Executive Summary

Indaptus reported no revenue and a wider operating loss driven by higher R&D as it transitioned into a PD‑1 combination trial; Q2 net loss was $5.23M and diluted EPS was ($9.09), with per‑share figures retroactively restated for the 1‑for‑28 reverse split .
The company extended cash runway into Q4 2025 after raising $5.7M gross via convertible notes (converted to equity in July) and prior equity issuances; cash and equivalents ended Q2 at $6.16M .
Clinical execution advanced: first patient was dosed in the Phase 1b/2 Decoy20 + tislelizumab (TEVIMBRA) combination arm, with initial combo data expected later this year, positioning a potential catalyst window .
EPS modestly beat a thin consensus: Q2 diluted EPS ($9.09) vs S&P Global consensus of ($9.24)*; revenue was in line at $0 as the company remains pre‑revenue .

What Went Well and What Went Wrong

What Went Well

Initiated the Phase 1b/2 combination study and dosed the first patient, validating the synergy hypothesis between Decoy20 and PD‑1 inhibition; management framed it as “a major clinical inflection point” .
Balance sheet bolstered: raised $5.7M gross via convertible notes and warrants in June/July; the notes converted to equity in July, extending runway into Q4 2025 .
Cost discipline in G&A YoY (down vs Q2 2024) despite transaction costs tied to financing; G&A was ~$2.29M vs ~$2.39M YoY .

What Went Wrong

Operating loss widened as R&D stepped up with the ongoing clinical program; R&D rose to ~$2.17M from ~$1.71M YoY, lifting total opex to ~$4.46M from ~$4.11M .
Non‑cash headwind from fair value of convertible notes increased Q2 net loss by ~$0.79M; notes also appeared as a current liability at $6.50M at quarter‑end, temporarily depressing equity before July conversion .
Cash burn increased in 1H25 (operating cash outflow ~$9.07M vs ~$6.41M in 1H24), reflecting clinical ramp and financing‑related expenses .

Financial Results

P&L summary (oldest → newest)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($)	No revenue reported	No revenue reported	No revenue reported
R&D Expense ($)	1,713,973	2,810,840	2,167,114
G&A Expense ($)	2,394,912	1,761,719	2,289,649
Total Operating Expenses ($)	4,108,885	4,572,559	4,456,763
Operating Loss ($)	(4,108,885)	(4,572,559)	(4,456,763)
Other Income, net ($)	93,618	40,129	15,547
Change in FV of Convertible Notes ($)	—	—	(787,703)
Net Loss ($)	(4,015,267)	(4,532,430)	(5,228,919)
Diluted EPS ($)	(13.16)	(9.00)* (restated) / (0.32 reported)	(9.09)

Notes: Q1 2025 per‑share numbers were reported pre‑split at ($0.32); restated EPS shown as ($9.00)* for comparability with the 1‑for‑28 reverse split on June 27, 2025 . Values marked with * retrieved from S&P Global.

Liquidity

Metric	Q1 2025	Q2 2025
Cash & Cash Equivalents ($)	3,891,021	6,157,701
Cash Runway Guidance	Needed capital beyond Q2 2025	Supports ops into Q4 2025

KPIs and program/financing milestones

KPI	Detail
First patient dosed in Decoy20 + tislelizumab Phase 1b/2	June 2, 2025; initial data from first cohort expected later in 2025 .
Weekly‑dosing experience	>25 patients have received weekly Decoy20 at 30M cells; generally well‑tolerated with mostly mild/moderate transient AEs .
Financing	$2.3M notes sold June 13; additional $3.4M on July 1; total $5.7M gross notes & warrants; converted in July to equity/pre‑funded warrants .
Reverse split	1‑for‑28 reverse split effective June 27 to regain Nasdaq compliance and broaden investor base .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	2025	“Will need additional capital to fund beyond Q2 2025” (as of Q1 update)	“Support ongoing operating activities into Q4 2025”	Raised runway
Clinical milestones	2025	Initiate PD‑1 combo in 2025; expand sites; provide updates through 2025	Initial combo cohort data “later this year”	Narrowed timing
Capital structure	2025	Equity raises in Jan; SEPA in place	$5.7M notes (June/July) converted to equity; reverse split executed	Strengthened balance sheet/listing compliance

Earnings Call Themes & Trends

Note: An earnings call transcript for Q2 2025 was not available; themes reflect quarter press releases and 8‑K.

