The company exhibits no operating leverage, evidenced by consistent quarterly net losses that peaked at $8.1 million in 2025Q4 without any offsetting revenue generation.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 854K | 859K | 829K | 701K | 745.9K | 584.82K | 602.85K | 555.43K | 340.68K | 367.33K | 305.53K | 302.32K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -854K | -859K | -829K | -701K | -745.9K | -584.82K | -602.85K | -555.43K | -340.68K | -367.33K | -305.53K | -302.32K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | 0.58% | -3.62% | -18.26% | 6.02% | -27.55% | 2.99% | -8.54% | -63.04% | 7.26% | -20.23% | -1.06% | - |
| Operating Expenses | 17.42M | 19.83M | 15.37M | 16.38M | 14.91M | 7.73M | 3.6M | 34.09M | 42.47M | 28.61M | 13.14M | 6.85M | 6.98M | 4.56M | 4.81M | 7.42M | 4.97M | 3.62M | 4.61M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.4M | 10.49M | 8.11M | 8.76M | 8.59M | 5.21M | 944.25K | 7.43M | 7.07M | 4.32M | 3.07M | 2.77M | 2.59M | 2.41M | 2.12M | 2.74M | 2.65M | 1.78M | 1.67M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 7.02M | 9.34M | 7.25M | 7.62M | 6.32M | 2.52M | 2.66M | 26.66M | 35.4M | 24.3M | 10.07M | 4.09M | 4.39M | 2.16M | 2.69M | 4.69M | 2.32M | 1.84M | 2.94M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.42M | -19.83M | -15.37M | -16.38M | -14.91M | -7.73M | -3.6M | -34.95M | -43.33M | -29.44M | -13.85M | -7.6M | -7.57M | -5.17M | -5.37M | -7.76M | -5.34M | -3.93M | -4.91M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -29.08% | 6.18% | -9.84% | -92.92% | -114.74% | 89.7% | 19.35% | -47.18% | -112.62% | -82.18% | -0.43% | -46.47% | 3.71% | 30.87% | -45.36% | -36.02% | 20.03% | - |
| EBITDA | -18.52M | -19.83M | -15.37M | -16.38M | -14.91M | -7.73M | -3.6M | -34.09M | -42.47M | -28.61M | -13.14M | -6.85M | -6.98M | -4.56M | -4.81M | -7.42M | -4.97M | -3.62M | -4.61M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -16.08% | -29.08% | 6.18% | -9.85% | -92.93% | -114.75% | 89.44% | 19.73% | -48.44% | -117.65% | -91.77% | 1.84% | -53% | 5.12% | 35.18% | -49.25% | -37.35% | 21.42% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -18.52M | -19.83M | -15.37M | -16.38M | -14.91M | -7.73M | -3.6M | -46.95M | -43.42M | -28.86M | -13.35M | -7.18M | -5.69M | -5.09M | -5.18M | -7.58M | -5.42M | -3.94M | -5.36M |
| Net Interest Income | 0 | 0 | 0 | 0 | 588.11K | 17.72K | 0 | 315K | 829K | 269K | 160K | 0 | 172.48K | 111.37K | 79.87K | 53.94K | 43.94K | 1.02K | 61.69K |
| Interest Income | 0 | 0 | 0 | 0 | 588.11K | 17.72K | 0 | 330K | 852K | 286K | 176K | 44.78K | 172.48K | 111.37K | 79.87K | 53.94K | 43.94K | 1.02K | 61.69K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 23K | 17K | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.44M | -1.02M | 343.72K | 955K | 588.11K | 17.72K | 15.11K | -12.02M | -112K | 559K | 484K | 423.4K | 1.87M | 72.03K | 183.07K | 179.7K | -84.94K | -16.55K | -451.1K |
| Pretax Income | -18.86M | -20.85M | -15.02M | -15.42M | -14.32M | -7.71M | -3.58M | -46.96M | -43.44M | -28.88M | -13.36M | -7.18M | -5.69M | -5.09M | -5.18M | -7.58M | -5.42M | -3.94M | -5.36M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 638K | 103K | 29K | 0 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.36% | -0.24% | -0.1% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -19.75% | -38.79% | 2.6% | -7.68% | -85.74% | -115.15% | 92.47% | -9.31% | -50.62% | -116.35% | -86.18% | -26.05% | -11.76% | 1.7% | 31.64% | -39.77% | -37.6% | 26.46% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.70 | -21.58 | -1.61 | -1.84 | -1.73 | -1.89 | -0.66 | -112.74 | -111.67 | -130.96 | -93.38 | -73.70 | -1.89 | -1.90 | -2.14 | -3.55 | -3.17 | -3.54 | -7.48 |
