intensity-20260630

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 June 30, 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 August 7, 2026, the registrant had 3,264,879 shares of common stock outstanding.


		Page
PART I - FINANCIAL INFORMATION		1
Item 1.	Condensed Financial Statements (Unaudited)	1
	Condensed Balance Sheets as of June 3 0 , 2026 (Unaudited) and December 31, 2025	1
	Condensed Statements of Operations for the Three and Six Months Ended June 30 , 2026 and 2025 (Unaudited)	2
	Condensed Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30 , 2026 and 2025 (Unaudited)	3
	Condensed Statements of Cash Flows for the Six Months Ended June 30 , 2026 and 2025 (Unaudited)	4
	Notes to the Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

PART II - OTHER INFORMATION		23
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24
SIGNATURES		25


	June 30, 2026		December 31, 2025
	(Unaudited)		*
ASSETS
Current assets:
Cash and cash equivalents	$	9,529	$	11,921

Prepaid expenses and other current assets	1,700		788

Total current assets	11,229		12,709
Right-of-use asset, net	82		96
Other assets	210		1,296
Total assets	$	11,521	$	14,101

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,009	$	583
Accrued expenses	1,203		1,532
Lease liability, current portion	33		31
Total current liabilities	2,245		2,146

Lease liability, long-term portion	62		79
Total liabilities	2,307		2,225
Commitments and contingencies

Stockholders' equity:
Preferred stock, par value $0.0001. Authorized shares of 15,000,000. None issued and outstanding as of both June 30, 2026 and December 31, 2025.	—		—
Common stock, par value $0.0001. Authorized shares of 135,000,000. Issued and outstanding shares of 2,945,552 and 2,524,475 as of June 30, 2026 and December 31, 2025, respectively.	—		—
Additional paid-in capital	93,044		90,265
Accumulated deficit	(83,830)		(78,389)
Total stockholders’ equity	9,214		11,876
Total liabilities and stockholders’ equity	$	11,521	$	14,101


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses:
Research and development	$	1,833	$	1,541	$	3,028	$	3,730
General and administrative	1,251		1,164		2,582		2,369
Total operating expenses	3,084		2,705		5,610		6,099
Loss from operations	(3,084)		(2,705)		(5,610)		(6,099)

Other income (expense):
Interest income	77		17		171		33

Other (expense) income, net	-		151		(2)		182
Net loss	$	(3,007)	$	(2,537)	$	(5,441)	$	(5,884)

Loss per share, basic and diluted	$	(1.11)	$	(3.36)	$	(2.08)	$	(8.64)
Weighted average number of shares of common stock, basic and diluted	2,706,607		754,725		2,620,740		681,235


	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

Stock-based compensation expense	-	-		387		-		387
Issuance of common stock in ATM offering, net of $60 issuance costs	361,432	-		1,604		-		1,604
Issuance of common stock to CEO in lieu of cash bonus	37,749	-		231		-		231
Issuance of common stock in employee stock purchase plan	5,853	-		20		-		20
Net loss	-	-		-		(3,007)		(3,007)
Balances at June 30, 2026	2,945,552	$	-	$	93,044	$	(83,830)	$	9,214


	June 30,
	2026	2025
Options outstanding	157,628	161,632
Warrants outstanding	335,658	345,482
	493,286	507,114


	June 30, 2026		December 31, 2025
Savings and checking accounts at major U.S. financial institutions	$	474	$	86
U.S. Treasury securities money market fund	9,055		11,835

Total	$	9,529	$	11,921


	June 30, 2026		December 31, 2025
Prepaid insurance	$	239	$	573
Prepaid research and development costs	1,298		52
Prepaid other	163		163
Total	$	1,700	$	788


	June 30, 2026		December 31, 2025
Accrued research and development costs	$	792	$	634
Accrued employee compensation-related expenses	269		800
Accrued other	142		98
Total	$	1,203	$	1,532


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	150	$	263	$	299	$	423
General and administrative	237		381		475		656
Total stock-based compensation expense	$	387	$	644	$	774	$	1,079


	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	(2,800)	$	100.00
Outstanding at June 30, 2026	157,628	$	102.50	7.5	$	—
Exercisable at June 30, 2026	98,372	$	131.09	6.8	$	—


	Six Months Ended June 30,
	2026	2025
Stock price	n/a	$14.25
Exercise price	n/a	$14.25
Expected volatility	n/a	106.8% to 107.9%
Risk free interest rates	n/a	4.1% to 4.6%
Expected term (years)	n/a	6.5 to 7


	Six Months Ended June 30,
	2026	2025
Stock price	n/a	$7.50 to $18.75
Exercise price	n/a	$9.50 to $21.25
Expected volatility	n/a	96.3% to 103.8%
Risk free interest rates	n/a	3.87% to 3.91%
Expected term (years)	n/a	1.5 to 5


	June 30, 2026		June 30, 2025
Weighted average remaining lease term	2.7 years		3.7 years
Weighted average operating lease discount rate	6.4	%	6.4	%


Year ended
2026 (remainder of year)	$	19
2027	39
2028	39
2029	7
Total lease payments	104
Less: Amounts representing interest	(9)
Present value of lease liabilities	$	95


	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	(3,640)	$	242.17
Outstanding at June 30, 2026	335,658	$	37.92	2.4	$	—
Exercisable at June 30, 2026	335,037	$	37.71	2.4	$	—


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: August 11, 2026	By:	/s/ Lewis H. Bender
		Lewis H. Bender
		President, Chief Executive Officer and Chairman