Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 29

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 16
Chunk 29
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 31, 2023, the Company held a $36,000 deposit related to a service agreement with a minority stockholder, and is recorded in other long-term liabilities on the balance sheet. The deposit was returned to the minority stockholder during 2024. 

F-16

In October 2023, the Company issued 80,000 warrants for consulting services to be rendered by two shareholders, which vested over the subsequent twelve months. These warrants were valued at $198,000, of which $149,000 and $49,000 were expensed during the years ended December 31, 2024 and 2023, respectively, and were expensed to general and administrative expense.In April 2024, the Company entered into a non-material agreement with a service organization controlled by a board member. For the year ended December 31, 2024, the Company expensed $42,110 and paid $40,310 to the service organization for services performed, which is recognized in research and development expenses on the statement of operations. As of December 31, 2024, the Company recognized $1,800 in accrued expenses.

Note 14.    Income Taxes

The components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):20242023Statutory federal income tax rate$(3,414)$(2,213)State taxes, net of federal tax benefit(949)(350)Change in valuation allowance4,216 1,888 Loss on debt extinguishment— 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