Indaptus Therapeutics (INDP) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40652
Entity Registrant Name	Indaptus Therapeutics, Inc.
Entity Central Index Key	0001857044
Entity Tax Identification Number	86-3158720
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3 Columbus Circle
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(646)
Local Phone Number	427-2727
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	INDP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,258,597

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 6,718,213	$ 39,132,165
Marketable securities	21,742,040
Assets held for sale		148,400
Prepaid expenses and other current assets	1,133,392	1,106,653
Total current assets	29,593,645	40,387,218
Non-current assets:
Property and equipment, net	2,340	3,800
Right-of-use asset	102,254	169,088
Other assets	754,728	16,477
Total non-current assets	859,322	189,365
Total assets	30,452,967	40,576,583
Current liabilities:
Accounts payable and other current liabilities	2,782,084	4,507,676
Operating lease liability, current portion	98,625	96,465
Total current liabilities	2,880,709	4,604,141
Non-current liabilities:
Operating lease liability, net of current portion	4,949	72,862
Total non-current liabilities	4,949	72,862
Total liabilities	2,885,658	4,677,003
Commitments and contingent liabilities (Note 8)
Stockholders’ equity:
Common stock: $0.01 par value, 200,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 8,258,597 shares issued and outstanding as of September 30, 2022 and December 31, 2021	82,586	82,586
Additional paid in capital	53,807,500	51,487,881
Accumulated deficit	(26,337,908)	(15,670,887)
Accumulated other comprehensive income	15,131
Total stockholders’ equity	27,567,309	35,899,580
Total liabilities and stockholders’ equity	$ 30,452,967	$ 40,576,583

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,258,597	8,258,597
Common stock, shares outstanding	8,258,597	8,258,597

