Indaptus Therapeutics, Inc. (INDP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Indaptus Therapeutics, Inc. (INDP) surge como una fuerza pionera en la innovación oncológica, posicionándose estratégicamente para revolucionar el tratamiento del cáncer a través de un modelo de negocio meticulosamente elaborado. Al aprovechar una plataforma de desarrollo de fármacos patentado y centrarse en terapias moleculares dirigidas, la compañía está a la vanguardia de la medicina de precisión, prometiendo enfoques innovadores para abordar tipos de cáncer desafiantes. Su lienzo de modelo de negocio integral revela una estrategia sofisticada que entrelaza la experiencia científica, las asociaciones estratégicas y la investigación de vanguardia para transformar potencialmente el paradigma del tratamiento oncológico.

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: asociaciones clave

Instituciones de investigación académica

Indaptus Therapeutics colabora con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Estado de asociación
Universidad de Johns Hopkins	Desarrollo de medicamentos oncológicos	Colaboración activa
Universidad de Pensilvania	Investigación de inmuno-oncología	Asociación de investigación en curso

Paisaje de asociación farmacéutica

Los socios farmacéuticos potenciales para el apoyo de los ensayos clínicos incluyen:

• Merck & Co.
• Bristol Myers Squibb
• Astrazeneca

Organizaciones de investigación por contrato

Nombre de Cro	Servicios proporcionados	Valor de contrato
IQVIA	Gestión de ensayos clínicos	$ 2.3 millones (2023)
Parexel International	Diseño y ejecución del ensayo clínico	$ 1.7 millones (2023)

Asociaciones de inversión en biotecnología

Socios clave de inversión y capital de riesgo:

Firme	Monto de la inversión	Año de inversión
Asesores perceptivos	$ 12.5 millones	2023
Gestión de activos de cormorán	$ 8.3 millones	2022

Métricas de colaboración estratégica

• Inversiones totales de asociación: $ 22.8 millones (2023)
• Número de colaboraciones de investigación activa: 6
• Contratos de soporte de ensayos clínicos: 3 asociaciones de CRO principales

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: actividades clave

Desarrollo de nuevas terapias contra el cáncer dirigida a vías moleculares específicas

A partir del cuarto trimestre de 2023, Indaptus Therapeutics se centra en el desarrollo de la terapéutica del cáncer dirigido con mecanismos moleculares específicos:

Candidato a la droga	Objetivo molecular	Tipo de cáncer	Etapa de desarrollo
Iti-214	Proteína del huso de kinesina (KSP)	Tumores sólidos	Ensayos clínicos de fase 1/2
Iti-601	Respuesta al daño del ADN	Cánceres avanzados	Investigación preclínica

Realización de investigaciones preclínicas y clínicas para candidatos a medicamentos con plomo

Gastos de investigación para 2023: $ 4.2 millones

• Estudios preclínicos centrados en la eficacia farmacológica
• Evaluaciones de toxicología para ITI-214 e ITI-601
• Validación del mecanismo molecular

Avanzar en ITI-214 e ITI-601 a través de etapas de ensayos clínicos

Candidato a la droga	Fase de ensayo clínico actual	Inscripción del paciente	Finalización esperada
Iti-214	Fase 1/2	32 pacientes	P3 2024
Iti-601	Preclínico	N / A	2025

Gestión de propiedades intelectuales y protección de patentes

Cartera de patentes a partir de 2024:

• Patentes totales presentadas: 7
• Aplicaciones de patentes pendientes: 3
• Cobertura geográfica: Estados Unidos, Europa, Japón

Recaudación de fondos y asignación de capital para iniciativas de investigación

Fuente de financiación	Cantidad recaudada	Fecha	Objetivo
Financiación de la Serie B	$ 18.5 millones	Septiembre de 2023	Avance del ensayo clínico
Subvenciones de investigación	$ 1.2 millones	2023	Investigación preclínica

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: recursos clave

Plataforma de desarrollo de fármacos patentados

Indaptus Therapeutics se centra en el desarrollo de terapias de cáncer dirigidas utilizando su Plataforma ITI-214.

Característica de la plataforma	Detalles
Enfoque principal	Terapéutica del tratamiento del cáncer
Compuesto clave	Iti-214
Etapa de desarrollo	Ensayos clínicos

Equipo científico e de investigación

Equipo especializado con experiencia de investigación de oncología profunda.

• Personal de investigación total: 12-15 empleados
• Investigadores a nivel de doctorado: 8
• Áreas de especialización: oncología, biología molecular, desarrollo de fármacos

Cartera de propiedades intelectuales

Categoría de IP	Número
Patentes totales	5-7 patentes activas
Familias de patentes	3 familias compuestas terapéuticas distintas

Laboratorio e instalaciones de investigación

Ubicado en San Diego, California Research Complex.

