Indaptus Therapeutics, Inc. (INDP): History, Ownership, Mission, How It Works & Makes Money

When you look at a clinical-stage biotech like Indaptus Therapeutics, Inc. (INDP), with a market capitalization around just $3.98 million as of November 2025, do you see a distressed asset or a high-risk, high-reward immunotherapy pioneer? The company is advancing its lead candidate, Decoy20, a novel anti-cancer and anti-viral agent that activates both innate and adaptive immunity, and recently reported that three of six evaluable patients achieved stable disease in its Phase 1b/2 combination study, but still faces a short cash runway, expecting its $5.8 million in cash to last only into the first quarter of 2026. Understanding how Indaptus plans to bridge that funding gap while translating early clinical signals into a viable product is the only way to defintely assess its true value, so let's unpack their history, ownership, and unique Decoy platform business model.

Indaptus Therapeutics, Inc. (INDP) History

The current form of Indaptus Therapeutics, Inc. is the result of a strategic reverse merger in 2021, which fundamentally shifted the company's focus from drug delivery to a novel immunotherapy platform. This move immediately injected $30 million in capital and put the Decoy20 candidate at the center of the pipeline, an inflection point that continues to drive its clinical progress into 2025.

Given Company's Founding Timeline

Year established

The operating entity, Indaptus Therapeutics, Inc., was established in August 2021. This followed the merger of Intec Parent, Inc. (a company with a history dating back to 2000) and Decoy Biosystems, Inc..

Original location

New York City, New York, United States.

Founding team members

The company was formed by bringing together the leadership of the two merging entities, with the scientific foundation coming from Decoy Biosystems.

• Dr. Michael J. Newman, Ph.D.: Founder, Chief Scientific Officer, and Director. Dr. Newman was the Founder and CEO of Decoy Biosystems, which developed the core Decoy platform technology.
• Jeffrey A. Meckler, J.D.: Chief Executive Officer and Director. Mr. Meckler was the CEO of Intec Pharma, the predecessor entity.

Initial capital/funding

The merger was immediately followed by a significant capital raise. The company closed a $30 million private placement concurrently with the merger. Total net cash provided by financing activities for the twelve months ended December 31, 2021, was approximately $48.3 million, which included the $27.3 million net proceeds from the private placement, $15.7 million from the Decoy merger, and $5.0 million from Simple Agreements for Future Equity (SAFEs).

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's story is one of a dramatic pivot, swapping an old business model for a novel scientific platform.

The single most transformative moment was the August 2021 merger with Decoy Biosystems, Inc.. This was not a simple acquisition; it was a strategic re-founding that gave the public entity (formerly Intec Parent, Inc.) the Decoy platform technology, which uses a killed-bacterial technology to activate both the innate and adaptive immune systems.

The consistent need for capital in the biotech space means financing events are also critical milestones, especially in 2025. Here's the quick math on recent capital management:

• Secured $5.7 million in June/July 2025 through convertible notes that were quickly converted to equity, removing the debt overhang [cite: 6, 8 (from previous search)].
• Followed up in September 2025 by raising another $2.3 million through an at-the-market facility [cite: 6, 8 (from previous search)]. This is defintely a necessary move for a clinical-stage biotech.
• The net loss per share for Q3 2025 was approximately $2.98, showing the burn rate is still substantial as R&D expenses hit approximately $1.52 million for the quarter, driven by the combination trial [cite: 3, 6 (from previous search)].

The completion of the Safety Lead-In cohort in the Decoy20 combination trial in Q3 2025, which saw three out of six participants achieve stable disease, is a major clinical moment, providing the first efficacy signal for the next phase of development [cite: 3, 8 (from previous search)]. You can review the company's core principles that drive these decisions here: Mission Statement, Vision, & Core Values of Indaptus Therapeutics, Inc. (INDP).

Indaptus Therapeutics, Inc. (INDP) Ownership Structure

Indaptus Therapeutics is controlled by a concentrated mix of insiders and a single large affiliate shareholder, which means a small group of people and entities steer the company's strategic direction. This structure is common in early-stage biotech, but it defintely concentrates decision-making power in the hands of the management and its long-term backers.