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 1,609,554	$ 697,674	$ 4,412,817	$ 1,578,512
General and administrative	1,942,995	2,670,317	6,411,066	2,932,100
Total operating expenses	3,552,549	3,367,991	10,823,883	4,510,612
Loss from operations	(3,552,549)	(3,367,991)	(10,823,883)	(4,510,612)
Other income, net	86,184	827	156,862	15,548
Net loss	$ (3,466,365)	$ (3,367,164)	$ (10,667,021)	$ (4,495,064)
Net loss available to common stockholders per share of common stock, basic and diluted	$ (0.42)	$ (0.81)	$ (1.29)	$ (1.67)
Weighted average number of shares used in calculating net loss per share, basic and diluted	8,258,597	4,180,744	8,258,597	2,692,770
Other comprehensive income:
Reclassification adjustment for realized gain on available for sale securities included in net loss	$ (7,836)		$ (7,836)
Unrealized gain on available-for-sale securities	49,904		22,967
Comprehensive loss	$ (3,424,297)	$ (3,367,164)	$ (10,651,890)	$ (4,495,064)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 8,359	$ 19,447	$ 7,693,994	$ (7,959,501)		$ (237,701)
Beginning balance, shares at Dec. 31, 2020	835,928	1,944,672
Stock-based compensation			20,445			20,445
Net loss				(612,421)		(612,421)
Ending balance, value at Mar. 31, 2021	$ 8,359	$ 19,447	7,714,439	(8,571,922)		(829,677)
Ending balance, shares at Mar. 31, 2021	835,928	1,944,672
Beginning balance, value at Dec. 31, 2020	$ 8,359	$ 19,447	7,693,994	(7,959,501)		(237,701)
Beginning balance, shares at Dec. 31, 2020	835,928	1,944,672
Net loss						(4,495,064)
Other comprehensive income
Ending balance, value at Sep. 30, 2021		$ 81,332	50,452,275	(12,454,565)		38,079,042
Ending balance, shares at Sep. 30, 2021		8,133,243
Beginning balance, value at Mar. 31, 2021	$ 8,359	$ 19,447	7,714,439	(8,571,922)		(829,677)
Beginning balance, shares at Mar. 31, 2021	835,928	1,944,672
Stock-based compensation			20,673			20,673
Net loss				(515,479)		(515,479)
Ending balance, value at Jun. 30, 2021	$ 8,359	$ 19,447	7,735,112	(9,087,401)		(1,324,483)
Ending balance, shares at Jun. 30, 2021	835,928	1,944,672
Stock-based compensation			795,338			795,338
Net loss				(3,367,164)		(3,367,164)
Conversion of preferred Stock	$ (8,359)	$ 8,359
Conversion of preferred stock, shares	(835,928)	835,928
Conversion of SAFE Agreements		$ 7,666	6,409,463			6,417,129
Conversion of SAFE Agreements, shares		766,627
Issuance of common stock upon merger, net of Decoy’s transaction costs in the amount of $665,627		$ 18,587	8,246,233			8,264,820
Issuance of common stock upon merger, net of Decoy's transaction costs, shares		1,858,743
Issuance of pre-funded warrants and warrants, net of issuance costs in the amount of $2,706,598			27,266,129			27,266,129
Exercise of pre-funded warrants		$ 27,273				27,273
Exercise of pre-funded warrants, shares		2,727,273
Other comprehensive income
Ending balance, value at Sep. 30, 2021		$ 81,332	50,452,275	(12,454,565)		38,079,042
Ending balance, shares at Sep. 30, 2021		8,133,243
Beginning balance, value at Dec. 31, 2021		$ 82,586	51,487,881	(15,670,887)		35,899,580
Beginning balance, shares at Dec. 31, 2021		8,258,597
Stock-based compensation			831,183			831,183
Net loss				(3,365,154)		(3,365,154)
Other comprehensive income					(9,221)	(9,221)
Ending balance, value at Mar. 31, 2022		$ 82,586	52,319,064	(19,036,041)	(9,221)	33,356,388
Ending balance, shares at Mar. 31, 2022		8,258,597
Beginning balance, value at Dec. 31, 2021		$ 82,586	51,487,881	(15,670,887)		35,899,580
Beginning balance, shares at Dec. 31, 2021		8,258,597
Net loss						(10,667,021)
Other comprehensive income						22,967
Ending balance, value at Sep. 30, 2022		$ 82,586	53,807,500	(26,337,908)	15,131	27,567,309
Ending balance, shares at Sep. 30, 2022		8,258,597
Beginning balance, value at Mar. 31, 2022		$ 82,586	52,319,064	(19,036,041)	(9,221)	33,356,388
Beginning balance, shares at Mar. 31, 2022		8,258,597
Stock-based compensation			904,395			904,395
Net loss				(3,835,502)		(3,835,502)
Other comprehensive income					(17,716)	(17,716)
Ending balance, value at Jun. 30, 2022		$ 82,586	53,223,459	(22,871,543)	(26,937)	30,407,565
Ending balance, shares at Jun. 30, 2022		8,258,597
Stock-based compensation			584,041			584,041
Net loss				(3,466,365)		(3,466,365)
Other comprehensive income					49,904	49,904
Reclassification adjustment for realized gain on available for sale securities included in net loss					(7,836)	(7,836)
Ending balance, value at Sep. 30, 2022		$ 82,586	$ 53,807,500	$ (26,337,908)	$ 15,131	$ 27,567,309
Ending balance, shares at Sep. 30, 2022		8,258,597

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Decoy's transaction costs
Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance expense	2,706,598
Merger Transaction [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Decoy's transaction costs	$ 665,627

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (10,667,021)	$ (4,495,064)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,460	868
Stock-based compensation	2,319,619	836,456
Realized gain on assets held for sale	(24,155)
Realized gain on marketable securities	(7,836)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(26,739)	(1,128,933)
Accounts payable and other current liabilities	(1,725,592)	(2,964,147)
Other assets	(738,251)
Operating lease right-of-use asset and liability, net	1,081
Net cash used in operating activities	(10,867,434)	(7,750,820)
Cash flows from investing activities:
Proceeds received for assets held for sale	172,555
Purchases of property and equipment		(3,854)
Purchase of marketable securities	(23,719,073)
Maturity of short-term investments	2,000,000
Net cash used in investing activities	(21,546,518)	(3,854)
Cash flows from financing activities:
Proceeds from merger		16,346,622
Decoy’s transaction costs		(665,627)
Issuance of pre-funded warrants and warrants		29,972,727
Issuance costs of Private Placement		(2,706,598)
Exercise of pre-funded warrants		27,273
Proceeds from SAFEs, net		5,000,000
Net cash provided by financing activities		47,974,397
Net (decrease) increase in cash and cash equivalents	(32,413,952)	40,219,723
Cash and cash equivalents at beginning of period	39,132,165	1,637,499
Cash and cash equivalents at end of period	6,718,213	41,857,222
Noncash investing and financing activities
Conversion of preferred stock		8,359
Conversion of SAFEs		6,417,129
Liabilities assumed, net of non-cash assets received in reverse merger		7,616,175
Release of deposit upon closing of merger		200,000
Supplemental cash flow disclosures
Cash paid for income taxes	2,400	800
Cash received for interest earned on deposits	$ 70,353	$ 2,362

