Indaptus Therapeutics Reports Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update

Core Insights - Indaptus Therapeutics reported significant progress in its Phase 1 trial of Decoy20, with over 20 patients enrolled in the weekly dosing cohort, indicating potential clinical benefits and a favorable safety profile [2][6][7] - The company experienced a decrease in total operating expenses for the fiscal year 2024 compared to 2023, primarily due to reduced research and development costs [4][5][21] - Indaptus has secured new patents in multiple countries and received clinical trial authorization from Health Canada, enhancing its intellectual property and operational capabilities [7][9] Financial Highlights - Research and development expenses for Q4 2024 were $2.5 million, up from$2.0 million in Q4 2023, mainly due to increased costs in the Phase 1 clinical trial [4] - Total operating expenses for the fiscal year 2024 were $15.4 million, a decrease from$16.4 million in 2023, with research and development costs dropping to $7.2 million from$7.6 million [21] - The company reported a net loss of $15.0 million for the fiscal year 2024, compared to a net loss of$15.4 million in 2023, resulting in a loss per share of $1.61, an improvement from$1.83 in the previous year [8][21] Cash Position and Financing - As of December 31, 2024, Indaptus had cash and cash equivalents of $5.8 million, down from$13.4 million at the end of 2023 [9] - The company conducted a private placement in January 2025, generating net proceeds of $2.0 million, and established a$20 million equity line of credit in February 2025 [9] - Net cash used in operating activities for the fiscal year 2024 was $12.3 million, a slight decrease from$13.4 million in 2023 [10][22] Clinical and Corporate Developments - Indaptus is advancing its Phase 1 study of Decoy20 in advanced solid tumors, with plans to initiate a combination trial with BeiGene's PD-1 inhibitor, tislelizumab, expected in 2025 [7][15] - The company presented promising pharmacokinetic and safety results for Decoy20 at major oncology conferences, further validating its clinical approach [7] - Indaptus plans to increase trial sites to accelerate patient enrollment and expects to provide further clinical updates throughout 2025 [15]