• Espacio de investigación total: aproximadamente 5,000 pies cuadrados.
• Equipo de laboratorio avanzado: espectrómetros de masas, instalaciones de cultivo celular

Capital financiero

Fuente del capital	Cantidad
Financiación total recaudada	$ 24.7 millones (a partir del cuarto trimestre de 2023)
Inversión de capital de riesgo	$ 18.5 millones
Financiación de subvenciones	$ 6.2 millones

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido

Indaptus Therapeutics se centra en el desarrollo IMT-01 Candidato de fármacos dirigido a tipos de cáncer desafiantes con mecanismos moleculares específicos.

Candidato a la droga	Tipo de cáncer objetivo	Etapa de desarrollo	Tamaño potencial del mercado
IMT-01	Cáncer de páncreas metastásico	Preclínico/fase 1	Mercado potencial de $ 2.4 mil millones

Enfoque molecular novedoso

Plataforma de orientación molecular patentada que utiliza mecanismos únicos de interacción celular.

• Dirección de precisión de las vías de proliferación de células cancerosas
• Potencial efectos secundarios reducidos en comparación con la quimioterapia tradicional
• Diseño molecular innovador dirigido a mutaciones genéticas específicas

Estrategias de medicina de precisión

Enfoque de tratamiento de oncología personalizada con orientación terapéutica basada en genómico.

Estrategia de precisión	Mecanismo específico	Potencial de población de pacientes
Orientación genómica	Inhibición de la vía molecular	Estimado de 15,000-20,000 pacientes anualmente

Potencial de tratamiento innovador

Concéntrese en los mercados cáncer desatendidos con opciones de tratamiento actuales limitadas.

• Tratamiento de cáncer de páncreas metastásico
• Intervenciones tumorales sólidas avanzadas
• Enfoques terapéuticos de tipo cáncer raro

Validación científica

Metodología de desarrollo de fármacos rigurosos con una base científica sólida.

Validación de investigación	Estado actual	Apoyo institucional
Estudios preclínicos	Terminado	Subvenciones de investigación de NIH/NCI: $ 1.2 millones

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

Indaptus Therapeutics mantiene canales de comunicación directa con investigadores de oncología a través de:

Método de compromiso	Frecuencia	Público objetivo
Conferencias científicas	4-6 por año	Investigadores de oncología
Presentaciones de seminarios web	2-3 por trimestre	Investigadores académicos
Reuniones de colaboración de investigación	6-8 anualmente	Instituciones de investigación

Comunicación transparente del progreso del ensayo clínico

La estrategia de comunicación de ensayos clínicos incluye:

• Informes de progreso trimestral
• Public ClinicalTrials.gov Actualizaciones
• Divulgaciones de presentación del inversor
• Envíos de publicación revisados ​​por pares

Relaciones con inversores e informes financieros regulares

Mecanismo de informes	Frecuencia	Plataforma
SEC 10-K Presentación	Anualmente	Sec Edgar
Llamada de ganancias trimestrales	4 veces al año	Transmisores de inversores
Presentaciones de inversores	2-3 veces anualmente	Conferencias de inversores

Colaboración con profesionales médicos e instituciones de investigación

Las asociaciones colaborativas implican:

• Acuerdos de investigación con 3 centros de oncología importantes
• Financiación de la investigación conjunta de $ 1.2 millones en 2023
• Marcos de propiedad intelectual compartida

Enfoque centrado en el paciente para el desarrollo de fármacos

Las estrategias de participación del paciente incluyen:

• Consultas de la Junta Asesora de Pacientes
• Mecanismos de retroalimentación de los participantes del ensayo clínico
• Desarrollo del programa de apoyo

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: canales

Conferencias científicas y simposios médicos

Indaptus Therapeutics utiliza conferencias científicas como un canal clave para la comunicación de investigación y las redes. A partir de 2024, la compañía ha participado en:

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias de investigación oncológica	3-4 conferencias principales	Actualizaciones de ensayos clínicos ITI-214
Simposios de inmunoterapia	2-3 eventos especializados	Investigación de medicina de precisión

Publicaciones de revistas revisadas por pares

La compañía mantiene una estrategia de publicación de investigación activa:

• Promedio de 2-3 publicaciones revisadas por pares anualmente
• Las revistas específicas incluyen la biotecnología de la naturaleza, la investigación del cáncer, el Journal of Immunotherapy
• Centrado en los datos de ensayos clínicos ITI-214 y el mecanismo de acción

Presentaciones de inversores y comunicaciones financieras

Canal de comunicación	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Transmisión web y conferencia telefónica
Conferencias de inversores	3-4 eventos anuales	Goldman Sachs, Cantor Fitzgerald

Extensión directa a socios farmacéuticos

Estrategias de asociación clave:

