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IT

INTENSITY THERAPEUTICS, INC. (INTS)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 loss per share was $0.13, a meaningful improvement YoY and QoQ; vs S&P Global consensus of $0.17 loss, the quarter was a clear EPS beat driven by lower R&D and G&A spend (actual $(0.13) vs $(0.17) consensus; see tables)* .
  • Operating discipline (INVINCIBLE-3 enrollment pause, lower D&O insurance, admin cost controls) reduced quarterly net loss to $2.54M from $4.97M in Q2 2024 and $3.35M in Q1 2025 .
  • Liquidity markedly improved: ~$11.3M raised since the start of Q2 (April/June offerings and July ATM) extended cash runway into 2H 2026; Nasdaq stockholders’ equity compliance was restored in August (post quarter) .
  • Clinical narrative skewed positive: INVINCIBLE-4 (TNBC) showed early imaging evidence of high tumor necrosis after two INT230-6 doses prior to SOC; preclinical MPNST model achieved 100% CRs, underscoring platform potential .

What Went Well and What Went Wrong

  • What Went Well
    • Cost controls and program reprioritization lowered burn: R&D fell to $1.54M (from $3.56M LY) and G&A to $1.16M (from $1.51M LY) as the company paused INVINCIBLE-3 enrollment and benefited from lower D&O insurance premiums, driving an EPS beat vs consensus (actual $(0.13) vs $(0.17)*) .
    • Strengthened balance sheet and runway: ~$11.3M gross raised since Q2 start, including $6.6M via July ATM, extending runway into 2H 2026; management also cited expected Nasdaq equity compliance, later confirmed on Aug 8 .
    • Positive clinical/proof-of-concept signals: Early INVINCIBLE-4 MRI scans indicated high tumor necrosis after two INT230-6 injections; MPNST preclinical work showed 100% CRs in a murine model .
  • What Went Wrong
    • Clinical execution risk in sarcoma: INVINCIBLE-3 enrollment and site activations remain paused (since March), with only 23 patients enrolled pre-pause; timelines hinge on funding restart .
    • Limited revenue visibility: No revenue was reported; the model remains fully dependent on external capital until clinical milestones catalyze partnering or registration pathways .
    • Small-cap financing dependency: While the company reduced cost of capital via ATM, the program still relies on opportunistic equity issuance and careful cash management in a volatile market .

Financial Results

Quarterly P&L and cash (USD, in millions except per-share and shares). Periods shown oldest → newest.

MetricQ2 2024Q1 2025Q2 2025
Revenue ($)$0.00 (no revenue reported) $0.00 (no revenue reported) $0.00 (no revenue reported)
Diluted EPS ($)$(0.36) $(0.22) $(0.13)
Net Loss ($)$(4.97) $(3.35) $(2.54)
R&D Expense ($)$3.56 $2.19 $1.54
G&A Expense ($)$1.51 $1.21 $1.16
Cash & Equivalents (end of period, $)N/A$0.93 $2.22
Weighted Avg Shares (basic & diluted, M)13.71 15.17 18.87

Q2 2025 vs S&P Global Consensus

MetricConsensusActualDelta
EPS ($)$(0.17)*$(0.13) +$0.04 (beat)
Revenue ($)$0.00*$0.00 (no revenue reported) In line

Values marked with * are retrieved from S&P Global.

Drivers:

  • R&D down due to lower INVINCIBLE-3 costs amid paused enrollments; G&A down on improved D&O insurance terms and admin efficiencies, reducing the loss base .
  • No revenue line was reported; loss from operations equaled total operating expenses .

Segment breakdown: Not applicable (no revenue segments disclosed) .

Select balance sheet highlights:

  • Cash and cash equivalents at 6/30/25: $2.22M .
  • Subsequent capital actions in July raised $6.6M gross via ATM (average price $0.3323) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCompany-wideNot previously disclosedInto 2H 2026 Introduced / Extended
INVINCIBLE-3 Enrollment2025Paused since Mar 2025 due to funding Paused; plan to restart site activations/enrollment when funding allows Maintained pause
INVINCIBLE-4 Pathology Readout (pCR)2H 2026Not previously disclosedExpect pathology data in 2H 2026 Introduced
Nasdaq Equity ComplianceAug 8, 2025Previously non-compliant (equity requirement)Regained compliance per Nasdaq determination Regained/improved

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was found or filed (see Documents section; none available). Trends below reflect management communications across the FY24, Q1’25, and Q2’25 releases.

