Intensity Therapeutics gets second 180 days to meet Nasdaq minimum bid price requirement

Intensity Therapeutics, Inc. (Nasdaq: INTS) has received a second 180-day period from Nasdaq to regain compliance with the Nasdaq minimum bid price requirement. The company now has until June 1, 2026 to bring its closing bid price to at least $1.00 per share. Intensity reported the extension in a Form 8-K filed December 5, 2025. The company says the notice has no immediate effect on its listing on the Nasdaq Capital Market.

The notice and the extension

A bid-price deficiency means a stock has closed below the minimum price Nasdaq requires for continued listing. On June 6, 2025, Intensity received a letter from Nasdaq saying that for the preceding 30 consecutive business days its common stock had not kept a minimum closing bid price of $1.00 per share, as Nasdaq Listing Rule 5550(a)(2) requires. That letter gave the company 180 calendar days, until December 3, 2025, to show compliance.

On December 4, 2025, Intensity received a second letter. It said the company is eligible for an additional 180 calendar days, until June 1, 2026. Nasdaq Staff based that decision on the company's continued compliance with the market value of publicly held shares requirement and its other initial listing requirements, apart from the bid price. The Staff also relied on the company's written notice that it intends to cure the deficiency with a reverse stock split, if necessary.

What happens next

If the closing bid price is at least $1.00 per share for a minimum of ten consecutive business days in the extra period, the Staff will confirm compliance in writing. If Intensity chooses a reverse stock split, it must complete the split no later than ten business days before June 1, 2026. If the company cannot show compliance by then, the Staff will notify it that the stock will be delisted. Intensity could appeal to a Hearings Panel, which would ask for a plan to regain compliance. The filing says panels have generally viewed a near-term reverse stock split as the only definitive plan acceptable for a bid price deficiency.

In a press release dated December 5, 2025, Intensity said the notice has no immediate effect on its shares, which continue to trade under the symbol "INTS".

Cash and going concern

The 10-K, filed March 13, 2025, says the auditor's report for 2024 includes a going concern paragraph, based on recurring losses from operations and negative cash flows. As of December 31, 2024, Intensity had approximately $2.6 million of cash and cash equivalents. The 10-K says that cash was enough to continue the business plan only through the end of the first quarter of 2025.

The company reported a net loss of $16.3 million for 2024, against $10.5 million for 2023, and cash used in operating activities of $15.2 million in 2024. Its accumulated deficit was approximately $66.8 million at December 31, 2024. The 10-K says continued operations depend on completing equity or debt financings. The December notice does not update that cash figure.

The clinical program

Intensity describes itself as a late-stage clinical biotechnology company developing intratumoral cancer therapies, which are injected directly into tumors. Its lead candidate, INT230-6, combines cisplatin, vinblastine sulfate and a molecule called SHAO that helps the drugs spread through a tumor. The company says it has completed two clinical studies that enrolled over 200 patients.

It has started a Phase 3 trial, INVINCIBLE-3, in soft tissue sarcoma that tests INT230-6 as second or third line monotherapy against standard of care, with overall survival as the endpoint. The 10-K plans to enroll 333 patients and expects enrollment to finish in the first half of 2026. A Phase 2 study, INVINCIBLE-4, in triple-negative breast cancer is running with the Swiss Cancer Group. The filings report no Phase 3 result.

People named in the filings

Chief Executive Officer Lewis H. Bender signed the 8-K on December 5, 2025.

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