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Nov 5, 2026, 7:45 AM ET Intensity Therapeutics reported a third quarter 2026 net loss of $3.5 million and cash and cash equivalents of $8.5 million as of September 30, 2026. AI-generated summary · Source: company release
Nasdaq: $INTSBiotech · OncologyIntratumoral chemotherapyTwo trials enrolling againGoing concern · $8.5M cash

INTS Stock Hub: Intensity Therapeutics News, INT230-6 Data and the INVINCIBLE-3 Restart

Intensity Therapeutics held $8.494 million of cash at September 30, 2026 against a quarterly net loss of $3.544 million, and states substantial doubt about its ability to continue as a going concern. New patient enrollment resumed in a limited number of U.S. sites in the Phase 3 sarcoma study during the third quarter, and the Phase 2 breast study restarted in July after regulators approved a lower-volume protocol. The next dated checkpoint is the independent safety review of the newly treated breast patients in the first quarter of 2027.

Last updated: November 10, 2026Market data: November 6, 2026 closeFinancials: quarter ended September 30, 2026Currency: U.S. dollars
Full research report · PDF
Intensity Therapeutics ($INTS) research report, as of November 9, 2026
20 pages: INT230-6 and the DfuseRx technology, the first-in-human and INVINCIBLE-2 data, the INVINCIBLE-3 pause and restart, the INVINCIBLE-4 skin-reaction amendment, orphan and fast-track designations, quarterly results, cash and the runway calculation, the at-the-market facility and dilution, ownership, management, catalysts and FAQ. Available in the Merlintrader Research Library. The report is a dated snapshot and is not updated after that date; this page follows the current situation.
Get the report (PDF)
Next catalyst
First quarter of 2027 · independent data monitoring board report on the INVINCIBLE-4 patients

The Swiss Cancer Institute convened a board to review the safety data and imaging of patients treated under the amended protocol, which uses a single injection at a lower drug-volume-to-tumour-volume ratio, and to judge whether the local skin irritation has been resolved. The company said it plans to provide an update when the review is complete. The timing is company guidance at quarter level; no day has been announced. Third-quarter release, November 5, 2026

Before that: full-year 2026 results, not yet dated; the company released full-year 2025 results on March 27, 2026. Enrollment in INVINCIBLE-3 continues at a limited number of activated U.S. sites, and submissions to restart the study in the EU and Canada were in process.
Intensity Therapeutics INTS daily stock chart
Daily chart $INTS. Source: Finviz, for information only. Interactive chart with bull and bear scenarios on JC Just Charts →

INTS stock at a glance

Close · Nov 6, 2026
$3.00
Regular-session Nasdaq close; the shares traded between $2.80 and $15.00 over the past twelve months.
Market value
~$9.9M
3,301,175 shares at $3.00; share count at November 4, 2026, a calculation.
Cash · Sep 30, 2026
$8.494M
$8.472M in a U.S. Treasury money-market fund; total liabilities $2.635M.
Net loss · Q3 2026
−$3.544M
Against $2.671M in the same quarter of 2025; nine months $8.985M.
R&D · Q3 2026
$2.429M
Up from $1.553M on INVINCIBLE-3 costs, a new manufacturing batch and a bonus accrual.
Cash runway, calculated
~2.4 qtrs
$8.494M against the $3.544M quarterly net loss; a Merlintrader calculation, not company guidance.
Options and warrants
665,536
332,428 options and 333,108 warrants at September 30, 2026: 20.2% of the current share count if all were exercised.
ATM capacity
$56.9M
Unused under the $60M sales agreement at September 30, 2026, after $3.2M net raised in the first nine months.

Where Intensity Therapeutics stands now

Intensity develops INT230-6, an intratumoral product that combines cisplatin and vinblastine sulfate with a diffusion enhancer, on the argument that killing tumour cells in place releases tumour-specific antigens and engages the immune system without systemic immunosuppression. Two studies are complete in more than 200 patients, a Phase 3 sarcoma study is running with an overall-survival endpoint, and a Phase 2 presurgical breast study is run with the Swiss Cancer Institute. INVINCIBLE-3 was paused for lack of funding in March 2025; INVINCIBLE-4 was paused in September 2025 for local skin reactions and restarted in July 2026 under an amended protocol. Form 10-Q, September 30, 2026

The main risk: the clinical plan moves at the speed of the balance sheet. With $8.494 million, a quarterly net loss of $3.544 million and a going-concern qualification in the 10-Q, the company can only enrol as fast as it sells shares. The Phase 3 study had 21 patients when it was paused in March 2025 and targets 333; the registry estimates primary completion in December 2027. Meanwhile $56.9 million of at-the-market capacity remains, and at $3.00 that equals about 19 million shares against 3.3 million outstanding.