Given Company's Current Status

Indaptus Therapeutics, Inc. is a publicly traded, clinical-stage biotechnology company, listed on the Nasdaq Capital Market under the ticker symbol INDP. As of November 2025, the company's stock price was around $2.72 per share, reflecting the high volatility typical of a firm focused on research and development (R&D) with no commercialized products. The public status allows them to raise capital through mechanisms like the at-the-market (ATM) facility, which brought in approximately $2.3 million in gross proceeds in September 2025 alone.

Given Company's Ownership Breakdown

The ownership structure is heavily weighted toward insiders and a key affiliate, which gives them significant control over shareholder votes and long-term strategy. With approximately 14,429,244 shares of common stock outstanding as of March 2025, the public float-the shares available for trading-is smaller than the total outstanding shares.

When you see this level of concentration, especially with a top affiliate holding nearly a third of the company, you know major strategic decisions are being made with that shareholder's interests front and center. It's why you should look closely at Exploring Indaptus Therapeutics, Inc. (INDP) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The leadership team at Indaptus Therapeutics is experienced, with an average tenure of 4.3 years, which is solid for a biotech firm that often sees high turnover. The team's background largely stems from previous roles at companies like Intec Pharma, providing continuity and deep familiarity with the clinical development process.

• Jeffrey Meckler: Chief Executive Officer (CEO) and Director. His total compensation for 2024 was approximately $1.16 million.
• Dr. Michael Newman: Founder and Chief Scientific Officer (CSO). He is the architect of the company's core Decoy technology platform.
• Walt Linscott: Chief Operating Officer (COO), managing the day-to-day operations with a 2024 compensation of approximately $970.40 thousand.
• Nir Sassi: Chief Financial Officer (CFO), Secretary, and Treasurer, overseeing all financial strategy and reporting.
• Dr. Roger Pomerantz: Independent Chairman of the Board, providing governance and strategic oversight.

Here's the quick math: The R&D expenses for Q3 2025 hit about $1.52 million, which means the leadership is prioritizing clinical work over everything else right now. That's where the focus should be, but it also means cash burn is high.

Indaptus Therapeutics, Inc. (INDP) Mission and Values

Indaptus Therapeutics, Inc. (INDP) stands on a clear, human-centered mission: to pioneer innovative treatments for cancer and viral infections, with the ultimate goal of developing actual cures. Their values center on scientific rigor, honesty, and a commitment to patients who need more than incremental progress.

Given Company's Core Purpose

You're looking at a clinical-stage biotech company, so their purpose is tightly bound to their science-it's about translating complex immunology into a tangible patient benefit. They are committed to doing well by doing good, which is a necessary mindset when your Q3 2025 net loss per share was approximately $2.98, showing the high cost of this kind of research.

• Values inclusivity, intellectual honesty, and open communication.
• Assembles a team driven to make much more than incremental progress.
• Focuses on disciplined execution and scientific rigor in clinical strategy.

Official mission statement

The core mission is a dedication to pioneering innovative cancer and viral infection treatments by harnessing the body's immune system. Specifically, the company's stated mission is to help more patients benefit from immunotherapy.

They are doing this by developing a novel, systemically-administered (given intravenously) anti-cancer and anti-viral immunotherapy. This is a big, ambitious goal, and it's why they spent approximately $6.5 million on Research and Development for the nine months ended September 30, 2025.

Vision statement

The vision is simple, but defintely not easy: to cure disease.

This is executed through a scientific vision focused on their proprietary platform, which exploits the natural ability of attenuated and killed non-pathogenic Gram-negative bacteria to activate both the innate and adaptive immune responses (your body's two-pronged defense system).

• Safely and effectively activate both innate and adaptive cellular anti-tumor pathways.
• Passively target both the tumor and immune organs with their Decoy candidates.
• Develop cures for cancer and certain infectious diseases.

Given Company slogan/tagline

The most prominent, authoritative tagline used across their corporate materials is: Breaking Down Indaptus Therapeutics, Inc. (INDP) Financial Health: Key Insights for Investors

Immunotherapy Reimagined. Harnessing Innate and Adaptive Immune Responses to Cure Disease.

