Indaptus Therapeutics Inc (NASDAQ: INDP) is a clinical-stage biotechnology company developing systemically-administered immunotherapies targeting cancer and viral infections. The company generates no product revenue and funds operations through equity offerings, including securities purchase agreements and warrant issuances arranged through placement agents such as Paulson Investment Company, LLC. Its lead clinical candidate, Decoy20, is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria engineered to activate both innate and adaptive immune responses when administered intravenously. A Phase 1 clinical trial with Decoy20 in patients with advanced solid tumors was initiated in 2023, though as of the 10-K filed March 17, 2026, enrollment to the Combination Study has been discontinued and no participants remain in the study, with no current plans to initiate a new clinical trial. The company has never declared or paid a cash dividend and does not intend to do so. As of March 16, 2026, common stock had 21 record holders. Indaptus was formed through a 2021 merger involving Intec Israel and Decoy Biosystems.

Revenue model

No product revenue. Operations are funded through equity capital raises, including private placements of common stock and warrants via placement agent agreements.

Products and services

Decoy20: lead clinical candidate composed of attenuated and killed non-pathogenic Gram-negative bacteria designed for intravenous administration to activate innate and adaptive immunity against tumors and viruses. Preclinical data showed anti-tumor synergy with NSAIDs, checkpoint therapy, targeted antibody therapy, and low-dose chemotherapy.

Customers and end markets

No commercial customers as of the 10-K filed March 17, 2026. Target end market is oncology, specifically patients with advanced solid tumors, with potential extension to antiviral indications.

Value-chain role

Drug developer relying on contract research organizations (CROs) and contract manufacturing organizations (CMOs) for preclinical studies, clinical trial execution, and manufacturing. No internal manufacturing or commercial sales infrastructure disclosed.

Source: SEC 10-K, filed 2026-03-17

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