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INDP on Nasdaq

Indaptus Therapeutics, Inc.

Indaptus Therapeutics, Inc. is an American pharmaceutical preparations company based in New York.1 Its shares trade on Nasdaq under the symbol INDP.1

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Last updated Oct 21, 2026.

Overview

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  • TickerINDP on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address3 Columbus Circle, 15Th Floor, New York, Ny 100192
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Mr. Lazar and Mr. Ben-Tzvi currently serve as Class I directors with a term expiring at our 2028 annual meeting of stockholders. Mr.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45678-$19.8M in 2025+451% since 2020
-$20.0M-$15.0M-$10.0M-$5.0M02020: -$3.6M-$3.6M20202021: -$7.7M-$7.7M2021+115%2022: -$14.9M-$14.9M2022+93%2023: -$16.4M-$16.4M2023+10%2024: -$15.4M-$15.4M2024−6%2025: -$19.8M-$19.8M2025+29%
Net income45678-$20.8M in 2025+482% since 2020
-$30.0M-$20.0M-$10.0M02020: -$3.6M-$3.6M20202021: -$7.7M-$7.7M2021+115%2022: -$14.3M-$14.3M2022+86%2023: -$15.4M-$15.4M2023+8%2024: -$15.0M-$15.0M2024−3%2025: -$20.8M-$20.8M2025+39%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Research and development$9.3M$7.3M
General and administrative$10.5M$8.1M
Total operating expenses$19.8M$15.4M
Loss from operations-$19.8M-$15.4M
Other income, net$138.0K$343.7K
Change in fair value of convertible promissory notes-$1.2M
Net loss-$20.8M-$15.0M
Net loss available to common stockholders per share of common stock, basic-$21.58-$44.96
Net loss available to common stockholders per share of common stock, diluted-$21.58-$44.96
Weighted average number of shares used in calculating net loss per share, basic966.1K shares334.1K shares
Weighted average number of shares used in calculating net loss per share, diluted966.1K shares334.1K shares

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Corporate structure

Indaptus Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Indaptus Therapeutics, Inc.

  • Junyi Dai Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Jun 26, 2026
  • SINO LION VENTURES Ltd Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Jun 26, 2026
  • Ting Yang Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Jun 26, 2026
  • Yun Yao Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Jun 26, 2026 (3 filings since Mar 30, 2026)
  • YA II PN, Ltd. Filed SCHEDULE 13G/A on Indaptus Therapeutics, Inc., latest Apr 6, 2026 (2 filings since Feb 18, 2025)
  • David E. Lazar Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Mar 24, 2026 (2 filings since Mar 2, 2026)
  • Jeffrey A. Meckler Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Dec 30, 2025 (3 filings since Oct 10, 2024)
  • Michael James Newman Filed SCHEDULE 13D/A on Indaptus Therapeutics, Inc., latest Dec 30, 2025 (2 filings since Oct 26, 2021)
  • Glen R. Anderson Filed SC 13G/A on Indaptus Therapeutics, Inc., latest Aug 17, 2023 (4 filings since Oct 26, 2021)
  • INTRACOASTAL CAPITAL, LLC Filed SC 13G/A on Indaptus Therapeutics, Inc., latest Feb 11, 2022
  • Hoonmo Lee Filed SC 13D/A on Indaptus Therapeutics, Inc., latest Oct 26, 2021
  • Indaptus Therapeutics, Inc. New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Indaptus Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$82.2K8 Dec 31, 2024$173.2K7 Dec 31, 2023−52.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.5M8 Dec 31, 2025$5.8M8 Dec 31, 2024+47.0%

Properties, in its own words

Our principal executive offices are located at 3 Columbus Circle, 15th Floor, New York, NY. In addition, we previously leased approximately 2,000 square feet of office space in San Diego, California under a lease agreement that expired on October 31, 2025. We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-K filed Mar 17, 2026.3

Leadership

Who has led Indaptus Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey A. Meckler2021–2025
  2. David E. Lazar2025–2026
  3. Junyi Dai2026–now