• Compromiso dirigido con compañías farmacéuticas centradas en la oncología
• Comunicación directa con posibles socios de licencia
• Centrado en las oportunidades de colaboración ITI-214

Plataformas digitales para la difusión de investigación

Canal digital	Compromiso mensual	Contenido principal
Sitio web de la empresa	Aproximadamente 5,000 visitantes únicos	Actualizaciones de ensayos clínicos, publicaciones de investigación
Página corporativa de LinkedIn	2,500-3,000 seguidores	Destacados de investigación, anuncios de la empresa

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: segmentos de clientes

Investigadores de oncología y profesionales médicos

Tamaño del mercado objetivo: aproximadamente 47,500 investigadores de oncología en los Estados Unidos a partir de 2023.

Característica de segmento	Datos cuantitativos
Número de instituciones de investigación de oncología	1.287 Centros de investigación de cáncer especializados
Asignación anual de financiación de investigación	$ 7.6 mil millones dedicados a la investigación del cáncer

Compañías farmacéuticas que buscan terapias innovadoras

Posibles colaboradores en el desarrollo terapéutico.

• Las 20 principales compañías farmacéuticas globales con divisiones de investigación oncológica
• Inversión anual en investigación de terapia del cáncer: $ 42.3 mil millones
• Número de posibles objetivos de asociación corporativa: 87 empresas farmacéuticas

Pacientes potenciales con indicaciones de cáncer dirigidas

Tipo de cáncer	Población de pacientes estimada
Tumores sólidos metastásicos	342,000 pacientes
Cáncer de pulmón avanzado	128,000 pacientes

Inversores institucionales y fuentes de financiación de biotecnología

Inversión potencial profile:

• Empresas de capital de riesgo especializadas en biotecnología: 312
• Financiación total de la empresa de biotecnología en 2023: $ 23.4 mil millones
• Inversión promedio en terapéutica oncológica en etapa inicial: $ 18.7 millones

Sistemas de salud y centros de tratamiento

Segmento de atención médica	Datos cuantitativos
Centros de cáncer integrales en EE. UU.	51 centros designados por NCI
Presupuesto anual de tratamiento de oncología	$ 209.2 mil millones

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Indaptus Therapeutics informó gastos de investigación y desarrollo de $ 4.6 millones.

Categoría de gastos	Monto ($)
Costos de personal	2,100,000
Suministros de laboratorio	850,000
Contratos de investigación externos	1,250,000
Plataformas tecnológicas	400,000

Costos de gestión de ensayos clínicos

Los gastos totales de ensayo clínico para 2023 fueron de aproximadamente $ 3.2 millones.

• Ensayos clínicos de fase I: $ 1,500,000
• Ensayos clínicos de fase II: $ 1,700,000

Protección de propiedad intelectual y mantenimiento de patentes

Los gastos anuales de propiedad intelectual totalizaron $ 350,000 en 2023.

Tipo de gasto IP	Costo ($)
Tarifas de presentación de patentes	180,000
Consulta legal	120,000
Mantenimiento de patentes	50,000

Sobrecarga administrativa y operativa

La sobrecarga operativa para 2023 fue de $ 2.1 millones.

• Alquiler de la oficina: $ 450,000
• Utilidades: $ 120,000
• Seguro: $ 180,000
• Salarios del personal administrativo: $ 1,350,000

Inversiones de adquisición y retención de talento

Los gastos totales relacionados con el talento en 2023 fueron de $ 1.5 millones.

Categoría de inversión	Monto ($)
Costos de reclutamiento	250,000
Capacitación de empleados	350,000
Compensación y beneficios	900,000

Indaptus Therapeutics, Inc. (INDP) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia futuros

A partir del cuarto trimestre de 2023, Indaptus Therapeutics aún no ha asegurado ningún acuerdo de licencia activa. Los ingresos potenciales de la Compañía de la licencia siguen siendo especulativos.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Subvención de los Institutos Nacionales de Salud (NIH)	$487,000	2023
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$256,000	2022

Pagos potenciales de hitos de asociaciones farmacéuticas

A partir de 2024, Indaptus Therapeutics no ha informado ningún pago confirmado de hitos de asociaciones farmacéuticas.

Ingresos futuros de comercialización de productos

Las proyecciones de ingresos actuales se basan en el candidato terapéutico principal de la compañía ITI-1284:

• Tamaño estimado del mercado potencial: $ 325 millones
• Ingresos anuales máximos proyectados: aún no determinado
• Etapa de desarrollo actual: preclínico

Financiación de capital y capital de los inversores

Ronda de financiamiento	Cantidad recaudada	Año
Colocación privada	$ 12.5 millones	2023
Ofrenda pública	$ 8.2 millones	2022

Total Capital recaudado 2022-2023: $ 20.7 millones

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.