Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 54

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 54
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 382 of the Code.A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company provides a valuation allowance to offset deferred tax assets for net operating losses incurred during the year and for other deferred tax assets where, in the Company’s opinion, it is more likely than not that the financial statement benefit of these losses will not be realized. The increase in valuation allowance for the years ended December 31, 2024 and 2023 totaled $4.2 million and $1.9 million, respectively.The Company’s policy is to classify interest and penalties, if any, as components of the income tax provision in the statement of operations. The Company has not recorded any unrecognized tax benefit, interest or penalty in the years ended December 31, 2024 and 2023. 

The Company is subject to income tax in the U.S. Federal and Connecticut jurisdictions. 

Note 15. Segments

The Company has a single segment and allocates resources based on cash resources and operating expense projections. The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024 and 2023:

F-18

Years Ended December 31,20242023Research and development expenses:Clinical trial expenses:IT-01 Study (Phase 1/2 Metastatic Cancers)$(128)$984 INVINCIBLE-2 Study (Phase 2 Breast)233 402 INVINCIBLE-3 Study (Phase 3 Sarcoma)6,225 578 INVINCIBLE-4 Study (Phase 2 Breast)524 19 Other clinical trial expenses(a)223 4 Clinical trial expenses7,077 1,987 Contract manufacturing657 922 Salaries and benefits related1,379 896 Consulting & Other(b)143 267 Stock-based compensation1,240 714 Research and development expenses10,496 4,786 General and administrative expenses:Salaries and benefits related884 559 Legal fees728 423 Audit fees349 404 Consulting768 430 Insurance874 608 Other(c)653 425 Stock-based compensation1,833 684 General and administrative expenses6,089 3,533 Loss from operations(16,585)(8,319)Other segment items, net(d)317 43 Loss on debt extinguishment