Monitor daily volume and price action for actual ATM sales — any execution will accelerate dilution and likely pressure the stock. The company's lack of pipeline and going-concern risk make this a distressed equity; traders should avoid the long side until a strategic alternative (sale, merger, or reverse merger) is announced.
Price Chart
Executive Summary
Indaptus Therapeutics filed Amendment No. 1 to its August 31, 2026 prospectus supplement, correcting a clerical error in the dilution calculation for its up-to-$100M at-the-market (ATM) offering through H.C. Wainwright. No shares have been sold under the ATM to date. The company has no active clinical programs, discontinued its lead candidate Decoy20, and faces a going-concern risk. The ATM creates massive potential dilution (up to 87.7M shares at $1.14/share, representing ~66% of current outstanding shares), compounding the existing overhang from two prior S-3 resale registrations.
Key Facts
- ATM offering of up to $100M in common stock via H.C. Wainwright; no shares sold as of Sept 4, 2026
- Stock price $1.17 as of Sept 2, 2026; assumed offering price $1.14 per share
- Net tangible book value $0.09/share as of June 30, 2026; pro forma dilution of $0.65/share to new investors
- Company has no active clinical programs and auditor expressed substantial doubt about going concern
- Two prior S-3 filings (Aug 17 and June 26, 2026) registered ~58.9M and ~18.9M shares for resale by selling stockholders
Financial Impact
Up to $100M gross proceeds from ATM; pro forma dilution of $0.65/share (57% dilution from current $0.09 book value per share at assumed $1.14 price)
Risk Factors
- Massive dilution from ATM sales and existing resale registrations
- No active clinical programs or revenue; going-concern risk
- Potential for further equity raises or reverse splits
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-041526 |
| Document: 0001493152-26-041526-index-headers.html | 0001493152-26-041526 |
| Document: 0001493152-26-041526-index.html | 0001493152-26-041526 |
| Document: 0001493152-26-041526.txt | 0001493152-26-041526 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $2.56 $3.93 | ▼ −53.52% | ▼ −52.89% | $2.33 (+8.98%) |
Sep 4, 2026 27d ago | 424B5 | $1.85 $3.64 | ▼ −96.76% | ▼ −97.88% | $2.33 (−25.95%) |
Sep 1, 2026 4w ago | 8-K | $1.13 $2.08 | ▼ −84.07% | ▼ −83.99% | $2.33 (−106.19%) |
Aug 26, 2026 5w ago | EFFECT | $1.14 $1.17 | ▼ −2.63% | ▼ −2.75% | $2.33 (−104.39%) |
Aug 17, 2026 6w ago | S-3 | $0.9361 $1.10 | ▼ −16.97% | ▼ −17.18% | $2.33 (−148.91%) |
Aug 13, 2026 7w ago | 8-K | $1.06 $1.38 | ▲ +30.19% | ▲ +32.15% | $2.33 (+119.81%) |
Jul 20, 2026 10w ago | EFFECT | $2.46 $2.61 | ▼ −6.10% | ▼ −6.52% | $2.33 (+5.28%) |
Jun 26, 2026 13w ago | S-3 | $3.06 $2.85 | ▲ +6.86% | ▲ +8.25% | $2.33 (+23.86%) |
Jun 24, 2026 14w ago | 8-K | $3.26 $2.94 | ▲ +9.82% | ▲ +11.38% | $2.33 (+28.53%) |
May 15, 2026 20w ago | 8-K | $1.59 $1.22 | ▲ +23.27% | ▲ +24.23% | $2.33 (−46.54%) |
US Market Status
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