Value Investor
Start free

Indaptus Therapeutics

INDP on Nasdaq. Pharmaceutical preparations. Market value $412m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$3.50 a share, 280% above its 1-year low

Over the past year the price has ranged from $0.92 to $5.96.

Pays no dividend

Prices from Monday’s close (2 November).

Five years of cash, in billions

-0.0
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.01bn0.00bn0.13bn

Health checks

  • Free cash flow positive0 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 1513% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $2 million, compared with a loss of $5 million a year ago.
  • 20099% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$3m
December 2024-$4m
March 2025-$5m
June 2025-$5m
September 2025-$3m
December 2025-$8m
March 2026-$3m
June 2026-$2m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
17 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

None of the long-term investors we follow own it. 9 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • Lazar David E.
    Insider or founder
    47.9%−50.1 pts
    Since 23 March 2026
    What they said

    Item 4 is hereby amended to add the following: Following the completion of the transactions set forth in the March 2026 SPA (as defined below), the Reporting Person has resigned as co-Chief Executive Officer of the Issuer. The Reporting Person will remain a member of the…

    Read the filing
  • Yao Yun
    Passive investor
    27.3%−4.2 pts
    Since 16 October 2026
    What they said

    The information set forth in Item 4 in the Initial Schedule 13D is incorporated herein by reference. This Amendment No. 3 is being filed to report a decrease of more than 1% in the percentage of the outstanding Common Stock beneficially owned by the Reporting Person, resulting…

    Read the filing
  • Sino Lion Ventures Ltd
    Passive investor
    at least 25.3%−3.9 pts
    (filed with 1 related holder)
    Since 16 October 2026
    What they said

    The information set forth in Item 4 in the Initial Schedule 13D is incorporated herein by reference. This Amendment No. 3 is being filed to report a decrease of more than 1% in the percentage of the outstanding Common Stock beneficially owned by the Reporting Persons, resulting…

    Read the filing
  • Jeffery A. Meckler
    Insider or founder
    12.7%
    Since 22 December 2025
  • Dai Junyi
    Insider or founder
    7.3%−1.1 pts
    Since 16 October 2026
    What they said

    The information set forth in Item 4 in the Initial Schedule 13D is incorporated herein by reference. This Amendment No. 3 is being filed to report a decrease of more than 1% in the percentage of the outstanding Common Stock beneficially owned by the Reporting Person, resulting…

    Read the filing
  • Yang Ting
    Passive investor
    6.5%−2.0 pts
    Since 16 October 2026
    What they said

    The information set forth in Item 4 of the Original Schedule 13D is incorporated herein by reference. This Amendment No. 3 is being filed to report a decrease in the percentage of the outstanding Common Stock beneficially owned by the Reporting Person resulting from (i) the…

    Read the filing
  • Newman Michael James
    Insider or founder
    5.4%
    Since 22 December 2025
  • Deng Lina
    Sold down below 5%
    Since 28 April 2026
  • YA II PN, Ltd.
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Indaptus Therapeutics’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 12 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “As a result of these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern.”
    Show the full paragraph
    As a result of these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that would result if the Company was unable to continue as a going concern.

    From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.