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1: GENERAL a. Indaptus Therapeutics, Inc. and its wholly-owned subsidiaries, Decoy Biosystems, Inc. and Intec Pharma Ltd., (collectively, the “Company”), is a biotechnology company dedicated to enhancing and expanding curative cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas, which are responsible for more than 90% of all cancer deaths. The Company is developing a novel, multi-targeted product that activates both innate and adaptive anti-tumor and anti-viral immune responses. Indaptus Therapeutics, Inc. (“Indaptus”), formerly “Intec Parent Inc.”, was established and incorporated in Delaware on February 24, 2021, as a private Delaware corporation and wholly-owned subsidiary of Intec Pharma Ltd., (“Intec Israel”), a former publicly traded company. b. On August 3, 2021, Indaptus completed its merger with Decoy Biosystems, Inc., (“Decoy”), following the satisfaction or waiver of the conditions set forth in the Agreement and Plan of Merger, dated as of March 15, 2021 among Indaptus, Decoy, Intec Israel, Domestication Merger Sub Ltd., an Israeli company and a wholly-owned subsidiary of Indaptus, and Dillon Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Indaptus (“the Merger Sub”), pursuant to which Merger Sub merged with and into Decoy, with Decoy surviving as a wholly-owned subsidiary of Indaptus (the “Merger”) and the business conducted by Decoy became the business conducted by Indaptus. Also, in connection with the Merger, Indaptus changed its name from “Intec Parent, Inc.” to “Indaptus Therapeutics, Inc.”. Following completion of the Merger, shares of Indaptus common stock commenced trading at market open on August 4, 2021, on the Nasdaq Capital Market under the name “Indaptus Therapeutics, Inc.” and under the symbol “INDP”. c. In connection with the Merger, on July 23, 2021, Indaptus entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor, pursuant to which Indaptus agreed to sell and issue, in a private placement (the “Private Placement”), pre-funded warrants and warrants for total net proceeds of approximately $ 27.3 2.7 11.00 136,364 13.75 d. On June 1, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) which was amended on September 1, 2022 with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of the Company’s common stock, par value $ 0.01 6.3 The issuance and sale of common stock by the Company under the ATM Agreement Risks and uncertainties The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operating losses (see below), competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. The COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in the past year. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies, including by causing disruptions in the supply of its product candidates and the conduct of future clinical trials. For example, the pandemic has caused our good manufacturing practice (“GMP”) process to take longer than expected. In addition, the COVID-19 pandemic may affect the operations of the FDA and other health authorities, which could result in delays of reviews and approvals, including with respect to the Company’s product candidates. Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact its short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, capital raise efforts and additional development of the Company’s technologies may be negatively affected. Going concern and management’s plans The Company has incurred net losses and utilized cash in operations since inception, has an accumulated deficit as of September 30, 2022 of $ 26.3 Management plans to raise additional capital through equity and/or debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. However, these plans are not entirely within its control and cannot be assessed as being probable of occurring. The Company’s ability to raise additional capital may be adversely impacted by potential worsening of global economic conditions and the recent disruptions to, and volatility in, financial markets in the United States and worldwide resulting from the conflict between Russia and Ukraine and the ongoing COVID-19 pandemic. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, or eliminate its research and development programs or other operations. If any of these events occur, the Company’s ability to achieve the development and commercialization goals would be adversely affected. These unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and S-X Article 10 for interim financial statements. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2022, the consolidated results of operations and changes in stockholders’ equity for the three and nine-month periods ended September 30, 2022 and 2021, and cash flows for the nine-month periods ended September 30, 2022 and 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2021, as filed in the Company’s Form The results for the nine-month period ended September 30, 2022 are not necessarily indicative of the results expected for the year ending December 31, 2022. Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Indaptus and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 2022 2021 Weighted average Three months ended Nine months ended September 30 September 30 2022 2021 2022 2021 Outstanding stock options 1,608,837 894,645 1,543,931 436,445 Warrants 3,090,787 3,648,274 3,090,787 1,220,562 Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2022 and December 31, 2021, cash and cash equivalents consist primarily of checking and money market deposits. The Company’s cash balances exceed those that are federally insured; however, the Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. To date, the Company has not recognized any losses caused by uninsured balances. Marketable securities The Company’s investment in marketable securities includes U.S. treasury bonds that are classified as available-for-sale securities pursuant to Accounting Standards Codification (“ASC”) 320 “Investments — Debt Securities Property and equipment Property and equipment assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of three years for employee-related computers and other office equipment and five years for furniture. Leasehold improvements are amortized over the shorter of the lease-term or the estimated useful life of the related asset. Patents The Company expenses patent costs, including related legal costs, as incurred and records such costs within general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and development are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset, which will be amortized or expensed as the contracted services are performed. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. As of September 30, 2022 and December 31, 2021, the Company has recorded a full valuation allowance against its deferred tax assets. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. Stock-based compensation The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined using the Black-Scholes-Merton (“Black-Scholes”) option pricing model as of the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, on a straight-line basis. The Black-Scholes model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards, including the option’s expected term and the price volatility of the underlying stock. The Company estimates the fair value of options granted by using the Black-Scholes model with the following assumptions: Expected Volatility Expected Term Risk-Free Interest Rate Dividend Yield The Company has elected to recognize forfeitures as they occur. Fair value measurements Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and providing disclosures about fair value measurements. The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. ASC 820, Fair Value Measurement