Topic	Previous Mentions (Q4’24, Q1’25)	Current Period (Q2’25)	Trend
R&D execution	>20 patients in weekly dosing; stable disease signals; preparing PD‑1 combo	First patient dosed in Decoy20 + tislelizumab; initial data later in 2025	Advancing to combination stage
Financing/liquidity	ATM and 2024 raises; Jan 2025 private placement; SEPA established	$5.7M notes raised and converted; runway to Q4 2025	Improved near‑term runway
Capital markets/compliance	—	1‑for‑28 reverse split to regain Nasdaq compliance and broaden investor base	Listing risk mitigation
Safety/tolerability	Favorable safety profile in weekly dosing	“Well‑tolerated” weekly dosing experience; mostly mild/moderate transient AEs	Consistent
Strategy/BD	Combo with PD‑1 (tislelizumab) planned; site expansion	Combo underway; executive/science visibility at industry events	Execution on stated plan

Management Commentary

“This quarter marks a major clinical inflection point for Indaptus… we dosed the first patient in our Phase 1b/2 combination study evaluating Decoy20 with the PD‑1 checkpoint inhibitor tislelizumab.” — Jeffrey Meckler, CEO .
“Our preclinical studies showed that Decoy20 broadly enhances both innate and adaptive immune cell activation and works synergistically with a PD‑1 inhibitor to induce solid tumor regression.” .
“We raised approximately $5.7 million in gross proceeds through the sale of convertible promissory notes… In July 2025, the notes were converted into common stock and pre‑funded warrants.” .
“We remain focused on disciplined execution and look forward to sharing initial combination trial data later this year.” .

Q&A Highlights

No earnings call transcript was available for Q2 2025; no Q&A disclosures could be reviewed this quarter (company furnished press release via 8‑K Item 2.02) .

Estimates Context

EPS vs S&P Global consensus: Q2 2025 actual diluted EPS ($9.09) vs consensus ($9.24)* = ~$0.15 beat .
Revenue vs S&P Global consensus: pre‑revenue; consensus $0.00*, actual $0 — in line .
Coverage depth remains limited (single estimate for quarterly EPS and revenue)*.

Values marked with * were retrieved from S&P Global.

Estimates vs Actuals (oldest → newest)

Metric	Q1 2025	Q2 2025
EPS Consensus Mean ($)	(5.04)*	(9.24)*
EPS Actual ($)	(9.00)* (restated for split)	(9.09)
Revenue Consensus Mean ($)	0.00*	0.00*
Revenue Actual ($)	0	0

Notes: Q1 2025 EPS was reported pre‑split at ($0.32); shown here restated for 1‑for‑28 split for comparability .

Key Takeaways for Investors

Clinical catalyst path is clearer: with the first patient dosed in the PD‑1 combo and initial data expected later in 2025, headline‑driven volatility risk is higher but positive read‑through could be meaningful .
Liquidity improved near‑term: $5.7M notes (now equity) plus earlier financings extend runway into Q4 2025, reducing financing overhang for the next couple of quarters .
Non‑cash accounting from convertible notes (FV change) added ~$0.79M to Q2 loss; investors should focus on underlying opex trajectory and clinical milestones rather than GAAP noise .
G&A YoY discipline persisted despite financing costs; R&D should trend with combination cohort enrollment cadence .
Reverse split re‑established Nasdaq compliance and may expand the eligible investor base, though it does not change fundamentals; watch for sustained liquidity and institutional interest .
Estimates are thin; the slight EPS beat vs consensus is less informative than execution against the combo trial timeline and safety/early activity signals .

Appendix: Source Documents

Q2 2025 Press Release and Financials (also furnished as 8‑K Ex.99.1): ; 8‑K body and exhibits: -
Q1 2025 Press Release and Financials: -
Program/Financing PRs: First combo patient dosed (June 2): -; Convertible notes $2.3M (June 13): ; Additional $3.4M (July 1): ; Reverse split (June 25):

Footnote: Values marked with * were retrieved from S&P Global.

Indaptus Therapeutics, Inc. (INDP)·Q2 2025 Earnings Summary