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Indaptus Therapeutics Inc (NASDAQ: INDP) is a clinical-stage biotechnology company founded in 2021 and headquartered in New York. The company develops immunotherapy candidates based on proprietary, attenuated, and killed non-pathogenic gram-negative bacteria designed to activate both innate and adaptive immune responses. Its lead asset, Decoy20, is currently undergoing Phase 1 clinical testing for oncology and infectious disease indications.
Corporate Structure and Leadership
Indaptus operates with a lean team and is supported by executive leadership with extensive industry experience. Jeffrey A. Meckler, Chief Executive Officer, has over 30 years of experience in pharmaceutical finance and leadership, including roles at Intec Pharma and Cocrystal Pharma. Michael J. Newman, Ph.D., Founder and Chief Scientific Officer, has over 35 years of experience in oncology drug discovery programs at institutions including Harvard Medical School and Novartis. Walt A. Linscott, Chief Operating Officer, brings three decades of operational, regulatory, and business development expertise from roles at Intec Pharma and as a founding executive of Oxford Strategic Alliance.
Biotechnology by Sangharsh Lohakare
Recent Developments and News
- June 27, 2025: A one-for-twenty-eight reverse stock split became effective to meet Nasdaq Capital Market minimum bid-price requirements.
- September 2, 2025: Filed Form S-1 for registration of securities under the Securities Act of 1933.
- September 3, 2025: Amendment S-1/A submitted, indicating a planned share offering subject to market conditions.
- September 4, 2025: Current Report on Form 8-K filed covering items 8.01 and 9.01.
- December 2022 – March 2023: Phase 1 trial of Decoy20 initiated, with the first patient dosed in March 2023.
- 2024 – 2025: Phase 1b/2 combination trial launched with tislelizumab (TEVIMBRA®) in collaboration with BeOne Medicine, with initial data anticipated by year-end 2025.
- October 7, 2025: Stock closed at $4.13, up 29.32% on a volume of 647,081 shares.
Financial and Strategic Analysis
As of Q2 2025, Indaptus reported:
- Market capitalization of approximately $3.86 million (Yahoo Finance).
- Total cash of $6.16 million (most recent quarter).
- Trailing-twelve-month net loss of $16.96 million; no product revenues to date.
- No debt on the balance sheet.
The company holds a patent portfolio with 34 issued or granted patents covering its bacterial pathogen-associated molecular pattern (PAMP) platform. Proceeds from the anticipated securities offering are intended to support ongoing clinical trials, research and development, and working capital requirements.
Market Position and Industry Context
Indaptus positions its bacterial PAMP-based immunotherapy as an alternative to highly personalized cell therapies and targeted biologics. By utilizing pathogen-associated molecular patterns (e.g., lipopolysaccharide, TLR4 agonists), the platform aims to induce systemic immune activation without the need for antigen-specific customization. Competitors include checkpoint inhibitors and cell therapies; however, Indaptus's approach seeks broad applicability across multiple tumor types and viral infections, potentially reducing manufacturing complexity and costs.
tl;dr
On June 27, 2025, Indaptus executed a one-for-twenty-eight reverse stock split to comply with Nasdaq rules. As of October 7, 2025, shares trade at $4.13 (+29.32%). The company filed an amended S-1/A on September 3 and an 8-K on September 4, 2025, indicating a planned share offering. Decoy20, in Phase 1b/2 combination trials with tislelizumab, is expected to report initial data by year-end 2025. The company reported cash of $6.16 million and no debt, supporting ongoing clinical and research activities.
