Free cash flow burn has accelerated, with a $7.0 million outflow in 2026Q1, highlighting a severe disconnect between accounting losses and the cash required for clinical operations.
| 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 |
|---|
| Cash from Operations | -17.27M | -14.82M | -12.32M | -13.41M | -13.08M | -11.29M | -3.32M | -29.05M | -39.08M | -22.13M | -12.01M | -7.93M | -4.75M | -3.38M | -4.5M | -5.38M | -4.31M | -3.08M | -3.78M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -116.56% | -20.29% | 8.07% | -2.5% | -15.83% | -239.6% | 88.55% | 25.67% | -76.56% | -84.36% | -51.45% | -66.82% | -40.37% | 24.81% | 16.35% | -24.85% | -40% | 18.48% | - |
| Net Income | -18.86M | -20.85M | -15.02M | -15.42M | -14.32M | -7.71M | -3.58M | -47.6M | -43.54M | -28.91M | -13.36M | -7.18M | -5.69M | -5.09M | -5.18M | -7.58M | -5.42M | -3.94M | -5.36M |
| Depreciation & Amortization | 0 | 0 | 735 | 1.28K | 1.78K | 1.4K | 852 | 854K | 859K | 829K | 701K | 745.9K | 584.82K | 602.85K | 555.43K | 340.68K | 367.33K | 305.53K | 302.32K |
| Stock-Based Compensation | 1.19M | 1.36M | 2.31M | 2.97M | 2.96M | 1.51M | 139.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -5.75M | 0 | 281K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.01M | 1.15M | 0 | -430.99K | -134.16K | 5.75M | 0 | 17.19M | 6.64M | -2.57M | 1.69M | 3.75M | 405.63K | 451.03K | 613.78K | 1.38M | 1.53M | 390.32K | 1.12M |
| Working Capital Changes | -621.08K | 3.51M | 392.25K | -518.07K | -1.58M | -5.09M | 118.71K | 227K | -642K | 5.09M | 392K | -1.67M | -48.08K | 656.04K | -488.53K | 478.73K | -785.04K | 167.28K | 157.72K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -747K | -1.86M | 1.26M | -23K | -2.08M | 408.98K | 241.31K | -98.28K | 120.73K | -823.09K | 62.63K | -94.35K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.44M | 2.85M | 474.06K | -680.52K | -1.15M | -4.24M | 113.9K | 679K | 1.19M | 3.83M | 0 | 0 | 0 | 36.57K | -216.26K | 100.33K | 86.27K | 39.72K | 104.68K |
| Cash from Investing | 0 | 0 | 0 | 17.14M | -16.43M | 447.75K | 0 | -3.21M | -9.3M | -4.75M | 4.72M | -6.39M | 2.72M | -3.12M | -1.53M | 1.17M | -5.23M | -528.83K | -188.7K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -172.56K | -3.85K | 0 | -921K | -9.6M | -5M | -482K | -1.39M | -75.76K | -1.49M | -206.41K | -2.31M | -474.78K | -528.83K | -203.22K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 172.56K | 451.6K | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.52K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 172.56K | 0 | 0 | -2.87M | 0 | 0 | 0 | 0 | -8.67K | 21.05K | 0 | 0 | 13.13K | 0 | 0 |
| Cash from Financing | 14.88M | 17.54M | 4.75M | 0 | 0 | 48.34M | 1.16M | 2.37M | 35.06M | 63.71M | 0 | 31.94M | 4.83M | 9.28M | 3.38M | 2.98M | 12.56M | 4.55M | 3.93M |
| Debt Issued (Net) | 6.06M | 5.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.31K | -682.1K | 2.63M |
| Equity Issued (Net) | 9.39M | 11.83M | 5.51M | 0 | 0 | 5M | 1.16M | 2.37M | 35.06M | 63.71M | 0 | 31.94M | 4.83M | 9.28M | 3.38M | 2.98M | 12.54M | 5.23M | 1.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -575.96K | 0 | -762.7K | 0 | 0 | 43.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -2.39M | 2.72M | -7.58M | 3.74M | -29.51M | 37.49M | -2.16M | -29.95M | -14.15M | 36.95M | -7.28M | 17.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -17.27M | -14.82M | -12.32M | -13.41M | -13.25M | -11.29M | -3.32M | -29.97M | -48.67M | -27.13M | -12.49M | -9.32M | -4.83M | -4.87M | -4.71M | -7.69M | -4.79M | -3.61M | -3.98M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -28.58% | -20.29% | 8.07% | -1.17% | -17.32% | -239.72% | 88.91% | 38.44% | -79.39% | -117.29% | -34.01% | -93.02% | 0.97% | -3.52% | 38.78% | -60.73% | -32.64% | 9.36% | - |
| FCF per Share | -7.97 | -15.34 | -1.32 | -1.60 | -1.60 | -2.76 | -0.61 | -70.98 | -124.84 | -122.91 | -87.26 | -95.68 | -1.60 | -2.36 | -2.28 | -3.73 | -2.32 | -3.24 | -5.56 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.71x | 0.82x | 0.87x | 0.91x | 1.46x | 0.93x | 0.61x | 0.90x | 0.77x | 0.90x | 1.10x | 0.83x | 0.66x | 0.87x | 0.71x | 0.79x | 0.78x | 0.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 14.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.6K | 1.6K | 2.4K | 800 | 800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial filings, Indaptus Therapeutics reported a 2026Q1 operating cash outflow of $7.0 million, which significantly exceeded its net loss of $2.5 million, highlighting a disconnect between accounting losses and the actual cash required to sustain the company's early-stage clinical development activities.
The OCF/NI ratio of 2.76 in 2026Q1 suggests that cash burn is accelerating beyond what the income statement implies, likely driven by aggressive working capital usage. Investors should monitor this divergence, as it indicates that the company's cash requirements are outpacing its ability to manage operational expenses efficiently.
As reported in quarterly statements, the company's free cash flow trajectory remains deeply negative, with a $7.0 million outflow in 2026Q1 marking a sharp deterioration from the $3.2 million burn observed in 2025Q4, reflecting the intensifying costs of clinical trial execution and platform development.
The lack of revenue generation means that free cash flow is synonymous with total cash burn, leaving the firm entirely dependent on external capital. This trend suggests that the company's runway is shortening rapidly, which may necessitate immediate dilutive financing to maintain current operational momentum.
Based on the provided cash flow data, working capital changes have become a primary driver of cash volatility, with a $5.1 million outflow in 2026Q1 contrasting sharply with the $4.4 million inflow recorded in 2025Q4, indicating inconsistent management of payables and operational accruals.
This erratic movement in working capital suggests that the company may be struggling to time its vendor payments or clinical site obligations effectively. Such instability warrants further investigation, as it complicates the predictability of the company's remaining cash runway.
As indicated by historical financial statements, stock-based compensation remains a recurring non-cash expense, totaling $227.2K in 2026Q1, which effectively obscures the true economic cost of operations by shifting the burden of compensation from cash outlays to shareholder equity dilution.
While SBC preserves limited cash, it represents a persistent dilution risk that investors must factor into their valuation models. The reliance on equity-based incentives appears to be a strategic necessity given the company's constrained cash position, yet it highlights the lack of organic cash-generating capacity.
Quick answers to the most common questions about buying INDP stock.
Indaptus Therapeutics, Inc. (INDP) generated $-14.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Indaptus Therapeutics, Inc. (INDP) reported negative free cash flow of $14.8M in 2025, indicating capital requirements exceeded cash from operations.
Indaptus Therapeutics, Inc. (INDP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.