Indaptus Therapeutics Reports Second Quarter 2024 Financial Results and Provides Corporate Update NEW YORK (

Therapeutics Reports Second Quarter 2024 Financial Results and Provides Corporate Update

YORK (August 12, 2024) - Indaptus Therapeutics, Inc. (Nasdaq: INDP) ("Indaptus" or the "Company"), a clinical

stage biotechnology company dedicated to pioneering innovative cancer and viral infection treatments, today announced financial results

for the second quarter ended June 30, 2024, and provided a corporate update.

Meckler, Indaptus Therapeutics' Chief Executive Officer, commented, "During the second quarter we had multiple opportunities

to share our findings regarding our Phase 1 clinical trial to date, and to demonstrate the unique approach that our Decoy platform offers.

These included impactful conferences such as the American Association for Cancer Research (AACR) annual meeting and the American Society

of Clinical Oncology (ASCO) annual meeting, which are considered among the top annual oncology conferences. Further, our founder was

once again recognized by the industry when he was named chair of the STING & TLR-Targeted Therapies Summit. We are encouraged by

the results we have reported, along with the data we are seeing as we continue the multi-dose stage of the Phase 1 clinical trial. As

Decoy20 continues to be well-tolerated in our Phase 1 clinical trial, we expect to progress to dosing multiple patients simultaneously.

This will increase the data we receive and, as a result, is expected to accelerate the progress of the trial. We look forward to demonstrating

continued impactful outcomes in the second half of the year."

Highlights for the Second Quarter Ended June 30, 2024

and development expenses for the three months ended June 30, 2024, were approximately $1.7 million, an increase of approximately $0.2

million compared with approximately $1.5 million in the three months ended June 30, 2023. The increase for the three-month period was

primarily due to payroll and related expenses and stock-based compensation. Research and development expenses for the six months ended

June 30, 2024, were approximately $3.3 million, a decrease of approximately $0.1 million compared with approximately $3.4 million in

the six months ended June 30, 2023. The decrease for the six-month period was primarily due to a decrease of approximately $0.5 million

in our manufacturing processes of Decoy20 that were conducted in 2023 and was offset by an increase of approximately $0.4 million in

our Phase 1 clinical trial and in payroll and related expenses.

and administrative expenses for the three months ended June 30, 2024, were approximately $2.4 million, an increase of approximately $0.4

million compared with approximately $2.0 million in the three months ended June 30, 2023. The increase was primarily due to payroll and

related expenses, legal fees and investor relations expenses. General and administrative expenses for the six months ended June 30, 2024,

were approximately $4.7 million, an increase of approximately $0.1 million compared with approximately $4.6 million in the six months

ended June 30, 2023. The increase for the six-month period was primarily due to payroll and related expenses and stock-based compensation.

per share for the three months ended June 30, 2024, was approximately $0.47 compared with approximately $0.39 for the three months ended

June 30, 2023. Loss per share for the six months ended June 30, 2024, was approximately $0.92 compared with approximately $0.89 per share

for the six months ended June 30, 2023.

of June 30, 2024, the Company had cash and cash equivalents of approximately $7.3 million and on August 8, 2024, the Company raised $3.0

million in a registered direct offering of 1,643,837 shares of common stock at a purchase price of $1.825 per share and a concurrent

private placement, in which the Company also issued to the purchasers in the offering unregistered warrants to purchase 1,643,837 shares

of common stock. The warrants have an exercise price of $1.70 per share, are immediately exercisable, and will expire five years from

the date of issuance. The total net proceeds of the registered direct offering and the private placement were approximately $2.5 million.

As of December 31, 2023, the Company had cash and cash equivalents of $13.4 million. The Company expects that its current cash and cash

equivalents will support its ongoing operating activities into the first quarter of 2025. This cash runway guidance is based on the Company's

current operational plans and excludes any additional funding and any business development activities that may be undertaken. Indaptus

continues to assess all financing options that would support its corporate strategy.

cash used in operating activities was approximately $6.4 million for the six months ended June 30, 2024, compared with net cash used

in operating activities of approximately $7.1 million for the six months ended June 30, 2023. The decrease of approximately $0.7 million

in net cash used was primarily attributable to a settlement fee that was paid in February 2023.

was no net cash provided by or used in investing activities in the six months ended June 30, 2024. Net cash provided by investing activities

was approximately $10.1 million for the six months ended June 30, 2023, which was related to the maturity of $17.0 million in marketable

securities, offset by net investment of approximately $6.9 million in marketable securities.

cash provided by financing activities for the six months ended June 30, 2024, was approximately $0.4 million, which was provided by issuance

and sale of our common stock under the At The Market Offering Agreement. There was no net cash provided by or used in financing activities

in the six months ended June 30, 2023.

