Indaptus Therapeutics, Inc. (INDP) Earnings History

Indaptus Therapeutics, Inc. - Q3 2025 EarningsMissed

Filed at: Nov 11, 2025, 7:00 PM EST|Read from source

EXECUTIVE SUMMARY

Indaptus Therapeutics reported Q3 2025 results, characterized by continued investment in R&D and financing activities to strengthen the balance sheet. The company completed a safety cohort for its Decoy20 and tislelizumab combination therapy, with enrollment paused pending further efficacy evaluations. While cash burn increased due to R&D and transaction expenses, significant financing provided a runway into Q1 2026.

POSITIVE HIGHLIGHTS

  • •

    Completed the Safety Lead-In cohort, dosing six evaluable participants with the combination of Decoy20 and tislelizumab.

    neutral
  • •

    Strengthened balance sheet with $2.3 million raised through at-the-market facility in September 2025.

    positive
  • •

    Completed conversion of $5.7 million in promissory notes into common stock, pre-funded warrants, and warrants in July 2025.

    neutral

CONCERNS & RISKS

  • •

    Net loss for the three months ended September 30, 2025, was approximately $2.98 million, compared with approximately $9.04 million for the three months ended September 30, 2024.

    negative
  • •

    Net cash used in operating activities was approximately $11.6 million for the nine months ended September 30, 2025, compared with net cash used in operating activities of approximately $8.9 million for the nine months ended September 30, 2024.

    negative
  • •

    Enrollment in the Decoy20 and tislelizumab combination trial has been paused pending additional efficacy evaluations.

    attention
  • •

    Loss per share for the three months ended September 30, 2025, was approximately $2.98, compared with approximately $9.04 for the three months ended September 30, 2024.

    negative

FINANCIAL METRICS

Revenue
Quarterly
N/A
N/A
Net Income
Quarterly
$-2.98M
+3.0%
Prior year: $-3.07M
Annual (YTD)
$-12.74M
N/A
Prior year: $-10.89M
EPS (Diluted)
Quarterly
$-2.98
+67.0%
Prior year: $-9.04
Operating Income
Quarterly
$-2.65M
+15.7%
Prior year: $-3.14M
Annual (YTD)
$-11.68M
N/A
Prior year: $-11.19M
EPS (Basic)
Quarterly
$-2.98
+67.0%
Prior year: $-9.04

MARGIN ANALYSIS

Operating Margin
Current Quarter
-100.0%
Prior Year
-100.0%
YoY Change
0 bps
Net Margin
Current Quarter
-100.0%
Prior Year
-100.0%
YoY Change
0 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT COMMENTARY

Completed the Safety Lead-In cohort, dosing six evaluable participants with the combination of Decoy20 and tislelizumab.

— Indaptus Therapeutics, Inc., Q3 2025 2025 Earnings Call

Paused enrollment pending additional efficacy evaluations of the remaining participants and to further assess our next development options.

— Indaptus Therapeutics, Inc., Q3 2025 2025 Earnings Call

Raised total gross proceeds of approximately $2.3 million through our at-the-market facility in September 2025, further strengthening our balance sheet.

— Indaptus Therapeutics, Inc., Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

General and administrative
1.1M
-32.5% YoY
Prior year: 1.7M
dollars
Research and development
1.5M
+3.5% YoY
Prior year: 1.5M
dollars

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.