MAIA Biotechnology, Inc.

MAIA Biotechnology, Inc. (MAIA), a clinical-stage biopharmaceutical company, reported a net loss of $22.4 million for FY 2025 ended December 31, 2025, an improvement from $23.3 million in FY 2024, driven by a $1.9 million other income net versus prior expense, offsetting higher operating costs. Total operating expenses rose 43% YoY to $24.3 million, with R&D up 45% to $14.5 million due to increased clinical trial activities for lead asset ateganosine (THIO-101 expansion and THIO-104 Phase 3 initiation) and preclinical research, and G&A up 40% to $9.7 million from investor relations and personnel costs. No revenue was generated, consistent with pre-commercial stage. Balance sheet shows $9.7 million total assets, including $8.7 million cash, $2.4 million equity, and $7.3 million liabilities. Cash used in operations was $18.8 million, funded by $17.9 million financing (ATM offerings $7.2 million net, private placements). Ending cash $8.7 million supports ongoing trials, but additional capital needed for Phase 3 and commercialization. Forward-looking, FDA Fast Track for ateganosine in NSCLC, NIH $2.3M grant, and partnerships (Regeneron, BeOne, Roche) signal progress toward 2026 accelerated approval filing.

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