Analysis Report on the Appointment of David Natan as Independent Director of Indaptus Therapeutics

I will now prepare a comprehensive analysis report on David Natan’s appointment to the Board of Directors and Audit Committee of Indaptus Therapeutics.

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Pursuant to the SEC Form 8-K filed on January 8, 2026 [0], Indaptus Therapeutics, Inc. (NASDAQ: INDP) has officially appointed David Natan as an independent director of the company’s Board of Directors [1]. This appointment expands the Board from 8 to 9 members. Natan will serve as a Class II director, with his term expiring at the 2026 Annual Meeting of Shareholders. Additionally, he has been appointed to the Audit Committee, replacing Avraham Ben-Tzvi on the committee [1].

David Natan, aged 72, is a seasoned financial executive and Audit Committee expert, with his professional background covering multiple key areas:

• Deloitte & Touche LLP
  : Prior to joining other companies, Natan held various positions at Deloitte & Touche LLP, building a foundation in auditing and accounting [2][3]
• Pharma Net Development Group, Inc.
  : Served as Executive Vice President of Reporting and Chief Financial Officer at the drug development services company from November 2002 to February 2007 [2][3]
• Global Technovations, Inc.
  : Served as Chief Financial Officer and Vice President from June 1995 to February 2002, overseeing financial planning and analysis for manufacturing operations [2]
• Force Field Energy, Inc.
  : Served as Chief Executive Officer from February 2010 to May 2020 [2]
• Natan & Associates, LLC
  : Has served as President and Chief Executive Officer since 2007, providing CFO services to public and private companies [2][3]

• Sunshine Biopharma, Inc. (NASDAQ: SBFM)
  : Has served as a director and Audit Committee Chair since February 2022, and is designated as an Audit Committee financial expert [2][3]
• FiEE Inc. (NASDAQ: FIEE)
  : Has served as a director and Audit Committee Chair since November 2023 [2][3]
• Previously served as a director at multiple companies including Titan Pharmaceuticals, Vivakor Inc., Net Brands Corp., OpGen Inc., and Cyclacel Pharmaceuticals [2]

• Bachelor’s degree in Economics from Boston University [2][3]

The SEC has confirmed that David Natan meets the definition of a

(pursuant to Regulation S-K Item 407(d)(5)(ii)) [3]. He has been deemed by Nasdaq to meet the independence requirements for independent directors, as well as the higher independence requirements for independent directors serving on the Audit Committee [1].

Indaptus Therapeutics is in a critical clinical development phase, and the company faces significant challenges in its financial position. Based on the latest financial data [0]:

Financial Metric	Value	Interpretation
Current Ratio	0.75	Under short-term liquidity pressure
Working Capital	Negative	Requires attention
Cash Reserves	$5.8 million	Only sufficient to support operations through Q1 2026
ROE	-612.63%	Sustained loss position

Natan’s appointment brings much-needed professional depth to the Audit Committee. His experience as CFO at Pharma Net Development Group, a drug development services company, and his background as Audit Committee Chair at Sunshine Biopharma make him particularly well-suited to oversee the financial reporting and internal controls of a biotech company [2].

This appointment complies with Nasdaq corporate governance standards, and Natan has been confirmed to meet all independence requirements [1]. For a small biotech company that just completed a $6 million financing and appointed co-CEOs in December 2025 [0], the independence and professionalism of independent directors are particularly critical.

Former Audit Committee member Avraham Ben-Tzvi will remain on the Board of Directors and is expected to serve as a paid consultant [1]. This gradual transition ensures operational continuity while introducing a new professional perspective, reflecting good corporate governance practices.

1. Professional Endorsement Effect
   : Natan currently serves as an independent director and Audit Committee Chair at Sunshine Biopharma (another biotech company) [2]. His decision to join Indaptus Therapeutics sends a signal of confidence in the company’s development prospects to the market.

2. Enhanced Financial Oversight
   : Given that Indaptus Therapeutics raised $5.7 million via private placement convertible notes in September 2025 and approximately $2.3 million through at-the-market financing in 2025 [0], investors need greater confidence in the company’s capital utilization and financial reporting. Natan’s professional background directly addresses this need.

3. Aligning with Institutional Investor Preferences
   : Many institutional investors have requirements regarding the proportion of independent directors with financial expertise on the board. Natan’s appointment may improve the company’s governance rating in the eyes of institutional investors.

1. Fundamental Challenges Facing the Company
   : Despite the strengthened governance structure, investors still need to focus on the company’s core value—the clinical progress of its Decoy20 immunotherapy platform. The company reported efficacy data from its combination therapy trial in November 2025 [0], and subsequent progress will be a key factor determining the company’s value.

2. Liquidity Constraints
   : With a current market capitalization of only $5.25 million [0], the company is a highly speculative investment. Governance improvements cannot replace considerations of clinical trial outcomes.

The appointment of David Natan has had a

impact on Indaptus Therapeutics’ corporate governance structure:

• Short-term Impact
  : Enhanced the financial expertise and independence of the Audit Committee, improving the credibility of financial reporting
• Medium-term Impact
  : Improved the company’s governance image in the eyes of institutional investors and potential partners
• Long-term Impact
  : Provided valuable financial oversight and strategic guidance for the company during its critical development phase

Despite the positive signal of the independent director appointment, investors should note:

1. Biotech company investments are inherently high-risk
2. The company’s cash reserves only support operations through the first quarter of 2026, creating a clear need for subsequent financing
3. The clinical trial progress of the Decoy20 platform remains the core factor determining the company’s value

For investors focusing on Indaptus Therapeutics, the appointment of David Natan is a

, indicating that the company is actively strengthening its management structure. This reflects the commitment of investor David E. Lazar (who obtained nomination rights pursuant to the Securities Purchase Agreement dated December 22, 2025 [1]) to the company’s long-term development. However, investors should view this as a bonus item in the company’s fundamental analysis, rather than a standalone basis for investment decisions.

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[0] Indaptus Therapeutics SEC Filings (https://www.sec.gov/Archives/edgar/data/1857044/000149315226000106/form8-k.htm)

[1] TipRanks - Indaptus Therapeutics Appoints David Natan to Board (https://www.tipranks.com/news/company-announcements/indaptus-therapeutics-appoints-david-natan-to-board)

[2] Fintool - David Natan Director Profile (https://fintool.com/app/research/companies/FIEE/people/david-natan)

[3] FiEE, Inc. SEC Filing - DEF 14A (https://www.sec.gov/Archives/edgar/data/1467761/000114036125035719/ny20054851x2_def14a.htm)