MAIA Biotechnology, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
MAIA$1.06+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001493152-26-022154
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001493152-26-036764
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 42 previous paragraphs and 53 current paragraphs.
30 unchanged; 12 reworded; 10 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Research and development expenses increased by approximately $2,529,000 (or approximately 81%), from approximately $3,111,000 for the three months ended June 30, 2025, compared to approximately $5,640,000 for the three months ended June 30, 2026. The increase was primarily related to an increase in scientific research and clinical research of approximately $2,354,000, an increase in payroll expense of approximately $154,000, an increase in other expenses of approximately $25,000, offset by a decrease in stock-based compensation cost of approximately $3,000, and a decrease in professional fees of approximately $1,000.
Current report
Comparison of Six Months Ended June 30, 2026 and 2025
Current report
Operating Costs and Expenses
Current report
Research and development expenses
Current report
General and administrative expenses
Current report
General and administrative expenses increased by approximately $1,819,000 (or approximately 42%) from approximately $4,283,000 for the six months ended June 30, 2025, to approximately $6,102,000 for the six months ended June 30, 2026. The increase was primarily related to an increase in professional fees of approximately $343,000, an increase of investor relations of approximately $499,000, an increase in stock-based compensation of approximately $166,000, an increase of approximately $764,000 payroll expense and an increase in other expense of approximately $47,000.
Current report
Other income (expense), net
Current report
Other income (expense), net increased by approximately $227,000 (or approximately 31%) from other income, net of approximately $727,000 for the six months ended June 30, 2025, to other income, net of approximately $954,000 for the six months ended June 30, 2026. The increase was primarily related to an increase in grant income of approximately $421,000, a decrease in the change in the fair value of the warrant liability of approximately $380,000, and a net increase in interest income of approximately $186,000.
Current report
On May 8, 2025, we issued and sold 719,999 shares of our Common Stock and warrants to purchase 719,999 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated May 5, 2025, at a price of $1.50 per share, for which we received gross proceeds of approximately $1.08 million. The securities sold to our directors participating in the May 8, 2025 private placement were issued pursuant to the MAIA 2021 Plan.
Current report
On June 3, 2025, we issued and sold 463,332 shares of our Common Stock and warrants to purchase 463,332 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated May 27, 2025, at a price of $1.50 per share, for which we received gross proceeds of approximately $0.7 million. The securities sold to our directors participating in the June 3, 2025 private placement were issued pursuant to the MAIA 2021 Plan.
Reworded paragraphs (12)
Previous wording
We accomplished the key milestones set forth below in the three months ended March 31, 2026 and the second quarter of 2026: Please note that on March 18, 2025, the company announced “ateganosine” as the nonproprietary (generic) name for THIO, and its intent to use the generic name to support clear communication, while keeping the name THIO in the Company’s clinical trial designations (THIO-101, THIO-102, THIO-104).
Current wording
We accomplished the key milestones set forth below in the six months ended June 30, 2026 and the third quarter of 2026: Please note that on March 18, 2025, the company announced “ateganosine” as the nonproprietary (generic) name for THIO, and its intent to use the generic name to support clear communication, while keeping the name THIO in the Company’s clinical trial designations (THIO-101, THIO-102, THIO-104).
Previous wording
Results of Operations for the Three Months Ended March 31, 2026 and 2025
Current wording
Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
General and administrative expenses increased by approximately $1,197,000 (or approximately 54%) from approximately $2,228,000 for the three months ended March 31, 2025, compared to approximately $3,425,000 for the three months ended March 31, 2026. The increase was primarily related to an increase in professional fees of approximately $298,000, an increase in stock-based compensation of approximately $242,000, an increase in payroll of approximately $630,000, and an increase in other expenses of approximately $27,000.
Current wording
General and administrative expenses increased by approximately $622,000 (or approximately 30%) from approximately $2,055,000 for the three months ended June 30, 2025, compared to approximately $2,677,000 for the three months ended June 30, 2026. The increase was primarily related to an increase in investor relations of approximately $331,000, an increase in other expenses of approximately $187,000, an increase in payroll of approximately $135,000, and an increase in professional fees of approximately $45,000, offset by a decrease in stock-based compensation of approximately $76,000.
Previous wording
Other income (expense), net decreased by approximately $328,000 (or approximately 36%) from other income, net of approximately $908,000 for the three months ended March 31, 2025, compared to other income, net of approximately $580,000 for the three months ended March 31, 2026. The decrease was primarily related to the change in the fair value of the warrant liability of approximately $571,000 offset by an increase in grant income of $213,000, and a net increase of interest income of approximately $30,000.
Current wording
Other income (expense), net increased by approximately $555,000 (or approximately 307%) from other expense, net of approximately $181,000 for the three months ended June 30, 2025, compared to other income, net of approximately $374,000 for the three months ended June 30, 2026. The increase was primarily related an increase in grant income of $207,000, an increase in the change in the fair value of the warrant liability of approximately $191,000, and a net increase in interest income of approximately $157,000.
Previous wording
Research and development expenses increased by approximately $327,000 (or approximately 10%), from approximately $3,198,000 for the three months ended March 31, 2025, compared to approximately $3,525,000 for the three months ended March 31, 2026. The increase was primarily related to an increase in scientific research and clinical research of approximately $53,000, an increase in stock-based compensation cost of approximately $36,000, an increase in payroll expense of approximately $229,000, an increase in professional fees of approximately $3,000, and an increase in other expenses of $6,000.
