Company: INDP
Filing Date: 2025-09-02
Form Type: S-1
Source: 0001493152-25-012531
Chunk: 22

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-09-02
Form: S-1
Chunk 22
---
963 shares of our common stock outstanding as of June 30, 2025 and excludes:

| ● | 104,666  shares of common                                                                                           
 stock issuable upon exercise of outstanding options under the 2021 Plan at a weighted exercise price of $125.42;    |
| ● | 23,624  shares of common                                                                                            
 stock reserved for potential future issuance pursuant to the 2021 Plan; and                                         |
| ● | 312,354  shares of common                                                                                           
 stock issuable upon the exercise of warrants outstanding at a weighted average exercise price of $127.05 per share. |

| 10 |

<div align='center'>DILUTION</div>

If you purchase our shares of common stock and accompanying common warrants in this offering, you will experience dilution to the extent of the difference between the combined public offering price per share and common warrant you pay in this offering and the net tangible book value per share of our shares of common stock immediately after this offering.

The
net tangible book value of our shares of common stock on June 30, 2025 was approximately $(1.7) million, or approximately
$(2.765) per share. Net tangible book value per share is equal to the amount of our total tangible assets, less total liabilities,
divided by the aggregate number of our shares of common stock outstanding.

After giving effect to the
issuance of on a pro forma basis of the issuance of 501,566 shares of common stock, pre-funded warrants to purchase 190,795
shares of common stock and warrants to purchase 1,467,805 shares of our common stock, following the automatic
conversion of the June 2025 convertible notes, assuming exercise in full of the pre-funded warrants but no exercise of
the warrants, our pro forma net tangible book value as of June 30, 2025, would have been approximately $4.8 million,
or approximately $3.725 per share.

After
giving further effect to the assumed sale by us of all shares of common stock and accompanying common warrants offered by means of this
prospectus at an assumed combined public offering price of $6.40 per share and accompanying common warrants, which
is based on the last reported sale price of our shares of common stock on Nasdaq on August 27, 2025, assuming no sale of
pre-funded warrants and after deducting the Placement Agent’s fees and estimated offering expenses payable by us, and without giving
effect to