Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 733

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 5
Chunk 733
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 ATM to $0.00 and to suspend the ATM program, but the ATM Agreement
remains in full force and effect.

In
February 2025, we entered into a SEPA with Yorkville pursuant to which we have the right, but not
the obligation, to sell up to $20.0 million of our common stock during a 36 month period, subject to the restrictions and satisfaction
of the conditions in the SEPA. Upon execution of the SEPA, we issued to Yorkville 305,960 commitment shares. No shares of common
stock have been sold under the SEPA.

We
believe that the cash and cash equivalents of approximately $5.8 million that we had as of December 31, 2024 together
with net proceeds of $2.0 million from our January 2025 financing, will enable us to fund our operating expenses and capital expenditure
requirements into the second quarter of 2025. We will need to increase our capital resources through equity or debt financings, and
we may need to do so sooner than we expect. We may also seek to finance our cash needs through collaborations, strategic alliances, or
license agreements with third parties. If sources of financing are available, they may result in substantial dilution to our stockholders.
We cannot provide any assurance that new financing will be available to us on commercially acceptable terms or in the amounts required,
if at all. If we are unable to consummate a financing or other transaction, we may need to delay, reduce, or eliminate our research and
development programs, which could adversely affect our business prospects, or cease operations. These conditions raise substantial doubt
regarding our ability to continue as a going concern within one year after the date of this prospectus. For additional information, see
Note 1 to our consolidated financial statements included elsewhere in this Annual 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 $12.3 million for the year ended December 31, 2024, compared with net cash used in
operating activities of approximately $13.4 million for the year ended December 31, 2023. The approximately $1.1 million decrease