Company: INTS
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001567264-25-000010
Chunk: 52

Company: INTENSITY THERAPEUTICS, INC.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 52
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$138 

Note 12.    Other Uncertainties

The Company holds patents in Russia and Israel, both of which are currently involved in military action. The outcomes of these military actions could impact our ability to maintain and protect these patents.

  Note 13. Related Parties

In 2023, a minority stockholder was engaged as a consultant to serve as the Company’s chief medical officer. Under the consulting agreement, the Company recorded approximately $6,200 of research and development expense for the year ended December 31, 2023.The Company sublet a portion of its lease in Westport Lease to a minority stockholder, and recognized sublease income of approximately $23,000 for the year ended December 31, 2023. Sublease income is recorded as a reduction of general and administrative expenses in the Statement of Operations. The sublease ended in April 2023. As of December 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—