Indaptus Therapeutics Inc INDP

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 3.50 USD on Nov 2, 2026, +20.3% year to date

Quant rating

Quant rating D Rank 556 of 565 in Health Care

Growth D 544 of 565
Valuation D 562 of 565
Quality D 481 of 565
Revisions D 548 of 565
Momentum C 226 of 565

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 538M
Enterprise value: 526M
52-week range: 0.93 – 5.95
3-year range: 0.93 – 78.40
Dividend yield: –
Beta (5 years): 0.93
Shares outstanding: 154M
Next earnings: –

About the company

Indaptus Therapeutics, Inc. is a clinical-stage biotechnology company, which specializes in cancer and viral infection treatments. The Company’s approach is based on the hypothesis that activation of both innate and adaptive immune cells and pathways and associated anti-tumor and anti-viral immune responses will require a multi-targeted package of immune system-activating signals that can be administered safely intravenously (i.v.). Its technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria producing a multiple Toll-like receptor (TLR), Nucleotide oligomerization domain (NOD)-like receptor (NLR) and Stimulator of interferon genes (STING) agonist Decoy platform. The Company's lead clinical candidate is Decoy20. Its Decoy product candidates have also produced significant single agent activity against chronic hepatitis B virus (HBV) and chronic human immunodeficiency virus (HIV) infections in pre-clinical models.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	0	0	0	0	0	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	−21.58	−45.08	−51.24	−48.44	−52.92	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	–	–	–	–	–	–
ROE	−587.6%	−187.5%	−84.0%	−47.3%	−30.6%	−187.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	11.6
Current ratio	19.48x
Long-term debt (mil)	0
Net debt (mil)	−11.6
Total equity (mil)	11.4
Net debt / equity	−1.02x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	0	–	–	–	–	–	−21.58	+52.1%	−0.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	FQ-1	FQ0
Sales reported (mil)	–	–	0	0	–	0	0	0	–	–
Sales mean (mil)	–	–	0	0	–	0	0	0	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	−12.60	−13.16	−8.96	−10.64	−8.96	−9.09	−2.98	−4.51	–	–
EPS mean	−15.96	−15.12	−13.16	−12.32	−5.04	−9.24	−4.17	−4.36	–	–
Surprise	+21.1%	+13.0%	+31.9%	+13.6%	−77.8%	+1.6%	+28.5%	−3.4%	–	–

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
INDP Indaptus Therapeutics Inc	538M	–	–	41.01x	–	–	–	–
ONCSQ OncoSec Medical Incorporated	0M	–	–	–	–	–	–	–
Mean		–	–	41.01x	–	–	–	–
Median		–	–	41.01x	–	–	–	–

Technical analysis

1M+47.1%
3M+171.3%
1Y+8.7%
3Y−94.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Indaptus Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	0	0	0	0	0	0
Cost of revenue	–	–	–	–	–	–
Gross profit	0	0	0	0	0	0
Selling, general & administrative expenses	10.5	8.1	8.8	8.6	5.2	7.1
Research & development	9.3	7.3	7.6	6.3	2.5	6.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	0
Other operating expenses	0	0	0	0	0	0
Operating income	−19.8	−15.4	−16.4	−14.9	−7.7	−13.8
Net interest income (expense)	−1.2	–	–	–	0	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	0.3	1.0	0.6	0	0
Net income before taxes	−20.8	−15.0	−15.4	−14.3	−7.7	−14.0
Provision for taxes	–	–	–	–	–	0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−20.8	−15.0	−15.4	−14.3	−7.7	−14.1
Extraordinary items	–	–	–	–	–	–
Net income	−20.8	−15.0	−15.4	−14.3	−7.7	−14.1
EBIT, normalized	−19.8	−15.4	−16.4	−14.9	−7.7	−13.8
EBITDA, normalized	–	−15.4	−16.4	−14.9	−7.7	−12.6
Basic EPS, normalized	−21.58	−45.08	−51.24	−48.44	−52.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Indaptus Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8.5	5.8	13.4	26.4	39.1	14.7
Receivables	–	–	–	–	–	0.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	0.8	0.8	0.6	0.8	1.1	0.2
Other current assets	0	0	0	0	0.1	0
Total current assets	9.3	6.6	14.0	27.2	40.4	15.0
Property, plant & equipment	0	0.1	0.2	0.1	0.2	2.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0.6	0.8	0.7	0	3.7
Total assets	9.3	7.3	14.9	28.1	40.6	20.9
Liabilities
Accounts payable	0.5	0.9	0.8	1.4	–	–
Payable/accrued	–	–	–	–	4.5	0.4
Accrued expenses	5.6	2.5	2.0	2.1	0.1	0.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	0	0	0	0	0	4.4
Total current liabilities	6.2	3.4	2.8	3.4	4.6	5.3
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0.1	0	0.1	1.0
Total liabilities	6.2	3.4	2.8	3.4	4.7	6.4
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0.1	0.1	0.1	0.1	0.7
Additional paid-in capital	84.4	64.3	57.4	54.4	51.5	217
Retained earnings (accumulated deficit)	−81.3	−60.4	−45.4	−30.0	−15.7	−204
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0.1	0	0
Total equity	3.2	3.9	12.1	24.6	35.9	14.5
Total liabilities & shareholders' equity	9.3	7.3	14.9	28.1	40.6	20.9

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Indaptus Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−20.8	−15.0	−15.4	−14.3	−7.7	−14.1
Depreciation, depletion & amortization	0	0	0	0	0	1.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	2.5	2.3	2.5	2.8	1.5	1.0
Changes in working capital	3.5	0.4	−0.5	−1.6	−5.1	0.4
Cash from operations	−14.8	−12.3	−13.4	−13.1	−11.3	−11.5
Investing activities
Capital expenditures	–	–	–	0	0	0
Other investing cash flows	–	0	17.1	−16.4	0.5	0.8
Cash from investing	–	0	17.1	−16.4	0.4	0.8
Financing activities
Financing cash flow items	−0.6	−0.8	–	0	20.7	0.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	18.1	5.5	–	0	27.7	15.9
Cash from financing	17.5	4.7	–	0	48.3	16.0
Foreign exchange effects	–	–	–	–	–	0.2
Net change in cash	2.7	−7.6	3.7	−29.5	37.5	5.4
Free cash flow	−14.8	−12.3	−13.4	−13.1	−11.3	−11.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.