2023 Q1 Form 10-K Financial Statement

#000149315223008010 Filed on March 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.575M $2.175M $8.586M
YoY Change 22.34% -4.34% 64.93%
% of Gross Profit
Research & Development $1.880M $1.912M $6.325M
YoY Change 44.93% 102.39% 150.67%
% of Gross Profit
Depreciation & Amortization $321.00 $320.00 $1.781K
YoY Change -39.43% -39.62% 27.21%
% of Gross Profit
Operating Expenses $4.455M $4.087M $14.91M
YoY Change 30.95% 26.99% 92.92%
Operating Profit -$4.455M -$14.91M
YoY Change 30.95% 92.92%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $201.9K $431.3K $588.1K
YoY Change 446.93% 3218.52%
Pretax Income -$4.253M -$3.656M -$14.32M
YoY Change 26.39% 13.66% 85.74%
Income Tax $30.00
% Of Pretax Income
Net Earnings -$4.253M -$3.656M -$14.32M
YoY Change 26.39% 13.66% 85.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$1.73
Diluted Earnings Per Share -$0.51 -$0.44 -$1.73
COMMON SHARES
Basic Shares Outstanding 8.401M shares 8.259M shares 8.262M shares
Diluted Shares Outstanding 8.401M shares 8.262M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.68M $26.43M $26.43M
YoY Change -40.07% -32.45% -32.45%
Cash & Equivalents $6.805M $9.627M $9.627M
Short-Term Investments $14.88M $16.81M $16.81M
Other Short-Term Assets $451.7K $811.4K $811.4K
YoY Change -39.12% -35.35% -35.35%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.15M $27.24M $27.24M
YoY Change -40.0% -32.54% -32.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.698K $2.019K $81.31K
YoY Change -98.87% -46.87% -52.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $754.7K $738.3K $738.3K
YoY Change 4479.66% 4380.49% 4379.67%
Total Long-Term Assets $992.9K $819.6K $819.6K
YoY Change 495.14% 332.8% 332.81%
TOTAL ASSETS
Total Short-Term Assets $22.15M $27.24M $27.24M
Total Long-Term Assets $992.9K $819.6K $819.6K
Total Assets $23.14M $28.06M $28.06M
YoY Change -37.59% -30.84% -30.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $382.1K $1.378M $1.964M
YoY Change -86.52% -47.75% -56.42%
Accrued Expenses $1.440M $80.49K $1.469M
YoY Change 223.92% -16.56% 1422.85%
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 $1.822M $3.433M $3.433M
YoY Change -50.47% -25.43% -25.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $136.7K $0.00 $0.00
YoY Change 170.53% -100.0% -100.0%
Total Long-Term Liabilities $136.7K $0.00
YoY Change 170.52% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.822M $3.433M $3.433M
Total Long-Term Liabilities $136.7K $0.00
Total Liabilities $1.959M $3.433M $3.433M
YoY Change -47.48% -26.59% -26.59%
SHAREHOLDERS EQUITY
Retained Earnings -$34.20M -$30.00M
YoY Change 91.44%
Common Stock $84.01K $84.01K
YoY Change 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.19M $24.63M $24.63M
YoY Change
Total Liabilities & Shareholders Equity $23.14M $28.06M $28.06M
YoY Change -37.59% -30.84% -30.84%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.253M -$3.656M -$14.32M
YoY Change 26.39% 13.66% 85.74%
Depreciation, Depletion And Amortization $321.00 $320.00 $1.781K
YoY Change -39.43% -39.62% 27.21%
Cash From Operating Activities -$4.962M -$2.211M -$13.08M
YoY Change 59.16% -37.54% 15.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.141M $5.120M -$16.43M
YoY Change -176.5% 1033.64% -3737.52%
Cash From Investing Activities $2.141M $5.120M -$16.43M
YoY Change -176.5% 1033.64% -3768.79%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$4.962M -2.211M -$13.08M
Cash From Investing Activities $2.141M 5.120M -$16.43M
Cash From Financing Activities 0.000
Net Change In Cash -$2.822M 2.909M -$29.51M
YoY Change -206.73% -178.69%
FREE CASH FLOW
Cash From Operating Activities -$4.962M -$2.211M -$13.08M
Capital Expenditures $0.00
Free Cash Flow -$2.211M -$13.08M
YoY Change -37.54% 15.87%

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CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
665627 usd
CY2021 INDP Proceeds From Issuanceof Pre Funded Warrantsand Warrants
ProceedsFromIssuanceofPreFundedWarrantsandWarrants
29972727 usd
CY2021 us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
2706598 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
27273 usd
CY2021 INDP Proceeds From Simple Agreementsfor Futrue Equity
ProceedsFromSimpleAgreementsforFutrueEquity
5000000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
363058 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48337455 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-29505365 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
37494666 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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9626800 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
39132165 usd
CY2021 INDP Conversion Of Preferred Stock
ConversionOfPreferredStock
8359 usd
CY2021 INDP Conversion Of Simple Agreementsfor Futrue Equity
ConversionOfSimpleAgreementsforFutrueEquity
6417129 usd
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
7616175 usd
CY2021 INDP Initial Recognition Of Right Of Use Asset And Lease Liability Upon Lease Commencement
InitialRecognitionOfRightOfUseAssetAndLeaseLiabilityUponLeaseCommencement
183480 usd
CY2021 INDP Reclass From Noncurrent Assets To Current Assets
ReclassFromNoncurrentAssetsToCurrentAssets
44445 usd
CY2021 INDP Release Of Deposit Upon Closing Of Merger
ReleaseOfDepositUponClosingOfMerger
200000 usd
CY2022 INDP Issuance Of Initial Commitment Shares
IssuanceOfInitialCommitmentShares
1425 usd
CY2022 INDP Change In Unrealized Gain On Marketable Securities
ChangeInUnrealizedGainOnMarketableSecurities
96434 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2400 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
800 usd
CY2022 INDP Cash Received For Interest Earned On Deposits
CashReceivedForInterestEarnedOnDeposits
111018 usd
CY2021 INDP Cash Received For Interest Earned On Deposits
