# EDGAR Filing Document

**Accession Number:** 0001857044
**File Stem:** 0001493152-26-023362
**Filing Date:** 2026-5
**Character Count:** 94021
**Document Hash:** 0431f2e52e83d201a6531448adf3d008
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023362.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001493152-26-023362

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Indaptus Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001857044
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 863158720
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40652
- **FILM NUMBER:** 26982480

**BUSINESS ADDRESS:**
- **STREET 1:** 3 COLUMBUS CIRCLE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (646) 427-2727

**MAIL ADDRESS:**
- **STREET 1:** 3 COLUMBUS CIRCLE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intec Parent Inc.
- **DATE OF NAME CHANGE:** 20210414

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM TO**

**Commission File Number 001-40652**

**Indaptus Therapeutics, Inc.**

**(Exact name of Registrant as specified in its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **86-3158720** |
| **(State or other jurisdiction** | **(I.R.S. Employer** |
| **3 Columbus Circle**<br> **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(Registrant's telephone number, including area code) +(646) 427-2727**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | INDP | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

The number of shares of the Registrant's common stock outstanding as of May 15, 2026 was 113,242,324.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND SUMMARY RISK FACTORS](#a_001)** | **[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND SUMMARY RISK FACTORS](#a_001)** | ii |
| [PART I. FINANCIAL INFORMATION](#a_002) | [PART I. FINANCIAL INFORMATION](#a_002) | F-1 |
| Item 1. | [Financial Statements](#a_003) | F-1 |
|  | [Unaudited Condensed Consolidated Balance Sheets](#a_004) | F-1 |
|  | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](#a_005) | F-2 |
|  | [Unaudited Condensed Consolidated Statements of Stockholders' Equity](#a_006) | F-3 |
|  | [Unaudited Condensed Consolidated Statements of Cash Flows](#a_007) | F-4 |
|  | [Notes to Unaudited Condensed Consolidated Financial Statements](#a_008) | F-5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009) | 1 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_010) | 5 |
| Item 4. | [Controls and Procedures](#a_011) | 5 |
| [PART II. OTHER INFORMATION](#a_012) | [PART II. OTHER INFORMATION](#a_012) | 6 |
| Item 1. | [Legal Proceedings](#a_013) | 6 |
| Item 1A. | [Risk Factors](#a_014) | 6 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_015) | 6 |
| Item 3. | [Defaults Upon Senior Securities](#a_016) | 6 |
| Item 4. | [Mine Safety Disclosures](#a_017) | 6 |
| Item 5. | [Other Information](#a_018) | 6 |
| Item 6. | [Exhibits](#a_019) | 6 |

---

i

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, or Quarterly Report, contains, and management may make, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, forward-looking statements can be identified by the use of terms such as "believe," "expect," "intend," "plan," "may," "should," "anticipate," "could," "might," "seek," "target," "will," "project," "forecast," "continue" or their negatives or variations of these words or other comparable words. These statements include, without limitation, our statements about: our product candidates' development, including the timing and design of the Phase 1 clinical trial of Decoy20 and our combination study; our expectations regarding the recommended Phase 2 dose for subsequent multi-dosing and combination studies and related timing; the anticipated effects of our product candidates; our plans to develop and commercialize our product candidates; the market potential and treatment potential of our product candidates, including Decoy20; our commercialization, marketing and manufacturing capabilities and strategy; our expectations about the willingness of healthcare professionals to use our product candidates; our general business strategy and the plans and objectives of management for future operations; our research and development activities and costs; our future results of operations and condition; the sufficiency of our cash and cash equivalents to fund our ongoing activities and our ability to continue as a going concern; and the impact of current macroeconomic conditions on our operations, ability to access capital, and liquidity.

The forward-looking statements in this Quarterly Report are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report entitled "Summary Risk Factors," Part II. Item 1A. "Risk Factors" and Part I. Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. We intend the forward-looking statements contained in this Quarterly Report to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

ii

**SUMMARY RISK FACTORS**

The principal factors and uncertainties that make investing in our common stock risky, include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We are a clinical-stage company with a limited operating history. We are not currently profitable, do not expect to become profitable in the near future and may never become profitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We have identified conditions and events that raise substantial doubt regarding our ability to continue as going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Given our lack of current cash flow, we will need to raise additional capital. If we are unable to raise a sufficient amount of capital when needed on acceptable terms or at all, we may be forced to delay, limit or eliminate some or all of our research programs, product development activities and commercialization efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Raising additional capital would cause dilution to our existing shareholders and may restrict our operations or require us to relinquish rights to our technologies or product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clinical and preclinical development involves lengthy and expensive processes with uncertain outcomes. Any difficulties or delays in the commencement or completion, or the termination or suspension, of our current or planned clinical trials could result in increased costs to us, delay or limit our ability to generate revenue or adversely affect our commercial prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We expect to continue to incur significant research and development expenses and other operating expenses, which may make it difficult for us to attain profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We may expend our limited resources to pursue a limited number of research programs, product candidates and specific indications and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our product candidates may cause undesirable side effects that could delay or prevent their regulatory approval or commercialization or have other significant adverse implications on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The commercial success of our product candidates depends upon their market acceptance among physicians, patients, healthcare payors and the medical community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We rely on third parties to conduct our preclinical studies and clinical trials and perform other tasks. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business, financial condition and results of operations could be substantially harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We currently rely on third parties for the manufacture of our product candidates during clinical development and expect to continue to rely on third parties for the foreseeable future. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates, or such quantities at an acceptable cost, which could delay, prevent or impair our development or potential commercialization efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The successful commercialization of Decoy20 or any future product candidates, if approved, will depend in part on the extent to which governmental authorities and health insurers establish coverage, adequate reimbursement levels and favorable pricing policies. Failure to obtain or maintain coverage and adequate reimbursement for our products could limit our ability to market those products and decrease our ability to generate revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Recently enacted legislation, future legislation and healthcare reform measures may increase the difficulty and cost for us to obtain marketing approval for and commercialize Decoy20 and any future product candidates and may affect the prices we may set.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If our competitors have product candidates that are approved faster, marketed more effectively, are better tolerated, have a more favorable safety profile or are demonstrated to be more effective than our product candidates, our commercial opportunity may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any product candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We may not be able to adequately protect our proprietary or licensed technology in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We are subject to various U.S. federal, state and foreign healthcare laws and regulations, which could increase compliance costs, and our failure to comply with these laws and regulations could harm our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our business and operations may suffer in the event of information technology system failures, cyberattacks or deficiencies in our cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintaining and improving our financial controls and the requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The market price of our common stock is volatile and you may sustain a complete loss of your investment.

iii

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

INDAPTUS THERAPEUTICS, INC.

