Company: INTS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001567264-25-000039
Chunk: 25

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 was approximately $0.2 million and is expected to be recognized over the remaining weighted average service period of 2.6 years.Restricted Stock

In September 2024, the Company issued 11,750 restricted shares of its common stock (the “Restricted Stock”) to a consultant as compensation for its services to the Company through the end October 2024 valued at $51,000. The Restricted Stock included a restricted legend for a period of at least six months from the date of issuance.  The six-month period has elapsed, and the Restricted Stock is no longer restricted.  

Note 9.    Leases

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.

10

Rent expense for each of the three months ended March 31, 2025 and 2024 was approximately $9,000. Cash paid for operating leases for the three months ended March 31, 2025 was approximately $17,000.  The Company paid $3,000 for operating leases for the three months ended March 31, 2024. The following table summarizes the balance sheet classification of the operating lease asset and related lease liabilities as of March 31, 2025 and December 31, 2024 (in thousands):March 31,2025December 31,2024Right-of-use asset, net$116 $122 Lease liability, current portion29 28 Lease liability, net of current portion102 110 $131 $138 The following variables were used to determine the right-of-use asset and the operating lease liabilities at March 31, 2025 and 2024:March 31,2025March 31,2024Weighted average remaining lease term3.9 years5.4 yearsWeighted average operating lease discount rate6.4 %6.4 %Future minimum lease payments under the lease agreement as of March 31, 2025 were as follows (in thousands):Year ended2025 (remainder of year)$27 202637 202