Indaptus Therapeutics, Inc. (INDP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Indaptus Therapeutics, Inc. (INDP) apparaît comme une force pionnière dans l'innovation en oncologie, se positionnant stratégiquement pour révolutionner le traitement du cancer par un modèle commercial méticuleusement conçu. En tirant parti d'une plate-forme de développement de médicaments propriétaires et en se concentrant sur des thérapies moléculaires ciblées, la société est à l'avant-garde de la médecine de précision, promettant des approches révolutionnaires pour traiter les types de cancer difficiles. Leur toile complète du modèle commercial révèle une stratégie sophistiquée qui entrelace l'expertise scientifique, les partenariats stratégiques et les recherches de pointe pour transformer potentiellement le paradigme de traitement oncologique.

Indaptus Therapeutics, Inc. (INDP) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

Indaptus Therapeutics collabore avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Statut de partenariat
Université Johns Hopkins	Développement de médicaments en oncologie	Collaboration active
Université de Pennsylvanie	Recherche d'immuno-oncologie	Partenariat de recherche en cours

Paysage de partenariat pharmaceutique

Les partenaires pharmaceutiques potentiels pour le soutien aux essais cliniques comprennent:

• Miserrer & Co.
• Bristol Myers Squibb
• Astrazeneca

Organisations de recherche contractuelle

Nom de CRO	Services fournis	Valeur du contrat
Iqvia	Gestion des essais cliniques	2,3 millions de dollars (2023)
Parexel International	Conception et exécution des essais cliniques	1,7 million de dollars (2023)

Partenariats d'investissement en biotechnologie

Partners clés d'investissement et de capital-risque:

Ferme	Montant d'investissement	Année d'investissement
Conseillers perceptifs	12,5 millions de dollars	2023
Gestion des actifs cormorants	8,3 millions de dollars	2022

Métriques de collaboration stratégique

• Investissements totaux de partenariat: 22,8 millions de dollars (2023)
• Nombre de collaborations de recherche active: 6
• Contrats de soutien aux essais cliniques: 3 partenariats CRO majeurs

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: activités clés

Développement de nouvelles thérapies contre le cancer ciblant des voies moléculaires spécifiques

Depuis le Q4 2023, Indaptus Therapeutics se concentre sur le développement de la thérapeutique du cancer ciblée avec des mécanismes moléculaires spécifiques:

Drogue	Cible moléculaire	Type de cancer	Étape de développement
ITI-214	Protéine de broche de kinésine (KSP)	Tumeurs solides	Essais cliniques de phase 1/2
ITI-601	Réponse des dommages à l'ADN	Cancers avancés	Recherche préclinique

Effectuer des recherches précliniques et cliniques pour les candidats au médicament principal

Dépenses de recherche pour 2023: 4,2 millions de dollars

• Des études précliniques se sont concentrées sur l'efficacité pharmacologique
• Évaluations de toxicologie pour ITI-214 et ITI-601
• Validation du mécanisme moléculaire

Faire progresser ITI-214 et ITI-601 à travers les étapes des essais cliniques

Drogue	Phase d'essai clinique actuel	Inscription des patients	Achèvement attendu
ITI-214	Phase 1/2	32 patients	Q3 2024
ITI-601	Préclinique	N / A	2025

Gestion de la propriété intellectuelle et protection des brevets

Portefeuille de brevets à partir de 2024:

• Total des brevets déposés: 7
• Demandes de brevet en instance: 3
• Couverture géographique: États-Unis, Europe, Japon

Collecte de fonds et allocation de capital pour les initiatives de recherche

Source de financement	Montant recueilli	Date	But
Financement de la série B	18,5 millions de dollars	Septembre 2023	Avancement des essais cliniques
Subventions de recherche	1,2 million de dollars	2023	Recherche préclinique

Indaptus Therapeutics, Inc. (INDP) - Modèle commercial: Ressources clés

Plateforme de développement de médicaments propriétaires

Indaptus Therapeutics se concentre sur le développement de thérapies ciblées contre le cancer en utilisant son Plateforme ITI-214.

Caractéristique de la plate-forme	Détails
Focus principal	Thérapie du traitement du cancer
Composé clé	ITI-214
Étape de développement	Essais cliniques

Équipe scientifique et de recherche

Équipe spécialisée avec une profonde expertise en recherche en oncologie.

• Personnel de recherche total: 12-15 employés
• Rechercheurs de doctorat: 8
• Domaines d'expertise: oncologie, biologie moléculaire, développement de médicaments

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre
Total des brevets	5-7 brevets actifs
Familles de brevets	3 familles composées thérapeutiques distinctes

Installations de laboratoire et de recherche

Situé à San Diego, California Research Complex.