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 3: MARKETABLE SECURITIES The Company’s investment in marketable securities included U.S. treasury bonds with maturities of less than one year. These investments are classified as available-for-sale and are recorded at fair value with unrealized gains and losses recorded in AOCI. These investments are categorized as Level 2. As of September 30, 2022, the fair value of the marketable securities is $ 21,742,040 no The unrealized gains for the three and nine-month periods ended September 30, 2022 amounted to $ 42,068 15,131

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses And Other Current Assets
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS September 30, December 31, 2022 2021 Prepaid insurance $ 836,833 $ 945,023 Prepaid research and development 248,719 127,643 Other receivables - 21,056 Other prepaid expenses 47,840 12,931 Total prepaid expenses and other current assets $ 1,133,392 $ 1,106,653

ACCOUNTS PAYABLE AND OTHER CURR

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	NOTE 5: ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES September 30, December 31, 2022 2021 Accounts payable $ 1,246,240 $ 2,637,806 Accrued employee costs 791,382 1,371,136 Accrued professional fees 228,811 139,871 Accrued research and development 241,009 135,751 Accrued board fees 116,000 125,333 Delaware franchise taxes payable 96,697 - Other accrued expenses 61,945 97,779 Total accounts payable and other current liabilities $ 2,782,084 $ 4,507,676

