Company: INDP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023333
Chunk: 61

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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, 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 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. The total gross proceeds were approximately $5.7 million and placement agent fees and other
offering expenses were approximately $0.8 million.

5

In
February 2025, we entered into a SEPA with Yorkville, pursuant to which we have the right, but not the obligation, to sell up to $20.0
million of our common stock during a 36 months period, subject to the restrictions and satisfaction of the conditions in the SEPA. Upon
execution of the SEPA, we issued to Yorkville 10,927 commitment shares. During the first six months of 2025, we sold 89,902 shares of
common stock under the SEPA for aggregate net proceeds of approximately $1.75 million, after