Indaptus Therapeutics : June 2024 June 2024 Investor Presentation

June 2024

CORPORATE PRESENTATION

NASDAQ: INDP

DISCLAIMERS

This presentation contains forward‐looking statements with the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act. These include statements regarding management's expectations, beliefs and intentions regarding, among other things: our product candidates development, including the timing and design of the Phase 1 clinical trial of Decoy20; our expectations regarding the recommended Phase 2 dose for subsequent multi-dosing and combination studies and related timing; the anticipated effects of our product candidates; our plans to develop and commercialize our product candidates; the market potential and treatment potential of our product candidates, including Decoy20; our commercialization, marketing and manufacturing capabilities and strategy; our expectations about the willingness of healthcare professionals to use our product candidates; our general business strategy and the plans and objectives of management for future operations; our research and development activities and costs; our future results of operations and condition; the sufficiency of our cash and cash equivalents to fund our ongoing activities. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. For example, forward‐looking statements are used in this presentation when we discuss Indaptus's future plans and expected timeline of its development pipeline.

Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to the following: our limited operating history; conditions and events that raise substantial doubt regarding our ability to continue as going concern; the need for, and our ability to raise, additional capital given our lack of current cash flow; our clinical and preclinical development, which involves a lengthy and expensive process with an uncertain outcome; our incurrence of significant research and development expenses and other operating expenses, which may make it difficult for us to attain profitability; our pursuit of a limited number of research programs, product candidates and specific indications and failure to capitalize on product candidates or indications that may be more profitable or have a greater likelihood of success; our ability to obtain and maintain regulatory approval of any product candidate; the market acceptance of our product candidates; our reliance on third parties to conduct our preclinical studies and clinical trials and perform other tasks; our reliance on third parties for the manufacture of our product candidates during clinical development; our ability to successfully commercialize Decoy20 or any future product candidates; our ability to obtain or maintain coverage and adequate reimbursement for our products; the impact of legislation and healthcare reform measures on our ability to obtain marketing approval for and commercialize Decoy20 and any future product candidates; product candidates of our competitors that may be approved faster, marketed more effectively, and better tolerated than our product candidates; our ability to adequately protect our proprietary or licensed technology in the marketplace; the impact of, and costs of complying with healthcare laws and regulations, and our failure to comply with such laws and regulations; information technology system failures, cyberattacks or deficiencies in our cybersecurity; and unfavorable global economic conditions. These and other important factors discussed under the caption "Risk Factors" included in our most recent Annual Report on Form 10-K filed with the SEC on March 13, 2024, and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation.

All forward‐looking statements speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Indaptus does not undertake any obligation to update or revise forward‐looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by applicable law.

This presentation contains information about investigation‐stage drug products under development, which have not yet been approved by the FDA for commercial distribution in the United States. All representations in this presentation are based upon investigations in certain clinical and other research, but which accordingly should not be construed as general claims for the safety or efficacy of the products when used by patients.

This presentation and information contained herein constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without our prior written consent and is intended for the recipient hereof only. By accepting delivery of this presentation, you acknowledge and agree that all of the information contained herein or disclosed orally in connection with this presentation is confidential, that you will not distribute, disclose or use such information for any purpose other than for the purpose of your participation in the potential offering, that you will not distribute, disclose or use such information in any way detrimental to us, and that you will return to us, delete or destroy this presentation upon request.

This presentation is not intended and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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DEVELOPING NOVEL, PATENTED SYSTEMICALLY-ADMINISTEREDANTI-CANCER & ANTI-VIRAL IMMUNOTHERAPIES

Indaptus Opportunity Highlights

Indaptus Therapeutics is a clinical biotechnology company developing novel and patented anti-cancer and anti-viral immunotherapies using gram-negative bacteria to safely prime and/or activate innate and adaptive immune pathways

	•	Phase 1 clinical trial of INDP020 (Decoy20) for	•	Multi-cohort of safety data presented in 2Q 2024 at ASCO
		treatment of solid tumors completed in August		(American Society of Clinical Oncologists) showing
		2023 and second cohort completed in 1Q 2024		transient cytokine/chemokine elevation
	•	Upcoming clinical milestones	• Multi-dose safety data expected in 2H 2024
	•	Multi-dose monotherapy efficacy data expected in 2025
			• Combination Proof of Concept data expected in late
				2025/early 2026
	•	Flexible technology	•	Potential applications across oncology, infectious
				diseases and other areas of immunology
	•	Experienced Leadership	•	Experiences in large pharma, academic institutions and
				small biotechs

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INVESTOR HIGHLIGHTS AND KEY METRICS

STOCK SYMBOL : INDP (NASDAQ)

