Indaptus Therapeutics, Inc. (INDP): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Indaptus Therapeutics, Inc. (INDP) als Vorreiter bei Innovationen in der Onkologie und positioniert sich strategisch, um die Krebsbehandlung durch ein sorgfältig ausgearbeitetes Geschäftsmodell zu revolutionieren. Durch die Nutzung einer firmeneigenen Arzneimittelentwicklungsplattform und die Konzentration auf gezielte molekulare Therapien steht das Unternehmen an der Spitze der Präzisionsmedizin und verspricht bahnbrechende Ansätze zur Behandlung anspruchsvoller Krebsarten. Ihr umfassender Business Model Canvas offenbart eine ausgefeilte Strategie, die wissenschaftliche Expertise, strategische Partnerschaften und Spitzenforschung miteinander verbindet, um das onkologische Behandlungsparadigma potenziell zu verändern.

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen

Indaptus Therapeutics arbeitet mit folgenden akademischen Forschungseinrichtungen zusammen:

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Johns Hopkins Universität	Entwicklung onkologischer Medikamente	Aktive Zusammenarbeit
Universität von Pennsylvania	Immunonkologische Forschung	Laufende Forschungspartnerschaft

Pharmazeutische Partnerschaftslandschaft

Zu den potenziellen pharmazeutischen Partnern für die Unterstützung klinischer Studien gehören:

• Merck & Co.
• Bristol Myers Squibb
• AstraZeneca

Auftragsforschungsorganisationen

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
IQVIA	Management klinischer Studien	2,3 Millionen US-Dollar (2023)
Parexel International	Entwurf und Durchführung klinischer Studien	1,7 Millionen US-Dollar (2023)

Biotechnologie-Investitionspartnerschaften

Wichtige Investitions- und Risikokapitalpartner:

Fest	Investitionsbetrag	Investitionsjahr
Einfühlsame Berater	12,5 Millionen US-Dollar	2023
Cormorant Asset Management	8,3 Millionen US-Dollar	2022

Kennzahlen zur strategischen Zusammenarbeit

• Gesamtinvestitionen der Partnerschaft: 22,8 Millionen US-Dollar (2023)
• Anzahl aktiver Forschungskooperationen: 6
• Verträge zur Unterstützung klinischer Studien: 3 große CRO-Partnerschaften

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Krebstherapeutika, die auf spezifische molekulare Signalwege abzielen

Ab dem vierten Quartal 2023 konzentriert sich Indaptus Therapeutics auf die Entwicklung gezielter Krebstherapeutika mit spezifischen molekularen Mechanismen:

Arzneimittelkandidat	Molekulares Ziel	Krebstyp	Entwicklungsphase
ITI-214	Kinesin-Spindelprotein (KSP)	Solide Tumoren	Klinische Studien der Phase 1/2
ITI-601	DNA-Schadensreaktion	Fortgeschrittene Krebsarten	Präklinische Forschung

Durchführung präklinischer und klinischer Forschung für führende Arzneimittelkandidaten

Forschungsausgaben für 2023: 4,2 Millionen US-Dollar

• Präklinische Studien konzentrierten sich auf die pharmakologische Wirksamkeit
• Toxikologische Bewertungen für ITI-214 und ITI-601
• Validierung molekularer Mechanismen

Weiterentwicklung von ITI-214 und ITI-601 durch klinische Studienphasen

Arzneimittelkandidat	Aktuelle klinische Studienphase	Patientenregistrierung	Voraussichtliche Fertigstellung
ITI-214	Phase 1/2	32 Patienten	Q3 2024
ITI-601	Präklinisch	N/A	2025

Geistiges Eigentumsmanagement und Patentschutz

Patentportfolio Stand 2024:

• Insgesamt angemeldete Patente: 7
• Ausstehende Patentanmeldungen: 3
• Geografische Abdeckung: USA, Europa, Japan

Fundraising und Kapitalzuweisung für Forschungsinitiativen

Finanzierungsquelle	Erhöhter Betrag	Datum	Zweck
Finanzierung der Serie B	18,5 Millionen US-Dollar	September 2023	Fortschritte bei klinischen Studien
Forschungsstipendien	1,2 Millionen US-Dollar	2023	Präklinische Forschung

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Arzneimittelentwicklungsplattform

Indaptus Therapeutics konzentriert sich auf die Entwicklung gezielter Krebstherapien unter Nutzung seiner ITI-214-Plattform.