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 6: STOCK-BASED COMPENSATION In June 2021, the Intec Israel shareholders voted to approve the Indaptus 2021 Stock Incentive Plan, an equity incentive plan for grants to employees, officers, consultants, directors and other service providers, (the “2021 Plan”), that became effective upon the closing of the Merger. The maximum aggregate number of Shares that may be issued pursuant to this Plan is 1,864,963 shares (the “Pool”); provided, however that the Pool will increase on January 1 of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2024 (each, an “Evergreen Date”), in an amount equal to the lesser of (i) 3% of the total number of shares of Common Stock outstanding on the December 31 st The 2021 Plan provides for the grant of non-qualified stock options, incentive stock options, restricted stock awards, restricted stock units, unrestricted stock awards, stock appreciation rights and other forms of stock-based compensation. The 2021 Plan permits the Company’s board to change the type, terms and conditions of awards as circumstances may change. This flexibility to adjust the type of compensation to be granted is particularly important given current economic and world events. On January 26, 2022, Indaptus’ board of directors approved a grant of options to purchase 289,200 4.90 ten years On February 1, 2022, Indaptus’ board of directors approved a grant of options to purchase 90,000 4.97 ten years On February 25, 2022, Indaptus’ board of directors approved a grant of options to purchase 60,000 4.18 ten years On June 21, 2022, Indaptus’ board of directors approved a grant of options to purchase 25,000 2.06 ten years On August 22, 2022, Indaptus’ board of directors approved a grant of options to purchase 7,500 2.36 ten years On September 30, 2022, Indaptus’ board of directors approved a grant of options to purchase 149,750 2.16 ten years A summary of the stock option activity during the nine months ended September 30, 2022, is presented in the table below: SCHEDULE OF SHARE BASED COMPENSATION Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2022 1,174,660 $ 17.10 9.1 $ 241,103 Granted 621,450 $ 4.04 9.5 $ - Exercised - $ - - $ - Forfeited and cancelled (33,237 ) $ 11.46 - $ - Outstanding as of September 30, 2022 1,762,873 $ 12.60 8.8 $ 2,500 Exercisable as of September 30, 2022 531,856 $ 26.55 7.9 $ - Vested and expected to vest as of September 30, 2022 1,762,873 $ 12.60 8.8 $ 2,500 The following table summarizes the total stock-based compensation expense included in the unaudited condensed consolidated statements of operations for the periods presented: SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2022 2021 2022 2021 For the three months ended For the nine months ended 2022 2021 2022 2021 Research and development $ 217,379 $ 209,466 $ 602,069 $ 225,936 General and administrative 366,662 585,872 1,717,550 610,520 Total stock-based compensation expense $ 584,041 $ 795,338 $ 2,319,619 $ 836,456 As of September 30, 2022, total compensation cost not yet recognized related to unvested stock options was approximately $ 5.6 1.6 The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The weighted average inputs used to measure the value of the options granted during the nine months ended September 30, 2022 are presented in the table below. The weighted average fair value of stock options issued during the nine months ended September 30, 2022 was $ 3.27 SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2022 Stock price $ 4.04 Exercise price $ 4.04 Expected term (in years) 5.83 Volatility 106.6 % Risk free rate 2.2 % Dividend yield 0.0 % The following table presents the exercise price of outstanding stock options as of September 30, 2022: SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Options Exercise price $0.01 - $8.00 722,175 $ 0.01 8.00 722,175 $ 8.01 16.00 1,006,000 $ 16.01 34,698 Total 1,762,873

CAPITALIZATION

CAPITALIZATION	9 Months Ended
	Sep. 30, 2022
Capitalization
CAPITALIZATION	NOTE 7: CAPITALIZATION a. As of September 30, 2022 and December 31, 2021, the Company had 200,000,000 8,258,597 b. As of September 30, 2022 and December 31, 2021, there were warrants outstanding to purchase an aggregate of 3,090,787 12.50 4.2

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8: COMMITMENTS AND CONTINGENCIES Litigation On July 13, 2022, LTS Lohmann Therapie Systeme AG (“LTS”) filed a Request for Arbitration with the International Chamber of Commerce (“Request”), naming as respondent the Company’s subsidiary Intec Israel. The Request alleges that LTS is entitled to payment of Euro 2 1 1 1 1 From time to time, the Company could become involved in additional disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation. Leases On October 1, 2021, the Company entered into a noncancelable two-year operating lease agreement for approximately 2,000 7,999 3% 7% Future minimum annual lease payments under the Company’s noncancelable operating lease as of September 30, 2022 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2022 $ 24,476 2023 82,388 Total minimum lease payments 106,864 Less: amount representing interest (3,290 ) Present value of operating lease liability 103,574 Less: current portion (98,625 ) Operating lease liability, net of current portion $ 4,949 The Company recognized rent expense of $ 73,069 19,432 24,356 6,701 71,989 19,160

