Inhibitor Therapeutics (INTI) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-13467
Entity Registrant Name	Inhibitor Therapeutics, Inc.
Entity Central Index Key	0001042418
Entity Tax Identification Number	30-0793665
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	900 West Platt St Suite 200
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33606-2173
City Area Code	813
Local Phone Number	864-2562
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		172,323,545

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 7,098,742	$ 8,839,912
Prepaid expenses and other assets	74,625	109,243
Total current assets	7,173,367	8,949,155
Total assets	7,173,367	8,949,155
Current liabilities:
Accounts payable	18,803	33,731
Accrued expenses and other liabilities	16,724	631,433
Total current liabilities	35,527	665,164
Deferred revenue	3,000,000	3,000,000
Total liabilities	3,035,527	3,665,164
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.0001 par value; 500,000,000 shares authorized; 172,323,545 and 172,023,545 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	17,232	17,202
Additional paid-in capital	54,087,065	54,046,845
Accumulated deficit	(49,966,457)	(48,780,056)
Total stockholders’ equity	4,137,840	5,283,991
Total liabilities and stockholders’ equity	7,173,367	8,949,155
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value
Series B Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value
Undesignated Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	172,323,545	172,023,545
Common stock, shares outstanding	172,323,545	172,023,545
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	7,246,377	7,246,377
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,253,623	2,253,623
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues:
Expenses:
Research and development	239,776	233,993	475,135	435,391
General and administrative	345,371	508,468	884,829	936,794
Total expenses	585,147	742,461	1,359,964	1,372,185
Loss from operations	(585,147)	(742,461)	(1,359,964)	(1,372,185)
Other income:
Interest income	83,457	87,940	173,563	178,068
Net loss	$ (501,690)	$ (654,521)	$ (1,186,401)	$ (1,194,117)
Basic net loss per share	$ 0	$ 0	$ (0.01)	$ (0.01)
Diluted net loss per share	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average common stock shares outstanding - basic	172,323,545	171,968,134	172,201,567	171,881,117
Weighted average common stock shares outstanding - diluted	172,323,545	171,968,134	172,201,567	171,881,117

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Dec. 31, 2022	$ 17,179	$ 54,033,084	$ (45,753,921)	$ 8,296,342
Beginning balance, shares at Dec. 31, 2022	171,793,134
Net loss			(539,596)	(539,596)
Ending balance at Mar. 31, 2023	$ 17,179	54,033,084	(46,293,517)	7,756,746
Ending balance, shares at Mar. 31, 2023	171,793,134
Beginning balance at Dec. 31, 2022	$ 17,179	54,033,084	(45,753,921)	8,296,342
Beginning balance, shares at Dec. 31, 2022	171,793,134
Net loss				(1,194,117)
Ending balance at Jun. 30, 2023	$ 17,197	54,045,316	(46,948,038)	7,114,475
Ending balance, shares at Jun. 30, 2023	171,968,134
Beginning balance at Mar. 31, 2023	$ 17,179	54,033,084	(46,293,517)	7,756,746
Beginning balance, shares at Mar. 31, 2023	171,793,134
Issuance of common stock under equity incentive plan	$ 18	12,232		12,250
Issuance of common stock under equity incentive plan, shares	175,000
Net loss			(654,521)	(654,521)
Ending balance at Jun. 30, 2023	$ 17,197	54,045,316	(46,948,038)	7,114,475
Ending balance, shares at Jun. 30, 2023	171,968,134
Beginning balance at Dec. 31, 2023	$ 17,202	54,046,845	(48,780,056)	5,283,991
Beginning balance, shares at Dec. 31, 2023	172,023,545
Issuance of common stock under equity incentive plan	$ 30	20,970		21,000
Issuance of common stock under equity incentive plan, shares	300,000
Stock-based compensation		18,090		18,090
Net loss			(684,711)	(684,711)
Ending balance at Mar. 31, 2024	$ 17,232	54,085,905	(49,464,767)	4,638,370
Ending balance, shares at Mar. 31, 2024	172,323,545
Beginning balance at Dec. 31, 2023	$ 17,202	54,046,845	(48,780,056)	5,283,991
Beginning balance, shares at Dec. 31, 2023	172,023,545
Net loss				(1,186,401)
Ending balance at Jun. 30, 2024	$ 17,232	54,087,065	(49,966,457)	4,137,840
Ending balance, shares at Jun. 30, 2024	172,323,545
Beginning balance at Mar. 31, 2024	$ 17,232	54,085,905	(49,464,767)	4,638,370
Beginning balance, shares at Mar. 31, 2024	172,323,545
Stock-based compensation		1,160		1,160
Net loss			(501,690)	(501,690)
Ending balance at Jun. 30, 2024	$ 17,232	$ 54,087,065	$ (49,966,457)	$ 4,137,840
Ending balance, shares at Jun. 30, 2024	172,323,545

