Indaptus Narrows Loss After $24 Million Placement

The Tip Desk · November 13, 2026 · 3 min read

The immunotherapy company booked about $20.5 million of a $24.0 million private placement by quarter-end, lifting combined cash and short-term investments to about $30.6 million.

Indaptus Therapeutics (INDP), a biotechnology company dedicated to immunotherapy research, reported a narrower third-quarter net loss as it completed a large private placement and continued to wind down Decoy20 clinical work.

The company posted a net loss of $1.05 million for the three months ended September 30, 2026, compared with $3.0 million a year earlier. Basic and diluted loss was $0.01 a share, versus $2.98 a share. Sequentially, the loss narrowed from about $1.8 million in the second quarter.

The result followed a sharp cut in research spending. Research and development expenses were $271,204 in the third quarter, down 82% from $1.52 million a year earlier. The company attributed the decline primarily to lower clinical costs related to the Decoy20 Phase 1 study and lower payroll and related expenses after headcount and base-salary reductions. General and administrative expenses were $864,663, down 24% from $1.13 million a year earlier.

Indaptus said it has no active clinical development programs and is discontinuing and winding down Decoy20 clinical activities. It is evaluating the Decoy platform and existing therapeutic assets, including potential licensing, partnership and other strategic opportunities.

The quarter’s defining financial event was a private placement dated September 8, 2026, for 20,338,974 shares of common stock with aggregate gross proceeds of approximately $24.0 million. About $20.5 million had been received by September 30 and was recorded as proceeds received pending share issuance; the remaining approximately $3.5 million was received in October after the transaction closed on October 16, 2026. The company currently intends to use net proceeds for working capital, research and development and other general corporate purposes.

Cash and cash equivalents were $26.6 million as of September 30, 2026, versus $7.6 million as of June 30. Short-term investments remained $4.0 million in certificates of deposit redeemable on demand. Combined cash, cash equivalents and short-term investments were approximately $30.6 million, versus approximately $11.6 million at June 30.

Chief Executive Officer and Chairman Junyi Dai said the company’s strategic objective is to position Indaptus for its next phase of growth by pursuing innovative opportunities with long-term potential. He said the company is particularly interested in exploring an innovative neurotechnology- and neural-network-based device for certain sleep-related conditions, with early-stage research and preclinical evaluation aimed at assessing scientific potential and a possible development pathway toward a future FDA submission.

The company said the scope and timing of that work will depend on scientific validation, strategic fit, market opportunities, available resources, regulatory considerations and other business factors. It also said it 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.

For the nine months ended September 30, 2026, research and development expenses were approximately $1.1 million, down 83% from $6.5 million a year earlier. General and administrative expenses were approximately $4.0 million, down 23% from $5.2 million, a decrease the company said was partially offset by a $0.5 million termination fee tied to the termination of the ATM Agreement. Net loss for the nine months was approximately $5.4 million, compared with $12.7 million a year earlier. Basic and diluted loss was $0.06 a share, versus $18.48 a share.

Net cash used in operating activities was approximately $10.4 million for the nine months ended September 30, 2026. Based on its current operating plan, management believes cash, cash equivalents, short-term investments and the remaining October proceeds provide sufficient liquidity to fund anticipated operating expenses, capital expenditure requirements and planned research and development activities.