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    INTS
    Earnings call· Jun 2026(Q2 FY26)

    INTENSITY THERAPEUTICS Q2 FY26 earnings call INTS

    Aug 11, 2026 Source

    Executive summary

    Intensity Therapeutics Q2 FY26 — Clinical Programs Advancing Amidst Funding Efforts

    Intensity Therapeutics reported Q2 FY26 results highlighting significant clinical progress with the resumption of both its Phase 3 INVINCIBLE-3 and Phase 2 INVINCIBLE-4 studies, supported by improved cash flow from opportunistic ATM facility utilization. The company is actively pursuing partnerships to accelerate program advancement, while navigating funding requirements for full study expansion and managing regulatory complexities in Europe. Early clinical data from INVINCIBLE-4 shows promising pCR rates and a trend towards reduced adverse events.

    Highlights

    5
    • Cash and cash equivalents improved to $9.5 million as of June 30, 2026, with an additional $1.3 million raised since quarter-end.

    • INVINCIBLE-3 study (Phase 3 sarcoma) resumed new patient enrollment in limited U.S. sites in April 2026, with FDA-reviewed protocol modifications.

    • INVINCIBLE-4 study (Phase 2 TNBC) resumed patient treatment in Switzerland and opened a site in France in July 2026, following amended protocol authorization by Swissmedic and EMA.

    • Preliminary INVINCIBLE-4 data showed 71% pCR in Cohort A (INT230-6 + standard of care) vs. 42% in Cohort B (standard of care alone) for TNBC patients with large tumors.

    • Phase 1/2 IT-01 study data on INT230-6 monotherapy for metastatic/refractory cancers was published in eBioMedicine, a Quartile 1 journal with an impact factor of 11.

    Concerns

    5
    • Net losses increased to $3 million for Q2 2026, up 19% from $2.5 million in Q2 2025.

    • INVINCIBLE-3 study requires an incremental $30 million to complete, with current capital insufficient for full site activation.

    • INVINCIBLE-4 study enrollment was paused due to some patients experiencing localized skin issues, requiring a protocol amendment.

    • Operating cash burn is estimated to average $1 million per month in the second half of 2026.

    • Complexity and extensive documentation required for EU regulatory submissions for the INVINCIBLE-3 study are delaying full European site activation.

    Guidance & targets

    3
    CategoryTargetConfidence
    Operating cash burn
    approximately $1 million per month
    high materiality
    High
    INVINCIBLE-4 enrollment completion
    by the end of '27
    medium materiality
    Medium
    Capital required for INVINCIBLE-3 completion
    $30 million
    high materiality
    High

    Operational metrics

    31
    Research and development expenses
    $1.8 millionup $292,000 or 19% YoY
    Q2 2026

    Compared to $1.5 million in Q2 2025.

    Clinical trial expenses (INVINCIBLE-3)
    $1.2 millionvs $936,000 in Q2 2025
    Q2 2026

    Primarily for Phase 3 INVINCIBLE-3 study costs.

    R&D employee compensation-related costs
    $106,000higher YoY
    Q2 2026

    Offset by lower stock-based compensation expense.

    R&D stock-based compensation expense
    $113,000lower YoY
    Q2 2026

    Offset higher employee compensation-related costs.

    General and administrative expenses
    $1.3 millionup $87,000 or 7% YoY
    Q2 2026

    Compared to $1.2 million in Q2 2025.

    G&A employee compensation-related costs
    $76,000higher YoY
    Q2 2026

    Contributed to overall G&A increase.

    Other G&A expenses
    $155,000higher YoY
    Q2 2026

    Including Delaware franchise costs, contributed to overall G&A increase.

    G&A stock-based compensation expense
    $144,000lower YoY
    Q2 2026

    Partially offset increases in other G&A categories.

    Net losses
    $3 millionup $470,000 or 19% YoY
    Q2 2026

    Compared to $2.5 million in Q2 2025.

    Cash and cash equivalents
    $9.5 million
    as of June 30, 2026

    Balance sheet item.

    Net proceeds from ATM facility
    $1.6 million
    Q2 2026

    Raised from $60 million at-the-market facility established in March 2026.

    Net proceeds from ATM facility (post-Q2)
    $1.3 million
    since June 30, 2026

    Additional capital raised under the ATM facility.

    Cash burn from operating activities
    $4.2 million
    H1 2026

    Total cash burn for the first half of the year.

    Capital raised since Q2 2025
    over $23 million
    since beginning of Q2 2025

    Total capital raised since the pause of INVINCIBLE-3.

    INVINCIBLE-3 patients enrolled (prior to pause)
    21
    prior to March 2025 pause

    Patients who continued to be treated or followed during the study pause.

    INVINCIBLE-4 patients treated (prior protocol)
    14
    prior to protocol amendment

    Patients previously enrolled in INVINCIBLE-4 trial, 7 in each cohort.

