Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 320

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 320
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 compared with approximately $7.6 million for the year ended December 31, 2023. This decrease was
attributable primarily to a decrease of approximately $1.3 million for the development of our manufacturing processes of Decoy20 that
were mainly conducted in 2023 and was offset by an increase of approximately $0.9 million in costs associated with our Phase 1 clinical trial.

General
and Administrative Expenses

Our
general and administrative expenses for the year ended December 31, 2024 amounted to approximately $8.1 million, a decrease of approximately
$0.7 million, or approximately 7.3%, compared with approximately $8.8 million for the year ended December 31, 2023. This decrease was
attributable primarily to a decrease of approximately $1.3 million in legal fees, recruitment costs, payroll and related expenses, franchise
tax, and directors’ and officers’ insurance expenses, and was offset by an increase of approximately $0.6 million in investor
relations and business development expenses.

Other
Income

During
the year ended December 31, 2024, our other income, net was approximately $0.3 million, which represented a decrease of approximately
$0.6 million, or approximately 64.0%, as compared to the year ended December 31, 2023. The other income generated in the period consists
primarily of income earned on the Company’s cash and cash equivalent accounts, the balances of which were lower during the year
ended December 31, 2024 compared to the year ended December 31, 2023.

Liquidity
and Resources

We
do not currently have any approved products and have never generated any revenue from product sales. Since our inception, we have funded
our operations primarily through public and private offerings of our equity securities.

In
January 2025, we completed a private placement for the sale and issuance by us of an aggregate of: (i) 2,109,383 shares of our common
stock and (ii) warrants to purchase 2,109,383 shares of common stock. The shares and warrants were sold on a combined basis for consideration
of $1.065 for one share and a warrant for aggregate gross proceeds of approximately $2.25 million.

In
November 2024, we completed a registered direct offering, pursuant to which we sold and issued to certain investors 1,817,017 shares
of our common stock in a