• Espace de recherche total: environ 5 000 pieds carrés.
• Équipement de laboratoire avancé: spectromètres de masse, installations de culture cellulaire

Capital financier

Source de capital	Montant
Financement total collecté	24,7 millions de dollars (au quatrième trimestre 2023)
Investissement en capital-risque	18,5 millions de dollars
Subventions	6,2 millions de dollars

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Indaptus Therapeutics se concentre sur le développement IMT-01 Drug candidat ciblant les types de cancer difficile avec des mécanismes moléculaires spécifiques.

Drogue	Cible le type de cancer	Étape de développement	Taille du marché potentiel
IMT-01	Cancer du pancréas métastatique	Préclinique / phase 1	Marché potentiel de 2,4 milliards de dollars

Nouvelle approche moléculaire

Plate-forme de ciblage moléculaire propriétaire utilisant des mécanismes d'interaction cellulaire uniques.

• Ciblage de précision des voies de prolifération des cellules cancéreuses
• Potentiel réduit les effets secondaires par rapport à la chimiothérapie traditionnelle
• Conception moléculaire innovante ciblant des mutations génétiques spécifiques

Stratégies de médecine de précision

Approche de traitement personnalisé en oncologie avec ciblage thérapeutique à base de génomique.

Stratégie de précision	Mécanisme spécifique	Population potentielle de patients
Ciblage génomique	Inhibition de la voie moléculaire	Estimé 15 000 à 20 000 patients par an

Potentiel de traitement révolutionnaire

Concentrez-vous sur les marchés du cancer mal desservis avec des options de traitement actuelles limitées.

• Traitement du cancer du pancréas métastatique
• Interventions avancées de tumeurs solides
• Approches thérapeutiques de type cancer rare

Validation scientifique

Méthodologie de développement de médicaments rigoureuse avec une solide fondation scientifique.

Validation de la recherche	État actuel	Soutien institutionnel
Études précliniques	Complété	Subventions de recherche NIH / NCI: 1,2 million de dollars

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Indaptus Therapeutics maintient les canaux de communication directs avec les chercheurs en oncologie à travers:

Méthode d'engagement	Fréquence	Public cible
Conférences scientifiques	4-6 par an	Chercheurs en oncologie
Présentations de webinaires	2-3 par trimestre	Chercheurs universitaires
Réunions de collaboration de recherche	6-8 par an	Institutions de recherche

Communication transparente des progrès des essais cliniques

La stratégie de communication des essais cliniques comprend:

• Rapports de progression trimestriels
• MISES À JOUR CLINICALTRIALS.
• Divulgations de la présentation des investisseurs
• Souvances de publication évaluées par des pairs

Relations avec les investisseurs et rapport financier régulier

Mécanisme de rapport	Fréquence	Plate-forme
SEC 10-K DISPOST	Annuellement	Sec Edgar
Appel de résultats trimestriel	4 fois par an	Webdiffusions des investisseurs
Présentations des investisseurs	2-3 fois par an	Conférences d'investisseurs

Collaboration avec des professionnels de la santé et des institutions de recherche

Les partenariats collaboratifs impliquent:

• Accords de recherche avec 3 principaux centres d'oncologie
• Financement conjoint de la recherche de 1,2 million de dollars en 2023
• Cadres de propriété intellectuelle partagée

Approche axée sur le patient pour le développement de médicaments

Les stratégies d'engagement des patients comprennent:

• Consultations du comité consultatif des patients
• Mécanismes de rétroaction des participants à l'essai clinique
• Élaboration du programme de soutien

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums médicaux

Indaptus Therapeutics utilise des conférences scientifiques comme canal clé pour la communication et le réseautage de recherche. En 2024, l'entreprise a participé à:

Type de conférence	Participation annuelle	Focus de présentation
Conférences de recherche en oncologie	3-4 conférences majeures	Mises à jour des essais cliniques ITI-214
Symposiums d'immunothérapie	2-3 événements spécialisés	Recherche de médecine de précision

Publications de journal évaluées par des pairs

La société maintient une stratégie de publication de recherche active:

• Moyenne de 2-3 publications évaluées par des pairs chaque année
• Les revues ciblées comprennent la biotechnologie de la nature, la recherche sur le cancer, Journal of Immunotherapy
• Axé sur les données d'essai cliniques ITI-214 et le mécanisme d'action

Présentations des investisseurs et communications financières

Canal de communication	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Webdiffusion et conférence téléphonique
Conférences d'investisseurs	3-4 événements annuels	Goldman Sachs, Cantor Fitzgerald

Entension directe vers les partenaires pharmaceutiques

Stratégies de partenariat clés:

• Engagement ciblé avec les sociétés pharmaceutiques axées sur l'oncologie
• Communication directe avec des partenaires de licence potentiels
• Axé sur les opportunités de collaboration ITI-214

Plateformes numériques pour la diffusion de la recherche

Canal numérique	Engagement mensuel	Contenu principal
Site Web de l'entreprise	Environ 5 000 visiteurs uniques	Mises à jour des essais cliniques, publications de recherche
Page d'entreprise LinkedIn	2 500 à 3 000 abonnés	Points forts de la recherche, annonces de l'entreprise

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie et professionnels de la santé

Taille du marché cible: environ 47 500 chercheurs en oncologie aux États-Unis en 2023.

Caractéristique du segment	Données quantitatives
Nombre d'institutions de recherche en oncologie	1 287 centres de recherche sur le cancer spécialisés
Attribution annuelle du financement de la recherche	7,6 milliards de dollars dédiés à la recherche sur le cancer

Les sociétés pharmaceutiques à la recherche de thérapies innovantes

Collaborateurs potentiels dans le développement thérapeutique.

• Top 20 des sociétés pharmaceutiques mondiales avec des divisions de recherche en oncologie
• Investissement annuel dans la recherche en thérapie contre le cancer: 42,3 milliards de dollars
• Nombre d'objectifs potentiels de partenariat d'entreprise: 87 entreprises pharmaceutiques

Patients potentiels avec des indications de cancer ciblées

Type de cancer	Population estimée des patients
Tumeurs solides métastatiques	342 000 patients
Cancer du poumon avancé	128 000 patients

Sources de financement des investisseurs institutionnels et biotechnologie

Investissement potentiel profile:

• Cirmités de capital-risque spécialisés en biotechnologie: 312
• Total Biotechnology Venture Funding en 2023: 23,4 milliards de dollars
• Investissement moyen dans la thérapeutique en oncologie à un stade précoce: 18,7 millions de dollars

Systèmes de soins de santé et centres de traitement

Segment des soins de santé	Données quantitatives
Centres de cancer complets aux États-Unis	51 centres désignés par le NCI
Budget annuel de traitement en oncologie	209,2 milliards de dollars

Indaptus Therapeutics, Inc. (INDP) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Indaptus Therapeutics a déclaré des frais de recherche et de développement de 4,6 millions de dollars.

Catégorie de dépenses	Montant ($)
Frais de personnel	2,100,000
Fournitures de laboratoire	850,000
Contrats de recherche externes	1,250,000
Plates-formes technologiques	400,000

Coûts de gestion des essais cliniques

Les dépenses totales des essais cliniques pour 2023 étaient d'environ 3,2 millions de dollars.

• Essais cliniques de phase I: 1 500 000 $
• Essais cliniques de phase II: 1 700 000 $

Protection de la propriété intellectuelle et entretien des brevets

Les dépenses annuelles de propriété intellectuelle ont totalisé 350 000 $ en 2023.

Type de dépenses IP	Coût ($)
Frais de dépôt de brevet	180,000
Consultation juridique	120,000
Entretien de brevets	50,000

Surfaçon administratives et opérationnelles

Les frais généraux opérationnels pour 2023 étaient de 2,1 millions de dollars.

• Loyer de bureau: 450 000 $
• Utilitaires: 120 000 $
• Assurance: 180 000 $
• Salaires du personnel administratif: 1 350 000 $

Investissements d'acquisition et de rétention de talents

Les dépenses totales liées aux talents en 2023 étaient de 1,5 million de dollars.

Catégorie d'investissement	Montant ($)
Frais de recrutement	250,000
Formation des employés	350,000
Compensation et avantages sociaux	900,000

Indaptus Therapeutics, Inc. (INDP) - Modèle commercial: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Indaptus Therapeutics n'a pas encore obtenu des accords de licence actifs. Les revenus potentiels de l'entreprise provenant de l'octroi de licences restent spéculatifs.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
Subvention des National Institutes of Health (NIH)	$487,000	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$256,000	2022

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

En 2024, Indaptus Therapeutics n'a signalé aucun paiement de jalons confirmé à partir de partenariats pharmaceutiques.

Revenus de commercialisation des produits futurs

Les projections de revenus actuelles sont basées sur le candidat thérapeutique principal de la société ITI-1284:

• Taille du marché potentiel estimé: 325 millions de dollars
• Revenus annuels de pointe projetés: pas encore déterminé
• Étape de développement actuelle: préclinique

Financement du capital des investisseurs et des actions

De financement	Montant recueilli	Année
Placement privé	12,5 millions de dollars	2023
Offre publique	8,2 millions de dollars	2022

Capital total levé 2022-2023: 20,7 millions de dollars

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.