Chief financial officer

  1. Nir Sassi2021–now

Chief operating officer

  1. Walt Addison Linscott2024–now
2025
Board members and other officers (19)

Former names

  • Intec Parent Inc.Apr 20, 2021 to Aug 3, 20212

Timeline

  1. Sep 30, 20268-K Entered a material agreement33
  2. Sep 10, 20268-K Entered a material agreement; Unregistered sale of shares34
  3. Sep 8, 20268-K Entered a material agreement35
  4. Sep 4, 20268-K Executive or director change36
  5. Sep 1, 20268-K Entered a material agreement37
  6. Aug 13, 20268-K Results of operations; Shareholder vote38
  7. Jun 24, 20268-K Entered a material agreement; Unregistered sale of shares39
  8. Jun 5, 20268-K Executive or director change40
  9. May 15, 20268-K Results of operations41
  10. Apr 24, 20268-K Executive or director change42
  11. Apr 23, 20268-K Executive or director change43
  12. Apr 3, 20268-K Executive or director change44
  13. Apr 2, 2026New chief executive Junyi Dai becomes CEO11
  14. Dec 23, 2025New chief executive David E. Lazar becomes CEO12
  15. Aug 2, 2021New chief executive Jeffrey A. Meckler becomes CEO13

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202645

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results38
  2. May 15, 2026Reported quarterly or annual results41
  3. Nov 12, 2025Reported quarterly or annual results46
  4. Aug 13, 2025Reported quarterly or annual results47
  5. May 14, 2025Reported quarterly or annual results48
  6. Mar 13, 2025Reported quarterly or annual results49
  7. Nov 12, 2024Reported quarterly or annual results50
  8. Aug 12, 2024Reported quarterly or annual results51

Drug trials and FDA: coming up

  1. Jun 30, 2027Phase 1/2 trial readout expected Phase 1/2 trial of Decoy20 and Tislelizumab in Solid Tumor, Adult: primary completion expected Jun 30, 2027 (ClinicalTrials.gov NCT05651022).52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

281 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 68 major events, 87 insider forms, 21 large holders, 5 private raises, 80 other. The latest 20:

  1. Oct 5, 2026S-8 EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 10, 20268-K EDGAR
  4. Sep 8, 20268-K/A EDGAR
  5. Sep 4, 20268-K EDGAR
  6. Sep 4, 2026424B5 EDGAR
  7. Sep 1, 20268-K EDGAR
  8. Aug 31, 2026424B5 EDGAR
  9. Aug 26, 2026424B3 EDGAR
  10. Aug 25, 2026EFFECT EDGAR
  11. Aug 17, 2026S-3 EDGAR
  12. Aug 13, 202610-Q EDGAR
  13. Aug 13, 20268-K EDGAR
  14. Jul 17, 2026EFFECT EDGAR
  15. Jul 16, 2026DEF 14A EDGAR
  16. Jun 26, 2026SCHEDULE 13D/A EDGAR
  17. Jun 26, 2026SCHEDULE 13D/A EDGAR
  18. Jun 26, 2026SCHEDULE 13D/A EDGAR
  19. Jun 26, 2026SCHEDULE 13D/A EDGAR
  20. Jun 26, 2026S-3 EDGAR

