New York, May 26, 2026, 14:03 EDT
- Indaptus Therapeutics shares dropped 6.6% to $1.14 in light Tuesday afternoon trading. The SPDR S&P Biotech ETF was up around 0.9%.
- U.S. stocks resumed trading after Nasdaq was shut for Memorial Day on May 25.
- The latest quarterly filing shows the company had $1.5 million cash at March 31 and raised “substantial doubt” about its ability to keep operating as a going concern.
Indaptus Therapeutics shares fell Tuesday, underperforming the biotech sector as traders returned after the U.S. holiday break and took a harder look at the cancer-immunotherapy name’s cash situation.
The stock dropped 6.6% to $1.14 by early afternoon. It opened at $1.22 and fell to an intraday low of $1.115. Volume was near 52,700 shares, which is light. The stock usually trades in small bursts.
Indaptus is a micro-cap biotech that trades with low volume and isn’t making money from products. The company has no approved therapies and said in its latest quarterly filing that it has never brought in revenue from product sales. That leaves shares exposed to swings if traders react more to funding questions than to progress in the pipeline.
Nasdaq reopened Tuesday after closing Monday, May 25, for Memorial Day. It was the first U.S. session since Friday. Biotech stocks were less volatile, with the SPDR S&P Biotech ETF up around 0.9%.
Indaptus said on May 15 it finished March with around $1.5 million in cash and cash equivalents. That’s a drop from about $8.5 million at the end of December. The company also warned it needs more capital and may not be able to raise it on terms it wants.
Indaptus CEO Junyi Dai said in the company’s quarterly update that the firm is making “operational and organizational adjustments” and called it “prudent” to look again at its development priorities. Indaptus is also reviewing its Decoy platform, operating and financing plans, plus other strategic options, the company said.
Decoy20 is the main immunotherapy candidate from Indaptus. Immunotherapy aims to harness the immune system to fight disease like cancer. Indaptus says its platform is built to activate innate and adaptive immune responses.
The company said in its filing it has stopped enrolling in the combination study, doesn’t have any participants left and isn’t planning a new clinical trial. That’s a sharp signal for early-stage biotech investors, who usually watch trial milestones, new data and funding for the next leg.
Indaptus reported mixed results for the first quarter. The company reduced research and development spending to around $491,000 from $2.8 million last year. That move cut the net loss to $2.5 million, compared with $4.5 million. Still, cash used in operations increased to about $7.0 million as payables and other current liabilities dropped.
Share count saw a big move. The company said it converted all Series AA and Series AAA preferred shares into 111 million common shares in Q1, pushing the total to 113.2 million common shares outstanding at March 31. At Tuesday’s close of $1.14, that puts equity value around $129 million.
Indaptus short interest isn’t at an extreme but draws notice. As of April 30, investors had borrowed and sold 70,403 shares, making up about 4.11% of the public float, MarketBeat data show. MarketBeat’s table put Indaptus in a group with small drug stocks like Hoth Therapeutics and BioLineRx, but Tuesday’s move seemed linked more to Indaptus’s balance sheet than to news from peers.
Indaptus faces a clear risk. The company might get new financing, land a partner, or win back investors if the Decoy review looks promising. But raising capital would likely mean dilution for current shareholders. Indaptus has already said its cash lasts only for ongoing operations through the second quarter of 2026 and that there is substantial doubt it can stay in business.
