Lazar Exits Indaptus Board After Selling Control Stake for $11.2 Million

Indaptus Therapeutics is a clinical-stage biotech that developed Decoy20, an immunotherapy platform based on attenuated bacteria intended to activate innate and adaptive immune responses. The New York-based company has no revenue and had accumulated an $83.8 million deficit as of March 31, 2026. A year ago it was fighting to stay listed on Nasdaq, receiving a bid-price deficiency notice in January 2025 before a 1-for-28 reverse stock split in June 2025 restored its compliance.

Its Phase 1 clinical program — evaluating Decoy20 in combination with the PD-1 inhibitor tislelizumab — is effectively on hold. In its first-quarter 2026 earnings press release, new CEO Junyi Dai stated the company had decided to discontinue further enrollment in the combination study and does not currently plan a new clinical trial, while it "reassesses" the Decoy platform's "preclinical data and underlying scientific rationale." Research and development spending fell from approximately $2.8 million in Q1 2025 to approximately $0.5 million in Q1 2026, reflecting the pullback.

Cash stood at $1.5 million as of March 31, 2026, down from $8.5 million at December 31, 2025. The quarterly cash statement shows $7 million in net operating outflows for Q1 2026, driven largely by a $5.2 million drawdown in accounts payable — payments tied to obligations from prior periods, including executive settlement packages negotiated in December 2025. The company has disclosed it will need to raise additional capital and cannot assure that financing will be available on acceptable terms.