Indaptus Therapeutics Reports Third Quarter 2023 Financial Results and Provides Corporate Update NEW YORK (

Therapeutics Reports Third Quarter 2023 Financial Results and Provides Corporate Update

YORK (November 6, 2023) - Indaptus Therapeutics, Inc. (Nasdaq: INDP) ("Indaptus" or the "Company") today

announced financial results for the third quarter ended September 30, 2023 and provided a corporate update.

continue to be encouraged by early results from our first cohort of patients in the INDP-D101 trial evaluating Decoy20 for the treatment

of solid tumors. As we recently reported and presented at the Society for Immunology in Cancer (SITC) conference, all four first cohort

patients have maintained stable disease since receiving their single dose and presented evidence of immune activation, along with short-lived

adverse events consistent with Decoy20's mechanism of action, and we look forward to continuing to track them. In the meantime,

we have already dosed our first patient in the second cohort, for which we have titrated the dose down in anticipation of a similar response.

We continue to expect to have the second cohort completed by early 2024, which would provide guidance for the selection for the recommended

Phase 2 dose for subsequent multi-dosing and combination studies, which are also planned for 2024," said Jeffrey Meckler, Chief

Executive Officer of Indaptus. "We are also fortunate to be receiving the benefit of our appointment of industry veteran, Roger

Waltzman, M.D., as our Chief Medical Officer, who has already proven valuable even in this short period. We anticipate continuing to

benefit from his expertise as we move forward with our Phase 1 trial and further develop the Decoy platform. In the meantime, we are

prudently managing our cash position."

Corporate Highlights:

Highlights for the Third Quarter Ended September 30, 2023

and development expenses for the three months ended September 30, 2023 were approximately $2.2 million, an increase of approximately

$0.6 million compared with approximately $1.6 million in the three months ended September 30, 2022. Research and development expenses

for the nine months ended September 30, 2023 were approximately $5.6 million, an increase of approximately $1.2 million compared with

approximately $4.4 million in the nine months ended September 30, 2022. The increase in each of the three- and nine-month periods was

primarily due to the Phase 1 clinical trial and activities related to the expansion of our pipeline.

and administrative expenses for the three months ended September 30, 2023 were approximately $2.0 million, an increase of approximately

$0.1 million compared with approximately $1.9 million in the three months ended September 30, 2022. General and administrative expenses

for the nine months ended September 30, 2023 were approximately $6.6 million, an increase of approximately $0.2 million compared with

approximately $6.4 million in the nine months ended September 30, 2022. This increase in the nine-month period was primarily due to legal

fees, payroll and related expenses, recruitment costs and other professional fees, which were partially offset by a decrease in directors'

and officers' insurance expenses.

per share for the three months ended September 30, 2023 was approximately $0.47 compared with approximately $0.42 for the three months

ended September 30, 2022. Loss per share for the nine months ended September 30, 2023 was approximately $1.36 compared with approximately

$1.29 per share for the nine months ended September 30, 2022.

of September 30, 2023, the Company had cash and cash equivalents of approximately $16.0 million as compared to $26.4 million as of December

31, 2022. The Company expects that its current cash and cash equivalents will support its ongoing operating activities into the second

quarter of 2024. 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 $10.8 million for the nine months ended September 30, 2023, compared with net cash

used in operating activities of approximately $10.9 million for the nine months ended September 30, 2022.

cash provided by investing activities was approximately $17.1 million for the nine months ended September 30, 2023, which was a result

of the maturity of $24.0 million in marketable securities, offset by net investment of approximately $6.9 million in marketable securities.

Net cash used in investing activities was approximately $21.5 million for the nine months ended September 30, 2022, which was primarily

related to net investment in marketable securities in the amount of approximately $23.7 million, offset by approximately $0.2 million

from the proceeds received for assets held for sale and by $2.0 million from the maturity of marketable securities.

was no net cash provided by or used in financing activities in the nine months ended September 30, 2023 and 2022.

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 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, 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. Indaptus' Decoy product candidates have also produced significant single agent activity against

chronic hepatitis B virus (HBV) and chronic human immunodeficiency virus (HIV) infections in pre-clinical models.

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, the timing of the enrollment of the second cohort of

patients in the Phase 1 trial, and our expectations regarding the recommended Phase 2 doses for subsequent multi-dosing and combination

studies and related timing; 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 September 30, 2023 to be filed

with the SEC, our most recent Annual Report on Form 10-K filed with the SEC on March 17, 2023, 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

that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable law.

Condensed Consolidated Balance Sheets