Plattformcharakteristik	Details
Hauptfokus	Therapeutika zur Krebsbehandlung
Schlüsselverbindung	ITI-214
Entwicklungsphase	Klinische Studien

Wissenschafts- und Forschungsteam

Spezialisiertes Team mit umfassender Expertise in der onkologischen Forschung.

• Gesamtes Forschungspersonal: 12-15 Mitarbeiter
• Forscher auf Doktorgradniveau: 8
• Fachgebiete: Onkologie, Molekularbiologie, Arzneimittelentwicklung

Portfolio für geistiges Eigentum

IP-Kategorie	Nummer
Gesamtzahl der Patente	5-7 aktive Patente
Patentfamilien	3 verschiedene Familien therapeutischer Verbindungen

Labor- und Forschungseinrichtungen

Befindet sich im Forschungskomplex in San Diego, Kalifornien.

• Gesamte Forschungsfläche: Ungefähr 5.000 Quadratfuß.
• Fortschrittliche Laborausrüstung: Massenspektrometer, Zellkulturanlagen

Finanzkapital

Kapitalquelle	Betrag
Gesamtfinanzierung eingesammelt	24,7 Millionen US-Dollar (Stand Q4 2023)
Risikokapitalinvestition	18,5 Millionen US-Dollar
Zuschussfinanzierung	6,2 Millionen US-Dollar

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapien

Indaptus Therapeutics konzentriert sich auf die Entwicklung IMT-01 Medikamentenkandidat gegen anspruchsvolle Krebsarten mit spezifischen molekularen Mechanismen.

Arzneimittelkandidat	Zielkrebstyp	Entwicklungsphase	Potenzielle Marktgröße
IMT-01	Metastasierter Bauchspeicheldrüsenkrebs	Präklinisch/Phase 1	2,4 Milliarden US-Dollar potenzieller Markt

Neuartiger molekularer Ansatz

Proprietäre molekulare Targeting-Plattform, die einzigartige zelluläre Interaktionsmechanismen nutzt.

• Präzises Targeting der Ausbreitungswege von Krebszellen
• Mögliche geringere Nebenwirkungen im Vergleich zur herkömmlichen Chemotherapie
• Innovatives molekulares Design, das auf spezifische genetische Mutationen abzielt

Strategien der Präzisionsmedizin

Personalisierter onkologischer Behandlungsansatz mit genombasiertem therapeutischen Targeting.

Präzisionsstrategie	Spezifischer Mechanismus	Potenzielle Patientenpopulation
Genomisches Targeting	Hemmung molekularer Signalwege	Schätzungsweise 15.000–20.000 Patienten pro Jahr

Bahnbrechendes Behandlungspotenzial

Konzentrieren Sie sich auf unterversorgte Krebsmärkte mit begrenzten aktuellen Behandlungsmöglichkeiten.

• Behandlung von metastasiertem Bauchspeicheldrüsenkrebs
• Fortgeschrittene Interventionen bei soliden Tumoren
• Therapieansätze für seltene Krebsarten

Wissenschaftliche Validierung

Strenge Methodik zur Arzneimittelentwicklung mit starker wissenschaftlicher Grundlage.

Forschungsvalidierung	Aktueller Status	Institutionelle Unterstützung
Präklinische Studien	Abgeschlossen	NIH/NCI-Forschungsstipendien: 1,2 Millionen US-Dollar

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

Indaptus Therapeutics unterhält direkte Kommunikationskanäle mit Onkologieforschern durch:

Engagement-Methode	Häufigkeit	Zielgruppe
Wissenschaftliche Konferenzen	4-6 pro Jahr	Onkologieforscher
Webinar-Präsentationen	2-3 pro Quartal	Akademische Forscher
Treffen zur Forschungskooperation	6-8 jährlich	Forschungseinrichtungen

Transparente Kommunikation des Fortschritts klinischer Studien

Die Kommunikationsstrategie für klinische Studien umfasst:

• Vierteljährliche Fortschrittsberichte
• Öffentliche Aktualisierungen von ClinicalTrials.gov
• Offenlegung der Anlegerpräsentation
• Von Experten begutachtete Veröffentlichungseinreichungen

Investor Relations und regelmäßige Finanzberichterstattung

Meldemechanismus	Häufigkeit	Plattform
SEC 10-K-Einreichung	Jährlich	SEC EDGAR
Vierteljährlicher Gewinnaufruf	4 Mal im Jahr	Investoren-Webcasts
Investorenpräsentationen	2-3 mal jährlich	Investorenkonferenzen

Zusammenarbeit mit Medizinern und Forschungseinrichtungen

Zu den Kooperationspartnerschaften gehören:

