The Shrink Ray... Theoretically Impossible?

I was thinking about shrink rays shrinking people down to tiny sizes like in Inner Space and it made me start to wonder if it's even possible.

First of all, if shrink rays are possible, I see two ways that they could work...

1 - The shrink ray somehow manages to condense the space between the molecules or atoms within any object or living thing in order to shrink the object or living thing.

2 - The shrink ray removes unnecessary atoms or molecules from the object or living thing in order to shrink the object or living thing.

If either were possible, then in each there would be a limit to how small an object or living thing could shrink. So for instance, perhaps a human could not be shrunk to the size they are in Inner Space and still maintain the integrity of their structure.

Furthermore, 1 could only work if condensing an object or living thing in such a manner would not change the integrity of the object or living thing because if it did than you would have created a new object or living thing, not a miniature version of that object or living thing. And 2 could only work (up to a point) if there were enough unnecessary molecules or atoms in an object or living thing (if any) for the object or living thing to actually shrink.

So, it's theoretically possible that the theoretical shrink ray is impossible.