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Indaptus Therapeutics, Inc. (INDP)·Q4 2024 Earnings Summary

Executive Summary

  • Indaptus reported Q4 2024 operating expenses of R&D $2.5M (+$0.5M YoY) and G&A $1.7M (-$0.5M YoY), driven by Phase 1 Decoy20 trial activity and cost discipline in corporate functions .
  • Cash and equivalents were $5.8M at year-end, with runway guided into Q2 2025; financing actions included a $2.0M January 2025 private placement and a $20M equity line with Yorkville in February 2025 .
  • The company achieved a clinical milestone with >20 patients enrolled in weekly dosing cohorts, observed early stable disease in some patients, and maintained a favorable safety profile—key trial progress catalysts for investor sentiment .
  • Per S&P Global, Q4 2024 EPS came in better than consensus (Primary EPS actual -10.64* vs -13.16* estimate), and FY 2024 EPS improved YoY to -$1.61 vs -$1.83 in FY 2023, reflecting tighter OpEx and financing flexibility .

What Went Well and What Went Wrong

What Went Well

  • Weekly dosing cohort enrollment surpassed 20 patients with early signs of stable disease, supporting Decoy20’s potential activity in difficult tumors; “we are particularly encouraged…with some patients…demonstrating stable disease” — CEO Jeffrey Meckler .
  • Operational progress: Health Canada CTA obtained, broader site expansion planned, and clinical supply agreement with BeiGene for a PD‑1 combination trial targeting initiation in 2025 .
  • Cost management vs prior year: FY 2024 G&A decreased to $8.1M from $8.8M, driven by lower legal, payroll, recruitment, and insurance expenses .

What Went Wrong

  • Cash declined to $5.8M from $13.4M YoY, necessitating continued external financing; runway extended only into Q2 2025 under current plans (ex‑funding) .
  • R&D increased in Q4 due to clinical trial costs, raising quarterly burn (R&D Q4 $2.5M vs $2.0M prior-year quarter) .
  • Lack of revenue and limited Street coverage reduce traditional “beat/miss” visibility; company materials did not disclose Q4 GAAP EPS, complicating direct press-release vs. consensus comparisons .

Financial Results

Core P&L and EPS vs prior periods and estimates

MetricQ2 2024Q3 2024Q4 2024FY 2024
R&D Expense ($USD Millions)$1.714 $1.466 $2.500 $7.251
G&A Expense ($USD Millions)$2.395 $1.676 $1.700 $8.115
Primary EPS Actual ($USD)-$0.47 -$0.32 -$10.64*-$1.61
Primary EPS Consensus Mean ($USD)-$15.40*-$13.44*-$13.16*-$47.88*
Net Income Normalized Actual ($USD Millions)-$4.016*-$3.069*-$4.131*-$15.022*
Net Income Normalized Consensus Mean ($USD Millions)-$4.626*-$4.440*-$5.040*-$17.302*
Revenue Consensus Mean ($USD Millions)$0.00*$0.00*$0.00*$0.00*

Values with asterisk (*) retrieved from S&P Global.

Notes: Company did not disclose a Q4 GAAP EPS in the press materials; FY EPS improved to -$1.61 vs -$1.83 in FY 2023 .

Operating Expense Trajectory Detail

MetricQ2 2024Q3 2024Q4 2024
R&D ($USD Millions)$1.714 $1.466 $2.500
G&A ($USD Millions)$2.395 $1.676 $1.700

Balance Sheet and Cash Flow Highlights

MetricQ3 2024FY 2024
Cash & Equivalents ($USD Millions)$7.381 $5.787
Net Cash Used in Operating Activities ($USD Millions)-$8.927 (9M) -$12.323 (FY)
Financing Cash Flow ($USD Millions)$2.946 (9M) $4.748 (FY)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash Runway2025Into Q1 2025 (as of Q3 update) Into Q2 2025 (as of Q4 update) Raised (extended one quarter)
Combination Trial (Decoy20 + tislelizumab)2025Combination planning disclosed in Q3 Plans to dose first patients; trial initiation expected in 2025 Maintained/Operationalized
Trial Site Expansion2025Unrestricted weekly dosing at lower dose Increase sites to accelerate enrollment/data collection Maintained/Expanded
Financing Capacity2025August 2024 offering ~$2.5M net Jan 2025 private placement $2.0M net; Feb 2025 $20M equity line Raised (added capacity)

Earnings Call Themes & Trends

No formal Q4 2024 earnings call transcript was available in the document set searched (none found in Oct 2024–May 2025) [ListDocuments query returned none].

