Indaptus Ends Decoy20 Enrollment, Has No Active Clinical Programs
A $12.0 million June private placement left Indaptus with $11.6 million in cash, cash equivalents and short-term investments as it wound down Decoy20.
Indaptus Therapeutics (INDP), a biotechnology company dedicated to immunotherapy research, discontinued further enrollment in its Decoy20 combination study and said it had no participants remaining in any ongoing Decoy20 clinical study and currently has no active clinical development programs.
That marked a step beyond the first-quarter update, when the company said it was still evaluating the Decoy platform, including preclinical data and scientific rationale, and reassessing development priorities after an executive management transition. Chief Executive Officer and Chairman Junyi Dai said the company has reduced activities related to further development of Decoy20 while it evaluates strategic alternatives for the program and broader operations, including research collaborations, investments in or acquisitions of operating businesses, and other potential growth opportunities.
During the second quarter, Indaptus began a research collaboration in neurological disorders and sleep as an extension of its immunotherapy research. The company seeks to better understand the relationship among sleep, physical recovery, neurological function, and immune status, which could potentially support future immunotherapy evaluation, patient recovery monitoring, and biomarker research. Dai said the company is evaluating how existing therapeutic assets, complementary research capabilities, and potential strategic investments or business combinations may support long-term objectives, and that it intends to proceed in a disciplined manner based on scientific validation, strategic fit, regulatory considerations, and available resources.
Research and development expenses fell to approximately $0.4 million in the second quarter of 2026 from $2.2 million a year earlier, an 83% decline attributed to lower clinical costs for the Decoy20 Phase 1 study and lower payroll and related expenses following reductions in headcount and base salaries. General and administrative expenses decreased 37% to approximately $1.4 million from $2.3 million in the same period of 2025, reflecting lower payroll after headcount and salary reductions and changes in certain public-company costs during the management transition.
Net loss narrowed to approximately $1.8 million in the second quarter of 2026 from $5.2 million a year earlier. Basic and diluted net loss per share was approximately $0.02, compared with $9.09 in 2025. Weighted average shares used in calculating net loss per share were 116,131,213.
Liquidity improved after a June financing. On June 17, 2026, the company issued and sold 20,000,000 shares of common stock at $0.60 per share for aggregate gross proceeds of approximately $12.0 million before offering expenses. The transaction closed the same day. As of June 30, 2026, Indaptus had approximately $7.6 million in cash and cash equivalents and $4.0 million in short-term investments, or $11.6 million combined. The liquidity position had been strengthened compared with the first-quarter end.
Cash and cash equivalents had been approximately $1.5 million as of March 31, 2026, down from about $8.5 million at December 31, 2025, before the June raise. The company may seek additional public or private equity or debt financing to support operations and strategic objectives.
Common shares outstanding rose to 133,242,324 as of June 30, 2026 from 2,167,324 at December 31, 2025, and additional paid-in capital increased to $95.7 million from $84.4 million, reflecting the June 2026 issuance and preferred-stock conversion. Total assets were $11,987,956. Accounts payable and other current liabilities were $615,426. Accumulated deficit was $85,624,032.
The company’s patented Decoy technology uses attenuated and killed, non-pathogenic Gram-negative bacteria designed to activate multiple components of innate and adaptive immunity while reducing systemic toxicity. The release includes forward-looking statements covering management’s expectations regarding cash sufficiency, the Decoy platform review, the discontinuation and wind-down of clinical development activities, and a potential Post-Investment Transaction, including an investment in or acquisition of an operating business.