Shareholder equity has deteriorated significantly, declining from $12.1 million in 2023Q4 to $1.2 million in 2026Q1, reflecting the erosion of the firm's capital base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 2.18M | 9.31M | 6.62M | 14M | 27.24M | 40.39M | 1.73M | 13.74M | 43.56M | 56.34M | 20.67M | 33.19M | 8.1M | 9.3M | 4.61M | 5.62M | 10.82M | 1.79M | 884.56K |
| Cash & Short-Term Investments | 1.5M | 8.51M | 5.79M | 13.36M | 26.43M | 39.13M | 1.64M | 10.06M | 40.58M | 55.22M | 18.29M | 30.82M | 7.81M | 8.56M | 3.68M | 4.82M | 9.83M | 1.65M | 667.2K |
| Cash Only | 1.5M | 8.51M | 5.79M | 13.36M | 9.63M | 39.13M | 1.64M | 9.29M | 39.25M | 53.39M | 16.44M | 23.78M | 5.8M | 3.4M | 611.88K | 3.3M | 4.74M | 1.65M | 667.2K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 16.81M | 0 | 0 | 770K | 1.33M | 1.82M | 1.85M | 7.04M | 2.01M | 5.15M | 3.07M | 1.52M | 5.09M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 21.06K | 0 | 3.49M | 2.03M | 478K | 721K | 782.31K | 262.37K | 536.44K | 886.07K | 730.96K | 966.82K | 122.23K | 156.21K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.78K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.48 | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 148.4K | 83.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 0 | 720.43K | 928.67K | 819.56K | 189.37K | 45.79K | 7.54M | 17.95M | 8.21M | 4.05M | 4.09M | 4.39M | 4.38M | 3.16M | 3.44M | 1.72M | 1.5M | 1.27M |
| Property, Plant & Equipment | 0 | 0 | 82.17K | 173.94K | 81.31K | 172.89K | 1.35K | 3.82M | 12.23M | 8.21M | 4.05M | 4.09M | 4.39M | 4.32M | 3.16M | 3.44M | 1.72M | 1.5M | 1.27M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.5K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 638.25K | 754.73K | 738.25K | 16.48K | 44.45K | 3.72M | 5.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 2.18M | 9.31M | 7.34M | 14.92M | 28.06M | 40.58M | 1.78M | 21.28M | 61.51M | 64.55M | 24.72M | 37.28M | 12.49M | 13.68M | 7.77M | 9.06M | 12.54M | 3.29M | 2.16M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -65.62% | 26.86% | -50.83% | -46.82% | -30.84% | 2182.41% | -91.65% | -65.4% | -4.71% | 161.11% | -33.68% | 198.35% | -8.67% | 76.09% | -14.25% | -27.76% | 280.87% | 52.51% | - |
| Total Current Liabilities | 933K | 6.16M | 3.39M | 2.77M | 3.43M | 4.6M | 2.02M | 8.34M | 7.66M | 5.75M | 1.92M | 1.32M | 1.86M | 1.42M | 918.23K | 1.29M | 1.03M | 926.08K | 3.77M |
| Accounts Payable | 557.37K | 544.06K | 870.23K | 806K | 1.38M | 2.64M | 155.96K | 3.51M | 2.85M | 1.85M | 1.15M | 615.26K | 0 | 381.16K | 319.21K | 529.58K | 470.42K | 354.8K | 314.54K |
| Days Payables Outstanding | - | - | - | - | - | - | - | 1.5K | 1.21K | 816.3 | 599.83 | 301.07 | - | 230.77 | 209.77 | 567.4 | 467.43 | 423.86 | 379.75 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.94M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 375.63K | 5.61M | 0 | 1.21M | 1.22M | 498.73K | 1.62M | 2.86M | 4.81M | 3.89M | 768K | 701.87K | 1.56M | 709.31K | 501.73K | 462.37K | 464.49K | 513.99K | 485.57K |
| Current Ratio | 2.34x | 1.51x | 1.95x | 5.05x | 7.94x | 8.77x | 0.86x | 1.65x | 5.69x | 9.80x | 10.77x | 25.20x | 4.37x | 6.56x | 5.02x | 4.36x | 10.50x | 1.93x | 0.23x |
| Quick Ratio | 2.34x | 1.51x | 1.95x | 5.05x | 7.94x | 8.77x | 0.86x | 1.65x | 5.69x | 9.80x | 10.77x | 25.20x | 4.37x | 6.56x | 5.02x | 4.32x | 10.50x | 1.93x | 0.23x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 73.35K | 0 | 72.86K | 0 | 1.4M | 309K | 0 | 97K | 328.19K | 1.16M | 2.97M | 0 | 0 | 0 | 793.29K | 493.78K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 73.35K | 0 | 72.86K | 0 | 799K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 604K | 309K | 0 | 97K | 328.19K | 1.16M | 2.97M | 0 | 0 | 0 | 793.29K | 493.78K |
| Total Liabilities | 933K | 6.16M | 3.39M | 2.85M | 3.43M | 4.68M | 2.02M | 9.74M | 7.96M | 5.75M | 2.02M | 1.65M | 3.02M | 4.39M | 918.23K | 1.29M | 1.03M | 1.72M | 4.26M |
| Total Debt | 0 | 0 | 84.16K | 175.05K | 80.49K | 169.33K | 0 | 1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.94M |
| Net Debt | -1.5M | -8.51M | -5.7M | -13.19M | -9.55M | -38.96M | -1.64M | -7.95M | -39.25M | -53.39M | -16.44M | -23.78M | -5.8M | -3.4M | -611.88K | -3.3M | -4.74M | -1.65M | 2.27M |
| Debt / Equity | 0.00x | - | 0.02x | 0.01x | 0.00x | 0.00x | - | 0.12x | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -3129.73x | -1887.70x | -1697.82x | -834.13x | - | - | - | - | - | - | - | - |
