$INDP
Indaptus Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000149315224018162 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.395M $2.352M $2.575M
YoY Change 18.87% -8.67% 22.34%
% of Gross Profit
Research & Development $1.714M $1.591M $1.880M
YoY Change 15.77% -15.36% 44.93%
% of Gross Profit
Depreciation & Amortization $0.00 $735.00 $321.00
YoY Change -100.0% 128.97% -39.43%
% of Gross Profit
Operating Expenses $4.109M $3.943M $4.455M
YoY Change 17.56% -11.49% 30.95%
Operating Profit -$4.109M -$3.943M -$4.455M
YoY Change 17.56% -11.49% 30.95%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $93.62K $136.6K $201.9K
YoY Change -62.58% -32.37% 446.93%
Pretax Income -$4.015M -$3.807M -$4.253M
YoY Change 23.73% -10.5% 26.39%
Income Tax
% Of Pretax Income
Net Earnings -$4.015M -$3.800M -$4.253M
YoY Change 23.73% -10.66% 26.39%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47 -$0.45 -$0.51
Diluted Earnings Per Share -$0.47 -$0.45 -$0.51
COMMON SHARES
Basic Shares Outstanding 8.539M shares 8.539M shares 8.401M shares
Diluted Shares Outstanding 8.544M shares 8.442M shares 8.401M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.302M $9.742M $21.68M
YoY Change -62.92% -55.07% -40.07%
Cash & Equivalents $7.302M $9.742M $6.805M
Short-Term Investments $14.88M
Other Short-Term Assets $186.7K $551.0K $451.7K
YoY Change 3.29% 21.99% -39.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.488M $10.29M $22.15M
YoY Change -62.32% -53.54% -40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.698K
YoY Change -98.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $504.7K $504.7K $754.7K
YoY Change -33.12% -33.12% 4479.66%
Total Long-Term Assets $633.4K $655.8K $992.9K
YoY Change -34.84% -33.95% 495.14%
TOTAL ASSETS
Total Short-Term Assets $7.488M $10.29M $22.15M
Total Long-Term Assets $633.4K $655.8K $992.9K
Total Assets $8.122M $10.95M $23.14M
YoY Change -61.04% -52.7% -37.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $416.6K $405.5K $382.1K
YoY Change -44.29% 6.11% -86.52%
Accrued Expenses $1.511M $1.132M $1.440M
YoY Change 11.52% -21.42% 223.92%
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 $1.928M $1.537M $1.822M
YoY Change -8.32% -15.65% -50.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $27.58K $50.66K $136.7K
YoY Change -76.26% -62.93% 170.53%
Total Long-Term Liabilities $27.58K $50.66K $136.7K
YoY Change -76.26% -62.93% 170.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.928M $1.537M $1.822M
Total Long-Term Liabilities $27.58K $50.66K $136.7K
Total Liabilities $1.956M $1.588M $1.959M
YoY Change -11.88% -18.95% -47.48%
SHAREHOLDERS EQUITY
Retained Earnings -$53.20M -$49.20M -$34.20M
YoY Change 41.87% 43.86%
Common Stock $85.53K $85.39K $84.01K
YoY Change 1.81% 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.166M $9.361M $21.19M
YoY Change
Total Liabilities & Shareholders Equity $8.122M $10.95M $23.14M
YoY Change -61.04% -52.7% -37.59%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.015M -$3.800M -$4.253M
YoY Change 23.73% -10.66% 26.39%
Depreciation, Depletion And Amortization $0.00 $735.00 $321.00
YoY Change -100.0% 128.97% -39.43%
Cash From Operating Activities -$2.478M -$3.900M -$4.962M
YoY Change 17.62% -21.41% 59.16%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.141M
YoY Change -100.0% -176.5%
Cash From Investing Activities $2.141M
YoY Change -176.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.06K $316.0K
YoY Change
NET CHANGE
Cash From Operating Activities -2.478M -$3.900M -$4.962M
Cash From Investing Activities $2.141M
Cash From Financing Activities 38.06K $316.0K
Net Change In Cash -2.440M -$3.584M -$2.822M
YoY Change -141.4% 27.02%
FREE CASH FLOW
Cash From Operating Activities -$2.478M -$3.900M -$4.962M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_809_eus-gaap--NatureOfOperations_zVezemyNfLue" 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_820_z81HmuHLPk1a">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> <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">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></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>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 operations (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; 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. For the three-month period ended March 31, 2024, the Company incurred a net loss of approximately $<span id="xdx_90C_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20240101__20240331_zTEC8MVoXQvl" title="Net loss">3.8</span> million, and as of March 31, 2024, the Company had an accumulated deficit of approximately $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20240331_zk0XxzbtUvBd" title="Accumulated deficit">49.2</span> million. In addition, during the three-month period ended March 31, 2024, the Company used approximately $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20240101__20240331_zICybPXduN1j" title="Cash in operations">3.9</span> million of cash in operations and expects to continue to incur significant cash outflows and incur future additional losses as clinical trials and commercialization of the Company’s product candidates will require significant additional financing. The Company believes that, as of the date of the issuance of these unaudited condensed consolidated financial statements, it will not have adequate cash to fund its ongoing activities beyond the third quarter of 2024 based on its current operating plan. The Company plans to execute its operating plan by obtaining additional capital, principally through entering into collaborations, strategic alliances, or license agreements with third parties and/or additional public or private debt and equity financing. However, there is no assurance that additional capital and/or financing will be available to the Company, and even if available, whether it will be on terms acceptable to the Company or in the amounts required. If the Company is unsuccessful in securing sufficient financing, it may need to delay, reduce, or eliminate its research and development programs, which could adversely affect its business prospects, or cease operations.</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">As a result of these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that would result if the Company was unable to continue as a going concern.</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>
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<p id="xdx_84D_eus-gaap--UseOfEstimates_zDTiJojTWW3i" 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_869_zQOBUYX2TS57">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 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 adjusts when facts and circumstances dictate. These estimates are based on information available as of the date of the 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"> </span></p>
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