    INVINCIBLE-4 patients treated (new protocol)
    a couple
    under new protocol

    Patients treated under the amended single-injection regimen in INVINCIBLE-4.

    INVINCIBLE-4 patients needed for enrollment completion
    about 45
    remaining

    Number of additional patients required to complete enrollment in INVINCIBLE-4.

    eBioMedicine impact factor
    11
    current

    Impact factor of the journal that published IT-01 study data.

    eBioMedicine journal ranking
    19thout of 191 journals
    current

    Ranking in the research and experimental medicine category.

    IT-01 disease control rate (metastatic patients)
    75%
    IT-01 study

    Disease control rate for metastatic patients in the Phase 1/2 IT-01 study.

    IT-01 median overall survival (all patients)
    nearly 12 monthswell above 4-7 months for systemic therapies
    IT-01 study

    Median overall survival for 64 patients in the Phase 1/2 IT-01 study.

    IT-01 median overall survival (>40% tumor burden dose)
    18.7 months
    IT-01 study

    Median overall survival for patients who received a dose of more than 40% of their visible tumor burden.

    IT-01 abscopal effect rate
    nearly 20%much higher than <1% for radiation
    IT-01 study

    Rate of uninjected tumors shrinking in the Phase 1/2 IT-01 study.

    INVINCIBLE-4 pCR rate (Cohort A)
    71%
    preliminary data from 14 patients

    Pathologic complete response rate in patients receiving INT230-6 prior to standard of care.

    INVINCIBLE-4 pCR rate (Cohort B)
    42%
    preliminary data from 14 patients

    Pathologic complete response rate in patients receiving standard of care alone.

    INVINCIBLE-4 pCR rate (current standard of care)
    50% to 65%
    current standard

    Typical pCR rate using today's best immunochemotherapy regimen for TNBC, depending on tumor size and node positivity.

    Risk of disease recurrence (without pCR)
    around 50%
    5 years after surgery

    Risk of disease recurring in 5 years after surgery for TNBC patients without achieving pCR.

    Risk of disease recurrence (with pCR)
    about 16%
    5 years after surgery

    Risk of disease recurring in 5 years after surgery for TNBC patients with achieving pCR.

    Mortality from current standard-of-care regimen
    0.5%
    current standard

    Percentage of women who will die from the current standard-of-care regimen for TNBC.

    Mortality attributed to immunotherapy
    50%
    current standard

    Percentage of deaths from the standard-of-care regimen attributed to immunotherapy.

    Industry KPIs

    3
    MetricValueDetails
    Pipeline read out calendarINVINCIBLE-3 (Phase 3) new patient enrollment expected in next couple of months; INVINCIBLE-4 (Phase 2) enrollment targeting completion by end of '27.
    Regulatory approvals filingsAmended INVINCIBLE-4 protocol authorized by Swissmedic and European Medicines Agency (EMA).
    Clinical trial efficacy safety dataINVINCIBLE-4: 71% pCR (Cohort A) vs 42% pCR (Cohort B); IT-01: 75% disease control rate, median OS nearly 12 months (18.7 months for >40% tumor burden dose), nearly 20% abscopal effect.%

    Deals & partnerships

    2
    Various strategic partnersDiscussions for potential collaborations to advance programs

    Over 20 meetings held at the BIO International Convention in San Diego in late June. Interest driven by publications. Discussions expected to continue in H2 2026, exploring global or regional rights.

    Public market investorsAt-the-market (ATM) equity facility for capital raising$60 million total authorization

    ATM facility established in March 2026, used opportunistically to raise capital for clinical activities. Considered the cheapest cost of capital.

    Risks & headwinds

    6
    Funding constraints for clinical trialsNext several years for INVINCIBLE-3; H2 2026 for cash burn

    INVINCIBLE-3 requires an incremental $30 million to complete; operating cash burn estimated at $1 million/month in H2 2026.

    Mitigation: Opportunistic use of $60 million at-the-market (ATM) facility; active pursuit of strategic partnerships.

    Localized skin issues in INVINCIBLE-4 studyResolved with protocol amendment

    Caused a pause in patient enrollment.

    Mitigation: Amended protocol authorized by Swissmedic and EMA, using a single injection with reduced drug volume for Cohort A.

    Complexity of EU regulatory submissionsOngoing, delaying full European site activation

    Significant paperwork and translation required for Phase 3 INVINCIBLE-3 across 5 countries.

    Mitigation: Preparing needed documentation; assessing timing of site activation as incremental capital is raised.

    High unmet medical need in metastatic sarcomaCurrent

    3-year survival in second- and third-line treatment setting is less than 10%.

    Mitigation: Advancing INT230-6 in INVINCIBLE-3 study, which investigators are highly interested in due to lack of approved new products.

    High mortality and adverse events from current TNBC standard of careCurrent

    0.5% of women die from current regimen; 50% of deaths attributed to immunotherapy.

