2022 Q4 Form 10-Q Financial Statement

#000149315222031392 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.175M $1.943M $2.670M
YoY Change -4.34% -27.24% 74.64%
% of Gross Profit
Research & Development $1.912M $1.610M $697.7K
YoY Change 102.39% 130.7% -66.97%
% of Gross Profit
Depreciation & Amortization $320.00 $390.00 $440.00
YoY Change -39.62% -11.36% -99.85%
% of Gross Profit
Operating Expenses $4.087M $3.553M $3.368M
YoY Change 26.99% 5.48% -7.5%
Operating Profit -$3.553M -$3.368M
YoY Change 5.48%
Interest Expense $830.00
YoY Change -101.46%
% of Operating Profit
Other Income/Expense, Net $431.3K $86.18K $827.00
YoY Change 10321.28%
Pretax Income -$3.656M -$3.466M -$3.367M
YoY Change 13.66% 2.95% -8.95%
Income Tax
% Of Pretax Income
Net Earnings -$3.656M -$3.466M -$3.367M
YoY Change 13.66% 2.95% -9.97%
Net Earnings / Revenue
Basic Earnings Per Share -$0.42 -$0.81
Diluted Earnings Per Share -$0.44 -$419.7K -$805.4K
COMMON SHARES
Basic Shares Outstanding 8.259M shares 8.259M shares 4.181M shares
Diluted Shares Outstanding 8.259M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.43M $28.46M $41.86M
YoY Change -32.45% -32.01% 145.12%
Cash & Equivalents $9.627M $6.718M $41.86M
Short-Term Investments $16.81M $21.74M
Other Short-Term Assets $811.4K $1.133M $1.998M
YoY Change -35.35% -43.26% 227.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.24M $29.59M $43.85M
YoY Change -32.54% -32.52% 147.98%
LONG-TERM ASSETS
Property, Plant & Equipment $2.019K $2.340K $4.340K
YoY Change -46.87% -46.08% -99.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $738.3K $754.7K
YoY Change 4380.49%
Total Long-Term Assets $819.6K $859.3K $4.340K
YoY Change 332.8% 19700.05% -99.93%
TOTAL ASSETS
Total Short-Term Assets $27.24M $29.59M $43.85M
Total Long-Term Assets $819.6K $859.3K $4.340K
Total Assets $28.06M $30.45M $43.86M
YoY Change -30.84% -30.57% 82.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.378M $1.246M $5.780M
YoY Change -47.75% -78.44% 988.55%
Accrued Expenses $80.49K $98.63K
YoY Change -16.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.433M $2.881M $5.780M
YoY Change -25.43% -50.16% 27.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $4.950K
YoY Change -100.0%
Total Long-Term Liabilities $4.949K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.433M $2.881M $5.780M
Total Long-Term Liabilities $4.949K $0.00
Total Liabilities $3.433M $2.886M $5.780M
YoY Change -26.59% -50.08% -3.0%
SHAREHOLDERS EQUITY
Retained Earnings -$30.00M -$26.30M -$12.45M
YoY Change 91.44% 111.17%
Common Stock $84.01K $82.59K
YoY Change 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.63M $27.57M $38.08M
YoY Change
Total Liabilities & Shareholders Equity $28.06M $30.45M $43.86M
YoY Change -30.84% -30.57% 82.47%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.656M -$3.466M -$3.367M
YoY Change 13.66% 2.95% -9.97%
Depreciation, Depletion And Amortization $320.00 $390.00 $440.00
YoY Change -39.62% -11.36% -99.85%
Cash From Operating Activities -$2.211M -$4.602M -$5.631M
YoY Change -37.54% -18.27% 175.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$1.650K
YoY Change -100.0% -87.31%
Acquisitions
YoY Change
Other Investing Activities $5.120M -$2.939M
YoY Change 1033.64%
Cash From Investing Activities $5.120M -$2.939M -$1.650K
YoY Change 1033.64% 178024.85% -87.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 42.52M
YoY Change -100.0% -100.0% 701.89%
NET CHANGE
Cash From Operating Activities -2.211M -4.602M -5.631M
Cash From Investing Activities 5.120M -2.939M -1.650K
Cash From Financing Activities 0.000 0.000 42.52M
Net Change In Cash 2.909M -7.541M 36.89M
YoY Change -206.73% -120.44% 1036.54%
FREE CASH FLOW
Cash From Operating Activities -$2.211M -$4.602M -$5.631M
Capital Expenditures $0.00 $0.00 -$1.650K
Free Cash Flow -$2.211M -$4.602M -$5.629M
YoY Change -37.54% -18.25% 177.15%

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1128933 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1725592 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2964147 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
738251 usd
INDP Increase Decrease In Operating Lease Right Of Use Asset And Liability Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetAndLiabilityNet
1081 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10867434 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7750820 usd
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
172555 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3854 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
23719073 usd
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
2000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21546518 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3854 usd
INDP Proceeds From Merger
ProceedsFromMerger
16346622 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
665627 usd
INDP Proceeds From Issuanceof Pre Funded Warrantsand Warrants
ProceedsFromIssuanceofPreFundedWarrantsandWarrants
29972727 usd
us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
2706598 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
27273 usd
INDP Proceeds From Simple Agreementsfor Futrue Equity
ProceedsFromSimpleAgreementsforFutrueEquity
5000000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
47974397 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-32413952 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
40219723 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
39132165 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1637499 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6718213 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
41857222 usd
INDP Conversion Of Preferred Stock
ConversionOfPreferredStock
8359 usd
INDP Conversion Of Simple Agreementsfor Futrue Equity
ConversionOfSimpleAgreementsforFutrueEquity
6417129 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
7616175 usd
INDP Release Of Deposit Upon Closing Of Merger
ReleaseOfDepositUponClosingOfMerger
200000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2400 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
800 usd
INDP Cash Received For Interest Earned On Deposits
CashReceivedForInterestEarnedOnDeposits
70353 usd
INDP Cash Received For Interest Earned On Deposits
CashReceivedForInterestEarnedOnDeposits