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**<br>**2026** | **As of December 31,**<br>**2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $1497635 | $8507628 |
| Prepaid expenses and other current assets | 683221 | 802540 |
| &nbsp;&nbsp;&nbsp;Total current assets | $2180856 | $9310168 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable and other current liabilities | $932999 | $6158575 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 932999 | 6158575 |
| Commitments and contingencies (Note 7) |  |  |
| Stockholders' equity: |  |  |
| Common stock: $0.01 par value, 1,000,000,000 and 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 113,242,324 shares issued and outstanding as of March 31, 2026 and 2,167,324 shares issued and outstanding as of December 31, 2025 | 1132424 | 21674 |
| Preferred stock: $0.01 par value, 5,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and 1,000,000 shares issued and outstanding as of December 31, 2025 |  | 10000 |
| Additional paid in capital | 83944602 | 84408018 |
| Accumulated deficit | (83829169) | (81288099) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 1247857 | 3151593 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2180856 | $9310168 |

---

See accompanying notes to the unaudited condensed consolidated financial statements

INDAPTUS THERAPEUTICS, INC.

**Unaudited Condensed Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | $491134 | $2810840 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1668454 | 1761719 |
| Total operating expenses | 2159588 | 4572559 |
| Loss from operations | (2159588) | (4572559) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Warrant repricing | (410154) | - |
| &nbsp;&nbsp;&nbsp;Other income, net | 28672 | 40129 |
| Total other income (expense), net | (381482) | 40129 |
| Net loss | $(2541070) | $(4532430) |
| Net loss available to common shareholders per share of common stock, basic and diluted\* | $(0.23) | $(9.11) |
| Weighted average number of shares used in calculating net loss per share, basic and diluted\* | 10956650 | 497794 |

---

\* Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025.

See accompanying notes to the unaudited condensed consolidated financial statements

INDAPTUS THERAPEUTICS, INC.

**Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | **Preferred stock** | **Preferred stock** | | | |
|  | **Shares\*** | **Amount\*** | **Shares** | **Amount** | **Additional paid**<br>**in capital\*** | **Accumulated**<br>**deficit** |<br>**Total** |
| Balance, January 1, 2025 | 428799 | $4288 |  | $- | $64379770 | $(60439183) | $3944875 |
| Stock-based compensation |  |  |  |  | 240891 |  | 240891 |
| Issuance of common stock and warrants, net of issuance costs (Note 6b) | 75335 | 753 |  |  | 1985990 |  | 1986743 |
| Issuance of common stock, net of issuance costs (Note 6c) | 57328 | 573 |  |  | 1159078 |  | 1159651 |
| Issuance of commitment shares (Note 6c) | 10927 | 109 |  |  | (109) |  |  |
| Net loss | - | - | - | - | - | (4532430) | (4532430) |
| Balance, March 31, 2025 | 572389 | $5724 | - | $- | $67765620 | $(64971613) | $2799731 |
| Balance, January 1, 2026 | 2167324 | $21674 | 1000000 | $10000 | $84408018 | $(81288099) | $3151593 |
| Stock-based compensation | 75000 | 750 |  |  | 226430 |  | 227180 |
| Warrant repricing (Note 6a) |  |  |  |  | 410154 |  | 410154 |
| Conversion of Series AA preferred stock (Note 6e) | 6000000 | 60000 | (300000) | (3000) | (57000) |  |  |
| Conversion of Series AAA preferred stock (Note 6e) | 105000000 | 1050000 | (700000) | (7000) | (1043000) |  |  |
| Net loss | - | - | - | - | - | (2541070) | (2541070) |
| Balance, March 31, 2026 | 113242324 | $1132424 | - | $- | $83944602 | $(83829169) | $1247857 |

---

\* Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025.

See accompanying notes to the unaudited condensed consolidated financial statements

INDAPTUS THERAPEUTICS, INC.

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2541070) | $(4532430) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 227180 | 240891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant repricing | 410154 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 119319 | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other current liabilities | (5225576) | (762338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset and liability, net | - | (596) |
| Net cash used in operating activities | (7009993) | (5047127) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares of common stock and warrants |  | 3482650 |
| &nbsp;&nbsp;&nbsp;Issuance costs | - | (331255) |
| Net cash provided by financing activities |  | 3151395 |
| Net change in cash and cash equivalents | (7009993) | (1895732) |
| Cash and cash equivalents, beginning of period | 8507628 | 5786753 |
| Cash and cash equivalents, end of period | $1497635 | $3891021 |
| Noncash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Transaction costs in accounts payable and other current liabilities | $- | $5000 |
| &nbsp;&nbsp;&nbsp;Issuance of commitment shares\* | $- | $109 |
| &nbsp;&nbsp;&nbsp;Conversion of Series AA and Series AAA preferred stock | $1100000 | $- |

---

\* Retroactively restated for one-for-twenty-eight share consolidation on June 27, 2025.

See accompanying notes to the unaudited condensed consolidated financial statements

INDAPTUS THERAPEUTICS, INC.

**Notes to the unaudited interim condensed consolidated financial statements**

**NOTE 1: GENERAL**

Indaptus Therapeutics, Inc. and its wholly-owned subsidiaries, Decoy Biosystems, Inc. and Intec Pharma Ltd. (collectively the "Company"), is a biotechnology company dedicated to enhancing and expanding curative cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas, which are responsible for more than 90% of all cancer deaths. The Company is developing a novel, multi-targeted product that activates both innate and adaptive anti-tumor and anti-viral immune responses.

On December 22, 2025, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with David E. Lazar, pursuant to which he agreed to purchase from the Company 300,000 shares of Series AA Preferred Stock and 700,000 shares of Series AAA Preferred Stock (collectively the "Preferred Stock") at a purchase price of $6.00 per share for aggregate gross proceeds of $6.0 million, subject to the terms and conditions thereunder (the "Investment Transaction"). The offering closed on December 23, 2025 and all shares of Preferred Stock were converted to shares of common stock during the three months ended March 31, 2026. For more details, see Note 6(e).