The 281 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 15 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 14, 2023Anderson Glen R.10% ownerBuy23,934$2.34$56.0KForm 4
Aug 11, 2023Anderson Glen R.10% ownerBuy35,064$2.12$74.3KForm 4
Aug 10, 2023Anderson Glen R.10% ownerBuy44,354$1.94$86.0KForm 4
Dec 1, 2022Litchev Boyan VesselinovChief Medical OfficerBuy500$1.87$935Form 4
Nov 22, 2022Litchev Boyan VesselinovChief Medical OfficerBuy500$1.83$915Form 4
Nov 21, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy9,600$1.90$18.2KForm 4
Nov 18, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy400$1.76$704Form 4
Sep 8, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy10,308$2.80$28.9KForm 4
Sep 7, 2022Linscott Walt AddisonChief Operating OfficerBuy150$2.62$393Form 4
Sep 7, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy8,632$2.57$22.2KForm 4
Sep 6, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy1,060$2.44$2.6KForm 4
Jun 6, 2022Meckler Jeffrey ACo-Chief Executive OfficerBuy19,727$2.63$51.9KForm 4
Mar 2, 2022Litchev Boyan VesselinovChief Medical OfficerBuy50$4.09$204Form 4
Feb 1, 2022Newman Michael JamesCSO and DirectorSale14,130$5.00$70.7KForm 4
Jan 31, 2022Litchev Boyan VesselinovChief Medical OfficerBuy100$4.65$465Form 4
Jan 31, 2022Newman Michael JamesCSO and DirectorSale5,870$5.00$29.4KForm 4
Nov 18, 2021Meckler Jeffrey ACo-Chief Executive OfficerBuy11,187$5.82$65.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$5.0M 2024–2025
Money received by yearMoney received by year, 2024–2025: $5.0M in all. Private raises (Form D) $5.0M.$0$2M$4M$6M2024 · Private raises (Form D): $432.6K20242025 · Private raises (Form D): $4.6M2025
Figures by year
YearPrivate raises (Form D)Total
2025$4.6M$4.6M
2024$432.6K$432.6K

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jun 12, 2025Raised $2.3 million in a private offering of securities64 Form D: $5 million offered in all Form D
  2. Jan 16, 2025Raised $2.2 million in a private offering of equity65 Form D: 16 investors so far Form D
  3. Nov 22, 2024Raised $227,127 in a private offering of securities66 Form D: 20 investors so far Form D
  4. Aug 7, 2024Raised $205,480 in a private offering of securities67 Form D: 12 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Geode Capital Management, LLC56,470$169.4K0.0%+29,463
Jane Street Group, LLC53,811$161.4K0.0%New
Vanguard Capital Management LLC33,652$101.0K0.0%New
Vanguard Fiduciary Trust Co13,967$41.9K0.0%New
Millennium Management LLC11,586$34.8K0.0%New
Morgan Stanley8,936$26.8K0.0%+6,239
UBS Group AG478$1.4K0.0%New
Hrt Financial LP206,077$6180.0%New
SBI Securities Co., Ltd.17$510.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Indaptus Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIndaptus Therapeutics, Inc.1
  • CIK0001857044
  • Employer ID (EIN)86-31587203
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address3 Columbus Circle, 15Th Floor, New York, NY 100191
  • Phone(646) 427-27271
  • Shares outstanding133,242,324 as of Aug 13, 202610
  • Public float$5.8M as of Jun 30, 20253
  • AuditorHaskell & White LLP, Irvine, California PCAOB ID 200; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 20, 20211
  • Filings338 in all: 4 (84), 8-K (73), 3 (24), 10-Q (17), EFFECT (15), CORRESP (10), UPLOAD (10), 424B5 (8)1
    All 37 form types

    S-3 (8), SCHEDULE 13D/A (8), DEF 14A (7), POS AM (6), S-1 (6), 10-K (5), D (5), DEFA14A (5), SC 13D/A (5), 424B3 (4), 425 (4), PRE 14A (4), S-8 (4), SC 13D (4), 8-K/A (3), SC 13G/A (3), AW (2), RW (2), SCHEDULE 13D (2), 8-A12B (1), ARS (1), CERT (1), D/A (1), DRS (1), S-1/A (1), S-4 (1), S-4/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jul 16, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01INDPNasdaq

From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Indaptus Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 17, 2026: 65 risks under these headings, as written.3