TopicPrevious Mentions (FY 2024, Q1 2025)Current Period (Q2 2025)Trend
Funding/LiquidityFY24 cash $2.6M at 12/31/24 ; Q1 cash $0.9M; April public offering $2.35M Aggregate ~$11.3M raised since Q2 start (April/June offerings + July ATM), runway into 2H 2026 Improving liquidity/outlook
Clinical: INVINCIBLE-3 (Sarcoma)Active in FY24 with 32 sites contracted/25 screened; enrollment paused Mar 2025, 23 patients enrolled pre-pause Pause maintained; dosing and monitoring continues; plan to restart with funding Execution risk until restart
Clinical: INVINCIBLE-4 (TNBC)8 Swiss sites activated; several patients treated; EMA authorized expansion to France Recruiting in Switzerland and France; imaging shows high tumor necrosis after two injections; 54 patients planned Positive momentum
Regulatory/Listing—Regained Nasdaq equity compliance Aug 8 Improved profile
Preclinical/PlatformFY24 presented final sarcoma/breast data at major meetings 100% CR in MPNST murine model Reinforced platform validation

Management Commentary

  • “We were able to raise capital and lower our burn rate during the second quarter… This new capital extends our operating runway considerably… we believe [we] are now compliant with Nasdaq's minimum stockholders' equity listing requirements, pending Nasdaq's confirmation.” — Lewis H. Bender, Founder, President & CEO .
  • “In the INVINCIBLE-4 Study, scan images indicate a substantial decrease in tumor activity following two doses of our drug… we expect to obtain pathology data in 2H of 2026.” — Lewis H. Bender .
  • “The first quarter saw continued progress… However, due to cash needs, we made the necessary decision to pause the Phase 3 sarcoma enrollment and site activation until additional funding becomes available.” — Lewis H. Bender (context for ongoing pause) .
  • “We are encouraged to see high levels of tumor necrosis from the MRI scans… after two INT230-6 injections and before initiation of the SOC in our first patients.” — Dr. Ursina Zürrer, Coordinating Investigator, INVINCIBLE-4 .

Q&A Highlights

  • No Q2 2025 earnings call transcript was found; the company did not file an earnings call transcript for the quarter in the document set reviewed (press releases and 8-K only). [ListDocuments showed 0 earnings-call-transcript for the period.]

Estimates Context

  • EPS: Q2 2025 actual $(0.13) vs S&P Global consensus $(0.17) on 3 estimates, a $0.04 beat (lower loss than expected)* .
  • Revenue: Consensus $0.00; actual $0.00 (no revenue reported)* .
  • Coverage remains limited (3 estimates), and estimate dispersion not disclosed, suggesting potential volatility in forward consensus adjustments*.

Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

  • Expense discipline yielded a smaller-than-expected loss; with cost controls (lower R&D/G&A) underpinning the EPS beat, but sustainability depends on clinical execution and funding cadence .
  • The financing overhang is reduced: ~$11.3M raised since Q2 start and the July ATM extend runway into 2H 2026; Nasdaq equity compliance restored—key derisking steps for the equity story .
  • Clinical catalysts skew to 2026: INVINCIBLE-4 pathology (pCR) data in 2H 2026 is the principal potential value inflection; early imaging necrosis is supportive but not yet registrational .
  • Sarcoma (INVINCIBLE-3) is on hold pending additional funding; restart and trajectory are critical to the multi-indication thesis and to preserving timelines .
  • Preclinical MPNST results (100% CR in murine model) broaden optionality, though translation risk remains; still, they reinforce the platform’s tumor-killing/immune-engagement rationale .
  • Near-term focus: prudent capital deployment via the ATM, selective progress in INVINCIBLE-4 enrollment, and clarity on timelines to reinitiate INVINCIBLE-3 can be stock catalysts absent an earnings call cadence .

Appendix: Other Relevant Q2 2025 Communications

  • June 11: Early INVINCIBLE-4 imaging necrosis after two INT230-6 injections before SOC .
  • June 12: Underwritten offering priced (6.675M shares at $0.30) for ~$2.0M gross; use of proceeds to INVINCIBLE-4 and ongoing INVINCIBLE-3 patient treatment .
  • June 30: 100% CRs in MPNST murine model .
  • April 25: “Reasonable best efforts” offering for ~$2.35M gross .
  • Aug 4: ATM raised $6.6M gross in July; runway into 2H 2026 .
  • Aug 12: Nasdaq equity compliance regained .

Values marked with * are retrieved from S&P Global.