intensity-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 001-41109

_________________________

INTENSITY THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

_________________________


Delaware						46-1488089
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1 Enterprise Drive, Suite 430, Shelton, CT						06484-4779
(Address of Principal Executive Offices)						(Zip Code)

(203) 221-7381

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.0001 par value

INTS

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o No x

As of May 6, 2026, the registrant had 2,702,820 shares of common stock outstanding.


		Page
PART I - FINANCIAL INFORMATION		1
Item 1.	Condensed Financial Statements (Unaudited)	1
	Condensed Balance Sheets as of March 3 1 , 202 6 (Unaudited) and December 31, 202 5	1
	Condensed Statements of Operations for the Three Months Ended March 3 1 , 202 6 and 202 5 (Unaudited)	2
	Condensed Statements of Changes in Stockholders’ Equity for the Three Months Ended March 3 1 , 202 6 and 202 5 (Unaudited)	3
	Condensed Statements of Cash Flows for the Three Months Ended March 3 1 , 202 6 and 202 5 (Unaudited)	4
	Notes to the Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20

PART II - OTHER INFORMATION		22
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	23
SIGNATURES		24


	March 31, 2026		December 31, 2025
	(Unaudited)		*
ASSETS
Current assets:
Cash and cash equivalents	$	10,245	$	11,921

Prepaid expenses and other current assets	661		788

Total current assets	10,906		12,709
Right-of-use asset, net	89		96
Other assets	1,296		1,296
Total assets	$	12,291	$	14,101

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	636	$	583
Accrued expenses	1,574		1,532
Lease liability, current portion	32		31
Total current liabilities	2,242		2,146

Lease liability, long-term portion	70		79
Total liabilities	2,312		2,225
Commitments and contingencies

Stockholders' equity:
Preferred stock, par value $.0001. Authorized shares of 15,000,000 as of both March 31, 2026 and December 31, 2025. None issued and outstanding as of both March 31, 2026 and December 31, 2025.	—		—
Common stock, par value $.0001. Authorized shares of 135,000,000 as of March 31, 2026 and December 31, 2025, respectively. Issued and outstanding shares of 2,540,518 and 2,524,475 as of March 31, 2026 and December 31, 2025, respectively.	—		—
Additional paid-in capital	90,802		90,265
Accumulated deficit	(80,823)		(78,389)
Total stockholders’ equity	9,979		11,876
Total liabilities and stockholders’ equity	$	12,291	$	14,101


	Three Months Ended March 31,
		2026		2025
Operating expenses:
Research and development		$	1,195	$	2,189
General and administrative		1,331		1,205
Total operating expenses		2,526		3,394
Loss from operations		(2,526)		(3,394)

Other income (expense):
Interest income		94		15

Other (expense) income, net		(2)		32
Net loss		$	(2,434)	$	(3,347)

Loss per share, basic and diluted		$	(0.96)	$	(5.51)
Weighted average number of shares of common stock, basic and diluted		2,533,918		606,928


	Common Stock			Additional Paid in Capital		Accumulated Deficit		Stockholders’ Equity
	Shares	Amount
Balances at December 31, 2025	2,524,475	$	-	$	90,265	$	(78,389)	$	11,876

Issuance of common stock in ATM offering, net of $7 issuance costs	16,154	-		150		-		150
Reverse stock split adjustment	(111)	-		-		-		-
Stock-based compensation expense	-	-		387		-		387
Net loss	-	-		-		(2,434)		(2,434)
Balances at March 31, 2026	2,540,518	$	-	$	90,802	$	(80,823)	$	9,979


	March 31,
	2026	2025
Options outstanding	160,428	101,723
Warrants outstanding	338,098	81,663
	498,526	183,386


	March 31, 2026		December 31, 2025
Savings and checking accounts at major U.S. financial institutions	$	867	$	86
U.S. Treasury securities money market fund	9,378		11,835

