Indaptus Therapeutics : April 2024 April 2024 Investor Presentation

April 2024

CORPORATE PRESENTATION

NASDAQ: INDP

FORWARD LOOKING STATEMENTS

This presentation contains forward‐looking statements with the meaning of 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

Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 6, 2023, our most recent Annual Report on Form 10-K filed with the SEC on March 17, 2023, 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.

The 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.

The 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.

NASDAQ: INDP	2

INVESTOR HIGHLIGHTS AND KEY METRICS

Developing novel and patented systemically-administeredanti-cancer and anti-viral immunotherapy

• First cohort of phase 1 clinical trial of INDP020 (Decoy20) for treatment of solid tumors completed in August 2023 with second cohort completed in Q1 '24
• Multi-dosecohort opened March 2024
• Initial cohort safety data presented in Q4 '23 at Society for Immunotherapy of Cancer showing an unprecedented transient cytokine/chemokine immune response
• Flexible technology that has applications across oncology, infectious diseases and other areas of immunology
• Excellent pre-clinical safety profile
• Experienced leadership having led multiple research/clinical programs & FDA approvals

STOCK SYMBOL : INDP (NASDAQ)

Stock Price (3/22/24)	$2.27
52 Week Range	$1.50 - $4.08
Average Daily Volume (3 months)	79K
Common Shares Outstanding	8.5M
Market Capitalization (3/22/23)	$19.8M
Cash & Equivalents (12/31/23)	$13.4M
Enterprise Value	$6.0M
Insider Ownership (%)	16.9%

NASDAQ: INDP	3

CURRENT CANCER IMMUNOTHERAPIES ONLY ADDRESS A LIMITED PART OF THE IMMUNE SYSTEM AND THEREFORE HAVE LOW CURE RATES IN ADVANCED CANCERS

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

NASDAQ: INDP	4

NO ONE HAS FIGURED OUT HOW TO SAFELY ACTIVATE MOST PATHWAYS…

BUT HISTORY HAS PROVIDED A CLUE

DECOY

IL-2

IFN-α

T-vec/GM-CSF

Checkpoint

	Gamma-	Natural Killer	TAA
	Delta
	T-Cell
	T-Cell
	Natural Killer Cell		Dendritic Cell
	Neutrophil		CD8+ T-Cell
	TAA
	Macrophage		CD4+ T-Cell
NASDAQ: INDP	TUMOR	5

RE-IMAGINING IMMUNOTHERAPY: A BROAD, BRIEF IMMUNE ACTIVATION APPROACH

Current Immunotherapy Approaches

• Most approaches target one or only a few immune components
• Most therapies require continuous exposure
• Long duration of exposure from weeks to months can lead to toxicity
• Response rates are often below 50% with five- year survival rates often below 20%

Decoy Platform Approach

• Decoy therapeutics contain a package of
  immune activators 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

NASDAQ: INDP	6

WHY BACTERIA ?

• Gram negative bacteria contain many innate (immediate) and adaptive (learned) immune activators
• Bacteria provide both a short duration of exposure and the ability to activate innate and adaptive pathways
• Most of the steps of innate (immediate) and adaptive (learned) immune activation occur outside the tumor environment
• Innate and adaptive pathways complement/cooperate to produce maximum effect

NASDAQ: INDP	7

CHALLENGE - IV ADMINISTERED GRAM-NEGATIVE BACTERIA ARE TOXIC DUE TO HIGH AMOUNTS OF LIPOPOLYSACCHARIDE

Lipopolysaccharide (LPS-endotoxin) TLR4 agonist is:

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

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

1. Elimination of LPS
2. • Was tried (Vion Pharmaceuticals) - no anti-tumor activity in Phase 1 - NEED TO ACTIVATE TLR4
3. Reduce LPS to provide a safer and potentially more optimal immune response
4. • Indaptus estimated 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 immunotherapy (Fang Cell Mol Immunol 11 150 2014; Apetoh Nature Medicine 13 1050 2007).
   • LPS induces M1 Macrophage polarization, stimulates NK cells, maturation of APC/Dendritic

cells, primes and amplifies T & B cell function and enhances Th1 immune responses

(Buscher Nature Comm 8 16041 2017; Arenas Drug Targets 12 221 2012)

NASDAQ: INDP	8

HOW DECOY THERAPEUTICS ARE PRODUCED

Naturally occurring bacteria are challenging for use as a therapy (particularly toxicity)

First, we start with a laboratory-strainE.coli that requires a molecule not found in humans so it cannot replicate nor grow in the human body

Next, lipopolysaccharide (LPS) on the cell membrane is inactivated by about 90% to reduce toxicity

Finally, the bacteria are killed and stabilized to preserve the remaining package of immune agonists for use as an I.V. therapy

NASDAQ: INDP	9

SUMMARY OF DECOY20 CLINICAL OBSERVATIONS

Early Phase 1 data: PULSE-PRIME HYPOTHESIS CONFIRMED

• Decoy20 clears within 2 hours
• Unprecedented transient induction of more than 50 cytokines/chemokines involved in anti-tumor immune response
• Tolerability consistent with the mechanism of action
• Mostly mild to moderate side effects as anticipated
• Common side effects like fever, chills, hypotension were transient and resolved within 24-48 hours.

NASDAQ: INDP	10