This tagline perfectly captures their scientific approach. They're not just tweaking existing drugs; they're trying to fundamentally change how the immune system fights disease. That kind of high-risk, high-reward science is why their cash position of approximately $5.8 million as of September 30, 2025, only provides a runway into the first quarter of 2026-they burn capital to chase that vision.

Indaptus Therapeutics, Inc. (INDP) How It Works

Indaptus Therapeutics operates by pioneering a novel immunotherapy approach using a proprietary Decoy platform, which employs attenuated, non-pathogenic bacteria to broadly activate the body's innate and adaptive immune systems against cancer and chronic viral infections.

This method aims to overcome the limitations of current immunotherapies by providing a multi-targeted package of immune-activating signals, designed for safe intravenous (i.v.) delivery that passively targets key immune organs and tumor sites.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational framework is laser-focused on clinical development and disciplined capital deployment, given its status as a clinical-stage biotechnology firm with no product revenue. Value creation is driven entirely by achieving positive clinical milestones for its lead candidate, Decoy20.

• Clinical Execution: The primary activity is managing the Phase 1b/2 combination study of Decoy20 with tislelizumab. As of November 2025, they completed the Safety Lead-In cohort, dosing six participants.
• R&D Investment: Research and development expenses were approximately $6.5 million for the nine months ended September 30, 2025, reflecting the increased cost of the ongoing Phase 1 trial.
• Financial Management: General and administrative expenses were approximately $5.2 million for the nine months ended September 30, 2025, showing a modest decrease from the prior year as the company implements cost-reduction plans.
• Cash Runway: The company had cash and cash equivalents of approximately $5.8 million as of September 30, 2025, which is expected to fund operations into the first quarter of 2026. That's a tight runway.

Here's the quick math: Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million, an increase of about $2.7 million year-over-year, mostly due to trial expenses. They need positive data to secure favorable financing. You can review the strategic priorities further in Mission Statement, Vision, & Core Values of Indaptus Therapeutics, Inc. (INDP).

Given Company's Strategic Advantages

Indaptus Therapeutics' market success hinges on its unique technology platform and its potential to address a significant unmet need in non-responsive cancer and chronic viral patients.

• Novel Mechanism: The Decoy platform is a multi-targeted agonist that simultaneously activates multiple innate immune receptors (TLR, NOD, STING), aiming for a more comprehensive immune response than single-target therapies.
• Broad Accessibility: The approach is designed to be widely accessible and not dependent on targeting specific tumor or viral antigens, unlike many personalized and costly current immunotherapies.
• Intellectual Property: The company holds a broad patent portfolio with 34 issued or granted patents, providing a defensible moat around its core technology.
• Targeted Delivery: The intravenous formulation is engineered to passively target the liver, spleen, and the 'leaky' vasculature of tumors, which are critical sites for immune activation and disease.

What this estimate hides is the inherent risk of a clinical-stage biotech; the tolerability data is positive, but the efficacy data from the remaining participants in the combination trial will defintely be the next major inflection point for shareholder value.

Indaptus Therapeutics, Inc. (INDP) How It Makes Money

As a clinical-stage biotechnology company, Indaptus Therapeutics currently generates no revenue from product sales or licensing, as its lead candidate, Decoy20, is still in Phase 1/2 clinical trials. The company's financial engine is entirely driven by capital raises through equity and debt financing, which fund its research and development (R&D) activities.

Indaptus Therapeutics' Revenue Breakdown

You need to understand that for a company like Indaptus, the only money coming in is from investors, not customers. This capital is what keeps the lights on and the clinical trials running. For the nine months ended September 30, 2025, the company's financial inflow was characterized by capital raises, totaling approximately $11.7 million in net cash provided by financing activities.

Here's the quick math: the largest single component was the conversion of $5.7 million in promissory notes into common stock and warrants in July 2025, which eliminated debt and boosted equity. The rest of the funding came from various equity sales, including the At-The-Market facility, which alone raised $2.3 million in September 2025. All of this cash is immediately funneled into its clinical program for Decoy20.

Business Economics

The core economic reality for Indaptus Therapeutics is its cash burn rate (net cash used in operating activities), which is the true measure of its business health right now. It is a classic pre-revenue biotech model: high fixed costs in R&D, zero product revenue, and a constant need for dilutive financing (selling more stock) to stay afloat.