CashReceivedForInterestEarnedOnDeposits
5141 usd
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zcd21MCbvmd7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1: <span id="xdx_82A_zDdoGyVQaLT">GENERAL</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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_90E_ecustom--ProceedsFromIssuanceOfPreFundedWarrantsGross_pn5n6_c20210722__20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zMIL00ShkZnf" 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_906_ecustom--IssuanceExpenses_pn5n6_c20210722__20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zd3SoOL7z907" 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_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zJ5AhDjNV0ue" 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_906_ecustom--NumberOfWarrantsIssuedToPlacementAgent_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zQXXRfGalrH1" 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_90E_ecustom--ExercisePriceOfWarrantIssuedToPlacementAgent_iI_c20210723__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zG0gvRKaJwm8" title="Exercise price of warrant issued to the placement agent">13.75</span>.</span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 pandemic continues to affect 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 current and future clinical trials. For example, the pandemic has caused its GMP process to take longer than expected. In addition, the COVID-19 pandemic may continue to 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, related economic developments such as supply chain constraints and rising inflation and interest rates have negatively affected the global financial markets and 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 and economic downturn 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 its technologies may be negatively affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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 December 31, 2022 of approximately $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20221231_zJoc8ZWypgQ8" title="Accumulated deficit">30.0</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 cash equivalents and marketable securities to fund its operations for at least one year after the date of issuance of these consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30000000.0 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zFpXu8qDjXf3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_z2KWfDYEtxVc">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with US 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 consolidated financial statements; therefore, actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
811433 usd
CY2021Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
600000 usd
CY2021 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
625000 usd
CY2022Q4 INDP Prepaid Research And Development
PrepaidResearchAndDevelopment
80910 usd
CY2021Q4 INDP Prepaid Research And Development
PrepaidResearchAndDevelopment
127643 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
21056 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
120315 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
12931 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
16806009 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
16806009 usd
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
16806009 usd
CY2022 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
96434 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
610208 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
945023 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1106653 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1378316 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2540091 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1216242 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1371136 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
172356 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
139871 usd
CY2022Q4 INDP Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
311036 usd
CY2021Q4 INDP Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
135751 usd
CY2022Q4 INDP Accrued Board Fees Current
AccruedBoardFeesCurrent
116000 usd
CY2021Q4 INDP Accrued Board Fees Current
AccruedBoardFeesCurrent
125333 usd
CY2022Q4 INDP Delaware Franchise Taxes Payable Current
DelawareFranchiseTaxesPayableCurrent
128929 usd
CY2021Q4 INDP Delaware Franchise Taxes Payable Current
DelawareFranchiseTaxesPayableCurrent
97715 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29968 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
97779 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3352847 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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
621450 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.04
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
123237 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.72
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1672873 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.01
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
601361 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
24.45
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1672873 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
13.01
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y6M
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
2957249 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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4600000 usd
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
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CY2022Q4 INDP Weighted Average Grant Date Fair Value Of Stock Options
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