Company: INDP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021759
Chunk: 84

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 84
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 to $2.34 million. In September  2025, we sold 520,000 shares of
our common stock for aggregate gross proceeds of approximately $2.34 million.

6

We
believe that our cash and cash equivalents of approximately $5.8 million that we had as of September 30, 2025 will enable us to fund
our operating expenses and capital expenditure requirements into the first quarter of 2026 based on our current operating plan. 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 the filing of this Quarterly Report. For additional information, see Note 1 to our unaudited condensed
consolidated financial statements included 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