Indaptus Therapeutics published its annual report on Form 10-K for the fiscal year ended Dec. 31, 2025. The company reported a net loss of USD 20.85 million, compared with a net loss of USD 15.02 million a year earlier. Research and development expense rose 28.8% to USD 9.34 million, driven mainly by higher Phase 1 clinical trial costs and higher payroll and related expenses. General and administrative expense increased 29.3% to USD 10.49 million, reflecting higher payroll and transaction-related expenses, partly offset by lower D&O insurance, investor relations and board fees. Cash and cash equivalents were USD 8.5 million at year-end, and management said it expects this to fund operating needs into the second quarter of 2026 while it pursues a strategic transaction, after discontinuing enrollment in its Decoy20 Combination Study and stating it has no current plans to initiate a new clinical trial.
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