| Total Equity | 1.25M | 3.15M | 3.94M | 12.08M | 24.63M | 35.9M | -237.7K | 11.54M | 53.55M | 58.8M | 22.7M | 35.63M | 9.48M | 9.3M | 6.85M | 7.77M | 11.51M | 1.57M | -2.1M |
| Equity Growth % | -225.96% | -20.11% | -67.33% | -50.97% | -31.39% | 15202.83% | -102.06% | -78.46% | -8.94% | 158.99% | -36.28% | 276.03% | 1.94% | 35.68% | -11.83% | -32.5% | 631.58% | 174.91% | - |
| Book Value per Share | 0.58 | 3.26 | 0.42 | 1.44 | 2.98 | 8.78 | -0.04 | 27.32 | 137.33 | 266.37 | 158.66 | 365.86 | 3.14 | 4.50 | 3.32 | 3.76 | 5.58 | 1.41 | -2.93 |
| Total Shareholders' Equity | 1.25M | 3.15M | 3.94M | 12.08M | 24.63M | 35.9M | -237.7K | 11.54M | 53.55M | 58.8M | 22.7M | 35.63M | 9.48M | 9.3M | 6.85M | 7.77M | 11.51M | 1.57M | -2.1M |
| Common Stock | 1.13M | 21.67K | 120.14K | 84.01K | 84.01K | 82.59K | 19.45K | 727K | 727K | 727K | 727K | 694.16K | 694.09K | 656.29K | 533.89K | 480.42K | 439.36K | 528 | 530 |
| Retained Earnings | -83.83M | -81.29M | -60.44M | -45.42M | -29.99M | -15.67M | -7.96M | -189.42M | -141.82M | -98.28M | -62.63M | -49.61M | -42.82M | -42.42M | -35.02M | -29.68M | -25.92M | -20.43M | -16.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 96.43K | 0 | 0 | 0 | 0 | -378K | -378K | 0 | 577.93K | 2.52M | 2.11M | 2.15M | 2.09M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, Indaptus Therapeutics has seen its total assets decline from $14.9 million in 2023Q4 to just $2.2 million by 2026Q1, signaling a rapid depletion of the company's resource base as it attempts to advance its clinical-stage bacterial platform.
The consistent downward trend in total assets reflects the ongoing consumption of cash to fund R&D without any offsetting revenue generation. This trajectory suggests that the company is nearing a critical inflection point where the current asset base may no longer support the operational requirements of its Phase I clinical trials.
Based on the company's reported figures, cash and equivalents plummeted from $13.4 million in 2023Q4 to $1.5 million in 2026Q1, indicating that the firm's liquidity buffer has been severely compromised by the high costs associated with its clinical development programs.
The current ratio of 2.34 in 2026Q1, while appearing superficially adequate, masks the reality of a rapidly shrinking cash runway that leaves little room for clinical delays or unexpected trial expenses. Investors should monitor the company's ability to secure additional funding, as the current liquidity position appears insufficient to sustain long-term operations.
According to historical balance sheets, shareholder equity has deteriorated significantly, falling from $12.1 million in 2023Q4 to $1.2 million in 2026Q1, a trend driven by the accumulation of substantial net losses and the ongoing dilution of the company's capital structure.
The persistent negative retained earnings, which reached -$83.8 million in 2026Q1, highlight the structural challenge of funding a pre-revenue biotech entity through equity. This erosion of equity suggests that future financing rounds will likely be highly dilutive to existing shareholders, further complicating the company's capital allocation strategy.
As indicated by the provided financial data, the company's asset base is almost entirely composed of cash, with virtually no tangible PPE or long-term assets, which makes the firm's valuation entirely dependent on the intangible value of its clinical-stage intellectual property.
The absence of meaningful PPE or other tangible assets implies that the company lacks a physical foundation to pivot or generate alternative value if the Decoy20 clinical program fails. This concentration of risk warrants careful investigation, as the balance sheet offers no cushion or salvage value in the event of unfavorable clinical outcomes.
Quick answers to the most common questions about buying INDP stock.
As of 2025, Indaptus Therapeutics, Inc. (INDP) had total assets of $9.3M including $9.3M in current assets.
Indaptus Therapeutics, Inc. (INDP) carries total debt of $0.0M, offset by $8.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Indaptus Therapeutics, Inc. (INDP) has total shareholders' equity (book value) of $3.2M ($3.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Indaptus Therapeutics, Inc. (INDP) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.