Company: INDP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023333
Chunk: 81

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 81
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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 $9.1 million for the six months ended June 30, 2025, compared with net cash used
in operating activities of approximately $6.4 million for the six months ended June 30, 2024. The increase in net cash used was
primarily attributable to an increase in our research and development activities which were mostly related to our Phase 1 clinical
trial and an increase in transaction-related expenses associated with the private placement of convertible notes and warrants
completed in June 2025.

Financing
Activities

Net
cash provided by financing activities for the six months ended June 30, 2025 was approximately $9.4 million, which was provided by the
issuance and sale of our common stock and warrants in the January 2025 Financing, the issuance and sale of our common stock under the
SEPA and the issuance of convertible notes and warrants in the June 2025 Financing. Net cash provided by financing activities for the
six months ended June 30, 2024 was approximately $0.4 million, which was provided by issuance and sale of our common stock under the
ATM Agreement.

6

Funding
Requirements

Our
operating expenses are expected to continue to increase in the future in connection with our ongoing activities, particularly as we expect
to continue to ramp up our clinical development activities and incur expenses associated with hiring additional personnel to support
our research and development efforts. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur
significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Furthermore, we expect to
continue to incur significant costs associated with operating as a public company.

We
believe that our existing cash and cash equivalents as of June 30, 2025 are adequate to fund our ongoing activities into the fourth
quarter of 2025 based on our current operating plan. In addition, in May 2025, we began implementing a cost-reduction plan that included a focus on the Combination
Study, the elimination of non-essential expenses, and accepted a voluntary temporary reduction of the base salaries of certain
officers and temporary elimination of board fees.

Our
future capital requirements will depend on many factors, including