MeritValue

Indaptus Therapeutics, Inc.

INDPdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Indaptus Therapeutics, Inc. earns about -250% on equity, and has bought back 76% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$7.71M1−$14.3M2−$15.4M3−$15M4−$20.8M4
Operating cash flow−$11.3M5−$13.1M6−$13.4M7−$12.3M8−$14.8M8
Capital expenditure$3,8549————
Free cash flow (derived)−$11.3M5————
Total debt—————
Cash & equivalents$39.1M10$9.63M11$13.4M12$5.79M13$8.51M13
Diluted shares4.1M8.3M8.4M334,133966,124

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.62
your share of equity
Profit it earned you last year
−$215.8
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $32.62 of net worth that earned you −$215.8 last year.

iii. Is this a good business?
Moat signal · return on equity
-250% avg · 5y
FY21 -21%FY22 -58%FY23 -128%FY24 -381%FY25 -662%

It earned an average -250% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−76% shares · 5y

Share count is down 76% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-008010 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009769 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010136 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010585 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008010 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009769 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010136 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010585 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008010 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-008010 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-009769 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001493152-25-010136 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001493152-26-010585 (CashAndCashEquivalentsAtCarryingValue)