Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 53

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 53
---
475 Federal return to provision14 87 Other permanent items133 113 Provision for income taxes$— $— The components of the net deferred tax assets are as follows (in thousands):20242023Deferred tax assets:Net operating loss carryforwards$10,235 $8,612 Capitalized research expense3,774 1,782 Share based compensation1,713 1,011 Research and development credits495 596 Lease liability37 43Gross deferred tax assets16,254 12,044 Less valuation allowance(16,221)(12,005)Total deferred tax assets33 39 Deferred tax liabilities:Right of use assets(33)(39)Total deferred tax liabilities(33)(39)Deferred income taxes, net$— $— As of December 31, 2024, the Company has U.S. federal and state net operating loss carryforwards of $38.0 million and $38.0 million, respectively, which may be used to offset future taxable income, if any. As of December 31, 2023, the Company had U.S. federal and state net operating loss carryforwards of $32.0 million and $31.9 million, respectively, which may be used to offset future taxable income, if any. The Company’s U.S. federal and state net operating loss carryforwards begin to expire in 2033 and the U.S. federal net operating losses generated between 2018 and 2024 can be carried forward indefinitely. Federal loss carryforwards of $7.0 million expire between the years 2033 and 2037, and the remainder have no expiration date. 

F-17

As of December 31, 2024 and 2023, the Company has U.S. federal and state credit carryforwards of $0.3 million and $0.2 million, respectively, which may be used to offset future taxable income, if any. The Company’s U.S. federal and state credit carryforwards begin to expire in 2033. The Company’s ability to utilize these net operating loss carryforwards and tax credit carryforwards may be limited if the Company experiences an ownership change pursuant to Internal Revenue Code Section 382 and 383. An ownership change occurs when the ownership percentages of 5% or greater stockholders change by more than 50% over a three-year period. The Company has not completed an analysis under Section