Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 51

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 51
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 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 option is not reasonably certain to occur.

F-15

Rent expense for the years ended December 31, 2024 and 2023 was $34,000 and $55,000, respectively. Cash paid for operating leases for the years ended December 31, 2024 and 2023 was approximately $38,000 and $49,000, respectively, all of which pertained to the Shelton Lease.  The following table summarizes the balance sheet classification of the operating lease asset and related lease liabilities as of December 31, 2024 for the Shelton Lease and as of December 31, 2023 for the Westport Lease (in thousands):December 31,2024December 31,2023Right-of-use asset, net$122 $147 Lease liability, current portion28 20 Lease liability, net of current portion110 138 $138 $158 The following variables were used to determine the right-of-use asset and the operating lease liabilities at December 31, 2024 and 2023:December 31,2024December 31,2023Weighted average remaining lease term4.2 years0.75 yearsWeighted average operating lease discount rate6.4 %3.9 %Future minimum lease payments under the lease agreement as of December 31, 2024 were as follows (in thousands):Year ended2025$36 202637 202739 202839 20297 Total lease payments$158 Less: Amounts representing interest(20)Present value of lease liabilities