As part of the Investment Transaction, the Company is evaluating opportunities for a strategic transaction involving either an investment in or acquisition of an operating business (a "Post Investment Transaction"), including but not limited to, pursuing a strategic transaction involving either an investment in or acquisition of a target company to create future growth opportunities for both the Company and its stockholders. Our investments in any such strategic options will be based on scientific validation, clinical and regulatory considerations, resource availability, and overall strategic planning. We expect to continue advancing our existing therapeutic development activities while assessing how these additional research capabilities can be utilized to promote health and may contribute to our longer-term development strategy.

*Risks and uncertainties*

The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operations (see below), competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. In addition, the Company is subject to risks related to its ability to realize the anticipated benefits of the Investment Transaction in the event it is not able to identify and/or pursue a Post Investment Transaction.

*Going concern and management's plans*

The Company has incurred net losses and utilized cash in operations since inception. For the three months ended March 31, 2026, the Company incurred a net loss of approximately $2.5 million, and as of March 31, 2026, the Company had an accumulated deficit of approximately $83.8 million. In addition, during the three months ended March 31, 2026, the Company used approximately $7.0 million of cash in operations and expects to continue to incur significant cash outflows and incur future additional losses as it continues to evaluate the Phase 1 data of the Company's lead product candidate while actively exploring strategic options for a Post-Investment Transaction. The Company believes that, as of the date of the issuance of these unaudited condensed consolidated financial statements, it has adequate cash to fund its ongoing activities through the second quarter of 2026 based on its current plans. The Company plans to execute its operating plan by obtaining additional capital, principally through entering into additional public or private debt and equity financing.

As a result of these uncertainties, there is substantial doubt about the Company's ability to continue as a going concern. These unaudited interim condensed consolidated financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that would result if the Company was unable to continue as a going concern.

 

*Reverse Split*

On June 26, 2025, the Company effected a 1-for-28 reverse stock split of its common stock and began trading on a post-split basis on the Nasdaq Capital Market on June 27, 2025, which resulted in the Company regaining compliance with the Nasdaq minimum bid price requirement. As a result of the reverse stock split, every 28 shares of outstanding common stock were combined into one share of common stock. The reverse stock split decreased the Company's outstanding common stock from 16,946,528 shares to 604,963 shares as of that date. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options and warrants entitling the holders to purchase common stock. All share and per share amounts in these unaudited interim condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split.

**NOTE 2: SIGNIFICANT ACCOUNTING POLICIES**

*Basis of presentation*

These unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and SEC Regulation S-X Article 10 for interim financial statements. Accordingly, they do not contain all the information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company's consolidated financial position as of March 31, 2026 and the consolidated results of operations and changes in stockholders' equity for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026 and 2025.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 17, 2026. The consolidated balance sheet data as of March 31, 2026, included in these unaudited interim condensed consolidated financial statements was derived from the audited financial statements for the year ended December 31, 2025, but does not include all disclosures required by US GAAP for annual financial statements.

The results for the three months ended March 31, 2026, are not necessarily indicative of the results expected for the year ending December 31, 2026.

*Principles of consolidation*

These unaudited interim condensed consolidated financial statements include the accounts of Indaptus and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation.

 

*Use of estimates*

The preparation of these unaudited interim condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates.

*Loss per share*

Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of shares of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options, warrants, pre-funded warrants, and convertible Preferred Stock, which are included under the treasury stock method when dilutive.

The following number of stock options, warrants, pre-funded warrants, and convertible Preferred Stock were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data):

---

| | | |
|:---|:---|:---|
|  | **Weighted average** | **Weighted average** |
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Warrants | 1567724 | 103114 |
| Outstanding stock options | 122604 | 301245 |
| Pre-funded warrants | 221005 |  |
| Preferred stock | 921348 |  |

---

 

*Research and development expenses*

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and development are expensed as incurred.

The Company accrues for expenses resulting from obligations under agreements with contract research organizations ("CROs"), contract manufacturing organizations ("CMOs"), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments are recorded as a prepaid expense which is amortized or expensed as the contracted services are performed.

*Fair Value Measurement*

ASC 820, Fair Value Measurements, ("ASC 820") provides guidance on the development and disclosure of fair value measurements. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes:

---

| | |
|:---|:---|
| Level 1: | Quoted prices in active markets for identical assets or liabilities. |
| Level 2: | Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. |
| Level 3: | Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. |

---

The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. This determination requires significant judgments to be made by the Company.

As of March 31, 2026 and December 31, 2025, the recorded values of cash and cash equivalents, prepaid expenses, accounts payable, and accrued expenses and other liabilities approximated their fair values due to the short-term nature of these items.

During the three months ended March 31, 2026, the Company repriced outstanding warrants to purchase its common stock. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. See Note 6a for details.

*Recently adopted accounting pronouncements*

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Improvements to Income Tax Disclosures. This ASU does not change accounting for income taxes but requires new disclosures focusing on two areas, the effective rate reconciliation and taxes paid. The Company adopted the standard and applied the disclosure requirements on a prospective basis as required for the year ended December 31, 2025.

*Recently issued accounting pronouncements*

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU will require entities to provide enhanced disclosures, in a tabular format, related to certain expense categories included in the statement of operations. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting. This ASU was issued to enhance consistency in interim reporting for all entities by providing clarity about the current interim reporting requirements and creating a comprehensive list of interim disclosures required under US GAAP. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and amendments can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this standard on its interim disclosures.

