Company: INDP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010099
Chunk: 19

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 19
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 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 activities which were mostly related
to our Phase 1 clinical trial.

Financing
Activities

Net
cash provided by financing activities for the three months ended March 31, 2025 was approximately $3.2  million, which was provided by
the issuance and sale of our common stock and warrants in the January 2025 offering and by the issuance and sale of our common stock
under the SEPA. Net
cash provided by financing activities for the three months ended March 31, 2024 was approximately $0.3 million, which was provided by
the issuance and sale of our common stock under the ATM Agreement.

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.

5

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. In May 2025, we began implementing a cost-reduction plan that includes 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, but not limited to:

    ●
    the
    scope, progress, results and costs of preclinical studies and clinical trials;

    ●
    the
    scope, prioritization and number of our clinical trials and other research and development programs;

    ●
    the
    amount of revenues we receive under future