Detailed financial statements for Indaptus Therapeutics, Inc. (INDP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Indaptus Therapeutics, Inc. is a biotechnology company operating in the pre-clinical phase, dedicated to developing a range of immunotherapeutic products for the treatment of both cancer and viral infections. The firm's lead investigational compound, Decoy20, is currently progressing through Phase I clinical trials.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.21, INDP has negative trailing earnings (P/E not meaningful) and an ROE of -302.75%. Market capitalisation stands at $364M.
Balance sheet quality for INDP: current ratio of 1.5. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $701000 | $829000 | $859000 | $854000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$701000 | -$829000 | -$859000 | -$854000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $10.1M | $24.3M | $35.4M | $26.7M | $2.7M | $2.5M | $6.3M | $7.6M | $7.3M | $9.3M |
| Selling, General & Admin | $3.1M | $4.3M | $7.1M | $7.4M | $944248 | $5.2M | $8.6M | $8.8M | $8.1M | $10.5M |
| Operating Expenses | $13.1M | $28.6M | $42.5M | $34.1M | $3.6M | $7.7M | $14.9M | $16.4M | $15.4M | $19.8M |
| Operating Income | -$13.8M | -$29.4M | -$43.3M | -$34.9M | -$3.6M | -$7.7M | -$14.9M | -$16.4M | -$15.4M | -$19.8M |
| EBITDA | -$13.1M | -$28.6M | -$42.6M | -$46.1M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M |
| Interest Expense | $16000 | $17000 | $23000 | $15000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$13.4M | -$28.9M | -$43.4M | -$47.0M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M |
| Income Tax | 0 | $29000 | $103000 | $638000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$13.4M | -$28.9M | -$43.5M | -$47.6M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M |
| EPS | $-2620.80 | $-3666.83 | $-3126.86 | $-3156.74 | $-206.42 | $-52.78 | $-48.54 | $-51.41 | $-44.96 | $-21.58 |
| EPS (Diluted) | $-2620.80 | $-3666.83 | $-3126.86 | $-3156.74 | $-206.42 | $-52.78 | $-48.54 | $-51.41 | $-44.96 | $-21.58 |
| Shares Outstanding (Diluted) | $5110 | $7883 | $13925 | $15078 | $17363 | $146092 | $295075 | $300037 | $334132 | $966124 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$2.6M | -$8.2M | -$2.2M | -$1.8M |
| EBITDA | -$3.0M | -$8.1M | -$2.5M | -$1.8M |
| Net Income | -$3.0M | -$8.1M | -$2.5M | -$1.8M |
| EPS | $-2.98 | $-3.74 | $-0.23 | $-0.02 |
| EPS (Diluted) | $-2.98 | $-3.74 | $-0.23 | $-0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $16.4M | $53.4M | $39.2M | $9.3M | $1.6M | $39.1M | $9.6M | $13.4M | $5.8M | $8.5M |
| Short-term Investments | $1.9M | $1.8M | $1.3M | $770000 | 0 | 0 | $16.8M | 0 | 0 | 0 |
| Receivables | $721000 | $478000 | $2.0M | $3.5M | 0 | $21056 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $20.7M | $56.3M | $43.6M | $13.7M | $1.7M | $40.4M | $27.2M | $14.0M | $6.6M | $9.3M |
| Property, Plant & Equipment | $4.0M | $8.2M | $12.2M | $3.8M | $1349 | $172888 | $81313 | $173941 | $82175 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $24.7M | $64.5M | $61.5M | $21.3M | $1.8M | $40.6M | $28.1M | $14.9M | $7.3M | $9.3M |
| Accounts Payable | $1.2M | $1.9M | $2.8M | $3.5M | $155957 | $2.6M | $1.4M | $806004 | $870229 | $544057 |
| Short-term Debt | 0 | 0 | 0 | $544000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.9M | $5.7M | $7.7M | $8.3M | $2.0M | $4.6M | $3.4M | $2.8M | $3.4M | $6.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.0M | $5.7M | $8.0M | $9.7M | $2.0M | $4.7M | $3.4M | $2.8M | $3.4M | $6.2M |