Stock Price (5/31/24)​	$2.37
52 Week Range	$1.56 - $4.08
Average Daily Volume (3 months)	87K​
Common Shares Outstanding​	8.5M​
Market Capitalization (5/31/24)​	$20.3M​
Cash & Equivalents (3/31/24)​	$9.7M​
Enterprise Value	$10.6M​
Insider Ownership (%)​	16.9%​

Recent News		Analyst Reports

NASDAQ: INDP	4

INDAPTUS' IMMUNOTHERAPY PIPELINE

Broad portfolio of clinical programs utilizing Indaptus' proprietary platform

Name	Description	Indication
INDP010	Chemically-Modified	Multiple
(Decoy10)	Platform Strain
INDP020	Proprietary Chemically-	Advanced/
Modified Clinical	Metastatic
(Decoy20)
Development Strain	Tumors
INDP012	Chemically and Genetically-	Oncology
Modified Platform Strain
INDP014	Chemically and Genetically-	Infectious
Modified Platform Strain	Diseases
INDP016	Chemically and Genetically-	Oncology
Modified Platform Strain

Discovery

Optimization

Characterization

Preclinical

Phase 1

Phase 2

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LOW CURE RATES IN ADVANCED CANCERS

Current cancer immunotherapies only address a limited part of the immune system

Targeted Antibodies		IL-2 and IFN-α		T-vec/GM-CSF		Checkpoint		CAR-T

	Gamma-	Natural Killer	TAA
	Delta
	T-Cell
	T-Cell
	Natural Killer Cell		Dendritic Cell
INNATE				ADAPTIVE
	Neutrophil		CD8+ T-Cell
	TAA
	Macrophage		CD4+ T-Cell

TUMOR

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POTENTIALLY FIRST-IN-CLASS SAFELY ACTIVATED INNATE AND ADAPTIVE IMMUNE PATHWAYS

DECOY

Targeted Antibodies		IL-2 and IFN-α		T-vec/GM-CSF		Checkpoint		CAR-T

	Gamma-	Natural Killer	TAA
	Delta
	T-Cell		T-Cell
	Natural Killer Cell			Dendritic Cell
INNATE					ADAPTIVE
		TUMOR
	Neutrophil	CD8+ T-Cell
	TAA
	Macrophage			CD4+ T-Cell

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RE-IMAGINING IMMUNOTHERAPY

A broad, brief immune activation approach

Current Immunotherapy Approaches

Decoy Platform Approach

• Most immunotherapy approaches target one or only a few immune components
• Most current therapies require continuous exposure
• Long duration of exposure ranging from weeks to months can lead to immune related toxicities
• Response rates are often below 50%
• • Five-yearsurvival rates are often below 20%

• Decoy Therapeutics contain a package of immune agonists that activate both innate and adaptive immune pathways
• Decoy Therapeutics provide a "pulse- prime" activation that is cleared within a few hours - reducing the potential for long-term toxicity
• In humans, Decoy Therapeutics transiently activate more than 50 cytokine/chemokines that may work synergistically in attacking tumors

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Why Utilize Gram-Negative Bacteria?

• Gram-negativebacteria contain many innate and adaptive immune activators
• Killed bacteria provide both a short duration of exposure and the ability to stimulate both innate and adaptive pathways
• Most steps of innate and adaptive immune activation occur outside the tumor environment, necessitating systemic, rather than intratumoral therapy
• Activation of the innate pathway is required for an optimal adaptive response

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I.V. ADMINISTERED GRAM-NEGATIVE BACTERIA TOXICITY

Gram-negative bacteria are toxic due to surplus of lipopolysaccharide

Lipopolysaccharide (LPS-endotoxin) TLR4 agonist is:

• One of the most potent and broadly acting immune system activators
• Constitutes about 75% of Gram-negative bacterial cell membrane
• Potent inducer of cytokines - including IL-6, which contributes to cytokine release syndrome (CRS)

Two options - eliminate or reduce LPS (activator of TLR4)

• Elimination of LPS
• • Was tried (Vion Pharmaceuticals) - no anti-tumor activity in Phase 1, suggesting a need to activate TLR4
• Reduce LPS to provide a safer and potentially more optimal immune response
• • Indaptus estimates a ~90% reduction in LPS will be safe and will allow i.v. administration of more of all the other immune agonists
  • TLR4 is required for dendritic cell activation, antigen processing and presentation for anti-tumor immunotherapy1
  • LPS induces M1 Macrophage polarization, stimulates NK cells, induces maturation of APC/Dendritic cells, primes and amplifies T & B cell function and enhances Th1 immune responses2

1.	Fang Cell Mol Immunol 11 150 2014; Apetoh Nature Medicine 13 1050 2007	10
2.	Buscher Nature Comm 8 16041 2017; Arenas Drug Targets 12 221 2012