Company: INDP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010099
Chunk: 63

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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 and sale of common stock by us under the ATM Agreement is being made pursuant to our effective “shelf” registration
statement on Form S-3 filed with the SEC on September 1, 2022 and declared effective on September 9, 2022. In 2024, we sold 152,000 shares
of our common stock for aggregate gross proceeds of approximately $0.4 million. On August 6, 2024, we filed a prospectus supplement to
reduce the amount of shares registered under the prospectus for the ATM to $0.00 and to suspend the ATM program, but the ATM Agreement
remains in full force and effect.

As of the date of the issuance of this Quarterly Report and based on our
current operating plan, we will need to obtain additional capital to fund our ongoing activities beyond the second quarter of 2025. We will need to increase our
capital resources through equity or debt financings, and we may need to do so sooner than we expect. We may also seek to finance our
cash needs through collaborations, strategic alliances, or license agreements with third parties. If sources of financing are available,
they may result in substantial dilution to our stockholders. We cannot provide any assurance that new financing will be available to
us on commercially acceptable terms or in the amounts required, if at all. If we are unable to consummate a financing or other transaction,
we may need to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects,
or cease operations. These conditions raise substantial doubt regarding our ability to continue as a going concern within one year after
the date of the filing of this Quarterly Report. For additional information, see Note 1 to our unaudited condensed financial statements
included elsewhere in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and we could use
our capital resources sooner than we currently expect.

We
have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over
the next five years.

Cash
Flows

Operating
Activities

Net
cash used in operating activities was approximately $5.0 million for the three months ended March 31, 2025, compared with net cash used
in operating activities of approximately $3.9 million for the three months ended March 31, 2024. The
increase in net cash used was primarily attributable to an increase in our research and development