**NOTE 3: PREPAID EXPENSES AND OTHER CURRENT ASSETS**

Prepaid expenses and other current assets were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Prepaid insurance | $228061 | $390361 |
| Prepaid research and development | 392572 | 392572 |
| Other prepaid expenses | 62588 | 19607 |
| Total prepaid expenses and other current assets | $683221 | $802540 |

---

**NOTE 4: ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES**

Accounts payable and other current liabilities were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Accounts payable | $557367 | $544057 |
| Accrued D&O insurance expense | 112350 |  |
| Accrued employee costs | 43075 | 4025341 |
| Other accrued expenses |  | 5582 |
| Accrued board fees | 74318 | 78500 |
| Accrued professional fees | 27675 | 322039 |
| Delaware franchise taxes payable | 2300 | 84100 |
| Accrued research and development | 115914 | 1098956 |
| Total accounts payable and other current liabilities | $932999 | $6158575 |

---

**NOTE 5: STOCK-BASED COMPENSATION**

The Company has an equity incentive plan for grants to employees, officers, consultants, directors, and other service providers that was approved in 2021 (the "2021 Plan"). The 2021 Plan provides for the grant of non-qualified stock options, incentive stock options, restricted stock awards, restricted stock units, unrestricted stock awards, stock appreciation rights and other forms of stock-based compensation. The 2021 Plan permits the Company's board to change the type, terms, and conditions of awards as circumstances may change. This flexibility to adjust the type of compensation to be granted is particularly important given current economic and world events.

A summary of the stock option activity during the three months ended March 31, 2026, is presented in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Options** | **Weighted Average Exercise Price** | **Weighted Average Remaining Life** |
| Outstanding as of January 1, 2026 | 123907 | $104.70 | 7.3 |
| Granted | 50000 | $2.38 | 9.8 |
| Forfeited and cancelled | (13284) | $- | - |
| Outstanding as of March 31, 2026 | 160623 | $77.53 | 7.9 |
| Exercisable as of March 31, 2026 | 76990 | $154.82 | 6.0 |
| Vested and expected to vest as of March 31, 2026 | 160623 | $77.53 | 7.9 |

---

The following table summarizes the total stock-based compensation expense included in the unaudited consolidated statements of operations for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| Research and development | $25193 | $69662 |
| General and administrative | 201987 | 171229 |
| Total stock-based compensation | $227180 | $240891 |

---

As of March 31, 2026, total compensation cost not yet recognized related to unvested stock options was approximately $0.2 million, which is expected to be recognized over a weighted-average period of approximately 2.1 years.

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The weighted average inputs used to measure the value of the options granted during the three months ended March 31, 2026 are presented in the table below. The weighted average fair value of stock options issued during the three months ended March 31, 2026 was $2.01 per share.

**Weighted average Black Scholes assumptions:**

---

| | |
|:---|:---|
|  | **2026** |
| Exercise Price | $2.38 |
| Expected term (in years) | 5.8 |
| Volatility | 113.5% |
| Dividend yield | 0% |
| Risk free rate | 3.7% |

---

The following table presents the exercise price of outstanding stock options as of March 31, 2026:

---

| | |
|:---|:---|
| Exercise price | Options outstanding |
| $0.01 - $80.00 | 112495 |
| $80.00 or higher | 48128 |
| Total | 160623 |

---

**NOTE 6: CAPITALIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;a) As
 of March 31, 2026 and December 31, 2025, the Company had 1,000,000,000 and 200,000,000 shares
 of common stock authorized and 113,242,324 and 2,167,324 shares issued and outstanding, respectively.

As of March 31, 2026 and December 31, 2025, the Company had 5,000,000 shares of preferred stock authorized. As of December 31, 2025, the Company had 300,000 shares of Series AA Preferred Stock and 700,000 shares of Series AAA Preferred Stock issued and outstanding. During the three months ended March 31, 2026, all outstanding Preferred Stock was converted into 111,000,000 shares common stock. As such, there were no shares of Preferred Stock issued and outstanding as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, there were warrants outstanding to purchase an aggregate of 1,788,729 shares of common stock. As of December 31, 2025, these warrants were exercisable at a weighted average price of $28.72 and their weighted average remaining contractual term was 4.3 years. On February 11, 2026, the Company entered into warrant repricing agreements with certain holders of warrants to purchase an aggregate of 913,638 shares of the Company's common stock that were issued in financing transactions during 2024 and 2025. Pursuant to these agreements, the exercise price of such warrants was reduced to $1.75 per share. As a condition to the repricing, the participating holders agreed to enter into a voting agreement pursuant to which they agreed to vote all shares of common stock held by them in favor of the proposals that were presented at the Company's special stockholder meeting scheduled for February 26, 2026. The incremental increase in the fair value of such warrants was $0.4 million, recognized as other expense in the unaudited consolidated statement of operations.

In addition, on February 11, 2026, the Company's board of directors approved a reduction of the exercise price to $1.75 per share for the remaining warrants and placement agent warrants to purchase an aggregate of 762,787 shares of common stock issued in the same financing transactions. Other than the reduction in the exercise price, all other terms and provisions of the warrants remain unchanged. The incremental increase in the fair value of such warrants was $0.3 million, recognized as a deemed dividend.

The Company used a Black Scholes model to measure the fair value of the modified warrants immediately before and immediately after the modification using the following weighted average assumptions:

---

| | |
|:---|:---|
| Term (in years) | 4.4 |
| Volatility | 99.7% |
| Annual Rate of Dividends | 0.0% |
| Discount Rate (Equiv. Bond Yield) | 3.6% |

---

Following the warrant repricing, the total outstanding warrants at March 31, 2026 were exercisable at a weighted average price of $19.57.

b) On June 1, 2022, the Company entered into an ATM Agreement which was amended on September 1, 2022 with a sales agent,
pursuant to which the Company may offer and sell, from time to time through the sales agent, shares of the Company's common stock.
The issuance and sale of common stock by the Company under the ATM Agreement is being made pursuant to the Company's effective "shelf"
registration statement on Form S-3 filed with the SEC on August 13, 2025 and declared effective on August 20, 2025. During 2025 the Company
sold 520,000 shares of the Company's common stock for aggregate net proceeds of approximately $2.25 million, after deducting issuance
expenses in the amount of approximately $0.1 million. The Company's ability to issue shares under the shelf registration statement
on Form S-3 is limited by General Instruction I.B.6 to Form S-3.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
January 16, 2025, the Company completed a private placement offering pursuant to which the Company sold and issued to certain investors
an aggregate of 75,335 shares of common stock and warrants to purchase 75,335 shares of common stock (the "January 2025 Warrants").
The shares and January 2025 Warrants were sold on a combined basis for consideration of $29.82 for one share and one January 2025 Warrant. The January 2025
Warrants are immediately exercisable at an exercise price of $26.32 per share and expire five
years from the date of issuance. The total net
proceeds were approximately $2.0 million, after deducting placement agent and other offering
expenses in the amount of approximately $0.25 million. In February 2025, the Company filed a registration
statement to register the resale by the investors of the shares of common stock and shares of common stock issuable upon exercise of
the January 2025 Warrants. The registration statement was declared effective on February 11, 2025. In addition, in connection with the
January 2025 Offering, the Company issued to the placement agent and its designees warrants to purchase an aggregate of 5,268 shares of common stock at an exercise price of $32.90 .
The placement agent warrants are exercisable six months from the date of issuance and expire on the fifth anniversary of the issue date.
On February 11, 2026, the Company reduced the exercise price of the January 2025 Warrants and the placement agent warrants to $1.75 per share as described above.

