Revenue: As of FY2026 Q1, the actual value is USD 0.EPS: As of FY2026 Q1, the actual value is USD -0.23, beating the estimate of USD -1.87.EBIT: As of FY2026 Q1, the actual value is USD -2.188 M.<h4>Operational Metrics</h4>Operating Expenses Research and Development (R&amp;D) Expenses: Indaptus Therapeutics, Inc.’s R&amp;D expenses for the three months ended March 31, 2026, were $491,134, representing an 83% decrease (or $2,319,706) from $2,810,840 in the same period of 2025. This reduction was primarily due to a decrease of approximately $1.9 million in clinical costs and a $0.4 million decrease in payroll and related expenses. External R&amp;D costs decreased to $359,190 in 2026 from $2,285,112 in 2025, while internal personnel costs decreased to $131,944 in 2026 from $525,728 in 2025. General and Administrative (G&amp;A) Expenses: G&amp;A expenses decreased by $93,265 (5%) to $1,668,454 in 2026 from $1,761,719 in 2025, mainly due to a decrease in public company operating expenses related to management transition. Total Operating Expenses: Total operating expenses for the three months ended March 31, 2026, were $2,159,588, a decrease of $2,412,971 (53%) from $4,572,559 in the prior year period.Other Income (Expense), Net Other income (expense), net, changed by approximately - $421,611, resulting in a net expense of - $381,482 in 2026 compared to a net income of $40,129 in 2025. This was mainly due to a - $410,154 warrant repricing in 2026 and lower income from cash and cash equivalent accounts.Net Loss The net loss for the three months ended March 31, 2026, was - $2,541,070, a decrease of $2,401,514 (53%) from - $4,532,430 in the same period of 2025.<h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities increased by approximately $2.0 million, from - $5.0 million for the three months ended March 31, 2025, to - $7.0 million for the same period in 2026. This increase was primarily due to a decrease in accounts payable and other current liabilities, partially offset by the decreased net loss.</li><li>Net Cash Provided by Financing Activities: There was no net cash provided by financing activities for the three months ended March 31, 2026, compared to $3.1 million in 2025, which included proceeds from common stock and warrant issuance.</li></ul><h4>Balance Sheet Highlights</h4><ul><li>Cash and Cash Equivalents: Cash and cash equivalents decreased from $8,507,628 as of December 31, 2025, to $1,497,635 as of March 31, 2026.</li><li>Total Current Assets: Total current assets decreased from $9,310,168 as of December 31, 2025, to $2,180,856 as of March 31, 2026.</li><li>Total Current Liabilities: Total current liabilities significantly decreased from $6,158,575 as of December 31, 2025, to $932,999 as of March 31, 2026.</li><li>Accumulated Deficit: The accumulated deficit increased from - $81,288,099 as of December 31, 2025, to - $83,829,169 as of March 31, 2026.</li></ul><h4>Future Outlook and Strategy</h4>Indaptus Therapeutics, Inc. expects R&amp;D expenses to decrease in the short term due to the discontinuation of further enrollment in the Combination Study and no current plans for new clinical trials. The company is evaluating strategic options for a Post-Investment Transaction to create future growth opportunities and anticipates G&amp;A expenses may also decrease, though this could be offset by transaction-related costs. Indaptus Therapeutics, Inc. believes its cash and cash equivalents of approximately $1.5 million as of March 31, 2026, will fund operations through the second quarter of 2026, but additional capital will be needed, raising substantial doubt about its ability to continue as a going concern within one year.

Indaptus Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0