Company: INDP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023333
Chunk: 23

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 23
---
0 million for the six months ended June 30, 2025, compared to approximately $3.3
million for the six months ended June 30, 2024, representing an increase of approximately $1.7 million, or 50.6%. The increase was
primarily driven by higher clinical trial costs of approximately $2.3 million related to our ongoing Phase 1 study. This increase
was partially offset by a decrease of approximately $0.6 million in payroll and related expenses.

General
and Administrative Expenses

General
and administrative expenses were approximately $4.0 million for the six months ended June 30, 2025, compared to approximately $4.7
million for the six months ended June 30, 2024, representing a decrease of approximately $0.7 million, or 14.7%. The decrease was
primarily attributable to a reduction of approximately $1.5 million in stock-based compensation, payroll and related expenses, legal
fees, and investor relations costs. This decrease was partially offset by an increase of approximately $0.8 million in
transaction-related expenses associated with the private placement of convertible notes and warrants completed in June 2025.

Other
Income, Net

During the six months ended June 30, 2025, our other income, net was approximately $0.055 million, which represented a decrease of approximately
$0.175 million, or approximately 75.8%, compared to approximately $0.230 million for the six months ended June 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 six months ended June 30, 2025 compared to the six months ended June 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