TopicPrevious Mentions (Q2 & Q3)Current Period (Q4)Trend
BeiGene PD‑1 CombinationAgreement announced; planning for 2025 initiation Plans to dose first patients; trial initiation expected in 2025 Progressing toward execution
Dosing Cadence (Weekly)Progression to weekly dosing; unrestricted enrollment at lower dose >20 patients enrolled in weekly cohorts across two dose levels Scaling enrollment/data generation
Safety/TolerabilityWell-tolerated in Phase 1; early safety data encouraging Favorable safety profile observed to date Consistent positive safety profile
Regulatory ExpansionOngoing development plans Health Canada CTA received Geographic/site expansion
IP/Mechanism PublicationsAACR/ASCO posters; STING/TLR Summit chair; publication in Frontiers New patents in China, Japan, Israel; additional publication Strengthening IP and scientific validation
FinancingATM and August 2024 offering Jan 2025 private placement; Feb 2025 $20M equity line Added liquidity options

Management Commentary

  • “We continue to make significant progress in our Phase 1 trial of Decoy20… more than 20 patients in the weekly dosing cohort… some patients… demonstrating stable disease… With a favorable safety profile observed so far, we are focused on efficiently advancing our trial and exploring Decoy20’s potential… as we prepare to initiate our planned combination trial with BeiGene’s PD‑1 inhibitor, tislelizumab.” — CEO Jeffrey Meckler .
  • Q3 context: “We have… unrestricted enrollment… weekly administration at the lower Decoy20 dose… Decoy20 continues to be well tolerated and we are anxiously awaiting further outcomes.” — CEO .

Q&A Highlights

  • No Q4 2024 earnings call transcript identified; therefore no formal Q&A highlights or guidance clarifications available for this period [ListDocuments query returned none].
  • Company clarified cash runway into Q2 2025 and outlined 2025 operational objectives in press materials .

Estimates Context

  • Per S&P Global, Q4 2024 Primary EPS actual -10.64* vs consensus -13.16*; Net Income Normalized actual -$4.131M* vs consensus -$5.040M*, indicating better-than-expected loss magnitude for the quarter. Values retrieved from S&P Global.
  • Revenue consensus was $0.00* across Q2–Q4 and FY 2024, consistent with the company’s pre-revenue status; company’s statements of operations include only operating expenses and other income lines .
MetricQ2 2024Q3 2024Q4 2024FY 2024
Primary EPS Actual ($USD)-13.16*-8.96*-10.64*-45.08*
Primary EPS Consensus Mean ($USD)-15.40*-13.44*-13.16*-47.88*
Net Income Normalized Actual ($USD Millions)-$4.016*-$3.069*-$4.131*-$15.022*
Net Income Normalized Consensus Mean ($USD Millions)-$4.626*-$4.440*-$5.040*-$17.302*
Revenue Consensus Mean ($USD Millions)$0.00*$0.00*$0.00*$0.00*

Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

  • Decoy20 clinical execution is accelerating: >20 weekly-dosed patients and early stable disease observations de-risk near-term proof-of-activity signals; watch for additional cohort updates and first dosing in the BeiGene PD‑1 combo trial in 2025 .
  • FY EPS improved YoY (-$1.61 vs -$1.83), reflecting cost control; however, quarterly burn rose in Q4 due to trial intensity—track R&D cadence and site expansion for implications on cash needs .
  • Liquidity actions extended runway into Q2 2025 and added a $20M equity line; near-term financing risk remains but flexibility improved—monitor timing/terms of any draws or additional placements .
  • Limited/no revenue and constrained Street coverage mean stock moves will be data/catalyst-driven (trial enrollment, safety/PD biomarker readouts, combo trial initiation), not traditional beat/miss dynamics .
  • Regulatory and IP expansions (Health Canada CTA; patents in China, Japan, Israel) support broader clinical execution and potential partnering leverage .
  • Without an earnings call transcript, narrative is carried by press materials; any future investor events or data presentations (ASCO/SITC/AACR) may act as catalysts for sentiment and liquidity .
  • Near-term trading: focus on trial progress headlines and financing updates; medium-term thesis hinges on demonstrating combination synergy with PD‑1 and sustained safety/tolerability profile.

Sources: Q4 and FY 2024 press release and 8‑K (including Item 2.02 and Exhibits) . Values marked with asterisk (*) retrieved from S&P Global.