Intensity Therapeutics, Inc.

For Q2 2026, research and development expense was $1.8 million versus $1.5 million a year ago, up $292,000 or 19%. Clinical trial expense was $1.2 million versus $936,000 in the prior-year quarter, and G&A was $1.3 million versus $1.2 million, up $87,000 or 7%. Net loss was $3.0 million versus $2.5 million in Q2 2025, an increase of $470,000 or 19%. Cash and cash equivalents were $9.5 million at June 30, 2026. The company raised $1.6 million in net proceeds in Q2 through its ATM, and another $1.3 million after quarter-end. Management said operating cash burn was $4.2 million for 1H 2026 and estimated about $1 million per month in the second half of 2026. For INVINCIBLE-3, they said roughly $30 million is needed to complete the study and expect new patient enrollment to begin in the next couple of months in a limited number of U.S. sites; full site activation remains dependent on incremental funding. For INVINCIBLE-4, they said enrollment is targeted to complete by the end of 2027 with about 45 more patients needed, and that the amended protocol has resumed in Switzerland and a site has opened in France.

Lewis Bender framed the quarter as a turnaround in operating flexibility after the company had been forced to pause INVINCIBLE-3 for funding reasons. He said the balance sheet has improved, more than $23 million has been raised since the pause, and the company is now seeing interest from investigators and potential partners after its publications. His tone was upbeat but measured: he repeatedly emphasized that restart plans are still dependent on incremental capital and that partnership discussions are early.

Joseph Talamo highlighted the main financial drivers: R&D of $1.8 million, clinical trial spend of $1.2 million, G&A of $1.3 million, and a net loss of $3.0 million. He said cash at June 30 was $9.5 million, with $1.6 million raised through the ATM in the quarter and $1.3 million more raised afterward. He also said operating cash burn was $4.2 million in the first half and would average about $1 million per month in 2H 2026, while noting the company expects to continue using the ATM opportunistically as it scales clinical activity.

Analysts focused on how much capital is needed to restart and complete INVINCIBLE-3, whether the 21 patients enrolled before the pause stay in the intent-to-treat analysis, and how the INVINCIBLE-4 protocol change affects patient numbers and data interpretation. Management said about $30 million is needed for INVINCIBLE-3 over the next several years, that the pre-pause patients may or may not remain in the ITT set depending on statistical review of amended criteria, and that INVINCIBLE-4 has treated a couple patients under the new protocol and 14 under the prior one. They also explained that INVINCIBLE-4 will add seven additional randomized patients to Cohort A to replace the seven who received the prior dosing regimen, and that the INVINCIBLE-3 EU filing is more complex because it involves five countries and more documentation.