Intensity Therapeutics Inc., a clinical-stage biotechnology company based in Shelton, announced this week that its shareholders have approved a reverse stock split.
The announcement, made Tuesday in a filing with the U.S. Securities and Exchange Commission, came just over 10 weeks after the bioscience firm said it had regained compliance to continue to be listed on The Nasdaq Stock Exchange.
In its SEC filing, Intensity Therapeutics reported that shareholders approved the reverse stock split of its common stock “by a ratio of not less than 1-for-5 and not more than 1-for-30.”
The exact ratio of the reverse stock split will be set within that range by the board of directors and “without reducing the authorized number of shares of common stock,” the filing states.
The board also has the sole discretion to choose “to abandon such proposed amendment and not effect the Reverse Stock Split,” the filling added.
The filing does not provide a date for when the board will set the ratio for the reverse stock split.
The company’s stock trades on the Nasdaq under the symbol INTS and has 49.06 million shares outstanding. Friday morning, the stock was trading at 24 cents per share, far below its 52-week high of $3.40 per share but above its 52-week low of 19 cents per share.
On Aug. 12, Intensity Therapeutics said it had regained compliance with Nasdaq’s minimum stockholders’ equity requirement, following a series of recent fundraising rounds that extended its cash runway into the second half of 2026.
The company said it received a letter from the Nasdaq Stock Market confirming it had met the minimum $2.5 million stockholders’ equity requirement.
The notification to shareholders came a week after Intensity announced it had raised $6.6 million through an at-the-market offering.
Intensity Therapeutics is developing intratumoral cancer treatments designed to destroy tumors while prompting the immune system to attack cancer cells. Their focus lies in engineering treatments that are injected directly into tumors to both kill cancer cells and activate the immune system against them.