&nbsp;&nbsp;&nbsp;&nbsp;d) On
 February 12, 2025, the Company entered into the SEPA with Yorkville, which provides that,
 upon the terms and subject to the restrictions and satisfaction of the conditions in the
 SEPA, Yorkville is committed to purchase up to an aggregate of $20.0 million of the Company's
 shares of common stock over a 36-month period. At the Company's option, the shares
 of common stock would be purchased by Yorkville from time to time at a price equal to 97%
 of the lowest of the three daily VWAPs during a three consecutive trading day period commencing
 on the date that the Company, subject to certain limitations, delivers a notice to Yorkville
 that the Company is committing Yorkville to purchase such shares of common stock. The Company
 may also specify a certain minimum acceptable price per share in each advance. The Company
 will control the timing and amount of sales of the Company's shares to Yorkville. As
 consideration for Yorkville's irrevocable commitment to purchase shares of the Company's
 common stock upon the terms of and subject to restrictions and satisfaction of the conditions
 set forth in the SEPA, upon execution of the SEPA, the Company issued to Yorkville 10,927 shares of common stock as commitment shares. Under the applicable Nasdaq Rules and pursuant
 to the SEPA, in no event may the Company issue or sell to Yorkville more than 100,830 shares
 of common stock (the "Exchange Cap"), which is 19.99 % of the shares of common
 stock outstanding immediately prior to the execution of the SEPA, unless (i) the Company
 obtains stockholder approval to issue shares of common stock in excess of the Exchange Cap,
 or (ii) the average price of all applicable sales of common stock under the SEPA equals or
 exceeds $22.882 per share (which represents the lower of (i) the Nasdaq Official Closing
 Price (as reflected on Nasdaq.com) on the trading day immediately preceding the effective
 date or (ii) the average Nasdaq Official Closing Price of the common stock (as reflected
 on Nasdaq.com) for the five trading days immediately preceding the effective date). On February
 12, 2025, the Company filed a Form S-1 covering the resale of up to 357,142 shares of common
 stock comprised of (i) 10,927 commitment shares, and (ii) up to 346,215 shares of common
 stock reserved for issuance and sale to Yorkville under the SEPA. The Form S-1 was declared
 effective on February 13, 2025. During 2025, the Company sold and issued 89,902 shares of
 common stock under the SEPA for aggregate net proceeds of approximately $1.74 million, after
 deducting offering expenses in the amount of approximately $0.1 million. Effective March
 11, 2026, the Company terminated the SEPA with Yorkville and the SEPA is no longer in effect.

&nbsp;&nbsp;&nbsp;&nbsp;e) On
 December 22, 2025, the Company entered the Purchase Agreement with David E. Lazar pursuant
 to which the Company agreed to issue and sell an aggregate of 1,000,000 shares of convertible
 preferred stock, consisting of (i) 300,000 shares of Series AA Convertible Preferred Stock
 and (ii) 700,000 shares of Series AAA Convertible Preferred Stock (collectively the "Preferred
 Stock") at a purchase price of $6.00 per share for gross proceeds of $6.0 million.
 The transaction closed on December 23, 2025 and on December 23, 2025, the Company filed a
 Series AA Certificate of Designation and Series AAA Certificate of Designation with the Secretary
 of State of Delaware designating the rights, preferences and limitations of each of the shares
 of the Series AA Preferred Stock and the Series AAA Preferred Stock, respectively. Each share
 of Series AA Preferred Stock was convertible, subject to stockholder approval, into 20 shares
 of the Company's common stock, par value $0.01 per share. Each share of Series AAA
 Preferred Stock is convertible into 150 shares of common stock. Conversion of the Preferred
 Stock was subject to compliance with Nasdaq Listing Rule 5635, which required stockholder
 approval for issuances of common stock in excess of 19.99% of the Company's outstanding
 shares. Accordingly, the Company agreed to seek stockholder approval for the issuance of
 the full number of shares of common stock underlying the Preferred Stock. On February 26,
 2026, the Company's stockholders voted to approve, among other things, the issuance
 of shares of the Company's common stock issuable upon the conversion of the Series
 AA Preferred Stock and Series AAA Preferred Stock in accordance with Nasdaq Listing Rules
 5635(b) and 5635(d).

The Company determined that the Preferred Stock was not within the scope of ASC 480 as it did not contain any embedded derivatives required to be bifurcated from the Preferred Stock therefore these instruments were equity classified within permanent equity.

In March 2026, all outstanding shares of Preferred Stock were converted to shares of common stock as described above.

**NOTE 7: COMMITMENTS AND CONTINGENCIES**

*Litigation*

From time to time, the Company could become involved in disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount of such potential loss can be estimated, the Company accrues liability for the estimated loss. Legal proceedings are subject to uncertainties and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation.

**NOTE 8: SEGMENT INFORMATION**

During the three months ended March 31, 2026 and 2025, the Company operated in one business segment, focusing on the development of a novel and patented systemically administered anti-cancer and anti-viral immunotherapy. The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM assesses performance for the segment based on operating expenses as reported in the accompanying unaudited consolidated statements of operations.

As such, the CODM uses cash forecast models in deciding how to invest into the segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment.

