Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 27

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 16
Chunk 27
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 to the IPO and limited history for issuance price of its stock. The risk-free rate assumption is determined using the yield currently available on U.S. Treasury zero coupon issues with a remaining term commensurate with the expected term of the award. The expected term of the option represents the period the options are expected to be outstanding.The following table summarizes the activity for warrants for the year ended December 31, 2024:WarrantsWeighted-Average Exercise PriceWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)Outstanding at December 31, 2023801,950$6.30 3.9$2,096 Issued1,287,113$3.02 Exercised(24,313)$2.26 Forfeited and cancelled(23,187)$2.86 Outstanding at December 31, 20242,041,563$4.32 4.7$— Exercisable at December 31, 2024747,200$6.51 3.2$— All warrants outstanding are exercisable for purchase of common stock.  In connection with the IPO, 313,950 warrants were issued to the Company’s underwriters during the year ended December 31, 2023. In connection with the registered direct offering, 1,237,113 warrants were issued to the Investor during the year ended December 31, 2024.At December 31, 2024, total unrecognized compensation cost related to warrants was approximately $0.2 million and is expected to be recognized over the remaining weighted average service period of 2.6 years.

Note 11.    Leases

In January 2017, the Company entered into a lease for approximately 2,500 square feet of office space in Westport, Connecticut, (the “Westport Lease”), which was subsequently extended and increased to approximately 4,000 square feet. In June 2023, the Westport Lease was terminated.In July 2023, the Company signed a 5.5-year lease for approximately 2,700 square feet of office space in Shelton, Connecticut, (the “Shelton Lease”). The Company has a one-time option to cancel the Shelton Lease after 36 months if it provides written notice before the end of month 30. A payment of approximately $47,000 would be due at the end of month 36 if the Company exercises this option. This