2362 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zfh1Fdy3Ldr3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1: <span id="xdx_827_zSUqzN7PNwm6">GENERAL</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indaptus Therapeutics, Inc. and its wholly-owned subsidiaries, Decoy Biosystems, Inc. and Intec Pharma Ltd., (collectively, the “Company”), is a biotechnology company dedicated to enhancing and expanding curative cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas, which are responsible for more than 90% of all cancer deaths. The Company is developing a novel, multi-targeted product that activates both innate and adaptive anti-tumor and anti-viral immune responses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indaptus Therapeutics, Inc. (“Indaptus”), formerly “Intec Parent Inc.”, was established and incorporated in Delaware on February 24, 2021, as a private Delaware corporation and wholly-owned subsidiary of Intec Pharma Ltd., (“Intec Israel”), a former publicly traded company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 3, 2021, Indaptus completed its merger with Decoy Biosystems, Inc., (“Decoy”), following the satisfaction or waiver of the conditions set forth in the Agreement and Plan of Merger, dated as of March 15, 2021 among Indaptus, Decoy, Intec Israel, Domestication Merger Sub Ltd., an Israeli company and a wholly-owned subsidiary of Indaptus, and Dillon Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Indaptus (“the Merger Sub”), pursuant to which Merger Sub merged with and into Decoy, with Decoy surviving as a wholly-owned subsidiary of Indaptus (the “Merger”) and the business conducted by Decoy became the business conducted by Indaptus.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also, in connection with the Merger, Indaptus changed its name from “Intec Parent, Inc.” to “Indaptus Therapeutics, Inc.”. Following completion of the Merger, shares of Indaptus common stock commenced trading at market open on August 4, 2021, on the Nasdaq Capital Market under the name “Indaptus Therapeutics, Inc.” and under the symbol “INDP”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Merger, on July 23, 2021, Indaptus entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor, pursuant to which Indaptus agreed to sell and issue, in a private placement (the “Private Placement”), pre-funded warrants and warrants for total net proceeds of approximately $<span id="xdx_90C_ecustom--ProceedsFromIssuanceOfPreFundedWarrantsGross_pn5n6_c20210722__20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zg6fZ4JOl2O6" title="Total net proceeds from issuance of pre-funded warrants and warrants to purchase Indaptus common stock">27.3</span> million, after deducting the placement agent’s fees and other estimated offering expenses payable by Indaptus in the amount of approximately $<span id="xdx_903_ecustom--IssuanceExpenses_pn5n6_c20210722__20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zDjS2WIxXi9b" title="Issuance expenses">2.7</span> million. In September 2021, the pre-funded warrant was fully exercised. Each warrant is exercisable at an exercise price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zlPmZexyin3l" title="Warrant is exercisable price">11.00</span> per share and has a term of five and one-half years from the date of issuance. In addition, in connection with the Private Placement, Indaptus issued to the placement agent a warrant to purchase <span id="xdx_907_ecustom--NumberOfWarrantsIssuedToPlacementAgent_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z4pxF8drum7c" title="Number of warrants issued to the placement agent">136,364</span> shares of Indaptus’ common stock at an exercise price of $<span id="xdx_902_ecustom--ExercisePriceOfWarrantIssuedToPlacementAgent_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zFUxmQuzUcXc" title="Exercise price of warrant issued to the placement agent">13.75</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On June 1, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) which was amended on September 1, 2022 with H.C. Wainwright &amp; Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of the Company’s common stock, par value $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220601__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zCd6qCcRyQJ1" title="Common stock, par value">0.01</span> per share, for aggregate gross proceeds of up to $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20220601__20220601__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zgiGQYO0jYXh" title="Common stock gross proceeds">6.3</span> million. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuance and sale of common stock by the Company under the <span style="background-color: white">ATM Agreement</span> is being made pursuant to the Company’s effective “shelf” registration statement on Form S-3 filed with the SEC on September 1, 2022 and declared effective on September 9, 2022. The Company’s effective “shelf” registration statement on Form S-3 is under General Instruction I.B.6 to Form S-3, or the Baby Shelf Rule.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and uncertainties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operating losses (see below), competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in the past year. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies, including by causing disruptions in the supply of its product candidates and the conduct of future clinical trials. For example, the pandemic has caused our good manufacturing practice (“GMP”) process to take longer than expected. In addition, the COVID-19 pandemic may affect the operations of the FDA and other health authorities, which could result in delays of reviews and approvals, including with respect to the Company’s product candidates. Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact its short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, capital raise efforts and additional development of the Company’s technologies may be negatively affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going concern and management’s plans</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred net losses and utilized cash in operations since inception, has an accumulated deficit as of September 30, 2022 of $<span id="xdx_903_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20220930_zIua9Rrj5XPk" title="Accumulated deficit">26.3</span> million, and expects to incur future additional losses as clinical testing and commercialization of the Company’s product candidates will require significant additional financing. The Company believes it has adequate cash and marketable securities to fund its operations for at least one year after the date of issuance of these unaudited condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management plans to raise additional capital through equity and/or debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. However, these plans are not entirely within its control and cannot be assessed as being probable of occurring. The Company’s ability to raise additional capital may be adversely impacted by potential worsening of global economic conditions and the recent disruptions to, and volatility in, financial markets in the United States and worldwide resulting from the conflict between Russia and Ukraine and the ongoing COVID-19 pandemic. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, or eliminate its research and development programs or other operations. If any of these events occur, the Company’s ability to achieve the development and commercialization goals would be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-26300000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zZcmiQu0yab8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zTwt6nqlzwW7">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2022Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
21742040 usd
CY2022Q3 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
42068 usd
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
15131 usd
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
836833 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
945023 usd
CY2022Q3 INDP Prepaid Research And Development
PrepaidResearchAndDevelopment
248719 usd
CY2021Q4 INDP Prepaid Research And Development
PrepaidResearchAndDevelopment
127643 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
21056 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
47840 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
12931 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1133392 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1106653 usd
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
1246240 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2637806 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
791382 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1371136 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
228811 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
139871 usd
CY2022Q3 INDP Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
241009 usd
CY2021Q4 INDP Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
135751 usd
CY2022Q3 INDP Accrued Board Fees Current
AccruedBoardFeesCurrent
116000 usd
CY2021Q4 INDP Accrued Board Fees Current
AccruedBoardFeesCurrent
125333 usd
CY2022Q3 INDP Delaware Franchise Taxes Payable Current
DelawareFranchiseTaxesPayableCurrent
96697 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
61945 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
97779 usd
CY2022Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2782084 usd
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
4507676 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1174660 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.10
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
241103 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
621450 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.04
INDP Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm
P9Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
33237 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11.46
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1762873 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.60
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2500 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
531856 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.55
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y10M24D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1762873 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.60
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M18D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2500 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
584041 usd
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
795338 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2319619 usd
us-gaap Share Based Compensation
ShareBasedCompensation
836456 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5600000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2022Q3 INDP Weighted Average Grant Date Fair Value Of Stock Options
WeightedAverageGrantDateFairValueOfStockOptions
3.27
CY2022Q3 us-gaap Share Price
SharePrice
4.04
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.04
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M29D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.066 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.022 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2022Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1762873 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8258597 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8258597 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8258597 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8258597 shares
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
24476 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
82388 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
106864 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3290 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
103574 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
98625 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4949 usd
us-gaap Payments For Rent
PaymentsForRent
73069 usd
us-gaap Payments For Rent
PaymentsForRent
19432 usd
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
24356 usd
CY2021Q3 us-gaap Payments For Rent
PaymentsForRent
6701 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
71989 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
19160 usd

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