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Indaptus Therapeutics filed an S-1 to register an offering that will raise unspecified gross proceeds to fund research and development and for working capital. The company will pay the placement agent a 7.0% cash fee, a 1.0% management fee, reimburse up to $50,000 in non-accountable expenses, up to $100,000 in legal fees, and up to $15,950 in clearing expenses, and will issue placement agent warrants equal to 6.0% of the aggregate securities sold at an exercise price equal to 125% of the combined public offering price.

The offering contemplates up to 1,562,500 common warrants (split into Series A and B) and structure includes shares, pre-funded warrants and two warrants per share. Net tangible book value per share was $(2.765) as of June 30, 2025 and pro forma $3.725 after adjustments. Outstanding common shares shown: actual 604,963, pro forma 1,297,324, pro forma as adjusted 2,078,574. The filing lists standard development, regulatory, financing and listing risks and states management has broad discretion over proceeds.

Indaptus Therapeutics filed a prospectus supplement (Form 424B5) that contains standard offering sections including a prospectus summary, risk factors, forward-looking statements, use of proceeds, dividend policy, dilution, plan of distribution, legal matters, experts and incorporation of documents by reference. The supplement explicitly lists multiple clinical and commercial risks including timing and cost of an investigational new drug application and clinical trials, receipt of favorable clinical results, regulatory approval, intellectual property and licensing, development, manufacturing and commercialization, product liability and reimbursement, and capital requirements.

The document discloses a net tangible book value per share of $(2.765) as of June 30, 2025, and a pro forma net tangible book value per share of $3.725 after pro forma adjustments. It also identifies members of the board by class: Class I directors Hila Karah, Dr. Mark J. Gilbert and Robert E. Martell; Class II directors Anthony Maddaluna and William B. Hayes; and Class III directors Jeffrey A. Meckler, Michael J. Newman, Ph.D. and Dr. Roger J. Pomerantz.

Indaptus Therapeutics (INDP) filed a Form S-3 to register up to 2,160,166 shares for resale by selling stockholders tied to its June 2025 private placement. The registrable shares consist of 501,566 shares from automatic conversion of convertible notes, 190,795 pre-funded warrants, 1,384,722 investor warrants and 83,083 placement agent warrants. The company will not receive proceeds from resale but could receive up to approximately $12.2 million if all warrants are exercised for cash.

Indaptus is a clinical-stage biotech developing Decoy20, a systemically administered immunotherapy. The FDA allowed an IND and a Phase 1 trial began in December 2022. Single-dose cohorts at 7x10^7 and 3x10^7 showed rapid blood clearance of Decoy20 (30鈥�120 minutes), cytokine/chemokine peaks at ~4鈥�24 hours and return toward baseline by 24鈥�72 hours. Safety events included dose-limiting toxicities (grade 3 bradycardia, grade 3 ALT) and cytokine release syndrome in six participants that resolved within 24鈥�72 hours. The company shifted focus to a combination study with BeOne鈥檚 anti鈥慞D鈥�1, Tislelizumab; the combination began dosing in June 2025 and had enrolled six participants by August 2025 with one related serious adverse event of CRS that resolved in 72 hours. The company implemented a 1鈥慺or鈥�28 reverse split effective June 26, 2025 and its common stock trades on Nasdaq under INDP (last reported price $8.24 on August 12, 2025).

Indaptus Therapeutics, Inc. (INDP) filed a Form S-3 to register up to $200,000,000 of common stock, preferred stock, subscription rights, debt securities, warrants and units for sale from time to time. The company reports its common shares trade on Nasdaq under INDP (last reported sale $8.24 on August 12, 2025) and calculates an aggregate market value of common stock held by non-affiliates of $4,480,124 based on 62,211 non-affiliate shares and a $12.87 per-share price used from July 9, 2025. The company sold $5,134,997 of securities under Form S-3 rules during the prior 12 months.

Operationally, Indaptus describes progress with its lead clinical candidate Decoy20: cGMP manufacturing completed, FDA IND allowed May 2022, Phase 1 single-dose and weekly-dosing parts conducted with observed pharmacodynamics, rapid blood clearance and transient biomarker induction. By May 2025 the company had enrolled 13 single-dose and 32 weekly-dose participants; in June 2025 it dosed the first participant in a combination study with BeOne/Tislelizumab and had enrolled 6 combination-study participants by August 2025. Safety events reported include dose-limiting toxicities (grade 3 bradycardia; grade 3 ALT), cytokine release syndrome in six participants (resolved 24-72 hours) and one related serious adverse event in the combination study (resolved within 72 hours). The company implemented a 1-for-28 reverse stock split effective June 26, 2025. Use of proceeds is stated as research and development, clinical trials, manufacturing, working capital and general corporate purposes.

Indaptus Therapeutics is a clinical-stage biotechnology company developing Decoy20, a systemically administered immunotherapy. For the six months ended June 30, 2025, the company reported a net loss of $9.76 million and used approximately $9.1 million of cash in operations. Cash and cash equivalents were $6.16 million at period end, which management estimates funds operations into the fourth quarter of 2025 under the current plan. The company had an accumulated deficit of $70.2 million and recorded a stockholders equity (deficit) of $(1.67) million as of June 30, 2025, with management stating there is substantial doubt about the companys ability to continue as a going concern.

The increase in research and development expense to $4.98 million for the six months (up 50.6% year-over-year) was driven mainly by higher clinical trial costs for the Phase 1 Decoy20 program. Management completed several financings during the period: a January 2025 private placement raising approximately $2.0 million net, sales under a Standby Equity Purchase Agreement (SEPA) that generated approximately $1.75 million net, and a June 2025 private placement of convertible notes with gross proceeds of approximately $5.7 million (measured at fair value of $6.50 million on June 30). The company effected a 1-for-28 reverse stock split to regain Nasdaq minimum bid price compliance, and subsequent conversion of the Notes in July 2025 and related warrant issuances resulted in the company satisfying the Nasdaq minimum stockholders equity requirement of $2.5 million.