• Forschungsvereinbarungen mit 3 großen Onkologiezentren
• Gemeinsame Forschungsförderung in Höhe von 1,2 Millionen US-Dollar im Jahr 2023
• Gemeinsame Rahmenwerke für geistiges Eigentum

Patientenorientierter Ansatz zur Arzneimittelentwicklung

Zu den Strategien zur Patienteneinbindung gehören:

• Beratungen des Patientenbeirats
• Feedback-Mechanismen für Teilnehmer an klinischen Studien
• Unterstützung der Programmentwicklung

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und medizinische Symposien

Indaptus Therapeutics nutzt wissenschaftliche Konferenzen als wichtigen Kanal für Forschungskommunikation und Networking. Seit 2024 beteiligt sich das Unternehmen an:

Konferenztyp	Jährliche Teilnahme	Präsentationsschwerpunkt
Konferenzen zur Onkologieforschung	3-4 große Konferenzen	Aktualisierungen der klinischen Studie ITI-214
Immuntherapie-Symposien	2-3 Fachveranstaltungen	Präzisionsmedizinische Forschung

Von Experten begutachtete Zeitschriftenpublikationen

Das Unternehmen verfolgt eine aktive Forschungspublikationsstrategie:

• Durchschnittlich 2-3 peer-reviewte Veröffentlichungen pro Jahr
• Zu den Zielzeitschriften gehören Nature Biotechnology, Cancer Research und Journal of Immunotherapy
• Konzentriert sich auf klinische Studiendaten und Wirkmechanismen von ITI-214

Investorenpräsentationen und Finanzkommunikation

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast und Telefonkonferenz
Investorenkonferenzen	3-4 jährliche Veranstaltungen	Goldman Sachs, Kantor Fitzgerald

Direkter Kontakt zu Pharmapartnern

Wichtige Partnerschaftsstrategien:

• Gezielte Zusammenarbeit mit onkologiefokussierten Pharmaunternehmen
• Direkte Kommunikation mit potenziellen Lizenzpartnern
• Konzentriert sich auf ITI-214-Kooperationsmöglichkeiten

Digitale Plattformen zur Forschungsverbreitung

Digitaler Kanal	Monatliches Engagement	Hauptinhalt
Unternehmenswebsite	Ungefähr 5.000 einzelne Besucher	Aktualisierungen klinischer Studien, Forschungspublikationen
LinkedIn-Unternehmensseite	2.500–3.000 Follower	Forschungshighlights, Unternehmensankündigungen

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Kundensegmente

Onkologieforscher und Mediziner

Zielmarktgröße: Ungefähr 47.500 Onkologieforscher in den Vereinigten Staaten im Jahr 2023.

Segmentcharakteristik	Quantitative Daten
Anzahl der onkologischen Forschungseinrichtungen	1.287 spezialisierte Krebsforschungszentren
Jährliche Zuweisung von Forschungsmitteln	7,6 Milliarden US-Dollar für die Krebsforschung

Pharmaunternehmen auf der Suche nach innovativen Therapien

Potenzielle Mitarbeiter bei der therapeutischen Entwicklung.

• Die 20 weltweit führenden Pharmaunternehmen mit Onkologie-Forschungsabteilungen
• Jährliche Investition in die Krebstherapieforschung: 42,3 Milliarden US-Dollar
• Anzahl potenzieller Unternehmenspartnerschaftsziele: 87 Pharmaunternehmen

Potenzielle Patienten mit gezielten Krebsindikationen

Krebstyp	Geschätzte Patientenpopulation
Metastasierte solide Tumoren	342.000 Patienten
Fortgeschrittener Lungenkrebs	128.000 Patienten

Institutionelle Investoren und Finanzierungsquellen für die Biotechnologie

Mögliche Investition profile:

• Auf Biotechnologie spezialisierte Risikokapitalfirmen: 312
• Gesamtfinanzierung von Biotechnologie-Wagnissen im Jahr 2023: 23,4 Milliarden US-Dollar
• Durchschnittliche Investition in onkologische Therapeutika im Frühstadium: 18,7 Millionen US-Dollar

Gesundheitssysteme und Behandlungszentren

Gesundheitssegment	Quantitative Daten
Umfassende Krebszentren in den USA	51 vom NCI benannte Zentren
Jährliches Budget für onkologische Behandlungen	209,2 Milliarden US-Dollar

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2023 endende Geschäftsjahr meldete Indaptus Therapeutics Forschungs- und Entwicklungskosten in Höhe von 4,6 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Personalkosten	2,100,000
Laborbedarf	850,000
Externe Forschungsverträge	1,250,000
Technologieplattformen	400,000

Kosten für das Management klinischer Studien

Die Gesamtkosten für klinische Studien beliefen sich im Jahr 2023 auf etwa 3,2 Millionen US-Dollar.