| Retained Earnings | -$62.6M | -$98.3M | -$141.8M | -$189.4M | -$8.0M | -$15.7M | -$30.0M | -$45.4M | -$60.4M | -$81.3M |
| Total Equity | $22.7M | $58.8M | $53.5M | $11.5M | -$237701 | $35.9M | $24.6M | $12.1M | $3.9M | $3.2M |
| Total Debt | 0 | 0 | 0 | $1.3M | 0 | $169327 | $80494 | $175053 | $84164 | 0 |
| Net Debt | -$18.3M | -$55.2M | -$40.6M | -$8.7M | -$1.6M | -$39.0M | -$26.4M | -$13.2M | -$5.7M | -$8.5M |
| Working Capital | $18.8M | $50.6M | $35.9M | $5.4M | -$283495 | $35.8M | $23.8M | $11.2M | $3.2M | $3.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $5.8M | $8.5M | $1.5M | $7.6M |
| Total Assets | $6.8M | $9.3M | $2.2M | $12.0M |
| Total Liabilities | $2.2M | $6.2M | $932999 | $615426 |
| Total Equity | $4.6M | $3.2M | $1.2M | $11.4M |
| Total Debt | $8686 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$13.4M | -$28.9M | -$43.5M | -$47.6M | -$3.6M | -$7.7M | -$14.3M | -$15.4M | -$15.0M | -$20.8M |
| Depreciation & Amortization | $701000 | $829000 | $859000 | $854000 | $852 | $1403 | $1781 | $1284 | $735 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $139960 | $1.5M | $3.0M | $3.0M | $2.3M | $1.4M |
| Change in Working Capital | $392000 | $5.1M | -$642000 | $227000 | $118711 | -$5.1M | -$1.6M | -$518073 | $392255 | $3.5M |
| Operating Cash Flow | -$12.0M | -$22.1M | -$39.1M | -$29.0M | -$3.3M | -$11.3M | -$13.1M | -$13.4M | -$12.3M | -$14.8M |
| Capital Expenditure | -$482000 | -$5.0M | -$9.6M | -$920999 | 0 | -$3854 | -$172555 | 0 | 0 | -$4 |
| Acquisitions | 0 | $7000 | 0 | 0 | 0 | $451600 | $172555 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.5M | -$27.1M | -$48.7M | -$30.0M | -$3.3M | -$11.3M | -$13.3M | -$13.4M | -$12.3M | -$14.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$3.1M | -$3.2M | -$7.0M | -$1.9M |
| Capital Expenditure | 0 | 0 | $3 | 0 |
| Free Cash Flow | -$3.1M | -$3.2M | -$7.0M | -$1.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $785814 | $227180 | -$64283 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -116.4% | -50.6% | -9.3% | +92.5% | -115.2% | -85.7% | -7.7% | +2.6% | -38.8% |
| EPS Growth (YoY) | | -39.9% | +14.7% | -1.0% | +93.5% | +74.4% | +8.0% | -5.9% | +12.5% | +52.0% |
| Shares Change (YoY) | | +54.3% | +76.6% | +8.3% | +15.2% | +741.4% | +102.0% | +1.7% | +11.4% | +189.1% |
| FCF Growth (YoY) | | -117.3% | -79.4% | +38.4% | +88.9% | -239.7% | -17.3% | -1.2% | +8.1% | -20.3% |
| Effective Tax Rate | -0.0% | -0.1% | -0.2% | -1.4% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2443.64 | $-3441.96 | $-3495.51 | $-1987.40 | $-191.48 | $-77.31 | $-44.91 | $-44.68 | $-36.88 | $-15.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5110 | $7883 | $13925 | $15078 | $17363 | $146092 | $295075 | $300037 | $334132 | $966124 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -302.75% |
| Return on Invested Capital | -129.90% |
| Return on Assets | -128.66% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 19.48 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -18.57 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4.87 | -3.15 | -5.40 | -0.35 | -1.87 | -3.02 | -0.84 | -0.96 | -0.52 | -0.13 |
| P/B | 2.87 | 1.55 | 4.39 | 1.46 | -28.22 | 0.65 | 0.49 | 1.22 | 2.00 | 0.89 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |