Company: INDP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023333
Chunk: 52

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 Warrants and placement agent warrants, as described in Note 7
above. As a result of the conversion of the Notes on July 27, 2025, the Company classified the fair value of the Notes
from current liabilities to shareholders’ equity. Therefore, as of the date hereof, the Company believes that it satisfies the minimum
shareholders’ equity requirement of $2.5 million under Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital
Market.

F-12

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless
the context indicates otherwise, in this Quarterly Report, the terms “Indaptus,” “the Company,” “we,”
“us” and “our” refer to Indaptus Therapeutics, Inc. (formerly Intec Parent, Inc., the successor of Intec Pharma
Ltd. following the domestication merger) and, where appropriate, its consolidated subsidiaries following the domestication merger and
the reverse merger described in our previous periodic reports. References to “Intec Israel” refer to Intec Pharma Ltd., the
predecessor of Indaptus prior to the domestication merger, and references to “Decoy” refer to Decoy Biosystems, Inc., the
entity acquired by Indaptus in connection with the reverse merger.

You
should read the following discussion and analysis of our financial condition and results of operations along with our consolidated financial
statements and the related notes and other financial information included elsewhere in this Quarterly Report and our Annual Report on
Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 13, 2025
(the “2024 Annual Report on Form 10-K”). The following discussion contains forward-looking statements that are subject to
risks, uncertainties and assumptions. You should review the sections titled “Summary Risk Factors” and Part II. Item 1A.
Risk Factors in this Quarterly Report for a discussion of important factors that could cause actual results to differ materially from
the results described below. Please also see the “Cautionary Note Regarding Forward-Looking Statements” section in the forepart
of this Quarterly Report.

All
information in this Quarterly Report relating to shares or price per share reflects the 1-for-28 reverse stock split effected by us on
June 26, 2025 which began trading on a post-split basis on the Nasdaq Capital Market on