Indaptus Therapeutics, Inc., a clinical-stage biotechnology company focused on cancer and viral infection treatments, announced its financial results for the first quarter ended March 31, 2025. The company reported research and development expenses of $2.8 million, compared to $1.6 million in the same period in 2024. This increase was primarily driven by a $1.5 million rise in expenses related to the Phase 1 clinical trial, offset by a $0.3 million decrease in payroll and related expenses. General and administrative expenses decreased to $1.8 million from $2.4 million in the previous year, mainly due to reduced payroll and legal fees. The company's loss per share for the quarter was $0.32, compared with $0.45 in the first quarter of 2024. As of March 31, 2025, Indaptus had cash and cash equivalents totaling $3.9 million, down from $5.8 million at the end of December 2024. The company indicated the need for additional capital to support activities beyond the second quarter of 2025. Net cash used in operating activities was $5.0 million for the first quarter of 2025, an increase from $3.9 million in the same period of 2024, largely due to heightened research and development efforts. There was no net cash movement from investing activities. However, net cash provided by financing activities rose to $3.2 million, up from $0.3 million in the previous year, driven by a $2.8 million increase. Significant business updates include the initiation of a Phase 1b/2 combination study of Decoy20 with the PD-1 checkpoint inhibitor Tislelizumab and new data demonstrating successful broad immune system activation in a weekly dosing trial of Decoy20. Additionally, Indaptus expanded its patent portfolio in China, Japan, and Israel, enhancing its intellectual property for infectious disease and cancer treatments.