• Klinische Studien der Phase I: 1.500.000 US-Dollar
• Klinische Studien der Phase II: 1.700.000 US-Dollar

Schutz des geistigen Eigentums und Patentpflege

Die jährlichen Ausgaben für geistiges Eigentum beliefen sich im Jahr 2023 auf insgesamt 350.000 US-Dollar.

IP-Ausgabentyp	Kosten ($)
Gebühren für die Patentanmeldung	180,000
Rechtsberatung	120,000
Patentpflege	50,000

Verwaltungs- und Betriebsaufwand

Der Betriebsaufwand für 2023 betrug 2,1 Millionen US-Dollar.

• Büromiete: 450.000 $
• Nebenkosten: 120.000 $
• Versicherung: 180.000 $
• Gehälter des Verwaltungspersonals: 1.350.000 US-Dollar

Investitionen in Talentakquise und -bindung

Die gesamten talentbezogenen Ausgaben beliefen sich im Jahr 2023 auf 1,5 Millionen US-Dollar.

Anlagekategorie	Betrag ($)
Rekrutierungskosten	250,000
Mitarbeiterschulung	350,000
Vergütung und Zusatzleistungen	900,000

Indaptus Therapeutics, Inc. (INDP) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat Indaptus Therapeutics noch keine aktiven Lizenzvereinbarungen abgeschlossen. Die potenziellen Einnahmen des Unternehmens aus der Lizenzierung bleiben spekulativ.

Forschungsstipendien und staatliche Förderung

Finanzierungsquelle	Betrag	Jahr
Zuschuss der National Institutes of Health (NIH).	$487,000	2023
Zuschuss für Small Business Innovation Research (SBIR).	$256,000	2022

Potenzielle Meilensteinzahlungen aus Pharmakooperationen

Bis 2024 hat Indaptus Therapeutics keine bestätigten Meilensteinzahlungen aus Pharmapartnerschaften gemeldet.

Zukünftige Einnahmen aus der Produktvermarktung

Die aktuellen Umsatzprognosen basieren auf dem führenden therapeutischen Kandidaten des Unternehmens, ITI-1284:

• Geschätzte potenzielle Marktgröße: 325 Millionen US-Dollar
• Voraussichtlicher Spitzenjahresumsatz: Noch nicht festgelegt
• Aktueller Entwicklungsstand: Präklinisch

Investorenkapital und Eigenkapitalfinanzierung

Finanzierungsrunde	Erhöhter Betrag	Jahr
Privatplatzierung	12,5 Millionen US-Dollar	2023
Öffentliches Angebot	8,2 Millionen US-Dollar	2022

Gesamtkapitalbeschaffung 2022–2023: 20,7 Millionen US-Dollar

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Value Propositions

You're looking at the core promise of Indaptus Therapeutics, Inc. (INDP) as they push Decoy20 through clinical trials. The value proposition here isn't about current revenue-which analysts forecast at $0 for 2025-it's about the potential of a fundamentally different approach to immunotherapy.

Novel, multi-targeted activation of both innate and adaptive immunity

The patented Decoy platform is built on using attenuated and killed, non-pathogenic, Gram-negative bacteria. This is designed to safely prime and/or activate multiple immune pathways simultaneously, specifically hitting Toll-like receptor (TLR), Nucleotide oligomerization domain (NOD)-like receptor (NLR), and Stimulator of interferon genes (STING) pathways. This simultaneous activation is a key differentiator, aiming to overcome limitations seen when only targeting one part of the immune response.

Potential for broad anti-tumor and anti-viral activity

The platform's potential spans both oncology and infectious diseases, based on preclinical data. The company's investment in R&D reflects this breadth, with Q3 2025 R&D expenses reported at approximately $1.52 million.

• Meaningful single-agent activity against chronic hepatitis B virus (HBV) in pre-clinical models.
• Meaningful single-agent activity against chronic human immunodeficiency virus (HIV) in pre-clinical models.
• Single-agent activity against metastatic pancreatic and orthotopic colorectal carcinomas pre-clinically.
• Single-agent eradication of established antigen-expressing breast carcinoma pre-clinically.