Indaptus Therapeutics

Therapeutics has evolved from more than a century of immunotherapy advances. The Company's novel approach is based on the hypothesis

that efficient activation of both innate and adaptive immune cells and pathways and associated anti-tumor and anti-viral immune responses

will require a multi-targeted package of immune system-activating signals that can be administered safely intravenously (i.v.). Indaptus'

patented technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria producing a multiple

Toll-like receptor (TLR), Nucleotide oligomerization domain (NOD)-like receptor (NLR) and Stimulator of interferon genes (STING) agonist

Decoy platform. The product candidates are designed to have reduced i.v. toxicity, but largely uncompromised ability to prime or activate

many of the cells and pathways of innate and adaptive immunity. Decoy product candidates represent an antigen-agnostic technology that

have produced single-agent activity against metastatic pancreatic and orthotopic colorectal carcinomas, single agent eradication of established

antigen-expressing breast carcinoma, as well as combination-mediated eradication of established hepatocellular carcinomas, pancreatic

and non-Hodgkin's lymphomas in standard pre-clinical models, including syngeneic mouse tumors and human tumor xenografts. In pre-clinical

studies tumor eradication was observed with Decoy product candidates in combination with anti-PD-1 checkpoint therapy, low-dose chemotherapy,

a non-steroidal anti-inflammatory drug, or an approved, targeted antibody. Combination-based tumor eradication in pre-clinical models

produced innate and adaptive immunological memory, involved activation of both innate and adaptive immune cells, and was associated with

induction of innate and adaptive immune pathways in tumors after only one i.v. dose of Decoy product candidate, with associated "cold"

to "hot" tumor inflammation signature transition. IND-enabling, nonclinical toxicology studies demonstrated i.v. administration

without sustained induction of hallmark biomarkers of cytokine release syndromes, possibly due to passive targeting to liver, spleen,

and tumor, followed by rapid elimination of the product candidate. Indaptus' Decoy product candidates have also produced meaningful

single agent activity against chronic hepatitis B virus (HBV) and chronic human immunodeficiency virus (HIV) infections in pre-clinical

press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These include statements

regarding management's expectations, beliefs and intentions regarding, among other things: our expectations and plans regarding

our Phase 1 clinical trial of Decoy20, including the timing and design thereof and expected immune responses as we dose more patients

in the multi-dosing part of the trial; the anticipated effects of our product candidates, including Decoy20; the plans and objectives

of management for future operations; our research and development activities and costs; the sufficiency of our cash and cash equivalents

to fund our ongoing activities and our cash management strategy; and our assessment of financing options to support our corporate strategy.

Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect",

"intend", "plan", "may", "should", "could", "might", "seek",

"target", "will", "project", "forecast", "continue" or "anticipate"

or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly

to historical matters. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently

subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied

by the forward-looking statements. Many factors could cause actual activities or results to differ materially from the activities and

results anticipated in forward-looking statements, including, but not limited to the following: our limited operating history; conditions

and events that raise substantial doubt regarding our ability to continue as going concern; the need for, and our ability to raise, additional

capital given our lack of current cash flow; our clinical and preclinical development, which involves a lengthy and expensive process

with an uncertain outcome; our incurrence of significant research and development expenses and other operating expenses, which may make

it difficult for us to attain profitability; our pursuit of a limited number of research programs, product candidates and specific indications

and failure to capitalize on product candidates or indications that may be more profitable or have a greater likelihood of success; our

ability to obtain and maintain regulatory approval of any product candidate; the market acceptance of our product candidates; our reliance

on third parties to conduct our preclinical studies and clinical trials and perform other tasks; our reliance on third parties for the

manufacture of our product candidates during clinical development; our ability to successfully commercialize Decoy20 or any future product

candidates; our ability to obtain or maintain coverage and adequate reimbursement for our products; the impact of legislation and healthcare

reform measures on our ability to obtain marketing approval for and commercialize Decoy20 and any future product candidates; product

candidates of our competitors that may be approved faster, marketed more effectively, and better tolerated than our product candidates;

our ability to adequately protect our proprietary or licensed technology in the marketplace; the impact of, and costs of complying with

healthcare laws and regulations, and our failure to comply with such laws and regulations; information technology system failures, cyberattacks

or deficiencies in our cybersecurity; and unfavorable global economic conditions. These and other important factors discussed under the

caption "Risk Factors" included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 to be filed with

the SEC, our most recent Annual Report on Form 10-K filed with the SEC on March 13, 2024, and our other filings with the SEC, could cause

actual results to differ materially from those indicated by the forward-looking statements made in this press release. All forward-looking

statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements

included in this press release. We undertake no obligation to update or revise forward-looking statements to reflect events or circumstances