Company: INDP
Filing Date: 2025-03-27
Form Type: DRS
Source: 0001641172-25-000975
Chunk: 23

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-27
Form: DRS
Chunk 23
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 price, the actual number of shares that we offer in this offering, and other terms of this offering determined at pricing.

The above discussion and table are based on 12,013,901 shares of our common stock outstanding as of December 31, 2024 and excludes:

| ● | 2,887,822                                                                                                                                  
 shares of common stock issuable upon exercise of outstanding options under the 2021 Plan at a weighted exercise price of $8.06;            |
| ● | 103,608                                                                                                                                    
 shares of common stock reserved for potential future issuance pursuant to the 2021 Plan;                                                   |
| ● | 6,675,853                                                                                                                                  
 shares of common stock issuable upon the exercise of warrants outstanding at a weighted average exercise price of $6.52 per share;         |
| ● | 2,109,383                                                                                                                                  
 shares of common stock issued in the January 2025 PIPE;                                                                                    |
| ● | 2,109,383                                                                                                                                  
 shares of common stock underlying warrants issued in the January 2025 PIPE;                                                                |
| ● | 147,656                                                                                                                                    
 shares of common stock issuable upon the exercise of warrants issued to the designees of the Placement Agent as compensation in connection 
 with the January 2025 PIPE, at an exercise price of $1.175 per share;                                                                      |
| ● | 305,960                                                                                                                                    
 shares of common stock as Commitment Shares under the SEPA; and                                                                            |
| ● | 1,400,000                                                                                                                                  
 shares of common stock as Advance Shares under the SEPA.                                                                                   |

| 12 |

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

If you purchase our shares of common stock and accompanying common warrants in this offering, you will experience dilution to the extent of the difference between the combined public offering price per share and common warrant you pay in this offering and the net tangible book value per share of our shares of common stock immediately after this offering.

The net tangible book value of our shares of common stock on December 31, 2024 was approximately $3.94 million, or approximately $0.329 per share. Net tangible book value per share is equal to the amount of our total tangible assets, less total liabilities, divided by the aggregate number of our shares of common stock outstanding.

After giving effect to the issuance of on a pro forma basis of (i) the issuance and sale by us in the January 2025 Private Placement of 2,109,383 shares of common