Decoy20's tolerability profile in the combination Safety Lead-In cohort

The initial clinical data from the combination trial is where you see the platform's immediate value in a real-world setting. The Safety Lead-In cohort of the Phase 1b/2 trial, combining Decoy20 with the PD-1 inhibitor tislelizumab, has been completed. The Safety Review Committee reviewed the data and determined the combination appears tolerable at the current dose and schedule.

Here's a snapshot of that initial combination safety data as of the Q3 2025 update:

Metric	Value/Finding
Total Participants Dosed (Combination Safety Cohort)	6 evaluable participants
Combination Tolerability Assessment	Determined to be tolerable at current dose/schedule
Stable Disease at First Assessment (Combination)	3 participants
Participants Remaining on Study (from SD group)	2 participants
Partial Response (Monotherapy Study)	1 patient with urothelial cancer

Differentiated mechanism from traditional checkpoint inhibitors

Traditional checkpoint inhibitors, like PD-1/PD-L1 blockers, primarily focus on releasing the brakes on the adaptive immune system. Indaptus Therapeutics' approach is designed to step in earlier and more broadly, providing the initial activation signal. This synergy is what they are testing with tislelizumab.

Mechanism Aspect	Traditional Checkpoint Inhibitors	Decoy Platform (Decoy20)
Primary Immune Target	Adaptive Immunity (releasing T-cell brakes)	Multiple innate (TLR, NLR, STING) and Adaptive pathways
Activation Style	Inhibitory blockade	Direct immune priming/activation
Preclinical Synergy with PD-1 Blocker	N/A	Showed synergistic effect to induce solid tumor regression

Potential to treat multiple solid tumor types

The platform is being tested in advanced solid tumors, and the preclinical work suggests a wide applicability. The company's cash position as of September 30, 2025, was approximately $5.8 million, which management expects will support operations into the first quarter of 2026, contingent on disciplined execution of the current trial plan.

• The Phase 1b/2 trial evaluates Decoy20 in combination with tislelizumab for advanced solid tumors.
• Preclinical models included hepatocellular carcinomas and non-Hodgkin's lymphomas.
• The technology is described as antigen-agnostic.

Finance: draft 13-week cash view by Friday.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Customer Relationships

You're looking at how Indaptus Therapeutics, Inc. (INDP) manages its connections with the outside world-investors, doctors, and regulators. For a clinical-stage biotech, these relationships are the lifeblood, directly tied to capital access and trial success. It's a high-stakes game of transparency and progress reporting.

High-touch, direct relationship with institutional and retail investors

The relationship with investors is managed through frequent, mandated disclosures and targeted outreach. You see this play out in the financing activities required to keep the lights on and the trials moving. For instance, in the third quarter of 2025, Indaptus Therapeutics, Inc. raised approximately $2.3 million through its at-the-market facility in September 2025, following a significant $5.7 million conversion of promissory notes to equity in July 2025. This direct engagement is crucial, especially when the cash position, which stood at approximately $5.8 million as of September 30, 2025, is guided to support operations only into the first quarter of 2026. The sentiment among institutional holders can shift quickly; in the second quarter of 2025, while 1 institutional investor added shares, 14 decreased their positions, with VANGUARD GROUP INC removing 9,152 shares. Also, General and administrative expenses for Q3 2025 decreased to $1.1 million from $1.7 million in Q3 2024, partly due to lower investor relations costs. That's the cost of keeping the story alive.

Transparent communication of clinical trial progress via press releases and SEC filings

Indaptus Therapeutics, Inc. relies heavily on press releases and SEC filings to communicate milestones, which directly impacts investor confidence and valuation. The progress on the Decoy20 + tislelizumab combination trial is the primary narrative driver. You can track the financial impact alongside the clinical updates:

Metric/Period End Date	Clinical Status Highlight	R&D Expense (Quarterly)	Net Loss Per Share (Quarterly)
March 31, 2025 (Q1)	Enrolled 32 patients in weekly dosing trials.	$2.8 million	$0.32
June 30, 2025 (Q2)	Dosed first patient in Phase 1b/2 combination study.	$2.2 million	$9.09
September 30, 2025 (Q3)	Completed Safety Lead-In cohort of six participants.	Approximately $1.52 million	Approximately $2.98

The net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million. Transparency means showing the good and the challenging; for example, the Q3 data showed mixed efficacy with three participants achieving stable disease out of six evaluable patients, leading to enrollment being paused pending efficacy evaluations.

