INTENSITY THERAPEUTICS, INC. Annual Report - How They Did This Year

I’ve put together this guide to help you understand how Intensity Therapeutics performed this year. My goal is to turn complex financial filings into clear information to help you decide if this company fits your investment goals.

1. What does this company do?

Intensity Therapeutics is a biotech company in the testing phase. They do not have products for sale, so they currently earn no profit. Their business centers on INT230-6, a drug candidate built on their "DIL" platform. This technology uses a special molecule to spread chemotherapy drugs deep into dense, high-pressure tumors. By injecting the drug directly into the tumor, they aim to kill cancer cells and trigger the patient’s immune system to fight cancer elsewhere in the body.

2. Major wins and challenges

The company is running two main clinical programs:

• INVINCIBLE-3 (Sarcoma): A large Phase 3 study comparing their drug plus standard chemotherapy against chemotherapy alone.
• INVINCIBLE-4 (Breast Cancer): A Phase 2 study testing the drug’s safety in early-stage breast cancer patients before surgery.

The Wins: The company finished validating their manufacturing process for commercial scale. They also reached a formal agreement with the FDA on the goals required for a future drug approval application.

The Challenges: Money troubles have slowed their progress. In March 2025, they paused new patient enrollment for the INVINCIBLE-3 study to save cash. They also paused the INVINCIBLE-4 study in September 2025 due to skin irritation reports. While the FDA cleared them to restart in March 2026 with a new dosing plan, the company still needs more money to fully restart the larger INVINCIBLE-3 trial.

3. Financial health and the "Reverse Split"

In February 2026, the company performed a 1-for-25 reverse stock split. They did this to keep their Nasdaq listing, as the share price had dropped below $1.00. This combined existing shares into fewer, higher-priced shares. It did not change the total value of the company.

The company’s finances are fragile. They reported a loss of about $22.4 million for the year. Since they have no sales, they rely on selling new shares to fund operations. This leads to "dilution," where the company issues more shares, reducing your ownership percentage and the potential value of your stake.

4. Key risks

• Funding Gap: The company may run out of money within 12 months. If they cannot raise more cash, they will likely have to shut down the INVINCIBLE-3 study permanently.
• Clinical Success: The company’s value depends entirely on INT230-6. If the Phase 3 trial fails, they have no other products to fall back on, which could lead to a total loss of your investment.
• Dilution: Expect the company to sell more shares to stay afloat. This will likely lower the value of your current holdings unless they hit a major clinical milestone that boosts the stock price.

5. Future outlook

The company faces a "binary" outcome. They will either succeed in their trials and secure FDA approval or a partnership, or they will run out of cash. Watch their "cash burn rate"—how fast they spend money—and any news about new funding or partnerships. The best sign of progress will be the official restart of the INVINCIBLE-3 study.

Investor Checklist: Before you decide, ask yourself: Am I comfortable with the risk of a total loss in exchange for the possibility of a breakthrough? If you are considering an investment, keep a close eye on their press releases regarding the INVINCIBLE-3 trial status and any announcements about new capital raises.