INDP

Indaptus is no longer a functioning drug-development story. Per the 10-K MD&A, management concluded enrollment of lead candidate Decoy20 as a monotherapy in May 2025, then 'discontinued further enrollment in the Combination Study' with 'no participants remaining,' and states plainly it 'does not have any current plans to initiate a new clinical trial.' A clinical-stage biotech that has shut down its only clinical program has no pipeline to value — the entire investment case now rests on the December 2025 Lazar transaction ($6.0M of Series AA/AAA preferred at $6.00/share) and a vague plan to 'pursue a strategic transaction involving either an investment in or acquisition of a Target Company.' That is a reverse-merger shell setup, not a business, and the identity, terms, and value of any Target Company are unknowable from this data.

The financials confirm distress. There is and has never been any revenue. FY2025 net loss widened to -$20.8M (worse by 38.8% YoY), with total operating expenses up 29.1% even as the science was being wound down — G&A alone rose 29.3% to $10.5M on payroll and transaction/private-placement costs, so the burn is going to overhead and deal-making, not research productivity. Operating cash burn was -$14.8M against just $8.51M of cash — well under a year of runway before the Lazar cash, and stockholders' equity is down to $3.15M against $6.16M of current liabilities (current liabilities jumped 81.5%). ROE is -661.5% and accumulated deficit is -$81.3M.