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9: SUBSEQUENT EVENTS The Company evaluated subsequent events from September 30, 2022, the date of these unaudited condensed consolidated financial statements, through November 10, 2022, which represents the date the condensed consolidated financial statements were issued, for events requiring recognition or disclosure in the consolidated financial statements for the period ended September 30, 2022. The Company concluded that no events have occurred that would require recognition or disclosure in the condensed consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and S-X Article 10 for interim financial statements. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2022, the consolidated results of operations and changes in stockholders’ equity for the three and nine-month periods ended September 30, 2022 and 2021, and cash flows for the nine-month periods ended September 30, 2022 and 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2021, as filed in the Company’s Form The results for the nine-month period ended September 30, 2022 are not necessarily indicative of the results expected for the year ending December 31, 2022.
Principles of consolidation	Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Indaptus and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates.
Loss per share	Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 2022 2021 Weighted average Three months ended Nine months ended September 30 September 30 2022 2021 2022 2021 Outstanding stock options 1,608,837 894,645 1,543,931 436,445 Warrants 3,090,787 3,648,274 3,090,787 1,220,562
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2022 and December 31, 2021, cash and cash equivalents consist primarily of checking and money market deposits. The Company’s cash balances exceed those that are federally insured; however, the Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. To date, the Company has not recognized any losses caused by uninsured balances.
Marketable securities	Marketable securities The Company’s investment in marketable securities includes U.S. treasury bonds that are classified as available-for-sale securities pursuant to Accounting Standards Codification (“ASC”) 320 “Investments — Debt Securities
Property and equipment	Property and equipment Property and equipment assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of three years for employee-related computers and other office equipment and five years for furniture. Leasehold improvements are amortized over the shorter of the lease-term or the estimated useful life of the related asset.
Patents	Patents The Company expenses patent costs, including related legal costs, as incurred and records such costs within general and administrative expense in the accompanying unaudited condensed consolidated statements of operations.
Research and development expenses	Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and development are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset, which will be amortized or expensed as the contracted services are performed.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. As of September 30, 2022 and December 31, 2021, the Company has recorded a full valuation allowance against its deferred tax assets. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses.
Stock-based compensation	Stock-based compensation The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined using the Black-Scholes-Merton (“Black-Scholes”) option pricing model as of the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, on a straight-line basis. The Black-Scholes model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards, including the option’s expected term and the price volatility of the underlying stock. The Company estimates the fair value of options granted by using the Black-Scholes model with the following assumptions: Expected Volatility Expected Term Risk-Free Interest Rate Dividend Yield The Company has elected to recognize forfeitures as they occur.
Fair value measurements	Fair value measurements Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and providing disclosures about fair value measurements. The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. ASC 820, Fair Value Measurement

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SCHEDULE OF ANTI-DILUTIVE SECURITIES	The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 2022 2021 Weighted average Three months ended Nine months ended September 30 September 30 2022 2021 2022 2021 Outstanding stock options 1,608,837 894,645 1,543,931 436,445 Warrants 3,090,787 3,648,274 3,090,787 1,220,562

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses And Other Current Assets
SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS September 30, December 31, 2022 2021 Prepaid insurance $ 836,833 $ 945,023 Prepaid research and development 248,719 127,643 Other receivables - 21,056 Other prepaid expenses 47,840 12,931 Total prepaid expenses and other current assets $ 1,133,392 $ 1,106,653

ACCOUNTS PAYABLE AND OTHER CU_2

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES September 30, December 31, 2022 2021 Accounts payable $ 1,246,240 $ 2,637,806 Accrued employee costs 791,382 1,371,136 Accrued professional fees 228,811 139,871 Accrued research and development 241,009 135,751 Accrued board fees 116,000 125,333 Delaware franchise taxes payable 96,697 - Other accrued expenses 61,945 97,779 Total accounts payable and other current liabilities $ 2,782,084 $ 4,507,676