  • General Risks Related to the Investment Transaction
  • As a result of the issuance of Preferred Stock, our stockholders will experience significant dilution from the issuance of shares of our common stock upon future conversion of the Preferred Stock.
  • We may fail to realize the anticipated benefits of the Investment Transaction if we are not able to identify and/or pursue a Post-Investment Transaction.
  • Our Board and management team has significantly changed in connection with the Investment Transaction and we expect it to further change in connection with pursuing a Post-Investment Transaction.
  • A recent increase in the number of authorized shares of common stock, or a potential future reverse stock split, would make additional shares available for issuance. Any issuance of these additional shares could lead to increased dilution for our stockholders and/or negatively impact the market price of our common stock.
  • Risks Related to Control of the Company
  • Our stockholders will have significantly reduced ownership and voting power as a result of the conversion of the shares Preferred Stock.
  • Mr. Lazar has significant control and influence over our Company and corporate matters.
  • Risks Related to Reverse Stock Split
  • The proposed reverse stock split, if effected, may not increase our stock price, and could lead to a decrease in our overall market capitalization.
  • The proposed reverse stock split, if effected, may decrease the liquidity of our common stock.
  • The proposed reverse stock split, if effected, may result in some stockholders owning “odd lots” that may be more difficult to sell or require greater transaction costs per share to sell.
The other 55 risks
  • Risks Related to Our Financial Position and Capital Requirements
  • We are a clinical-stage company with a limited operating history. We are not currently profitable, do not expect to become profitable in the near future and may never become profitable.
  • We have identified conditions and events that raise substantial doubt regarding our ability to continue as a going concern.
  • Given our lack of current cash flow, we will need to raise additional capital. If we are unable to raise a sufficient amount of capital when needed in required amounts and on acceptable terms or at all, we may be forced to delay, limit or eliminate some or all of our research programs, product development activities and commercialization efforts.
  • Raising additional capital would cause dilution to our shareholders and may restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • Risks Related to the Discovery and Development of Our Product Candidates
  • We are dependent on the success of one or more of our current product candidates, and we cannot be certain that any of them will receive regulatory approval or be commercialized.
  • Clinical and preclinical development involves a lengthy and expensive process with an uncertain outcome. Any difficulties or delays in the commencement or completion, or the termination or suspension, of our current or planned clinical trials could result in increased costs to us, delay or limit our ability to generate revenue or adversely affect our commercial prospects.
  • We may need to incur significant research and development expenses and other operating expenses to advance our product candidates, which may make it difficult for us to attain profitability.
  • We may expend our limited resources to pursue a limited number of research programs, product candidates and specific indications and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • Our product candidates may cause undesirable side effects that could delay or prevent their regulatory approval or commercialization, cause us to suspend or discontinue clinical trials, abandon a product candidate, limit the commercial profile of an approved product, or result in other significant adverse implications on our business, financial condition and results of operations.
  • We may find it difficult to enroll patients in any future clinical trials. If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • Interim, “topline” and preliminary data from our clinical trials and preclinical studies that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Our efforts to discover product candidates beyond our current product candidates may not succeed, and any product candidates we recommend for clinical development may not actually begin clinical trials.
  • The regulatory approval processes of the FDA, the EMA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • Even if we obtain FDA approval for any of our product candidates in the United States, we may never obtain approval for or commercialize such candidates in any other jurisdiction, which would limit our ability to realize their full market potential.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, prevent new or modified products from being developed, reviewed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Even if we receive regulatory approval for any product candidate, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expenses.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Risks Related to Our Dependence on Third Parties
  • The commercial success of our product candidates depends upon their market acceptance among physicians, patients, healthcare payors and the medical community.
  • We rely on third parties to conduct our preclinical studies and clinical trials and perform other tasks. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business, financial condition and results of operations could be substantially harmed.
  • We currently rely on third parties for the manufacture of our product candidates during clinical development, and expect to continue to rely on third parties for the foreseeable future. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates, or such quantities at an acceptable cost, which could delay, prevent or impair our development or potential commercialization efforts.
  • Any clinical supply or collaboration arrangement that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our current and potential future product candidates.
