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

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 25
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 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.

We
believe that our cash and cash equivalents of approximately $6.2 million that we had as of June 30, 2025 will enable us to fund our
operating expenses and capital expenditure requirements into the fourth quarter of 2025 based on our current operating plan. 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 consolidated 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 $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