The following table presents reportable segment loss, including significant expenses regularly provided to the CODM, attributable to the Company's reportable segment for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Research and development |  |  |
| &nbsp;&nbsp;&nbsp;External research and development | $359190 | $2285112 |
| &nbsp;&nbsp;&nbsp;Internal personnel costs | 131944 | 525728 |
| Total research and development | 491134 | 2810840 |
| General and administrative | 1668454 | 1761719 |
| Total operating expenses | 2159588 | 4572559 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Warrant repricing | (410154) | - |
| &nbsp;&nbsp;&nbsp;Other income, net | 28672 | 40129 |
| Total other income (expense) | (381482) | 40129 |
| Net loss | $2541070 | $4532430 |

---

**NOTE 9: RELATED PARTY TRANSACTIONS**

On January 20, 2026, the Company entered into a consulting agreement with N.L.T. Management and Asset Holdings Company Ltd. (the "Consulting Entity"), an immediate family member of one of the Company's directors. Under the agreement, the Consulting Entity provides general business advice and services related to business development activities and potential ongoing operations in exchange for (i) annual consulting fees of $41,000, payable on a monthly basis; and (ii) a one-time, nonrefundable cash signing bonus of $50,000. For the three months ended March 31, 2026, the Company recognized $58,276 in expense in connection with this agreement, presented within general and administrative expenses in the unaudited interim consolidated statements of operations. The amount payable to the Consulting Entity as of March 31, 2026 was de minimis.

&nbsp;&nbsp;&nbsp;&nbsp;**NOTE 10: SUBSEQUENT EVENTS**

The Company evaluated subsequent events from March 31, 2026, the date of these unaudited interim condensed consolidated financial statements, through May 15, 2026, which represents the date the condensed consolidated financial statements were issued, and concluded that no events have occurred that would require recognition or disclosure in these unaudited interim condensed consolidated financial statements except for the following:

On April 1, 2026, Nir Sassi resigned as the Chief Financial Officer and the board appointed Yu Ding as Chief Financial Officer after a thorough review of Yu Ding's qualifications.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*Unless the context indicates otherwise, in this Quarterly Report, the terms "Indaptus," "the Company," "we," "us" and "our" refer to Indaptus Therapeutics, Inc. (formerly Intec Parent, Inc., the successor of Intec Pharma Ltd. following the domestication merger) and, where appropriate, its consolidated subsidiaries following the domestication merger and the reverse merger described in our previous periodic reports. References to "Intec Israel" refer to Intec Pharma Ltd., the predecessor of Indaptus prior to the domestication merger, and references to "Decoy" refer to Decoy Biosystems, Inc., the entity acquired by Indaptus in connection with the reverse merger.*

*You should read the following discussion and analysis of our financial condition and results of operations along with our consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC") on March 17, 2026 (the "2025 Annual Report on Form 10-K"). The following discussion contains forward-looking statements that are subject to risks, uncertainties and assumptions. Please also see the "Cautionary Note Regarding Forward-Looking Statements" section in the forepart of this Quarterly Report.*

*All information in this Quarterly Report relating to shares or price per share reflects the 1-for-28 reverse stock split effective June 26, 2025.*

**Overview**

We are a clinical biotechnology company developing a novel and patented systemically-administered anti-cancer and anti-viral immunotherapy. We have evolved from more than a century of immunotherapy advances. Our approach is based on the hypothesis that efficient activation of both innate and adaptive immune cells and associated anti-tumor and anti-viral immune responses will require a multi-targeted package of immune system activating signals that can be administered safely intravenously. Our patented technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria, designed to have reduced i.v. toxicity, but largely uncompromised ability to prime or activate many of the cellular components of innate and adaptive immunity. This approach has led to broad anti-tumor and anti-viral activity in preclinical models, including durable anti-tumor response synergy observed with each of four different classes of existing agents, including NSAIDs, checkpoint therapy, targeted antibody therapy and low-dose chemotherapy. Tumor eradication by our technology has demonstrated activation of both innate and adaptive immunological memory and, importantly, did not require provision of or targeting a tumor antigen in preclinical models. In 2023, we initiated a Phase 1 clinical trial with our lead clinical candidate, Decoy20, in patients with advanced solid tumors where currently approved therapies have failed. In May 2025, we decided to conclude enrollment in the dosing of Decoy20 as a monotherapy and focus on the Combination Study. We have discontinued further enrollment in the Combination Study and there are no participants remaining in the study. We do not have any current plans to initiate a new clinical trial.

In addition to the development of systemically-administered immunotherapy programs for oncology and other immune-mediated diseases, we are currently in the process of evaluating our strategic options for a Post-Investment Transaction, including but not limited to, pursuing a strategic transaction involving either an investment in or acquisition of a target company to create future growth opportunities for both the Company and its stockholders. Our investments in any such strategic options will be based on scientific validation, clinical and regulatory considerations, resource availability, and overall strategic planning. We expect to continue advancing our existing therapeutic development activities while assessing how these additional research capabilities can be utilized to promote health and may contribute to our longer-term development strategy.

In April 2026, the Company appointed Joe Z. Tsien as a scientific consultant to support the Company's ongoing evaluation of certain research and data-related initiatives involving sleep-related biological signals, neurophysiological activity patterns, immune-therapeutic response pathways and functional physiological assessment methods.

**Impact of Macroeconomic Conditions on our Operations**

Economic developments such as inflation and interest rates have negatively affected the global financial markets and may reduce our ability to access capital, which could negatively impact our short-term and long-term liquidity. The ultimate impact of current economic conditions is highly uncertain and subject to change. While it is unknown how long these conditions will last and what the complete financial effect will be to us, capital raise efforts and additional development of our technologies may be negatively affected. In addition, our business operations expose us to risks associated with public health crises and epidemics/pandemics.

**Components of Operating Results**

***Research and Development Expenses***

Research and development expenses account for a significant portion of our operating expenses. Research and development expenses consist primarily of fees paid to contract research organizations, or CROs, and contract manufacturing organizations, or CMOs, as well as compensation expenses for certain employees involved in the planning, managing, and analyzing the work of the CROs and CMOs and materials used for research and development activities. We expense research and development costs as incurred.

We accrue expenses for manufacturing, preclinical studies and clinical trial activities performed by third parties based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. We determine these estimates based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, we record the payments as a prepaid asset, which will be amortized or expensed as the contracted services are performed. However, actual costs and timing of these activities are highly uncertain, subject to risks and may change depending upon a number of factors, including our clinical development plan.

Currently, we have discontinued further enrollment to the Combination Study and there are no participants remaining in the study. We do not have any current plans to initiate a new clinical trial. As a result, we expect our research and development expenses to decrease in the short term.

