Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 656

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 4
Chunk 656
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FINANCIAL STATEMENTS

TABLE
OF CONTENTS

    Page
  
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB name: HASKELL & WHITE LLP and PCAOB ID: 200)
     
    F-2
  
    CONSOLIDATED
    FINANCIAL STATEMENTS:

    Consolidated Balance Sheets as of December 31, 2024 and 2023
     
    F-3
  
    Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
     
    F-4
  
    Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2024 and 2023
     
    F-5
  
    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023
     
    F-6
  
    Notes to the Consolidated Financial Statements
     
    F-7

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Stockholders and Board of Directors

Indaptus
Therapeutics, Inc.

Opinion
on the Consolidated Financial Statements 

We
have audited the accompanying consolidated balance sheets of Indaptus Therapeutics, Inc. (the “Company”) as of December 31,
2024 and 2023, the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for
each of the years then ended, and the related notes (collectively, the “consolidated financial statements”). In our opinion,
the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as
of December 31, 2024 and 2023, and the consolidated results of its operations and its cash flows for each of the years then ended,
in conformity with U.S. generally accepted accounting principles.

Going
Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has experienced recurring losses, negative cash flows from operations,
and has limited capital resources. These matters raise substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

B