| EPS Growth % | -270.76% | -1240.37% | 12.5% | -6.36% | 8.47% | -186.36% | 99.41% | -0.96% | 14.73% | -40.24% | -26.7% | -3799.47% | 0.53% | 11.21% | 39.72% | -11.99% | 10.45% | 52.67% | - |
| EPS (Basic) | - | -21.58 | -1.61 | -1.84 | -1.73 | -1.89 | -0.66 | -112.74 | -111.67 | -130.96 | -93.38 | -73.70 | -1.89 | -1.90 | -2.14 | -3.55 | -3.17 | -3.54 | -7.48 |
| Diluted Shares Outstanding | 2.17M | 966.12K | 9.36M | 8.4M | 8.26M | 4.09M | 5.41M | 422.2K | 389.91K | 220.75K | 143.1K | 97.39K | 3.02M | 2.06M | 2.06M | 2.06M | 2.06M | 1.11M | 716.52K |
| Basic Shares Outstanding | 2.17M | 966.12K | 9.36M | 8.4M | 8.26M | 4.09M | 5.41M | 422.2K | 389.91K | 220.75K | 143.1K | 97.39K | 3.02M | 2.06M | 2.06M | 2.06M | 2.06M | 1.11M | 716.52K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial statements, Indaptus Therapeutics maintains a high-burn cost structure, with quarterly R&D expenditures fluctuating between $1.5 million and $2.8 million, reflecting the intensive capital requirements of clinical-stage bacterial platform development and the associated specialized manufacturing processes required for safety compliance.
The company's cost structure is entirely dominated by R&D, which is typical for a pre-revenue biotech firm, yet the volatility in these expenses suggests inconsistent trial activity or manufacturing batch timing. Investors should monitor whether these costs remain elevated as the company attempts to advance its Decoy20 candidate, as the lack of revenue means every dollar spent directly erodes the limited cash runway.
Based on the company's reported figures, Indaptus Therapeutics exhibits no operating leverage, as the firm continues to generate significant quarterly operating losses, such as the $8.2 million loss in 2025Q4, without any corresponding revenue growth to offset the fixed overhead and clinical trial expenses.
The absence of revenue renders traditional operating leverage metrics irrelevant, highlighting that the company's financial health is currently decoupled from operational efficiency. The persistent operating losses suggest that the firm is in a pure capital-consumption phase, where the primary objective is clinical milestone achievement rather than margin expansion.
According to historical income statements, the quality of earnings is severely impacted by recurring net losses and the reliance on stock-based compensation, which totaled $227.2K in 2026Q1, further diluting existing shareholders while the company lacks any commercial revenue to support its valuation.
The reliance on stock-based compensation in a pre-revenue environment warrants caution, as it represents a non-cash expense that nonetheless impacts the equity base. Analysts should interpret these figures as a sign that the company is prioritizing talent retention through equity, which may lead to further dilution if the cash position continues to deteriorate.
As indicated by the reported $8.5 million cash position, Indaptus Therapeutics faces a critical liquidity risk, as the current burn rate suggests that the company may be forced to seek dilutive financing in the near term to sustain its ongoing clinical development programs.
The market's skepticism, reflected in the company's valuation, appears to be driven by the high probability of a dilutive capital raise rather than just the clinical risk of the Decoy platform. Investors should consider that the current cash runway may be insufficient to reach meaningful clinical data points, potentially forcing management into unfavorable financing terms.
Quick answers to the most common questions about buying INDP stock.
For fiscal year 2025, Indaptus Therapeutics, Inc. (INDP) reported total revenue of $0.0M.
Indaptus Therapeutics, Inc. (INDP) reported a net loss of $20.8M for the fiscal year ending 2025.