Company: INDP
Filing Date: 2025-03-27
Form Type: DRS
Source: 0001641172-25-000975
Chunk: 21

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-27
Form: DRS
Chunk 21
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 and common warrants, if applicable), pursuant to this prospectus. The precise amount and timing of the application of such proceeds will depend upon our liquidity needs and the availability and cost of other capital over which we have little or no control.

Pending the use of the net proceeds from this offering as described above, we intend to invest the net proceeds in a variety of capital preservation investments, short and intermediate term, interest-bearing, investment-grade instruments, U.S. government securities and highly rated corporate debt securities, although our investment policy may change following the date of this prospectus supplement. It is possible that, pending their use, we may invest the net proceeds in a way that does not yield a favorable, or any, return for us.

| 11 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth our capitalization as of December 31, 2024 as follows:

| ● | on                   
 an actual basis; and |

| ● | on                                                                                                                                          
 a pro forma basis to reflect (i) the issuance and sale by us in the January 2025 Private Placement of 2,109,383 shares of common            
 stock and warrants to purchase 2,109,383 shares of common stock at a combined purchase price of $1.065 per share and accompanying           
 warrant for aggregate gross proceeds of $2,246,500; (ii) the issuance and sale by us of 1,400,000 shares of common stock as                 
 Advance Shares under the SEPA for aggregate gross proceeds of approximately $1.1 million; and (iii) the issuance by us of 305,960           
 shares of common stock as Commitment Shares under the SEPA, as if such issuances and sales had occurred on December 31, 2024 (collectively, 
 the “Pro Forma Adjustments”); and                                                                                                           |

The as adjusted information below is illustrative only and our capitalization following the completion of this offering is subject to various adjustments. The as adjusted amounts shown below are unaudited and represent management’s estimate. The information in this table should be read in conjunction with and is qualified by reference to the financial statements and notes thereto and other financial information contained in this prospectus.

|                                                                                                        |     | As of December 31, 2024 |         |   |     |                   |         |   |     |                               |
|:-------------------------------------------------------------------------------------------------------|:----|:------------------------|--------:|:--|:----|:------------------|--------: