price of $6.40 per share and accompanying common warrants
would increase (decrease) our pro forma as adjusted net tangible book value after this offering by approximately $0.03 per share,
and the dilution per share to new investors by approximately $0.07 per share and accompanying common warrants, assuming
that the number of shares and accompanying common warrants offered by us, as set forth on the cover page of this prospectus, remains
the same and after deducting the Placement Agent’s fees and estimated offering expenses payable by us. We may also increase or
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