Current wording
Research and development expenses increased by approximately $2,856,000 (or approximately 45%), from approximately $6,308,000 for the six months ended June 30, 2025, to approximately $9,164,000 for the six months ended June 30, 2026. The increase was primarily related to an increase in scientific research and clinical research of approximately $2,407,000, an increase in payroll expense of approximately $383,000, an increase in stock-based compensation cost of approximately $34,000, an increase in other expense of approximately $30,000, and an increase in professional fees of approximately $2,000.
Previous wording
Cash Flows for the three Months ended March 31, 2026 and 2025
Current wording
Cash Flows for the Six Months ended June 30, 2026 and 2025
Previous wording
For the three months ended March 31, 2026, net cash used in operating activities was approximately $5,311,000, which consisted of a consolidated net loss of approximately $6,370,000 offset by non-cash charges of approximately $650,000 in stock-based compensation, approximately $44,000 of non-cash expense to issue stock to vendors, and the decrease in the remeasurement of the warrant liability of approximately $255,000. Total changes in operating assets and liabilities of approximately $620,000 were driven by an approximate $1,078,000 net increase in accounts payable and prepaid expenses and other current assets, offset by an approximate $458,000 decrease in accrued expense.
Current wording
For the six months ended June 30, 2026, net cash used in operating activities was approximately $12,061,000, which consisted of a consolidated net loss of approximately $14,313,000 offset by non-cash charges of approximately $1,374,000 in stock-based compensation, approximately $243,000 of non-cash expense to issue stock to vendors, and the decrease in the remeasurement of the warrant liability of approximately $185,000. Total changes in operating assets and liabilities of approximately $820,000 were driven by an approximate $1,198,000 net increase in accounts payable and prepaid expenses and other current assets, offset by an approximate $378,000 decrease in accrued expense.
Previous wording
For the three months ended March 31, 2025, net cash used in operating activities was approximately $4,202,000, which consisted of a consolidated net loss of approximately $4,517,000 offset by non-cash charges of approximately $371,000 in stock-based compensation, and the remeasurement of the warrant liability of approximately $826,000. Total changes in operating assets and liabilities of approximately $769,000 were driven by an approximate $1,226,000 net increase in accounts payable and accrued expenses, and an approximate $457,000 increase in prepaid expense and other assets.
Current wording
For the six months ended June 30, 2025, net cash used in operating activities was approximately $8,338,000, which consisted of a consolidated net loss of approximately $9,864,000 offset by non-cash charges of approximately $1,173,000 in stock-based compensation, and the remeasurement of the warrant liability of approximately $565,000. Total changes in operating assets and liabilities of approximately $856,000 were driven by an approximate $1,208,000 net increase in accounts payable and accrued expenses, and an approximate $352,000 decrease in prepaid expense and other assets.
Previous wording
For the three months ended March 31, 2026, the effect of foreign currency exchange rate changes on cash increased the cash balance as of March 31, 2026 by approximately $14,000 versus an increase of approximately $3,000 for the three months ended March 31, 2025.
Current wording
For the six months ended June 30, 2026, the effect of foreign currency exchange rate changes on cash increased the cash balance as of June 30, 2026 by approximately $12,000 versus an increase of approximately $11,000 for the six months ended June 30, 2025.
Previous wording
For the three months ended March 31, 2026 and 2025, we did not have any cash provided by or used in investing activities.
Current wording
For the six months ended June 30, 2026 and 2025, we did not have any cash provided by or used in investing activities.
Previous wording
Net cash provided by financing activities was approximately $31,052,000 and $5,461,000 for the three months ended March 31, 2026 and 2025, respectively. Total net cash provided by financing activities for the three months ended March 31, 2026 consisted primarily of approximately $33,009,000 gross proceeds from public offerings, proceeds from the exercise of stock options of approximately $38,000, and were offset by an approximate $1,995,000 of offering costs.
Current wording
Net cash provided by financing activities was approximately $30,987,000 and $8,869,000 for the six months ended June 30, 2026 and 2025, respectively. Total net cash provided by financing activities for the six months ended June 30, 2026 consisted primarily of approximately $33,009,000 gross proceeds from public offerings, proceeds from the exercise of stock options of approximately $38,000, and were offset by an approximate $2,060.000 of offering costs.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2025 consisted primarily of approximately $4,144,000 gross proceeds from private placement offerings, proceeds from the at-the-market offering of approximately $1,521,000, net proceeds from the exercise of stock options of $1,000, and were offset by an approximate $205,000 of offering costs.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2025, consisted primarily of approximately $5,919,000 gross proceeds from private placement offerings, proceeds from the at-the-market offering of approximately $3,002,000, proceeds from the exercise of stock options of $1,000, proceeds from the exercise of warrants of $328,000 and were offset by an approximate $381,000 of offering costs.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
From April 1, 2025 through June 30, 2025, we sold 793,429 shares of Common Stock through Wainwright under the ATM Agreement at an average price of approximately $1.87 per share, resulting in aggregate gross proceeds of approximately $1,480,894, for which we paid Wainwright approximately $44,427 in commissions and other issuance costs of $16,705, resulting in net proceeds to us of approximately $1,419,762.