• Pricing Strategy: Not applicable yet. The future pricing of Decoy20, if approved, will be based on its value proposition in oncology, likely a premium biologic price point targeting significant gross margins, but that's years away.
• Cash Burn: Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million. That's a significant increase of about $2.7 million from the same period in 2024, driven by increased clinical trial costs.
• Core Value Driver: The value of the company is solely tied to the clinical success of its lead candidate, Decoy20, which is designed to activate both innate and adaptive immune pathways to treat cancer and viral infections. You can read more about their strategy in their Mission Statement, Vision, & Core Values of Indaptus Therapeutics, Inc. (INDP).

The entire business is a capital-intensive bet on a single drug platform. That's the risk, but also the reward.

Indaptus Therapeutics' Financial Performance

The financial performance of Indaptus Therapeutics is best viewed through its expense management and liquidity, not profitability, since it has none.

• Liquidity Position: As of September 30, 2025, the company had cash and cash equivalents of only $5.8 million. Management expects this cash to fund operations only into the first quarter of 2026, triggering a formal going concern warning.
• R&D Prioritization: Research and development expenses for the nine months ended September 30, 2025, were approximately $6.5 million, a 36% increase year-over-year. This shows a clear, defintely necessary prioritization of clinical trial advancement over all else.
• Expense Control: General and administrative (G&A) expenses for the same nine-month period decreased to approximately $5.2 million, down about $1.2 million from the prior year, indicating a focus on operational efficiency to stretch the cash runway.
• Net Loss: The net loss for the nine months ended September 30, 2025, was approximately $12.74 million. The loss per share for the third quarter of 2025 improved to $2.98, compared with $9.04$ in Q3 2024, partly due to the increased number of shares outstanding from the financing activities.

The company is burning through capital to hit clinical milestones, and its immediate future hinges on securing new financing or a partnership before the end of Q1 2026.

Indaptus Therapeutics, Inc. (INDP) Market Position & Future Outlook

Indaptus Therapeutics, Inc. is a nano-cap clinical-stage biotechnology company, meaning it has virtually no commercial market share right now, but its future hinges entirely on its lead candidate, Decoy20. The company's trajectory is currently defined by the Phase 1b/2 clinical trial data for Decoy20 in combination with the PD-1 checkpoint inhibitor, tislelizumab, with initial efficacy readouts expected by the end of 2025. This data is the single most important factor for its valuation, which sits around $2.56 million as of November 2025.

Competitive Landscape

In the vast immuno-oncology market, which is valued at approximately $109.39 billion in 2025, Indaptus Therapeutics is a tiny, pre-revenue player. Its competition is not just other small biotechs, but global pharmaceutical giants with multi-billion-dollar market capitalizations and approved drugs, making its proprietary Decoy20 platform its sole defense. This is a battle of a novel mechanism against established, multi-product pipelines. You can get a sense of the scale by Exploring Indaptus Therapeutics, Inc. (INDP) Investor Profile: Who's Buying and Why?

Opportunities & Challenges

The company's opportunities are clear: validate the science and secure a partnership. The challenges, however, are immediate and financial. They need a capital infusion defintely.

Industry Position

Indaptus Therapeutics is firmly positioned in the high-risk, high-reward nano-cap biotech category, far from the commercial stage. Its standing is defined by its unique approach: using live-attenuated non-pathogenic Gram-negative bacteria to stimulate both the innate and adaptive immune systems, a concept rooted in the century-old observation that bacterial infection can cause tumor regression. The company is a pure-play bet on this single, novel mechanism.

• Nano-Cap Status: With a market cap of roughly $2.56 million, the company is highly susceptible to volatility and market sentiment swings.
• Financial Burn Rate: Research and development expenses were approximately $1.52 million for the third quarter of 2025, a significant drain on its $5.8 million cash balance.
• Clinical Focus: Its value is concentrated on Decoy20's ability to show a tolerable safety profile and preliminary efficacy in the ongoing combination trial, which is the only thing that matters right now.

The company is not competing on commercial scale or existing market share; it is competing on scientific breakthrough against the established standard of care (like checkpoint inhibitors) in a $109.39 billion market.