Our expenditures on future nonclinical and clinical development programs are subject to numerous uncertainties in timing and cost to completion. The duration, costs and timing of preclinical studies and clinical trials and development of product candidates will depend on a variety of factors, including:

● the
 timing and receipt of regulatory approvals;

● the
 scope, rate of progress and expenses of preclinical studies and clinical trials and other research and development activities;

● potential
 safety monitoring and other studies requested by regulatory agencies; and

● significant
 and changing government regulation.

The process of conducting the necessary clinical research to obtain FDA and other regulatory approval is costly and time consuming and the successful development of product candidates is highly uncertain. As a result of these risks and uncertainties, we are unable to determine with any degree of certainty the duration and completion costs of our research and development projects, or if, when, or to what extent we will generate revenues from the commercialization and sale of any of our product candidates that obtain regulatory approval. We may never succeed in achieving regulatory approval for any of our product candidates.

***General and Administrative Expenses***

General and administrative expenses include compensation, employee benefits, and stock-based compensation, finance administration and human resources, facility costs, professional service fees, and other general overhead costs to support our operations.

With the discontinuation and winding down of the Combination Study, we expect our general and administrative expenses to decrease in the short term, however, this may be offset by additional costs related to any Post Investment Transaction.

General and administrative expenses also include additional expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the Nasdaq Capital Market and the SEC, additional director and officer insurance expenses, investor relations activities, and other administrative and professional services.

***Other Income (Expense), Net***

Other income (expense), net includes interest earned on deposits and investments and other items of income, expense, gain and loss that are incidental to the core operations of the Company.

**Results of Operations**

**For the three months ended March 31, 2026 compared to the three months ended March 31, 2025**

The following table sets forth our results of operations for the three months ended March 31, 2026 and 2025 and the relative dollar and percentage change between the two periods.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,****Change** | **Change** |
|  | **2026** | **2025** | **%** |
| Operating expenses: |  |  |  |
| Research and development | $491134 | $2810840) | -83% |
| General and administrative | 1668454 | 1761719) | -5% |
| Total operating expenses | 2159588 | 4572559) | -53% |
| Loss from operations | (2159588) | (4572559) | 53% |
| Other income (expense), net | (381482) | 40129) | -1051% |
| Net loss | $(2541070) | $(4532430) | 53% |
| Net loss available to common shareholders per share of common stock, basic and diluted | $(0.23) | $(9.11) | 98% |
| Weighted average number of shares used in calculating net loss per share, basic and diluted | 10956650 | 497794 | 2101% |

---

***Research and Development Expenses***

Our research and development expenses for the three months ended March 31, 2026 and 2025 were $0.5 million and $2.8 million, respectively, a decrease of $2.3 million or 83%, primarily attributable to a decrease in clinical costs related to our Phase 1 study of approximately $1.9 million as well as a decrease in payroll and related expenses of approximately $0.4 million due to reductions to headcount and base salaries.

***General and Administrative Expenses***

Our general and administrative expenses for the three months ended March 31, 2026 and 2025 were $1.7 million and $1.8 million, respectively, a decrease of $0.1 million or 5%. The decrease was primarily attributable to a decrease in certain expenses related to operating as a public company related to the transition of management.

***Other Income (Expense), net***

The change in our other income (expense), net between the three months ended March 31, 2026 and three months ended March 31, 2025 was approximately $0.4 million and consists primarily of the warrant repricing during the three months ended March 31, 2026 as well as income earned on the Company's cash and cash equivalent accounts, the balances of which were lower during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

**Liquidity and Capital Resources**

We do not currently have any approved products and have never generated any revenue from product sales. Since our inception, we have funded our operations primarily through public and private offerings of our equity securities.

In June 2022, we entered into the ATM Agreement with Wainwright, which was amended on September 1, 2022, pursuant to which we may offer and sell, from time to time through Wainwright, shares of our common stock for aggregate gross proceeds of up to $6.3 million. The issuances and sales of common stock by us under the ATM Agreement were being made pursuant to "shelf" registration statements on Form S-3 filed with the SEC on September 1, 2022 and declared effective on September 9, 2022 and most recently on August 13, 2025 and declared effective on August 20, 2025. As of the date of this Quarterly Report, we have sold 525,428 shares of our common stock for aggregate gross proceeds of approximately $2.7 million.

In January 2025, we completed a private placement (the "January 2025 Financing") for the sale and issuance of an aggregate of: (i) 75,335 shares of our common stock and (ii) warrants to purchase 75,335 shares of common stock. The shares and warrants were sold on a combined basis for consideration of $29.82 for one share and one warrant for aggregate gross proceeds of approximately $2.25 million.

In February 2025, we entered into the SEPA with Yorkville, pursuant to which we have the right, but not the obligation, to sell up to $20.0 million of our common stock during a 36-month period, subject to the restrictions and satisfaction of the conditions in the SEPA. Upon execution of the SEPA, we issued to Yorkville 10,927 commitment shares. As of March 16, 2026, we sold and issued 89,902 shares of common stock under the SEPA for aggregate net proceeds of approximately $1.74 million, after deducting offering expenses in the amount of approximately $0.1 million.

Effective March 11, 2026, we terminated the SEPA with Yorkville, and the SEPA is no longer in effect.

In June 2025, we completed a private placement (the "June 2025 Financing") of convertible notes to certain investors, including our then Chief Executive Officer, which automatically converted in July 2025 into 501,566 shares of our common stock and pre-funded warrants to purchase 190,795 shares of our common stock at a conversion price of $8.302 per share. In connection with the offering, we also issued to the investors warrants to purchase 1,384,722 shares of our common stock, exercisable at $8.302 per share and expiring on July 27, 2030. The total gross proceeds were approximately $5.7 million and placement agent fees and other offering expenses were approximately $0.8 million As of the date hereof, all pre-funded warrants have been exercised into an aggregate of 190,795 shares of common stock.

On December 22, 2025, the Company entered into the Purchase Agreement with Mr. Lazar, pursuant to which he agreed to purchase from the Company series of Preferred Stock at a purchase price of $6.00 per share of Preferred Stock for aggregate gross proceeds of $6.0 million, subject to the terms and conditions thereunder. The offering closed on December 23, 2025. The shares of convertible preferred stock issued in December 2025 were converted into 111,000,000 shares of common stock in March 2026.

