Free cash flow remains persistently negative, with quarterly outflows as high as $4.4 million in 2024Q1, reflecting the heavy reliance on external capital to fund clinical operations.
| Cash from Operations | -9.07M | -9.23M | -15.22M | -7.21M | -5.48M | -6.83M | -5.37M | -4.42M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 99.83% | 39.34% | -111.24% | -31.54% | 19.77% | -27.13% | -21.6% | - |
| Net Income | -10.69M | -11.61M | -16.27M | -10.54M | -7.58M | -7.9M | -6.03M | -5.38M |
| Depreciation & Amortization | 19K | 0 | 0 | 0 | 179.04K | 0 | 0 | 0 |
| Stock-Based Compensation | 1.09M | 2M | 3.07M | 1.4M | 1.17M | 719.82K | 555.49K | 561.38K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -179.04K | 0 | 0 | 0 |
| Other Non-Cash Items | 866K | 26K | 76K | 2.57M | 178.86K | 172.11K | 116.83K | 95.21K |
| Working Capital Changes | -356K | 347K | -2.1M | -633K | 756.69K | 176.8K | -12.03K | 306.91K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 16.77K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -506K | 360K | -2.27M | 1.63M | 430.67K | -50.2K | -171.26K | 202.55K |
| Cash from Investing | 0 | 0 | 6.35M | -6.02M | 0 | 0 | 4.56M | 1.7M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 18.39M | 18.56M | 2.9M | 20.47M | 2.25M | 2.05M | 6.29M | 3.86M |
| Debt Issued (Net) | 0 | 0 | 0 | 230K | 2.25M | 2M | 0 | 0 |
| Equity Issued (Net) | 18.39M | 18.56M | 3.23M | 22.43M | 0 | 0 | 6.27M | 3.86M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -332K | -2.18M | 0 | 50K | 25K | 0 |
| Net Change in Cash | 9.32M | 9.33M | -5.97M | 7.24M | -3.23M | -4.78M | 5.49M | 1.14M |
| Free Cash Flow | -9.07M | -9.23M | -15.22M | -7.21M | -5.48M | -6.83M | -5.37M | -4.42M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 29.38% | 39.34% | -111.24% | -31.54% | 19.77% | -27.13% | -21.6% | - |
| FCF per Share | -0.36 | -0.68 | -27.36 | -20.91 | -40.16 | -50.05 | -39.38 | -32.44 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.80x | 0.94x | 0.68x | 0.72x | 0.86x | 0.90x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical-stage liquidity constraints
As reported in financial statements, Intensity Therapeutics consistently records operating cash outflows that track closely with net losses, with the OCF/NI ratio fluctuating between 0.30 and 1.13, indicating that the company lacks any meaningful non-cash revenue offsets to mitigate its ongoing clinical development cash burn.
The tight correlation between net income and operating cash flow suggests that the company's reported losses are a direct proxy for actual cash depletion. Investors should note that the absence of significant non-cash adjustments means the firm's burn rate is highly sensitive to the timing of clinical trial expenditures.
Based on the company's reported figures, free cash flow remains persistently negative, with quarterly outflows ranging from approximately $0.9 million to $4.4 million, reflecting the heavy reliance on external capital to fund the ongoing development of the INT230-6 platform without any offsetting commercial revenue.
The trajectory of free cash flow highlights the binary nature of the business, where every dollar spent is directed toward R&D milestones rather than operational self-sufficiency. This trend warrants close monitoring, as the lack of positive cash generation capacity necessitates frequent reliance on equity markets to sustain operations.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $924,000 outflow in 2024Q1 to a $917,000 inflow in 2025Q1, which suggests that the company's cash position is significantly impacted by the timing of payments to clinical research organizations and vendors.
These fluctuations in working capital appear to be driven by the lumpiness of clinical trial site payments rather than operational efficiency. Analysts should interpret these swings as a reflection of the company's limited ability to manage cash outflows predictably while navigating complex, multi-arm oncology studies.
As indicated by the provided data, stock-based compensation has periodically reached as high as $1.2 million in a single quarter, which effectively obscures the true cash-based operating loss by substituting equity for cash payments to retain talent during critical phases of clinical trial development.
While stock-based compensation preserves immediate liquidity, it represents a significant dilution risk that is not captured in the headline operating cash flow figures. Investors should adjust their burn rate expectations to account for the potential impact of these non-cash expenses on long-term shareholder value.
Quick answers to the most common questions about buying INTS stock.
Intensity Therapeutics, Inc. (INTS) generated $-9.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intensity Therapeutics, Inc. (INTS) reported negative free cash flow of $9.2M in 2025, indicating capital requirements exceeded cash from operations.
Intensity Therapeutics, Inc. (INTS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.