Indaptus Therapeutics, Inc. (NASDAQ: INDP) shares fall sharply Wednesday, on announcing financial results for the fourth quarter and year ended December 31, 2023 and provided a corporate update.
Research and development expenses for the three-month period ended December 31, 2023, were $2.0 million, an increase of $0.1 million, or 7%, compared with $1.9 million in the three-month period ended December 31, 2022. Research and development expenses for the 12-month period ended December 31, 2023, were $7.6 million, an increase of $1.3 million, or 21%, compared with $6.3 million in the 12-month period ended December 31, 2022. The increase in the twelve-month period was primarily due to increased payroll and related expenses, the Phase 1 clinical trial, and activities related to the expansion of the Company’s pipeline.
CEO Jeffrey Meckler commented, “We are thrilled with the progress we made in 2023, which was capped off in November when we announced that our lead candidate, Decoy20, demonstrated a broad immune response in patients following a single dose in the first cohort of our ongoing phase 1 study. More recently, in March 2024, we announced positive results from our second cohort. In close consultation with an independent Safety Review Committee, we are now initiating a multi-dose cohort.”
INDP shares dipped 11 cents, or 5.3%, to $1.96.