We believe that our cash and cash equivalents of approximately $1.5 million as of March 31, 2026 will enable us to fund our operating expenses and capital expenditure requirements through the second quarter of 2026. We will need to increase our capital resources through equity or debt financings, and we may need to do so sooner than we expect. 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 this prospectus. For additional information, see Note 1 to our unaudited interim 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 $7.0 million for the three months ended March 31, 2026, compared with net cash used in operating activities of approximately $5.0 million for the three months ended March 31, 2025. The approximately $2.0 million increase in net cash used was primarily attributable to the decrease in accounts payable and other current liabilities and partially offset by the decrease in the net loss. The decrease in our accounts payable and other current liabilities was primarily a result of the payment of certain expenses accrued as of December 31, 2025 during the three months ended March 31, 2026 combined with significantly reduced operating expenses accrued and payable as of March 31, 2026 due to the wind-down of the Phase 1 trial and decreases in executive compensation.

*Investing Activities*

There was no net cash provided by or used in investing activities for the three months ended March 31, 2026 and 2025.

*Financing Activities*

Net cash provided by financing activities for the three months ended March 31, 2025 was approximately $3.1 million, which was provided by the issuance and sale of our common stock and warrants in the January 2025 Financing and the issuance and sale of our common stock under the SEPA. There was no such activity during the three months ended March 31, 2026.

 

*Funding Requirements*

We believe that our existing cash and cash equivalents as of March 31, 2026 are adequate to fund our ongoing activities through the second quarter of 2026 and we expect to continue to incur operating expenses in the future in connection with our ongoing activities and our plans to pursue a Post Investment Transaction.

We will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. For example, the trading prices for our and other biopharmaceutical companies' stock have been highly volatile as a result of current macroeconomic conditions and market volatility. As a result, we may face difficulties raising capital through sales of our common stock on acceptable terms, if at all. If we are unsuccessful in securing sufficient financing, we may need to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects, or cease operations. For additional information, see Note 1 to our unaudited interim condensed consolidated financial statements included elsewhere in this Quarterly Report.

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under the SEC rules.

**Critical Accounting Policies**

This discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates that affect the reported amounts of our assets, liabilities and expenses. Significant accounting policies employed, including the use of estimates, are presented in the notes to our annual financial statements included in our 2025 Annual Report on Form 10-K. We periodically evaluate our estimates, which are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require our subjective or complex judgments, resulting in the need to make estimates about the effect of matters that are inherently uncertain. If actual performance should differ from historical experience or if the underlying assumptions were to change, our financial condition and results of operations may be materially impacted.

Our critical accounting policies are described under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies" in our 2025 Annual Report on Form 10-K. During the three months ended March 31, 2026, there were no material changes to our critical accounting policies from those discussed in our 2025 Annual Report on Form 10-K.

**Recently Issued Accounting Pronouncements**

Certain recently issued accounting pronouncements are discussed in Note 2, Significant Accounting Policies, to the accompanying unaudited interim condensed consolidated financial statements.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

We are a smaller reporting company as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and are not required to provide the information otherwise required under this Item 3.

**Item 4. Controls and Procedures**

*Limitations on Effectiveness of Controls and Procedures*

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

*Evaluation of Disclosure Controls and Procedures*

Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of March 31, 2026, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Part II.** **OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

There are currently no pending material legal proceedings, and we are currently not aware of any legal proceedings or claims against us or our property that we believe will have any significant effect on our business, financial position or operating results. None of our officers or directors is a party against us in any legal proceeding.

**Item 1A. Risk Factors**

Except as set forth below in this Item 1A and the Risk Factors included in our previous filings made with the SEC, there have been no material changes to our risk factors from those disclosed in "Part I. Item 1A. Risk Factors" in the Form 10-K filed with the SEC on March 17, 2026.

**Recent changes in executive management may create uncertainties during the Company's transition period**

As previously disclosed, on March 23, 2026, certain securities previously held by Mr. David E. Lazar were transferred to third-party purchasers pursuant to the terms of the applicable Securities Purchase Agreement. Following these transactions, changes to the Company's executive management occurred, including the resignation of Messrs. Lazar and Jeffrey Meckler from their executive officer positions.

During this transition period, the Company may experience operational, organizational and governance-related adjustments as the current management team continues to evaluate corporate priorities, internal processes and capital allocation initiatives. In addition, there may be further changes to the Company's executive management team in the future. Any such developments could create uncertainties that may adversely affect the Company's business, financial condition and results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

On April 16, 2026, Michael Newman, resigned as Chief Scientific Officer of the Company. Mr. Newman's resignation did not result from any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.

During the three months ended March 31, 2026, no director or "officer" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| 31.1\* | [Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended](ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended](ex31-2.htm) |
| 32.1# | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| 32.2# | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101) |

---

Filed herewith

Furnished herewith

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Indaptus Therapeutics, Inc. | Indaptus Therapeutics, Inc. |
| Date: May 15, 2026 | By: | */s/ Junyi Dai* |
|  |  | Junyi Dai |
|  |  | Chief Executive Officer<br> (Principal Executive Officer) |
| Date: May 15, 2026 | By: | */s/ Yu Ding* |
|  |  | Yu Ding |
|  |  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, Junyi Dai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Indaptus Therapeutics, Inc. (the "registrant");

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: May 15, 2026

---

| |
|:---|
| */s/ Junyi Dai* |
| Junyi Dai |
| Chief Executive Officer and Director |
| (principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Yu Ding, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Indaptus Therapeutics, Inc. (the "registrant");

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: May 15, 2026

---

| |
|:---|
| */s/ Yu Ding* |
| Yu Ding |
| Chief Financial Officer |
| (principal financial officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Indaptus Therapeutics, Inc.**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Indaptus Therapeutics, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Junyi Dai, Chief Executive Officer and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

---

| |
|:---|
| */s/ Junyi Dai* |
| Junyi Dai |
| Chief Executive Officer and Director |
| (principal executive officer) |
| Date: May 15, 2026 |

---

## Exhibit 32.2

**Exhibit 32.2**

**Indaptus Therapeutics, Inc.**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Indaptus Therapeutics, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Yu Ding, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

---

| |
|:---|
| */s/ Yu Ding* |
| Yu Ding |
| Chief Financial Officer |
| (principal financial officer) |
| Date: May 15, 2026 |

---