Inhibitor Therapeutics, Inc. (INTI) is a pre-revenue pharmaceutical development company with zero product sales in either 2025 or 2024. Under the liquidation lens, the recovery posture is negative and deteriorating. At December 31, 2025, total assets are $2.51M, of which $2.38M is cash (100% recovery = $2.38M) and $0.07M is prepaid expenses and other current assets (negligible recovery). A new operating lease ROU asset of $64K carries zero liquidation value. There are no inventory, PP&E, or intangible assets on the balance sheet; the exclusive JHU patent license is expensed and not separately capitalized at a material amount. Total liabilities at face value are $3.80M, comprising: current liabilities of $0.77M (AP $52K, accrued liabilities $690K, current lease obligation $25K) and non-current liabilities of $3.04M ($3.0M noncurrent deferred revenue from Mayne Pharma royalty advance, long-term lease obligation $37K). The $3.0M deferred revenue is a genuine cash liability on liquidation — Mayne Pharma advanced royalties for a BCCNS product not yet FDA-approved; if the company winds down without commercializing, that obligation likely requires repayment or is subject to dispute, and retains face value under the liquidation lens. Applying haircuts to assets (cash at 100%, prepaid near 0%, ROU at 0%) yields approximately $2.38M of recoverable assets against $3.80M of face-value liabilities, producing an estimated liquidation deficit of approximately $(1.4M) to $(1.5M) to equity — consistent with the MFFAIS CLV/LLV/OLV figure of approximately $1.49M deficit. Book stockholders' equity has also flipped from positive $1.99M at December 31, 2024 to a deficit of $(1.29M) at December 31, 2025, driven by $3.30M net loss during 2025 partially offset by immaterial stock issuances. Cash has declined from $5.61M (December 31, 2024) to $2.38M (December 31, 2025), a burn of $3.23M for the year, entirely from operations with no investing or financing cash flows. At the current burn rate the cash runway is well under one year from the filing date (March 25, 2026). Auditors issued a going concern qualification. A $3.0M registered direct offering signed February 19, 2026 is disclosed as a subsequent event; proceeds had not yet been received as of the filing date. The deferred revenue ($3.0M noncurrent) is disclosed in MD&A but the filing notes it is classified 100% noncurrent because the underlying BCCNS product lacks FDA approval; this creates the paradox where the company's largest liability exceeds its entire cash balance. The JHU license carries milestone payment obligations totaling $3.0M in the aggregate (contingent on FDA approvals and Phase 3 completion), which do not appear on the balance sheet but would become due-and-payable triggers in a change of control or termination scenario — filing discusses these obligations in Note 7 but they are not tagged as a separately quantified XBRL liability.
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