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF SHARE BASED COMPENSATION	A summary of the stock option activity during the nine months ended September 30, 2022, is presented in the table below: SCHEDULE OF SHARE BASED COMPENSATION Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2022 1,174,660 $ 17.10 9.1 $ 241,103 Granted 621,450 $ 4.04 9.5 $ - Exercised - $ - - $ - Forfeited and cancelled (33,237 ) $ 11.46 - $ - Outstanding as of September 30, 2022 1,762,873 $ 12.60 8.8 $ 2,500 Exercisable as of September 30, 2022 531,856 $ 26.55 7.9 $ - Vested and expected to vest as of September 30, 2022 1,762,873 $ 12.60 8.8 $ 2,500
SCHEDULE OF STOCK BASED COMPENSATION EXPENSES	SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2022 2021 2022 2021 For the three months ended For the nine months ended 2022 2021 2022 2021 Research and development $ 217,379 $ 209,466 $ 602,069 $ 225,936 General and administrative 366,662 585,872 1,717,550 610,520 Total stock-based compensation expense $ 584,041 $ 795,338 $ 2,319,619 $ 836,456
SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED	SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2022 Stock price $ 4.04 Exercise price $ 4.04 Expected term (in years) 5.83 Volatility 106.6 % Risk free rate 2.2 % Dividend yield 0.0 %
SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS	SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Options Exercise price $0.01 - $8.00 722,175 $ 0.01 8.00 722,175 $ 8.01 16.00 1,006,000 $ 16.01 34,698 Total 1,762,873

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
SUMMARY OF MINIMUM LEASE PAYMENTS	Future minimum annual lease payments under the Company’s noncancelable operating lease as of September 30, 2022 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2022 $ 24,476 2023 82,388 Total minimum lease payments 106,864 Less: amount representing interest (3,290 ) Present value of operating lease liability 103,574 Less: current portion (98,625 ) Operating lease liability, net of current portion $ 4,949

GENERAL (Details Narrative)

GENERAL (Details Narrative) - USD ($)	Jun. 01, 2022	Jul. 23, 2021	Sep. 30, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value			$ 0.01	$ 0.01
Accumulated deficit			$ 26,337,908	$ 15,670,887
Purchase Agreements [Member] | Private Placement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total net proceeds from issuance of pre-funded warrants and warrants to purchase Indaptus common stock		$ 27,300,000
Issuance expenses		$ 2,700,000
Warrant is exercisable price		$ 11
Number of warrants issued to the placement agent		136,364
Exercise price of warrant issued to the placement agent		$ 13.75
At The Market Offering Agreement [Member] | H.C. Wainwright & Co LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value	$ 0.01
Common stock gross proceeds	$ 6,300,000

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants	1,608,837	894,645	1,543,931	436,445
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants	3,090,787	3,648,274	3,090,787	1,220,562

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 21,742,040	$ 21,742,040
Unrealized gains on marketable securities	$ 42,068	$ 15,131

SCHEDULE OF PREPAID EXPENSE AND

SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expenses And Other Current Assets
Prepaid insurance	$ 836,833	$ 945,023
Prepaid research and development	248,719	127,643
Other receivables		21,056
Other prepaid expenses	47,840	12,931
Total prepaid expenses and other current assets	$ 1,133,392	$ 1,106,653

SCHEDULE OF ACCOUNTS PAYABLE AN

SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 1,246,240	$ 2,637,806
Accrued employee costs	791,382	1,371,136
Accrued professional fees	228,811	139,871
Accrued research and development	241,009	135,751
Accrued board fees	116,000	125,333
Delaware franchise taxes payable	96,697
Other accrued expenses	61,945	97,779
Total accounts payable and other current liabilities	$ 2,782,084	$ 4,507,676

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of options, Outstanding, Beginning balance	1,174,660
Weighted average exercise price, Outstanding, Beginning balance	$ 17.10
Weighted average remaining contractual life, Outstanding, Ending balance	8 years 9 months 18 days	9 years 1 month 6 days
Intrinsic value, Outstanding, Beginning balance	$ 241,103
Number of options, Granted	621,450
Weighted average exercise price, Granted	$ 4.04
Weighted average remaining contractual life, Granted	9 years 6 months
Number of options, Exercised
Number of options, Forfeited and cancelled	(33,237)
Weighted average exercise price, Forfeited and cancelled	$ 11.46
Number of options, Outstanding, Ending balance	1,762,873	1,174,660
Weighted average exercise price, Ending balance	$ 12.60	$ 17.10
Intrinsic value, Outstanding, Ending balance	$ 2,500	$ 241,103
Number of options, Exercisable	531,856
Weighted average exercise price, Exercisable	$ 26.55
Exercisable at end of period, Weighted average remaining contractual life	7 years 10 months 24 days
Number of options, Vested and expected to vest	1,762,873
Weighted average exercise price, Vested and expected to vest	$ 12.60
Vested and expected to vest, Weighted average remaining contractual life	8 years 9 months 18 days
Intrinsic value, Vested and expected to vest	$ 2,500