  • If we are unable to develop our own commercial organization or enter into agreements with third parties to sell and market our product candidates, we may be unable to generate significant revenues.
  • Risks Related to Commercialization
  • The successful commercialization of Decoy20 or any future product candidates, if approved, will depend in part on the extent to which governmental authorities and health insurers establish coverage, adequate reimbursement levels and favorable pricing policies. Failure to obtain or maintain coverage and adequate reimbursement for our products could limit our ability to market those products and decrease our ability to generate revenue.
  • Recently enacted legislation, future legislation and healthcare reform measures may increase the difficulty and cost for us to obtain marketing approval for and commercialize Decoy20 and any future product candidates and may affect the prices we may set.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any product candidates that we may develop.
  • If we commence manufacturing of our products, we will be subject to a multitude of manufacturing risks, any of which could substantially increase our costs and limit the supply of our product candidates.
  • Risks Related to Competition and Managing Growth
  • If our competitors have product candidates that are approved faster, marketed more effectively, are better tolerated, have a more favorable safety profile or are demonstrated to be more effective than our product candidates, our commercial opportunity may be adversely affected.
  • Any product candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.
  • We will need to increase the size of our organization and may not successfully manage our growth.
  • Risks Related to Our Intellectual Property
  • We may not be able to adequately protect our proprietary or licensed technology in the marketplace.
  • We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection for licensed patents, pending patent applications and potential future patent applications and patents could be reduced or eliminated for non-compliance with these requirements.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • Any claims or lawsuits relating to infringement of intellectual property rights brought by or against us will be costly and time consuming and may adversely affect our business, financial condition and results of operations.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may be unable to adequately prevent disclosure of trade secrets and other proprietary information.
  • We may be subject to claims challenging the inventorship of our patents, any future patents we may own, and other intellectual property.
  • Risks Related to Healthcare Laws and Other Legal Compliance Matters
  • We are subject to various U.S. federal, state and foreign healthcare laws and regulations, which could increase compliance costs, and our failure to comply with these laws and regulations could harm our results of operations and financial condition.
  • Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.
  • Violations of or liabilities under environmental, health and safety laws and regulations could subject us to fines, penalties or other costs that could have a material adverse effect on the success of our business.
  • Other Risks Related to Our Business
  • Our business and operations may suffer in the event of information technology system failures, cyberattacks or deficiencies in our cybersecurity.
  • Risks Related to Our Common Stock
  • If we fail to comply with the continued listing requirements of the Nasdaq Capital Market, our common stock may be delisted and the price of our common stock and our ability to access the capital markets could be negatively impacted.
  • Risks related to Nasdaq’s proposed rule regarding minimum market value of listed securities.
  • The market price of our common stock is volatile and you may sustain a complete loss of your investment.
  • An active trading market for our common stock may not be sustained.
  • If securities or industry analysts do not publish or cease publishing research or reports, or publish unfavorable reports about us, our business or our market, our share price and trading volume could be negatively impacted.
  • Sales of a substantial number of our shares in the public market by our existing shareholders could cause our share price to decline.
  • We are a “smaller reporting company” and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
  • Maintaining and improving our financial controls and the requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 could have a material adverse effect on our share price.
  • If the Domestication Merger (defined below), taken together with the Merger (defined below), fails to qualify as a Section 351(a) Exchange, former U.S. holders of Intec Pharma, or Intec Israel, ordinary shares may recognize taxable gain as a result of the Domestication Merger.
  • Notwithstanding that the Domestication Merger and the Merger together are intended to qualify as a Section 351(a) Exchange, the Domestication Merger could be a taxable event for certain former U.S. Holders of Intec Israel ordinary shares.
  • General Risk Factors
  • Unfavorable global economic or geopolitical conditions could adversely affect our business, financial condition or results of operations.
  • Changes in tax law and regulations could adversely affect our business, financial condition and results of operations.

Legal proceedings

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

As of March 16, 2026, there are no pending material legal proceedings, and we are currently not aware of any legal proceedings or claims against us or our property that we believe will have any significant effect on our business, financial position or operating results. None of our officers or directors is a party against us in any legal proceeding.

The opening of Item 3, Legal Proceedings.3

Sources

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