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (501,690)	$ (684,711)	$ (654,521)	$ (539,596)	$ (1,186,401)	$ (1,194,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation					40,250	12,250
Changes in assets and liabilities:
Prepaid expenses					34,618	(34,107)
Accounts payable and other current liabilities					(629,637)	(223,923)
Net cash used in operating activities					(1,741,170)	(1,439,897)
Financing activities:
Payments made on notes payable						(411,000)
Net cash used in financing activities						(411,000)
Net change in cash and cash equivalents					(1,741,170)	(1,850,897)
Cash and cash equivalents at beginning of period		$ 8,839,912		$ 11,951,224	8,839,912	11,951,224
Cash and cash equivalents at end of period	$ 7,098,742		$ 10,100,327		$ 7,098,742	$ 10,100,327

Corporate Overview

Corporate Overview	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Corporate Overview	1. Corporate Overview Overview Inhibitor Therapeutics, Inc., a Delaware corporation (the “Company”, “INTI”, “we”, “us” or similar terminology), is a pharmaceutical development company that is focused on developing and ultimately commercializing innovative therapeutics based on already approved active pharmaceuticals that have patent-protected methods of use and/or methods of delivery for patients with certain cancers and certain non-cancerous proliferation disorders. The Company also has explored and expects to continue to explore acquiring or licensing other innovative pre-clinical and clinical stage therapeutics addressing unmet needs for the treatment of cancer and other diseases based on repurposing active ingredients of already approved drugs. The accompanying unaudited condensed financial statements of the Company have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of June 30, 2024, and for all periods presented, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the Securities and Exchange Commission (“SEC”) rules and regulations. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 29, 2024 (the “2023 Annual Report”). The accompanying condensed balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all information and footnotes required by GAAP for complete financial statements. As used herein, the term “common stock” means the Company’s common stock, $ 0.0001 The results of operations for the three-month and six-month period ended June 30, 2024, are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Readers of this Quarterly Report are strongly encouraged to review the risk factors relating to the Company which are set forth in the 2023 Annual Report and the Company’s other filings with the SEC. Nature of the Business The Company’s current primary focus is on the development of therapies initially for basal cell carcinoma (“BCC”), prostate and lung cancers in the United States utilizing itraconazole, a drug currently approved by the U.S. Food and Drug Administration (“FDA”) to treat fungal infections, and which has an extensive history of safe and effective use in humans. The Company has developed intellectual property and know-how related to the treatment of cancer patients using itraconazole. On December 12, 2023, the Company entered into an Exclusive License Agreement (the “Agreement”) with Johns Hopkins University (“JHU”). Pursuant to the Agreement, JHU granted to the Company the exclusive worldwide patent rights to a Granted US Patent, No. 8,980,930 entitled “New Angiogenesis Inhibitors” (the “Patent”). The Patent relates to the treatment of prostate cancer, BCC including basal cell carcinoma nevus syndrome (“BCCNS”), and lung cancer. During the six months ended June 30, 2024, the Company formally requested a Type-B, pre-investigational new drug application (“pre-IND”) meeting with the FDA to obtain feedback on the overall drug development and regulatory plan to use itraconazole for the treatment of BCC tumors in BCCNS patients, for which the Company has engaged the services of external experts in the field to assist with the process. The Company’s Phase 2b clinical study (HP2001) uses a novel formulation of itraconazole, which is referenced in the pre-IND submission. The Company was granted a meeting with the Dermatology Division of the FDA, which the Company subsequently cancelled (with acknowledgment from the FDA), as the Company believes the pre-IND meeting is more ideally suited for the Oncology Division of the FDA. As such, the Company is currently pursuing an in-person meeting with the Oncology Division of the FDA. INHIBITOR THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Unaudited)

Liquidity and Management_s Plan

Liquidity and Management’s Plans	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Management’s Plans	2. Liquidity and Management’s Plans The Company is presently focused on its business plan of developing and ultimately commercializing innovative therapeutics based on already approved active pharmaceuticals that have patent-protected methods of use and/or methods of delivery. The Company expects to progress with the FDA during 2024 to reach a conclusion on whether any additional clinical trials are required before submitting a New Drug Application (“NDA”). The current cash on hand, approximately $ 7.1

