MAIA

MAIA Biotechnology, Inc. (MAIA) - Q1 2026 Filing Summary

Business Context and Reporting Period

This Form 10-Q covers the quarterly period ended March 31, 2026. MAIA Biotechnology, Inc. is a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, with its lead asset being ateganosine (THIO). The company operates as a single segment focused on oncology drug development. As of May 11, 2026, the company had 60,800,758 shares of common stock outstanding.

Key Financial Metrics

Cash Flow: Net cash used in operating activities was $5.31 million. Net cash provided by financing activities was $31.05 million, driven primarily by a confidentially marketed public offering.

Material Changes vs. Prior Period

• Financing Activity: The most significant change was a capital raise in March 2026. The company sold 22,005,875 shares in a confidentially marketed public offering at $1.50 per share, generating gross proceeds of approximately $33 million. This contrasts with Q1 2025, which saw smaller private placements and At-The-Market (ATM) offerings totaling roughly $5.6 million in financing cash flow.
• Operating Expenses: Total operating expenses increased by 28% ($1.52 million) year-over-year.
  • R&D Expenses: Increased 10% to $3.53 million, driven by higher payroll and clinical research costs.
  • G&A Expenses: Increased 54% to $3.42 million, primarily due to increased payroll ($630k) and professional fees ($298k).
• Other Income: Net other income decreased by 36% to $580k. This was due to a lower gain on the change in fair value of warrant liability ($255k in Q1 2026 vs. $826k in Q1 2025), partially offset by $214k in grant income (NIH SBIR) which was not present in the prior year.
• Liquidity: Cash balances increased significantly from $8.66 million at the start of the quarter to $34.41 million at the end, providing a runway to fund the Phase 3 trial.

Guidance, Outlook, and Risks

• Clinical Progress: The company announced overall survival beyond two years for eight patients in the Phase 2 THIO-101 trial. The Phase 3 pivotal trial (THIO-104) for NSCLC was initiated in 2025. Management expects the Q1 2026 capital raise to fully fund this Phase 3 trial.
• Strategic Partnerships: The company has supply agreements with Regeneron (cemiplimab), BeOne Medicines (tislelizumab), and Roche (atezolizumab) to combine with ateganosine in various trials.
• Digital Asset Strategy: The Board adopted a Digital Asset Treasury Plan in October 2025 to hold up to 90% of treasury reserves in Bitcoin, Ether, and USD Coin. However, as of the filing date, no purchases have been made, and the strategy is on hold due to volatility.
• Legal Proceedings: On April 22, 2026, H.C. Wainwright & Co. filed a lawsuit alleging breach of a right of first refusal regarding the March 2026 offering. Wainwright seeks approximately $2.3 million in cash and warrants. The company states it is too early to predict the outcome.
• Liquidity Risk: Despite the recent raise, the company has an accumulated deficit of $116 million and expects to continue incurring losses. Future profitability is not guaranteed, and additional financing may be required.

Investor Verification Checklist

• Capital Raise Utilization: Verify the specific burn rate and timeline for the $33 million raised to ensure it covers the full Phase 3 trial as claimed.
• Legal Exposure: Monitor the status of the H.C. Wainwright lawsuit and potential settlement costs or warrant issuance.
• Clinical Milestones: Track the activation of U.S. clinical sites for the THIO-101 expansion trial and interim data readouts for the Phase 3 THIO-104 trial.
• Digital Asset Policy: Confirm if the Digital Asset Treasury Plan is reactivated and if any crypto assets are purchased, which would introduce new balance sheet volatility.
• Grant Compliance: Review the status of the NIH SBIR grant receivable (~$0.2 million) and ensure compliance to avoid repayment risks.