Company: INDP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021759
Chunk: 66

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 elsewhere in this Quarterly Report. We have based this estimate on assumptions that may prove
to be wrong, and we could use our capital resources sooner than we currently expect.

We
have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over
the next five years.

Cash
Flows

Operating
Activities

Net
cash used in operating activities was approximately $11.6 million for the nine months ended September 30, 2025, compared with net cash
used in operating activities of approximately $8.9 million for the nine months ended September 30, 2024. The increase in net cash used
was primarily attributable to an increase in our research and development activities which were mostly related to our Phase 1 clinical
trial and an increase in transaction-related expenses associated with the private placement of convertible notes and warrants completed
in June 2025.

Financing
Activities

Net
cash provided by financing activities for the nine months ended September 30, 2025 was approximately $11.7
million, which was provided by the issuance and sale of our common stock and warrants in the January
2025 Financing, the issuance and sale of our common stock under the SEPA, the issuance of convertible notes and warrants in the June
2025 Financing and issuance and sale of our common stock under the ATM Agreement. Net cash
provided by financing activities for the nine months ended September 30, 2024 was approximately
$2.9 million, which was provided by issuance and sale of our common stock under the ATM Agreement and issuance and sale of our
common stock and warrants in a registered direct offering and concurrent private placement that we completed in August 2024.

Funding
Requirements

Our
operating expenses are expected to continue to increase in the future in connection with our ongoing activities, particularly as we expect
to continue to ramp up our clinical development activities and incur expenses associated with hiring additional personnel to support
our research and development efforts. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur
significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Furthermore, we expect to
continue to incur significant costs associated with operating as a public company.

We
believe that our existing cash and cash equivalents as of September 30, 2025 are adequate to fund our ongoing activities into the first
quarter of 2026 based on our current operating plan. In addition, in May