▲ The constructive case

INT230-6 has human data in more than 200 patients: a 75% disease control rate (48 of 64) and a median overall survival of 11.9 months in heavily pretreated solid tumours, published in eBioMedicine in October 2025, with 21.3 months in a sarcoma cohort after three prior therapies. The Phase 3 carries orphan designation for its three components and runs in eight countries. In INVINCIBLE-4, five of seven patients who received INT230-6 before standard neoadjuvant therapy reached a pathological complete response, against 42% in the control cohort, with grade 3 events 44% lower.

▼ The cautious case

The breast signal rests on fourteen patients, the confidence interval on five of seven runs from 29% to 96%, and the control rate of 42% sits inside what standard therapy already delivers. Dose-limiting skin reactions forced a protocol amendment that also reduces the dose relative to tumour burden, the variable linked to survival in the first-in-human study. The sarcoma study compares an injection with systemic therapy on overall survival, the hardest endpoint, and has enrolled a fraction of its target three years after starting.

Latest INTS news

Nov 5, 2026

Intensity Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update

Intensity Therapeutics reported a net loss of $3.5 million for the third quarter of 2026, compared with $2.7 million a year earlier, and cash and cash equivalents of $8.5 million as of September 30, 2026. Research and development expenses were $2.4 million, versus $1.6 million, while general and administrative expenses were $1.2 million, unchanged. New patient enrollment resumed in a limited number of U.S. sites in the INVINCIBLE-3 Phase 3 study in the third quarter of 2026. Patient enrollment and treatment resumed in the INVINCIBLE-4 Phase 2 study in July 2026.

Company release · PR Newswire

INTS stock catalysts: the dated calendar

  • First quarter of 2027 — Independent data monitoring board report on the INVINCIBLE-4 patients treated after the amendment. Company guidance
  • March 2027, expected — Full-year 2026 results; the company released full-year 2025 results on March 27, 2026. Pattern, not announced
  • End of 2027 — Target completion of INVINCIBLE-4 enrollment. Company target
  • December 2027 — Estimated primary completion of INVINCIBLE-3. Registry estimate
  • Undated — Restart of INVINCIBLE-3 in the European Union and Canada; submissions were in process at the November 5 release. Company disclosure
  • Undated — Partnership or licensing agreement for INT230-6; more than 20 partnering discussions at BIO in June, no agreement announced. No agreement

INT230-6: the two active studies

StudyDesign and endpointStatusLatest data
INVINCIBLE-3
Soft tissue sarcoma		Phase 3, open-label, randomised against standard of care in second and third line; primary endpoint overall survival; 333 patients plannedRecruiting at a limited number of U.S. sites since the third quarter of 2026; EU and Canada submissions in process21 patients enrolled before the March 2025 pause; no efficacy readout yet
INVINCIBLE-4
Presurgical triple-negative breast cancer		Phase 2, randomised, with the Swiss Cancer Institute (SAKK 66/22); Cohort A INT230-6 before immunochemotherapy, Cohort B immunochemotherapy alone; endpoint pathological complete responseEnrolling again since July 2026; target completion by end-2027; independent safety review in the first quarter of 2027pCR 71% in Cohort A (5 of 7) against 42% in Cohort B; grade 3 events 44% lower in Cohort A

Registry entries: NCT06263231 (last update August 11, 2026) and NCT06358573 (last update October 23, 2026). Data from the October 23, 2026 release and the November 5, 2026 results.

Merlintrader Health Score · $INTS

1.8out of 5
Balance sheet and runway · 30%1.5

$8.494 million of cash at September 30, 2026 against a $3.544 million quarterly net loss; the 10-Q states substantial doubt about the going concern. Funding depends on the ATM.

Catalyst · 30%2.0

Both studies are enrolling again, and the safety review is guided for the first quarter of 2027. The sarcoma endpoint is an overall-survival readout with an estimated primary completion in December 2027 on the registry, and enrollment speed depends on capital.

Dilution · 20%1.5

$56.9 million of unused ATM capacity, 332,428 options and 333,108 warrants on 3,301,175 shares, and a 1-for-25 reverse split in February 2026 that followed repeated equity issuance.

Liquidity · 10%1.5

A market value near $9.9 million on 3.3 million shares, with a 52-week range of $2.80 to $15.00 on the split-adjusted Nasdaq series: thin, event-driven trading.

Execution · 10%3.0

The company restarted treatment in one study and enrollment in the other, obtained protocol amendments from two regulators and a Swiss ethics committee, published first-in-human results in eBioMedicine in October 2025 and presented INVINCIBLE-4 data at ESMO in October 2026.

Assessed on November 9, 2026, after the third-quarter report of November 5, 2026. Calculation: 0.30 × 1.5 + 0.30 × 2.0 + 0.20 × 1.5 + 0.10 × 1.5 + 0.10 × 3.0 = 1.80, rounded to 1.8. The score describes financial and operational robustness over twelve to eighteen months. It is not a rating, a target price or an indication to buy or sell.

