Company: INDP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021759
Chunk: 31

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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increase was primarily driven by higher clinical trial costs of approximately $2.6 million related to our ongoing Phase 1 study.
This increase was partially offset by a decrease of approximately $0.9 million in payroll and related expenses and stock-based
compensation.

5

General
and Administrative Expenses

General
and administrative expenses were approximately $5.2 million for the nine months ended September 30, 2025, compared to approximately
$6.4 million for the nine months ended September 30, 2024, representing a decrease of approximately $1.2 million, or 19.3%. The
decrease was primarily attributable to a reduction of approximately $2.1 million in stock-based compensation, payroll and related
expenses, board of directors fees, investor relations costs and directors and officers insurance policy. This decrease was partially
offset by an increase of approximately $0.9 million in transaction-related expenses associated with the private placement of
convertible notes and warrants completed in June 2025 and professional fees.

Other
Income, Net

During
the nine months ended September 30, 2025, our other income, net was approximately $0.1 million, which represented a decrease of approximately
$0.2 million, or approximately 68.7%, compared to approximately $0.3 million for the nine months ended September 30, 2024. The other
income generated in the period consists primarily of income earned on our cash and cash equivalent accounts, the balances of which were
lower during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

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
June 2025, we completed a private placement (the “June 2025 Financing”) of convertible notes to certain investors, including
our Chief Executive Officer, which automatically converted in July 2025 into 501,566 shares of our common stock and pre-funded warrants
to purchase 190,795 shares of our common stock at a conversion price of $8.302 per share. In connection with the offering, we also issued
to the investors warrants to purchase 1,384,722 shares of our common stock, exercisable at $8.302 per share and expiring on July 27,
2030