Total	$	10,245	$	11,921


	March 31, 2026		December 31, 2025
Prepaid insurance	$	405	$	573
Prepaid research and development costs	18		52
Prepaid other	238		163
Total	$	661	$	788


	March 31, 2026		December 31, 2025
Accrued research and development costs	$	281	$	634
Accrued employee compensation-related expenses	917		800
Accrued other	376		98
Total	$	1,574	$	1,532


	Options	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	160,428	$	102.46	7.8	$	—
Issued	—	$	—
Exercised	—	$	—
Forfeited and cancelled	—	$	—
Outstanding at March 31, 2026	160,428	$	102.46	7.6	$	—
Exercisable at March 31, 2026	86,450	$	149.11	6.5	$	—


	Warrants	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	339,298	$	40.11	3.0	$	13
Issued	—	$	—
Exercised	—	$	—
Forfeited and cancelled	(1,200)	$	312.50
Outstanding at March 31, 2026	338,098	$	39.14	2.7	$	—
Exercisable at March 31, 2026	337,477	$	38.94	2.7	$	—


	March 31, 2026		March 31, 2025
Weighted average remaining lease term	2.9 years		3.9 years
Weighted average operating lease discount rate	6.4	%	6.4	%


Year ended
2026 (remainder of year)	$	28
2027	39
2028	39
2029	7
Total lease payments	113
Less: Amounts representing interest	(11)
Present value of lease liabilities	$	102


	Three Months Ended March 31,
		2026		2025
Research and development expenses:
Clinical trial expenses:
INVINCIBLE-3 Study (Phase 3 Sarcoma)(a)		$	493	$	1,596
INVINCIBLE-4 Study (Phase 2 Breast)(b)		118		63
Other clinical trial expenses		2		—
Clinical trial expenses		613		1,659
Contract manufacturing		33		24
Salaries and benefits related		329		329
Consulting & Other(c)		71		17
Stock-based compensation		149		160
Research and development expenses		1,195		2,189
General and administrative expenses:
Salaries and benefits related		281		230
Legal fees		161		167
Audit fees		88		77
Consulting		195		196
Insurance		169		157
Other(d)		198		103
Stock-based compensation		239		275
General and administrative expenses		1,331		1,205
Loss from operations		(2,526)		(3,394)
Other segment items(e)		92		47
Net loss		$	(2,434)	$	(3,347)


	Three Months Ended March 31,
		2026		2025		Change
Research and development expenses:
Clinical trial expenses:
INVINCIBLE-3 Study (Phase 3 Sarcoma)		$	493	$	1,596	$	(1,103)
INVINCIBLE-4 Study (Phase 2 Breast)		118		63		55
Other		2		—		2
Clinical trial expenses		613		1,659		(1,046)
Contract manufacturing		33		24		9
Salaries and benefits related costs		329		329		—
Consulting & Other		71		17		54
Stock-based compensation		149		160		(11)
Total research and development expenses		$	1,195	$	2,189	$	(994)


Exhibit No.						Description
3.1						Sixth Amended and Restated Certificate of Incorporation of the Registrant, dated June 30, 2023 (incorporated by reference to Exhibit 3.1 of our Form 8-K filed on July 5, 2023).
3.2						Certificate of Amendment of Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of our Form 8-K filed on February 13, 2026)
3.3						Second Amended and Restated Bylaws, dated November 21, 2023 (incorporated by reference to Exhibit 3.1 of our Form 8-K filed on November 22, 2023).
3.4						Amendment to the Amended and Restated Bylaws, certified as of August 12, 2025 (incorporated by reference to Exhibit 3.1 of our Form 8-K filed on August 12, 2025).
31.1*						Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of CEO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*						Inline XBRL Instance Document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	Intensity Therapeutics, Inc.

Date: May 7, 2026	By:	/s/ Lewis H. Bender
		Lewis H. Bender
		President, Chief Executive Officer and Chairman