Company: INDP
Filing Date: 2025-09-02
Form Type: S-1
Source: 0001493152-25-012531
Chunk: 24

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-09-02
Form: S-1
Chunk 24
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crease the number of shares and accompanying common warrants we are offering. An increase (decrease) of 100,000 in the number of shares
we are offering would (decrease) increase the dilution per share to new investors by approximately $0.07, after
deducting the estimated Placement Agent’s fees and estimated offering expenses payable by us, assuming the assumed combined public
offering price stays the same. The information discussed above is illustrative only and will adjust based on the actual combined public
offering 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 604,963 shares of our common stock outstanding as of June 30, 2025 and excludes:

| ● | 104,666  shares of common                                                                                           
 stock issuable upon exercise of outstanding options under the 2021 Plan at a weighted exercise price of $125.42;    |
| ● | 23,624  shares of common                                                                                            
 stock reserved for potential future issuance pursuant to the 2021 Plan; and                                         |
| ● | 312,354  shares of common                                                                                           
 stock issuable upon the exercise of warrants outstanding at a weighted average exercise price of $127.05 per share. |

The above illustration does not take into account further dilution to investors in this offering that could occur upon the exercise of outstanding options and warrants having a per share exercise price less than the effective public offering price per share in this offering. To the extent that any of these outstanding options or warrants outstanding as of June 30, 2025, have been or are exercised in the future or we issue additional shares under our 2021 Plan, investors purchasing securities in this offering may experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

| 11 |

<div align='center'>DIVIDEND POLICY</div>

We have never declared or paid cash dividends on our capital stock. We currently intend to retain all available funds and future earnings, if any, for use in our business and therefore do not anticipate paying cash dividends in the foreseeable future. Payment of future dividends, if any, will be at the discretion of