Red flags

  • Substantial doubt about the ability to continue as a going concern, stated in the 10-Q.
  • $8.494 million of cash against a $3.544 million quarterly net loss, a runway of about 2.4 quarters on a Merlintrader calculation.
  • $56.9 million of unused ATM capacity on 3.3 million shares: the funding plan implies heavy dilution at $3.00.
  • A 1-for-25 reverse split in February 2026 after three small equity raises in twelve months.
  • The Phase 3 sarcoma study had enrolled 21 of 333 planned patients before the funding pause and reopened at only a limited number of U.S. sites.
  • The breast signal rests on fourteen patients and a control rate of 42% that is close to standard-of-care expectations.
  • Dose-limiting skin reactions forced a protocol amendment that also reduces the dose relative to tumour burden.
  • No partnership, no licensing revenue and no approved product; research and development is funded entirely by selling equity.

INTS Stock FAQ: Intensity Therapeutics Questions Answered

When is the next INTS catalyst?

The next dated checkpoint is the independent data monitoring board report on the INVINCIBLE-4 patients treated under the amended protocol, guided by the company for the first quarter of 2027. The board reviews the safety data and imaging of the newly treated patients to judge whether the local skin irritation has been resolved. Third-quarter release

Is Intensity Therapeutics’ INT230-6 FDA approved?

No. As of November 9, 2026, INT230-6 is investigational and has no marketing approval in the United States or the European Union. It holds orphan drug designation for soft tissue sarcoma, granted in June 2022 for cisplatin, vinblastine sulfate and the enhancer SHAO, and a 2018 fast track designation for metastatic triple-negative breast cancer after one or two prior treatments. Form 10-K, 2025

How much cash does Intensity Therapeutics have, and how long will it last?

Intensity Therapeutics had $8.494 million of cash and cash equivalents at September 30, 2026, of which $8.472 million was in a U.S. Treasury securities money-market fund. Its third-quarter 2026 net loss was $3.544 million, and the company states that there is substantial doubt about its ability to continue as a going concern. Form 10-Q

Will Intensity Therapeutics issue more shares?

The company has $56.9 million of unused capacity under its at-the-market sales agreement as of September 30, 2026, and in the first nine months of 2026 it sold 727,828 shares under that agreement for net proceeds of $3.2 million. It had 3,301,175 shares outstanding at November 4, 2026; there were also 332,428 options and 333,108 warrants outstanding at September 30, 2026. Form 10-Q

When does Intensity Therapeutics report earnings?

Third-quarter 2026 results were released on November 5, 2026. The company has not dated its full-year 2026 report; it released full-year 2025 results on March 27, 2026. Full-year 2025 release

What does Intensity Therapeutics do?

Intensity Therapeutics is a clinical-stage oncology company in Shelton, Connecticut, developing INT230-6, an intratumoral product that combines cisplatin and vinblastine sulfate with a diffusion and penetration enhancer so the drugs spread through a tumour after direct injection. It has completed two studies in more than 200 patients and is running a Phase 3 in soft tissue sarcoma and a Phase 2 in presurgical triple-negative breast cancer.

Did Intensity Therapeutics restart the INVINCIBLE-3 study?

Yes. New patient enrollment resumed in a limited number of U.S. sites in the third quarter of 2026, after the study was paused in March 2025 for funding reasons with 21 patients enrolled. The company is using an FDA-reviewed amended protocol and said submissions to restart in the EU and Canada were in process at the November 5, 2026 release. Third-quarter release

What did Intensity Therapeutics’ INVINCIBLE-4 breast cancer data show?

In the first seven patients in Cohort A, pathological complete response occurred in five (71%, 95% confidence interval 29% to 96%) against 42% in Cohort B, with grade 3 adverse events 44% lower in Cohort A. The data were presented at ESMO on October 23, 2026 and come from fourteen patients in total, so they remain preliminary. ESMO release · Third-quarter release

Primary sources

Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $INTS or any other security.

Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases, ClinicalTrials.gov and market data, and are stated with their reference dates. Data can change without notice. Readers should verify every figure against the primary source before acting on it.

Clinical-stage biotechnology companies carry high execution, regulatory and financing risk. Trials fail, endpoints miss, enrollment slips, regulators ask for more data, and companies that spend ahead of revenue raise equity at whatever price the market will bear. This company held $8.494 million at September 30, 2026 against a $3.544 million quarterly net loss, reports substantial doubt about its going concern and had 665,536 options and warrants outstanding against 3,301,175 shares. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.

Merlintrader may hold positions in securities mentioned. Some links on this page are affiliate or referral links, including those to Finviz, which may generate a commission at no cost to the reader. Full legal information is available on the disclaimer and terms of use and privacy pages.

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