Intensity Therapeutics Reports First Quarter 2024 Financial Results and Provides Corporate Update

• INT230-6, Intensity's lead drug candidate, continues to advance into late-stage clinical programs in sarcoma and breast cancer
• Cash and investments of $10.5 million expected to fund operations through the end of the first quarter of 2025

SHELTON, Conn., May 9, 2024 — Intensity Therapeutics, Inc. ("Intensity" or "the Company") (Nasdaq: INTS), a late-stage clinical biotechnology company focused on the discovery and development of proprietary, novel immune-based intratumoral cancer therapies designed to kill tumors and increase immune system recognition of cancers, announces first quarter 2024 financial results and provides a corporate update.

Corporate Update

• In mid-2024, the Company intends on initiating a Phase 3 open-label, randomized study, or the INVINCIBLE-3 Study, testing INT230-6 as a monotherapy compared to the standard of care ("SOC") drugs in second and third line treatment for certain soft tissue sarcoma subtypes. We plan to enroll 333 patients with an endpoint of overall survival and have screened and qualified over 30 sites for the INVINCIBLE-3 Study. Contract negotiations to approve and activate these sites are in process. We estimate the sites could take between two to six months to complete their contracting processes.
• In mid-2024, the Company intends on initiating a Phase 2/3 program testing INT230-6 in combination with the SOC treatment (chemotherapy/immunotherapy) compared to SOC alone in women with triple negative breast cancer in presurgical (neoadjuvant) breast cancer. The endpoint for the Phase 2 portion of the study, or the INVINCIBLE-4 Study, is the change in the pathological complete response rate for the combination compared to the SOC alone. We expect to initiate the INVINCIBLE-4 Study in mid-2024, which will provide data to size a Phase 3 study. We are in the process of screening and qualifying sites for the INVINCIBLE-4 Study.

"We continue to make excellent progress towards the initiation of our INVINCIBLE-3 Study," said Lewis H. Bender, Founder, President and CEO of Intensity Therapeutics, Inc. "In the first quarter, we were able to release our INT230-6 Phase 3 clinical supplies, successfully ship the entire batch to our main depot, and complete labeling of a portion of the vials for the United States sites. During the quarter, we completed evaluation of dozens of sites and are now in various stages of contract and budget discussions with over 30 different high-quality sarcoma centers. We continue to qualify new sarcoma specialty hospitals in the US and internationally, and top enrolling centers from our previous metastatic study have expressed interest in participating in the INVINCIBLE-3 trial." Mr. Bender continued, "Our INVINCIBLE-4 Study also continues to make excellent progress. Sites are being recruited and we continue to work towards initiating the study in mid-2024."

First Quarter 2024 Financial Results

Research and development expenses were $2.8 million for the three months ended March 31, 2024, compared to $0.8 million for the same period in 2023. The increase was primarily due to preliminary work related to the INVINCIBLE-3 Study, and to a lesser extent, costs for manufacturing a new batch of INT230-6 and increased expenses related to salary, benefits, and stock-based compensation.

General and administrative expenses were $1.9 million for the three months ended March 31, 2024, compared to $0.5 million for the same period in 2023. The increase was primarily due to increased expenses related to salary, benefits and stock-based compensation, higher legal, audit, and consulting fees, and higher directors and officers insurance.

Overall, net loss was $4.6 million for the three months ended March 31, 2024, compared to $1.3 million for the three months ended March 31, 2023.

As of March 31, 2024, cash, cash equivalents and marketable debt securities totaled $10.5 million, which the Company expects will be sufficient to fund operations through the end of the first quarter in 2025.

About INT230-6

INT230-6, Intensity's lead proprietary investigational product candidate, is designed for direct intratumoral injection. INT230-6 was discovered using Intensity's proprietary DfuseRx℠ technology platform. The drug is composed of two proven, potent anti-cancer agents, cisplatin and vinblastine, and a penetration enhancer molecule (SHAO) that helps disperse potent cytotoxic drugs throughout tumors for diffusion into cancer cells. These agents remain in the tumor resulting in a favorable safety profile. In addition to local disease control, direct killing of the tumor by INT230-6 releases a bolus of neoantigens specific to the patient's malignancy, leading to engagement of the immune system and systemic anti-tumor effects. Importantly, these effects are mediated without immunosuppression that so often occurs with systemic chemotherapy.

About Intensity Therapeutics

Intensity Therapeutics is a late-stage clinical biotechnology company that applies novel engineered chemistry to turn "cold" tumors "hot" by enabling its aqueous cytotoxic-containing drug product, INT230-6, to mix and saturate the dense, high-fat pressurized environment of the tumor. As a result of the saturation, Intensity's clinical trials have demonstrated the ability of INT230-6 to kill tumors and elicit an adaptive immune response within days of injection, representing a novel approach to cancer cell death that holds the potential to shift the treatment paradigm and turn many deadly cancers into chronic diseases. INT230-6 has completed enrollment of over 200 patients in a Phase 1/2 dose escalation trial (NCT03058289) and Phase 2 randomized control clinical trial in breast cancer (the INVINCIBLE 2 study) (NCT04781725). The Company is initiating a Phase 3 trial in soft tissue sarcoma (the INVINCIBLE 3 study) (NCT06263231), testing INT230-6 as second or third line monotherapy compared to the standard of care with overall survival as an endpoint. The Company is also planning a Phase 2/3 program in presurgical triple negative breast cancer testing INT230-6 in combination with standard of care compared to standard of care alone. For more information about the Company, including publications, papers and posters about its novel approach to cancer therapeutics, visit www.intensitytherapeutics.com.

Intensity Therapeutics, Inc.

Condensed Statement of Operations

(in thousands, except share and per share amounts)

(Unaudited)

Three Months Ended March 31,

2024

2023

Operating expenses:

Research and development

$ 2,815

$ 774

General and administrative

1,928

480

Total operating expenses

4,743

1,254

Loss from operations

(4,743)

(1,254)

Other income (expense):

Interest income

140

—

Interest expense

—

(83)

Other income

—

1

Net loss

$ (4,603)

$ (1,336)

Loss per share, basic and diluted

$ (0.34)

$ (0.39)

Weighted average number of shares of common stock, basic and diluted

13,709,487

3,410,103

Intensity Therapeutics, Inc.

Condensed Balance Sheets

(in thousands)

(Unaudited)

March 31, 2024

December 31, 2023

Assets

Current assets:

Cash, cash equivalents and marketable debt securities

$ 10,497

$ 14,776

Prepaid expenses and other current assets

672

688

Total current assets

11,169

15,464

Right-of-use asset, net

141

147

Other assets

1,098

1,684

Total assets

$ 12,408

$ 17,295

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$ 1,219

$ 3,048

Accrued expenses

1,274

891

Lease liability, current portion

26

20

Total current liabilities

2,519

3,959

Other long-term liabilities

36

36

Lease liability, net of current portion

131

138

Total liabilities

2,686

4,133

Total stockholders' equity

9,722

13,162

Total liabilities and stockholders' equity

$ 12,408

$ 17,295