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Estimates The preparation of condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Revenue Recognition The Company currently has no ongoing source of revenue. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product, which is yet to be approved by FDA, the Company has determined that 100 3.0 Cash and Cash Equivalents The Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts. The Company continues to monitor the third-party depository institutions that hold the Company’s cash and limits its cash deposits to financial institutions with high credit standing. Research and Development Expenses Research and development (“R&D”) costs are expensed in the period in which they are incurred and include salaries, benefits and other related costs to support the Company’s R&D operations, amounts paid to third parties who conduct research and development activities on behalf of the Company, as well as the costs of discovery research, preclinical and clinical development, drug formulation and licensing payments. Upfront and advanced licensing payments for future use in R&D activities are recorded as prepaid expenses and are expensed as the related services are performed. INHIBITOR THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Unaudited) General and Administrative Expenses General and administrative (“G&A”) expenses are expensed in the period in which they are incurred and include operating expenses not classified as R&D expenses, such as salaries, benefits, insurance, board of directors fees, travel costs, as well as fees for professional services related to accounting, tax and legal matters. Penalties and interest assessed as a result of unresolved tax liabilities are also classified as G&A expenses. Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using a fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. The fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes the expected term as the average of the weighted-average vesting term and the contract term. The risk-free rate is based on the U.S. Treasury yield. Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements as of June 30, 2024. Recent accounting pronouncements Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that any will have a material impact on the Company’s results of operations or financial position. INHIBITOR THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (Unaudited)

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity	4. Stockholders’ Equity Employee Stock Plans During the six months ended June 30, 2024, the Company granted 300,000 0.02 175,000 0.01 During the six months ended June 30, 2024, the Company issued 290,000 0.08 0.07 0.02 4.33 5 129.18 no As of June 30, 2024, there were 2,865,646 100 5.7 0.09 0.07

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	5. Legal Proceedings The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business. The Company is not currently the subject of any pending legal proceedings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Estimates	Estimates The preparation of condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company currently has no ongoing source of revenue. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product, which is yet to be approved by FDA, the Company has determined that 100 3.0
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts. The Company continues to monitor the third-party depository institutions that hold the Company’s cash and limits its cash deposits to financial institutions with high credit standing.
Research and Development Expenses	Research and Development Expenses Research and development (“R&D”) costs are expensed in the period in which they are incurred and include salaries, benefits and other related costs to support the Company’s R&D operations, amounts paid to third parties who conduct research and development activities on behalf of the Company, as well as the costs of discovery research, preclinical and clinical development, drug formulation and licensing payments. Upfront and advanced licensing payments for future use in R&D activities are recorded as prepaid expenses and are expensed as the related services are performed. INHIBITOR THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Unaudited)
General and Administrative Expenses	General and Administrative Expenses General and administrative (“G&A”) expenses are expensed in the period in which they are incurred and include operating expenses not classified as R&D expenses, such as salaries, benefits, insurance, board of directors fees, travel costs, as well as fees for professional services related to accounting, tax and legal matters. Penalties and interest assessed as a result of unresolved tax liabilities are also classified as G&A expenses.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using a fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. The fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes the expected term as the average of the weighted-average vesting term and the contract term. The risk-free rate is based on the U.S. Treasury yield.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements as of June 30, 2024.
Recent accounting pronouncements	Recent accounting pronouncements Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that any will have a material impact on the Company’s results of operations or financial position.

Corporate Overview (Details Nar

Corporate Overview (Details Narrative) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001

Liquidity and Management_s Pl_2

Liquidity and Management’s Plans (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash Equivalents	$ 7,098,742	$ 8,839,912

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - Royalty [Member] - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Product Information [Line Items]
Deferred revenue	$ 3	$ 3
Mayne Pharma [Member]
Product Information [Line Items]
Ownership percentage	100%

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value	$ 20,000
Shares issued	290,000
Exercise price per share	$ 0.08
Grant date fair value	$ 0.07
Risk free interest rate	4.33%
Expected term	5 years
Expected volatility	129.18%
Dividend yield	$ 0
Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock under equity incentive plan, shares	300,000	175,000
Grant date fair value	$ 20,000	$ 10,000
Number of outstanding common stock options	2,865,646
Vesting rights, percentage	100%
Options, weighted average remaining contractual life	5 years 8 months 12 days
Options, weighted average exercise price per share	$ 0.09
Aggregate intrinsic value outstanding common stock options	$ 70,000