Close collaboration with Key Opinion Leaders (KOLs) and clinical investigators

Collaboration with the medical community is essential for trial execution and scientific validation. The Phase 1b/2 combination study with tislelizumab is a direct result of such collaboration. The Safety Review Committee determined the combination was tolerable at the current dose and schedule after the six-participant Safety Lead-In cohort was completed. Furthermore, the scientific leadership is actively engaging the broader KOL community; Founder and Chief Scientific Officer Dr. Michael Newman was scheduled to present preclinical research on the Decoy bacterial platform at the Donor Selection & Cell Source Summit on November 19-20, 2025. You need to watch for data presentations at these key medical forums.

• Dosed first patient in Phase 1b/2 combination trial in Q2 2025.
• Safety Review Committee confirmed tolerability post-Safety Lead-In.
• Preclinical data presentation scheduled for November 2025.
• The company is working to increase the number of trial sites to accelerate enrollment.

Regulatory engagement with the FDA and other health agencies

Regulatory milestones unlock the next stage of development and market access. Indaptus Therapeutics, Inc. secured key approvals that directly affect their ability to expand clinical reach. Specifically, the company received Clinical Trial authorization from Health Canada, clearing the path for expansion of clinical trial sites. On the intellectual property front, which underpins regulatory exclusivity, the company expanded its patent portfolio in China, Japan, and Israel during the first quarter of 2025. This proactive IP strategy supports future commercialization discussions with potential partners or regulatory bodies.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Channels

The channels Indaptus Therapeutics, Inc. (INDP) uses to reach investors, the scientific community, and trial sites are centered on regulatory disclosures and targeted scientific engagement.

Investor relations presentations and quarterly earnings calls

Investor communication channels include formal corporate presentations and mandatory financial reporting. CEO Jeffrey A. Meckler delivered a corporate overview at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, with a webcast replay available for approximately 90 days.

Financial and operational updates are channeled through SEC filings, such as the 10-Q filed on November 12, 2025, covering the quarter ended September 30, 2025.

Key financial metrics communicated via these channels for the third quarter of 2025 include:

Financial Metric	Q3 2025 Amount	Nine Months Ended Sept 30, 2025 Amount
Research and Development Expenses	Approximately $1.52 million	Approximately $6.5 million
General and Administrative Expenses	Approximately $1.1 million	Approximately $5.2 million
Loss per Share	Approximately $2.98	Approximately $18.48

Financing activities are also communicated through these channels; for instance, the company raised approximately $2.3 million through its at-the-market facility in September 2025.

Scientific conferences (e.g., oncology, immunotherapy symposiums) for data dissemination

Data dissemination occurs at specialized scientific meetings. Founder and Chief Scientific Officer Dr. Michael Newman presented at the 3rd Donor Selection & Cell Source Summit on November 19-20, 2025, in San Diego, California.

The company anticipates sharing more data from its combination trial by the end of the year (2025).

Key scientific communication points include:

• Preclinical data showed Decoy20 activity against chronic hepatitis B virus (HBV) and chronic human immunodeficiency virus (HIV) in in vivo models.
• The May 2025 corporate presentation projected Combo Proof of Concept data in late 2025 / early 2026.
• The Safety Lead-In cohort dosed six evaluable participants with the Decoy20 and tislelizumab combination.
• Three participants achieved stable disease at the first assessment following the Safety Lead-In cohort completion.

Peer-reviewed journal publications of pre-clinical and clinical data

The channel for peer-reviewed journal publications is utilized for formal validation of pre-clinical and clinical data, though specific publication titles or dates in late 2025 are not detailed here.

Direct communication with clinical trial sites and patient advocacy groups

Direct engagement is necessary for trial execution and patient support. The company completed the Safety Lead-In cohort, which involved dosing six evaluable participants.

The Investor & Media Relations contact email listed for direct inquiries is investors@indaptusrx.com.

SEC filings (10-Q, 8-K) for financial and operational updates

The primary formal channel for operational updates includes filings like the 8-K filed on November 12, 2025, reporting the Q3 2025 earnings release.

Balance sheet strength as of September 30, 2025, showed cash and cash equivalents of approximately $5.8 million, expected to support operations into the first quarter of 2026.

Operational updates also included the July 2025 completion of the conversion of promissory notes issued in June 2025, totaling $5.7 million, into common stock, pre-funded warrants, and warrants.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Customer Segments

As a seasoned analyst, I see the customer segments for Indaptus Therapeutics, Inc. (INDP) as a tiered structure, moving from the capital providers to the ultimate end-users of the therapy.

