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Indaptus Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $3,069,036, a decrease from $3,922,388 in the same quarter the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses for the quarter were $1,466,037, down from $2,226,688 in the previous year. This decrease was primarily due to the completion of certain manufacturing processes for Decoy20.
General and administrative expenses for the quarter were $1,676,020, compared to $2,021,724 in the previous year. The decrease was mainly due to reduced stock-based compensation and legal fees.
The company reported other income of $73,021 for the quarter, a decrease from $326,024 in the previous year, primarily due to lower interest income.
Indaptus had cash and cash equivalents of $7,380,686 as of September 30, 2024. The company plans to fund operations into the first quarter of 2025 with existing cash resources.
The filing outlines the company's ongoing Phase 1 clinical trial for Decoy20, which is being evaluated for safety and efficacy in patients with advanced solid tumors.
The company entered into a clinical supply agreement with BeiGene (BGNE) to evaluate Decoy20 in combination with BeiGene’s anti-PD-1 antibody, tislelizumab, in a clinical trial expected to begin in 2025.
Indaptus acknowledges its dependence on additional financing to continue operations beyond the first quarter of 2025, with plans to seek capital through collaborations, strategic alliances, or public and private financings.
The filing also details various risk factors, including the company's limited operating history, need for additional capital, and potential delays in clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Indaptus Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.