Indaptus Therapeutics, Inc.
INDPHealthcare|Biotechnology|US
$3.32
+0.16 (+5.06%)
DCF Value
$8.29
Tangible Book / Share
$0.10
Cash / Share
$0.10
Financials
Financial Snapshot
Market Cap
$376.0M
Enterprise Value
$368.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$15.4M
Cash & Investments
$11.6M
Net Cash
$11.6M
Free Cash Flow (TTM)
-$15.2M
Operating CF (TTM)
-$15.2M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$11.6M
Quarterly Burn
$3.8M
Monthly Burn
$1.3M
Est. Runway
~3.0 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $18.3M | $55.2M | $40.6M | $10.1M | $1.6M | $39.1M | $26.4M | $13.4M | $5.8M | $8.5M | $11.6M | |
| Operating Cash Flow | -$12.0M | -$22.1M | -$39.1M | -$29.0M | -$3.3M | -$11.3M | -$13.1M | -$13.4M | -$12.3M | -$14.8M | -$15.2M | |
| Free Cash Flow | -$12.5M | -$27.1M | -$48.7M | -$30.0M | -$3.3M | -$11.3M | -$13.3M | -$13.4M | -$12.3M | -$14.8M | -$15.2M | |
| Capital Expenditure | -$482.0K | -$5.0M | -$9.6M | -$921.0K | $0.00 | -$3.9K | -$172.6K | $0.00 | $0.00 | -$4.00 | $3.00 | |
| Financing Cash Flow | $0.00 | $63.7M | $35.1M | $2.4M | $1.2M | $48.3M | $0.00 | $0.00 | $4.7M | $17.5M | $20.6M |
R&D Spending
R&D (TTM)
$5.2M
R&D Intensity
—
R&D Growth vs Prior
-44.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $10.1M | $24.3M | $35.4M | $26.7M | $2.7M | $2.5M | $6.3M | $7.6M | $7.3M | $9.3M | $5.2M | |
| SG&A | $3.1M | $4.3M | $7.1M | $7.4M | $944.2K | $5.2M | $8.6M | $8.8M | $8.1M | $10.5M | $9.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $701.0K | $829.0K | $859.0K | $854.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$701.0K | -$829.0K | -$859.0K | -$854.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $10.1M | $24.3M | $35.4M | $26.7M | $2.7M | $2.5M | $6.3M | $7.6M | $7.3M | $9.3M | $5.2M | |
| SG&A | $3.1M | $4.3M | $7.1M | $7.4M | $944.2K | $5.2M | $8.6M | $8.8M | $8.1M | $10.5M | $9.6M | |
| Operating Income | -$13.8M | -$29.4M | -$43.3M | -$34.9M | -$3.6M | -$7.7M | -$14.9M | -$16.4M | -$15.4M | -$19.8M | -$14.8M | |
| Interest Expense | $16.0K | $17.0K | $23.0K | $15.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$13.4M | -$28.9M | -$43.4M | -$47.0M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M | -$15.4M | |
| Net Income | -$13.4M | -$28.9M | -$43.5M | -$47.6M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M | -$15.4M | |
| EPS (Diluted) | -2620.80 | -3666.83 | -3126.86 | -3156.74 | -206.42 | -52.78 | -48.54 | -51.41 | -44.96 | -21.58 | -6.97 | |
| EBITDA | -$13.1M | -$28.6M | -$42.6M | -$46.1M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M | -$15.5M | |
| Shares Out. (M) | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.15 | 0.30 | 0.30 | 0.33 | 0.97 | 116.13 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.4M | $53.4M | $39.2M | $9.3M | $1.6M | $39.1M | $9.6M | $13.4M | $5.8M | $8.5M | $7.6M | |
| Short-Term Investments | $1.9M | $1.8M | $1.3M | $770.0K | $0.00 | $0.00 | $16.8M | $0.00 | $0.00 | $0.00 | $4.0M | |
| Total Current Assets | $20.7M | $56.3M | $43.6M | $13.7M | $1.7M | $40.4M | $27.2M | $14.0M | $6.6M | $9.3M | $12.0M | |
| Total Assets | $24.7M | $64.5M | $61.5M | $21.3M | $1.8M | $40.6M | $28.1M | $14.9M | $7.3M | $9.3M | $12.0M | |
| Total Current Liabilities | $1.9M | $5.7M | $7.7M | $8.3M | $2.0M | $4.6M | $3.4M | $2.8M | $3.4M | $6.2M | $615.4K | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $2.0M | $5.7M | $8.0M | $9.7M | $2.0M | $4.7M | $3.4M | $2.8M | $3.4M | $6.2M | $615.4K | |
| Stockholders' Equity | $22.7M | $58.8M | $53.5M | $11.5M | -$237.7K | $35.9M | $24.6M | $12.1M | $3.9M | $3.2M | $11.4M | |
| Retained Earnings | -$62.6M | -$98.3M | -$141.8M | -$189.4M | -$8.0M | -$15.7M | -$30.0M | -$45.4M | -$60.4M | -$81.3M | -$85.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.0M | -$22.1M | -$39.1M | -$29.0M | -$3.3M | -$11.3M | -$13.1M | -$13.4M | -$12.3M | -$14.8M | -$15.2M | |