Institutional and retail investors funding the current operations

The immediate customer base is the capital market, which has provided necessary liquidity to sustain operations through the late stages of 2025. You need to understand the recent capital structure to gauge the dilution risk and runway.

Indaptus Therapeutics, Inc. executed several financing activities to maintain development. For the nine months ended September 30, 2025, net cash provided by financing activities was approximately $11.7 million. This included a January 2025 financing where the company received $2,246,500 from 16 investors pursuant to Regulation D. More recently, in July 2025, the company raised an aggregate of $5.7 million in gross proceeds through convertible promissory notes and warrants, which were subsequently converted to equity in July 2025. These notes carried a 6% annual interest rate and were set to mature on July 28, 2026. Furthermore, approximately $2.3 million was raised via an at-the-market facility in September 2025. As of September 30, 2025, the cash and equivalents balance stood at approximately $5.8 million, guiding runway into Q1 2026.

Hedge fund activity shows mixed sentiment among institutional players:

• In Q1 2025, 6 institutional investors added shares, while 8 decreased positions.
• By Q3 2025, 4 institutional investors added shares, but 13 decreased positions.
• For the most recent reported quarter (Q3 2025), 1 institutional investor added shares, and 14 decreased positions.

Future pharmaceutical/biotech companies seeking licensing or acquisition targets

This segment represents potential strategic partners or acquirers, attracted by the platform technology and clinical progress. The company's stated focus is on pioneering innovative cancer and viral infection treatments, which is the core asset these entities would value.

The company continues to assess all financing options that would support its corporate strategy, which explicitly excludes any business development activities that may be undertaken. The Decoy platform has seen recent patent approvals in China, Japan, and Israel, which strengthens the intellectual property base for potential licensing or acquisition discussions.

Development Area	Key Asset/Focus	Indication Potential
Oncology	Decoy20 + Tislelizumab Combination	Advanced Solid Tumors
Infectious Disease	Decoy Platform	Hepatitis B and HIV

Oncologists and clinical investigators for trial enrollment and future adoption

These are the medical professionals critical for validating the therapy and driving future prescription volume. Their engagement is measured by trial participation and site activation.

The clinical development pipeline is centered on the lead candidate, Decoy20. As of the Q3 2025 report, the Safety Lead-In cohort of the Phase 1b/2 combination study with tislelizumab was completed, dosing six evaluable participants. Enrollment in this specific combination arm was paused pending further efficacy evaluations. Prior to this, the company had enrolled 32 patients in the weekly dosing monotherapy trials. A key operational development for investigator reach was receiving clinical trial authorization from Health Canada in February 2025, allowing expansion of the ongoing U.S. trial to Canadian sites.

• Phase 1b/2 Combination Trial Dosing (Decoy20 + Tislelizumab): 6 participants evaluated.
• Prior Weekly Dosing Enrollment (Decoy20 Monotherapy): 32 patients enrolled to date.
• Geographic Expansion: Authorization received from Health Canada in February 2025.

Patients with advanced solid tumors and certain viral infections (ultimate beneficiaries)

These are the individuals who will ultimately receive the therapeutic benefit of the company's technology. Their segmentation is based on the target diseases for the Decoy platform.

Indaptus Therapeutics, Inc. is focused on developing therapies for two primary areas: oncology and infectious diseases. The lead candidate, Decoy20, is currently being tested in a Phase 1 clinical trial specifically targeting patients with advanced solid tumors. Beyond oncology, the company's broader platform technology has shown potential for viral infections, with recent patent approvals specifically aimed at combination therapies for Hepatitis B and HIV.

The company's technology is designed to be systemically-administered, which is a key feature for broad patient applicability across these indications.

Finance: draft 13-week cash view by Friday.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Indaptus Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward discovery and trials. Here's the quick math on the major outflows for the third quarter ended September 30, 2025.

The primary cost drivers are clearly R&D and G&A, which together form the bulk of the operating expenses. Total quarterly operating expenses for Q3 2025 were reported at $2.65 million.

The key quarterly cost components for Indaptus Therapeutics, Inc. are detailed below:

• Research and Development (R&D) expenses were approximately $1.52 million in Q3 2025.
• General and Administrative (G&A) expenses were approximately $1.1 million in Q3 2025.

To give you a fuller picture of the burn rate leading up to this point in 2025, here is a comparison of the nine-month figures:

Cost Category	Nine Months Ended Sept 30, 2025 (Approximate)	Nine Months Ended Sept 30, 2024 (Approximate)
Research and Development (R&D) Expenses	$6.5 million	$4.8 million
General and Administrative (G&A) Expenses	$5.2 million	$6.4 million

Costs associated with clinical trial execution and manufacturing are embedded within the R&D figures, reflecting the progression of the lead candidate, Decoy20. The increase in R&D expense for the nine months ended September 30, 2025, over the prior year was largely due to clinical trial activity. Still, disciplined management of other areas helped offset some of that trial cost increase.

