Indaptus Biotherapeutics is a clinical-stage biotech developing Decoy20, a cancer immunotherapy based on killed, non-pathogenic, Gram-negative bacteria modified to reduce toxicity while preserving immune-activating properties. The scientific premise draws on observations that bacterial infections can trigger tumor regression, as bacteria contain multiple pathogen-associated molecular patterns (PAMPs) that simultaneously activate both innate and adaptive immune responses. Indaptus argues that existing immunotherapies fail many patients by targeting only one or a few steps in the immune cascade, whereas Decoy20's multi-signal approach could produce a broader anti-tumor response. Decoy20 is administered intravenously and targets patients with advanced solid tumors who have exhausted other options. Indaptus has no approved products and generates no revenue, funding operations entirely through equity and debt financings. The company ran a Phase 1 trial starting in 2022, enrolling 45 participants across monotherapy and combination arms, but observed no objective tumor responses. A combination study with the anti-PD-1 checkpoint inhibitor Tislelizumab was launched in late 2024 but also failed to produce responses and was discontinued. As of early 2026, Indaptus has stopped enrolling patients in clinical trials with no plans to initiate new ones, and is now evaluating strategic alternatives, including a potential acquisition of or investment in an unrelated target company. Indaptus operates with five full-time employees and outsources clinical work to CROs.