    Mitigation: INVINCIBLE-4 study aims to improve pCR and potentially reduce Grade 3 adverse events, especially immune-related ones, by adding INT230-6.

    Inclusion of overly large tumors in INVINCIBLE-3Prior to protocol amendment

    Some patients enrolled with tumors above 15 centimeters, which are not effectively treatable.

    Mitigation: Amended protocol now excludes patients with tumors above 15 centimeters.

    What to watch in Q3 FY26

    5

    INVINCIBLE-3 new patient enrollment

    Next quarter
    CurrentResumed in limited U.S. sites
    TargetIncreased enrollment and site activations

    Why it matters

    Indicates progress in the pivotal Phase 3 study and ability to secure funding for broader expansion.

    The FDA reviewed the amended protocol, and we're now expecting new patient enrollment to begin in the next couple of months.

    Q&A highlights

    7

    What capital is needed for INVINCIBLE-3, and what milestones can be reached without additional funding beyond the ATM facility?

    An incremental $30 million is needed to complete INVINCIBLE-3 over several years. The current ATM facility allows for continued opportunistic capital raising to incrementally open sites and ramp up enrollment, but a 'big bolus' of capital would be required for immediate full site activation.

    So the $30 million is what we need over the next several years to really get through the INVINCIBLE-3 study. So the cash need, what we have today, again, we ended June with just under $10 million in cash. You could see that we had a very successful, brought in over $1 million already since the end of June. Provided we continue to bring in capital on the ATM, we'll continue to do so.

    asked by Swayampakula Ramakanth · answered by Joseph Talamo

    3 min read5 chapters

    Detailed Narrative

    01

    INVINCIBLE-3 Study Resumption and Protocol Modifications

    The Phase 3 INVINCIBLE-3 clinical trial, testing INT230-6 as monotherapy for soft tissue sarcomas, resumed new patient enrollment in a limited number of U.S. sites in April 2026 after a pause since March 2025 due to funding. During the pause, 21 enrolled patients continued treatment or follow-up. The company engaged key investigators and sarcoma thought leaders, leading to protocol modifications reviewed by the FDA. These changes include excluding patients with tumors above 15 centimeters and implementing a central reader for scan analysis to ensure consistency. Preparations are underway to restart the study in France, Germany, Italy, Poland, and Spain, with over 60 qualified sites previously contracted or in negotiations.

    02

    INVINCIBLE-4 Study Resumption and Preliminary Efficacy Data

    The Phase 2 INVINCIBLE-4 study for early-stage operable triple-negative breast cancer (TNBC) resumed patient treatment in Switzerland in July 2026, following authorization by Swissmedic and the Swiss Ethics Committee of an amended protocol. A site in France also opened for accrual after authorization by the European Medicines Agency. The amended protocol for Cohort A now uses a single injection with reduced drug volume to address localized skin issues that caused a prior enrollment pause. Preliminary data from 14 patients showed 71% pathologic complete response (pCR) in Cohort A (INT230-6 + standard of care) compared to 42% in Cohort B (standard of care alone), with a trend towards reduced Grade 3 adverse events in Cohort A.

    03

    Clinical Publications and Scientific Influence

    In November, the Lancet group's journal eBioMedicine published safety and efficacy data from the Phase 1/2 IT-01 study on INT230-6 monotherapy for metastatic or refractory cancers. The paper reported a disease control rate of 75% for metastatic patients and a median overall survival of nearly 12 months for 64 patients, significantly higher than typical systemic therapies. Patients receiving over 40% of their visible tumor burden had a median overall survival of 18.7 months, and nearly 20% showed an abscopal effect. The journal has an impact factor of 11 and ranks 19th out of 191 in its category, underscoring the scientific rigor and influence of the published data.

    04

    Financial Position and Capital Raising Efforts

    As of June 30, 2026, Intensity Therapeutics held $9.5 million in cash and cash equivalents. The company raised $1.6 million in net proceeds during Q2 2026 from its $60 million at-the-market (ATM) facility established in March 2026. An additional $1.3 million in net proceeds has been raised through the ATM facility since June 30, 2026. Management plans to continue utilizing the ATM facility opportunistically to raise capital, aiming to scale up clinical activities. The operating cash burn for the first half of 2026 was $4.2 million, with an estimated average burn of $1 million per month for the second half of 2026.

    05

    Business Development and Partnership Strategy

    Intensity Therapeutics actively pursued potential partnerships, holding over 20 meetings with strategic partners at the BIO International Convention in late June. The company noted strong interest driven by its recent clinical publications. Discussions are ongoing with multinational and regional players, with the goal of accelerating global access to the drug. While early, the company is evaluating all options for collaboration, including global rights or regional agreements, to advance its programs and reach more patients effectively.

    AI-generated summary of the company’s earnings call. Not investment advice.