• Increase in R&D due to ongoing Phase 1 study for the nine months ended September 30, 2025: approximately $2.6 million.
• Increase in R&D due to ongoing Phase 1 study for Q3 2025: approximately $0.35 million.
• Decrease in payroll and related expenses and stock-based compensation partially offset R&D increases by approximately $0.9 million (nine months) and $0.3 million (Q3 2025).

Legal and professional fees for IP and regulatory compliance are captured within the G&A fluctuations. For Q3 2025, professional fees specifically caused an increase in G&A of approximately $0.1 million, which was part of the overall G&A spend of $1.1 million. The G&A decrease year-over-year was primarily driven by a reduction of approximately $0.7 million in stock-based compensation, payroll, board fees, investor relations costs, and D&O insurance policy costs in Q3 2025.

Capital raising costs are reflected in the transaction-related expenses from financing activities completed earlier in 2025. The company raised approximately $2.3 million through its at-the-market facility in September 2025. Furthermore, the conversion of promissory notes issued in June 2025 for $5.7 million occurred in July 2025. Transaction-related expenses associated with the private placement of convertible notes in June 2025 contributed an increase of approximately $0.9 million to G&A expenses for the nine-month period.

Here is a breakdown of the Q3 2025 G&A components that influenced the $1.1 million total:

G&A Component Impact (Q3 2025 vs. Q3 2024)	Approximate Change
Decrease from Stock-Based Comp, Payroll, Fees, Insurance	$0.7 million decrease
Increase from Professional Fees	$0.1 million increase

The cash position as of September 30, 2025, was approximately $5.8 million.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Indaptus Therapeutics, Inc. (INDP) as of late 2025, and honestly, it's what you expect for a company deep in clinical development. The reality is that for a clinical-stage biotech like Indaptus Therapeutics, Inc., the primary source of cash inflow isn't selling a product; it's selling ownership or debt instruments.

Current primary revenue is from equity and debt financing activities. This is the lifeblood that funds the expensive research and development, particularly the ongoing Phase 1 clinical trial for Decoy20. As of the third quarter ended September 30, 2025, the company has been actively managing its capital structure to extend its runway, which was projected into the first quarter of 2026 based on current plans.

The most recent capital infusion directly supporting operations came in September 2025. Specifically, Indaptus Therapeutics, Inc. achieved gross proceeds of approximately $2.3 million raised via ATM in September 2025. This capital, raised through their at-the-market facility, was a key component of their financing strategy for the nine months ending September 30, 2025.

To give you a clearer picture of the financing landscape that constitutes their current revenue, here's a look at the major capital-raising events through Q3 2025:

Financing Activity	Date/Period	Gross Proceeds/Value
At-The-Market (ATM) Facility Raise	September 2025	$2.3 million
Conversion of Promissory Notes	July 2025	$5.7 million (converted from June 2025 notes)
Total Net Cash Provided by Financing Activities (9 Months Ended 9/30/2025)	Q1-Q3 2025	Approximately $11.7 million

This financing activity is crucial because, as a pre-revenue entity, operating expenses are high. Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million, largely driven by R&D expenses, which totaled approximately $6.5 million over the same nine-month period.

Looking ahead, the real upside revenue potential for Indaptus Therapeutics, Inc. lies entirely outside of current sales. You need to track their progress in securing strategic partnerships, as this is the standard path to commercialization and significant non-dilutive funding for a company at this stage.

Future potential revenue streams are centered on:

• Future potential revenue from licensing or collaboration agreements with large pharma. This would involve out-licensing Decoy20 for specific indications or geographies, providing an upfront cash payment.
• Future potential milestone payments from development partnerships. These are contingent payments triggered by achieving specific clinical or regulatory goals, such as successful completion of a Phase 2 trial or an FDA filing.

It is important to note the current state: Zero product revenue as a pre-revenue, clinical-stage company. Analysts forecasting revenue for 2025 reflect this, with the consensus estimate for Indaptus Therapeutics, Inc.'s revenue in 2025 being $0. The company is entirely dependent on its current cash position and its ability to access capital markets or secure a deal to fund its path through the combination trial and beyond.

Finance: draft next 13-week cash view incorporating the September ATM proceeds by Monday.