| Capital Expenditure | -$482.0K | -$5.0M | -$9.6M | -$921.0K | $0.00 | -$3.9K | -$172.6K | $0.00 | $0.00 | -$4.00 | $3.00 | |
| Free Cash Flow | -$12.5M | -$27.1M | -$48.7M | -$30.0M | -$3.3M | -$11.3M | -$13.3M | -$13.4M | -$12.3M | -$14.8M | -$15.2M | |
| Investing Cash Flow | $4.7M | -$4.7M | -$9.3M | -$3.2M | $0.00 | $447.7K | -$16.4M | $17.1M | $0.00 | $0.00 | -$4.0M | |
| Financing Cash Flow | $0.00 | $63.7M | $35.1M | $2.4M | $1.2M | $48.3M | $0.00 | $0.00 | $4.7M | $17.5M | $20.6M | |
| Issuance of Stock | $0.00 | $63.7M | $35.1M | $2.4M | $1.2M | $5.0M | $0.00 | $0.00 | $5.5M | $11.8M | $20.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.7M | $318.8K | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $140.0K | $1.5M | $3.0M | $3.0M | $2.3M | $1.4M | $948.7K | |
| Net Change in Cash | -$7.3M | $37.0M | -$14.1M | -$30.0M | -$2.2M | $37.5M | -$29.5M | $3.7M | -$7.6M | $2.7M | $1.4M |
Dilution Tracker
Shares outstanding grew 5464.3% over 5 years — significant dilution
Shares Outstanding
113M
5-Year Share Growth
+5464.3%
Stock Issuance (TTM)
$20.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.15 | 0.30 | 0.30 | 0.33 | 0.97 | 116.13 | |
| Change vs Prior % | — | 54.3% | 76.6% | 8.3% | 15.2% | 741.4% | 102.0% | 1.7% | 11.4% | 189.1% | 11920.3% | |
| Stock Issuance | $0.00 | $63.7M | $35.1M | $2.4M | $1.2M | $5.0M | $0.00 | $0.00 | $5.5M | $11.8M | $20.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $140.0K | $1.5M | $3.0M | $3.0M | $2.3M | $1.4M | $948.7K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -58.9% | -49.2% | -81.3% | -412.6% | 1507.8% | -21.5% | -58.2% | -127.7% | -380.8% | -661.5% | -302.8% | |
| ROA % | -54.1% | -44.8% | -70.8% | -223.7% | -201.6% | -19.0% | -51.0% | -103.3% | -204.7% | -223.9% | -128.7% | |
| ROIC % | -60.7% | -50.1% | -80.5% | -259.2% | 1514.2% | -21.4% | -60.3% | -133.7% | -381.4% | -629.3% | -129.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 6.0% | -18.3% | -3.6% | 0.6% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | -82.2% | -112.6% | -47.2% | 19.3% | 89.7% | -114.7% | -92.9% | -9.8% | 6.2% | -29.1% | |
| Net Income | -86.2% | -116.4% | -50.6% | -9.3% | 92.5% | -115.2% | -85.7% | -7.7% | 2.6% | -38.8% | |
| EPS (Diluted) | -27.0% | -39.9% | 14.7% | -1.0% | 93.5% | 74.4% | 8.0% | -5.9% | 12.5% | 52.0% | |
| Operating Cash Flow | -51.5% | -84.4% | -76.6% | 25.7% | 88.6% | -239.6% | -15.8% | -2.5% | 8.1% | -20.3% | |
| Free Cash Flow | -34.0% | -117.3% | -79.4% | 38.4% | 88.9% | -239.7% | -17.3% | -1.2% | 8.1% | -20.3% | |
| R&D Expense | 146.5% | 141.2% | 45.7% | -24.7% | -90.0% | -5.0% | 150.7% | 20.5% | -4.9% | 28.8% | |
| SG&A Expense | 11.0% | 40.5% | 63.8% | 5.2% | -87.3% | 451.3% | 64.9% | 2.0% | -7.3% | 29.3% | |
| Total Assets | -33.7% | 161.1% | -4.7% | -65.4% | -91.6% | 2182.4% | -30.8% | -46.8% | -50.8% | 26.9% | |
| Book Value / Share | -56.6% | 67.9% | -48.5% | -80.1% | -101.8% | 1895.0% | -66.0% | -51.8% | -70.7% | -72.4% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | -52.5% | 117.5% | -51.9% | -100.0% | |
| Diluted Shares | 46.9% | 54.3% | 76.6% | 8.3% | 15.2% | 741.4% | 102.0% | 1.7% | 11.4% | 189.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B33.90
10Y Low / Med / High0.49 / 1.46 / 4.39
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$8.29
Tangible Book / Share
$0.10
Net Current Assets / Share
$0.10
Graham Net-Net
$0.09
Cash / Share
$0.10
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.87 | -3.15 | -5.40 | -0.35 | -1.87 | -3.02 | -0.84 | -0.96 | -0.52 | -0.13 | -0.48 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 2.87 | 1.55 | 4.39 | 1.46 | -28.22 | 0.65 | 0.49 | 1.22 | 2.00 | 0.89 | 33.90 | |
| EV/EBITDA | -3.71 | -1.31 | -4.60 | -0.19 | -1.41 | 2.03 | -0.17 | -0.10 | -0.14 | 0.27 | -23.84 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
353.43
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $42.4M |
| Net Income | -$6.1M | -$4.3M | $763.2K |
| EPS | $-6.34 | $-4.42 | $0.79 |
| # Analysts (EPS) | 1 | 1 | 1 |