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION EXPENSES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 584,041	$ 795,338	$ 2,319,619	$ 836,456
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	217,379	209,466	602,069	225,936
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 366,662	$ 585,872	$ 1,717,550	$ 610,520

SCHEDULE OF WEIGHTED AVERAGE IN

SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-Based Payment Arrangement [Abstract]
Stock price	$ 4.04
Exercise price	$ 4.04
Expected term	5 years 9 months 29 days
Volatility rate	106.60%
Risk free rate	2.20%
Dividend yield	0%

SCHEDULE OF EXERCISE PRICE OF O

SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS (Details)	Sep. 30, 2022 shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding options, number of outstanding options at the end of period	1,762,873
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding options, number of outstanding options at the end of period	722,175
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding options, number of outstanding options at the end of period	1,006,000
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding options, number of outstanding options at the end of period	34,698

SCHEDULE OF EXERCISE PRICE OF_2

SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS (Details) (Parenthetical)	9 Months Ended
	Sep. 30, 2022 $ / shares
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 0.01
Exercise price range upper range limit	8
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	8.01
Exercise price range upper range limit	16
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 16.01

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions							1 Months Ended	9 Months Ended
	Sep. 30, 2022	Aug. 22, 2022	Jun. 21, 2022	Feb. 25, 2022	Feb. 01, 2022	Jan. 26, 2022	Jun. 30, 2021	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares								621,450
Options exercisable price	$ 26.55							$ 26.55
Share-based compensation, not yet recognized	$ 5.6							$ 5.6
Share-based compensation, not yet recognized, term								1 year 7 months 6 days
Weighted average grant date fair value of options granted	$ 3.27							$ 3.27
Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares				60,000		289,200
Options exercisable price				$ 4.18		$ 4.90
Options expiration period				10 years		10 years
Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares		7,500	25,000		90,000
Options exercisable price		$ 2.36	$ 2.06		$ 4.97
Options expiration period		10 years	10 years		10 years
Non Employee Board [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares	149,750
Options exercisable price	$ 2.16							$ 2.16
Options expiration period	10 years
2021 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, number of shares available for grant							1,864,963
Share based Compensation arrangement by share based payment award, description							the Pool will increase on January 1 of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2024 (each, an “Evergreen Date”), in an amount equal to the lesser of (i) 3% of the total number of shares of Common Stock outstanding on the December 31st immediately preceding the applicable Evergreen Date and (ii) such lesser number of shares of Common Stock as determined to be appropriate by the Committee in its sole discretion. In no event shall more than 1,864,963 shares be available for issuance.

CAPITALIZATION (Details Narrati

CAPITALIZATION (Details Narrative) - $ / shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,258,597	8,258,597
Common stock, shares outstanding	8,258,597	8,258,597
Warrant [Member]
Warrant outstanding	3,090,787	3,090,787
Weighted average exercise price	$ 12.50
Weighted average, remaining contractual life	4 years 2 months 12 days

SUMMARY OF MINIMUM LEASE PAYMEN

SUMMARY OF MINIMUM LEASE PAYMENTS (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 24,476
2023	82,388
Total minimum lease payments	106,864
Less: amount representing interest	(3,290)
Present value of operating lease liability	103,574
Less: current portion	(98,625)	$ (96,465)
Operating lease liability, net of current portion	$ 4,949	$ 72,862

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) € in Millions			3 Months Ended		9 Months Ended
	Jul. 13, 2022 EUR (€)	Oct. 01, 2021 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)
Product Liability Contingency [Line Items]
Rental expense			$ 24,356	$ 6,701	$ 73,069		$ 19,432
Operating lease payments					71,989		$ 19,160
CALIFORNIA | Two Year Lease Agreement [Member]
Product Liability Contingency [Line Items]
Area of land | ft²		2,000
Base rent		$ 7,999
Rate of increase in lease rent		3%
Lease liability discount rate		7%
Lohmann Therapie System AG [Member]
Product Liability Contingency [Line Items]
Payment for litigation | €	€ 2
Litigation settlement, expense					1,000,000	€ 1
Payment for litigation			$ 1,000,000		$ 1,000,000			€ 1