Detailed financial statements for Intensity Therapeutics, Inc. (INTS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Intensity Therapeutics, Inc. is a biotechnology enterprise in the clinical development phase, dedicated to discovering, advancing, and commercializing pharmaceutical treatments for solid tumor cancers. The company's primary experimental compound, INT230-6, is presently undergoing Phase 2 clinical trials.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $3.83, INTS has negative trailing earnings (P/E not meaningful) and an ROE of -97.73%. Market capitalisation stands at $10M.
Balance sheet quality for INTS: current ratio of 5.9, net cash position of $11.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | $147000 | 0 | $26000 |
| Gross Profit | 0 | 0 | 0 | 0 | -$147000 | 0 | -$26000 |
| Research & Development | $4.4M | $5.1M | $5.9M | $5.1M | $4.8M | $10.5M | $6.8M |
| Selling, General & Admin | $1.2M | $1.2M | $2.1M | $2.4M | $3.4M | $6.1M | $5.2M |
| Operating Expenses | $5.7M | $6.2M | $8.0M | $7.5M | $8.2M | $16.6M | $12.0M |
| Operating Income | -$5.7M | -$6.2M | -$8.0M | -$7.5M | -$8.3M | -$16.6M | -$12.0M |
| EBITDA | -$5.2M | -$6.0M | -$7.9M | -$7.3M | -$10.1M | -$16.3M | -$11.6M |
| Interest Expense | 0 | 0 | $16767 | $81781 | $305000 | 0 | 0 |
| Pre-tax Income | -$5.4M | -$6.0M | -$7.9M | -$7.6M | -$10.5M | -$16.3M | -$11.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.2M | -$6.0M | -$7.9M | -$7.6M | -$10.5M | -$16.3M | -$11.6M |
| EPS | $-39.50 | $-44.25 | $-58.00 | $-55.50 | $-34.50 | $-29.25 | $-8.56 |
| EPS (Diluted) | $-39.50 | $-44.25 | $-58.00 | $-55.50 | $-34.50 | $-29.25 | $-8.56 |
| Shares Outstanding (Diluted) | $136120 | $136381 | $136404 | $136404 | $344653 | $556279 | $13.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$7000 | -$7000 |
| Operating Income | -$2.7M | -$3.1M | -$2.5M | -$3.1M |
| EBITDA | $62000 | -$3.0M | -$2.4M | -$3.1M |
| Net Income | -$2.7M | -$3.1M | -$2.4M | -$3.0M |
| EPS | $-1.55 | $-1.21 | $-0.96 | $-1.11 |
| EPS (Diluted) | $-1.55 | $-1.21 | $-0.96 | $-1.11 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.8M | $9.3M | $4.5M | $1.3M | $8.6M | $2.6M | $11.9M |
| Short-term Investments | $4.6M | 0 | 0 | 0 | $6.2M | 0 | 0 |
| Receivables | $33634 | $48521 | $51262 | $62304 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.6M | $9.5M | $4.7M | $1.5M | $15.5M | $3.4M | $12.7M |
| Property, Plant & Equipment | $252668 | $490240 | $318126 | $139000 | $147000 | $122000 | $96000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $9.0M | $10.1M | $5.2M | $1.8M | $17.3M | $4.8M | $14.1M |
| Accounts Payable | $393963 | $222707 | $172508 | $603000 | $3.0M | $1.2M | $583000 |
| Short-term Debt | $117194 | 0 | $2.0M | $4.3M | 0 | 0 | 0 |
| Total Current Liabilities | $1.1M | $1.3M | $3.7M | $6.8M | $4.0M | $1.8M | $2.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $79000 |
| Total Liabilities | $1.3M | $11.7M | $13.9M | $16.9M | $4.1M | $1.9M | $2.2M |
| Retained Earnings | 0 | -$23.2M | -$31.1M | -$38.7M | -$50.5M | -$66.8M | -$78.4M |
| Total Equity | $7.7M | -$1.6M | -$8.7M | -$15.1M | $13.2M | $2.9M | $11.9M |
| Total Debt | $260270 | $497481 | $2.3M | $4.5M | $158000 | $138000 | $110000 |
| Net Debt | -$8.1M | -$8.8M | -$2.2M | $3.2M | -$14.6M | -$2.5M | -$11.8M |
| Working Capital | $7.5M | $8.1M | $1.0M | -$5.4M | $11.5M | $1.6M | $10.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $7.1M | $11.9M | $10.2M | $9.5M |
| Total Assets | $9.6M | $14.1M | $12.3M | $11.5M |
| Total Liabilities | $2.4M | $2.2M | $2.3M | $2.3M |
| Total Equity | $7.2M | $11.9M | $10.0M | $9.2M |
| Total Debt | $118000 | $110000 | $102000 | $95000 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.4M | -$6.0M | -$7.9M | -$7.6M | -$10.5M | -$16.3M | -$11.6M |
| Depreciation & Amortization | 0 | 0 | 0 | $179037 | 0 | 0 | 0 |
| Stock-based Compensation | $561377 | $555488 | $719822 | $1.2M | $1.4M | $3.1M | $2.0M |
| Change in Working Capital | $306908 | -$12033 | $176801 | $756689 | -$633000 | -$2.1M | $347000 |
| Operating Cash Flow | -$4.4M | -$5.4M | -$6.8M | -$5.5M | -$7.2M | -$15.2M | -$9.2M |
| Capital Expenditure | 0 | 0 | $3 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.4M | -$5.4M | -$6.8M | -$5.5M | -$7.2M | -$15.2M | -$9.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.4M | -$2.4M | -$1.8M | -$2.3M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.4M | -$2.4M | -$1.8M | -$2.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $450000 | $387000 | $387000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -13.9% | -32.6% | +4.0% | -39.0% | -54.4% | +28.7% |
| EPS Growth (YoY) | | -12.0% | -31.1% | +4.3% | +37.8% | +15.2% | +70.7% |
| Shares Change (YoY) | | +0.2% | +0.0% | +0.0% | +152.7% | +61.4% | +2338.3% |
| FCF Growth (YoY) | | -21.6% | -27.1% | +19.8% | -31.5% | -111.2% | +39.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-32.44 | $-39.38 | $-50.05 | $-40.16 | $-20.91 | $-27.36 | $-0.68 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $136080 | $136360 | $136400 | $136400 | $306160 | $556240 | $13.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -97.73% |
| Return on Invested Capital | -99.88% |
| Return on Assets | -82.31% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 5.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 27.84 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.77 | -3.37 | -2.57 | -2.68 | -6.21 | -1.50 | -1.20 |
| P/B | 2.63 | -13.04 | -2.34 | -1.35 | 4.98 | 8.39 | 11.72 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |