Indaptus Therapeutics sees cash runway into 1Q25

As of June 30, 2024, the Company had cash and cash equivalents of approximately $7.3 million and on August 8, 2024, the Company raised $3.0 million in a registered direct offering of 1,643,837 shares of common stock at a purchase price of $1.825 per share and a concurrent private placement, in which the Company also issued to the purchasers in the offering unregistered warrants to purchase 1,643,837 shares of common stock. The warrants have an exercise price of $1.70 per share, are immediately exercisable, and will expire five years from the date of issuance. The total net proceeds of the registered direct offering and the private placement were approximately $2.5 million. As of December 31, 2023, the Company had cash and cash equivalents of $13.4 million. The Company expects that its current cash and cash equivalents will support its ongoing operating activities into the first quarter of 2025. This cash runway guidance is based on the Company’s current operational plans and excludes any additional funding and any business development activities that may be undertaken. Indaptus continues to assess all financing options that would support its corporate strategy.