Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 328

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 328
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 required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.

Critical
Audit Matters

Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.

    /s/
    Haskell & White LLP

    HASKELL
    & WHITE LLP

We
have served as the Company’s auditor since 2021.

Irvine,
California

March 13,
2025

F-2

INDAPTUS
THERAPEUTICS, INC.

Consolidated
Balance Sheets

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    Assets 

    Current assets: 

    Cash and cash equivalents 
    $5,786,753  
    $13,362,053 
  
    Prepaid expenses and other current assets 
     831,577  
     633,156 

    Total current assets 
     6,618,330  
     13,995,209 

    Non-current assets: 

    Property and equipment, net 
     -  
     735 
  
    Right-of-use asset 
     82,175  
     173,206 
  
    Other assets - deposits to third parties 
     638,251  
     754,728 

    Total non-current assets