0001493152-26-012088
SEC filingMAIA 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.
MAIA Biotechnology reported FY2025 net loss of $22.4M, narrower than $23.3M in FY2024, primarily due to $1.9M other income net (change in warrant liability gain $1.2M, grant income $0.4M) versus prior $6.3M expense. Loss from operations widened to $24.3M from $17.0M, reflecting 43% expense growth amid clinical advancements. Shares basic/diluted 32.1M. Equity $2.4M, cash $8.7M supports runway into 2026 trials.
No revenue generated in FY2025 or FY2024, as pre-revenue biotech focused on ateganosine development. Pipeline progress: THIO-101 expansion (48 patients), THIO-104 Phase 3 dosing initiated, NIH $2.3M grant. Partnerships with Regeneron, BeOne Medicines, Roche for CPIs.
N/A - no revenue. Operating loss margin effectively 100% of expenses at $24.3M. R&D 60% of opex ($14.5M, +45% YoY from clinical/preclinical), G&A 40% ($9.7M, +40% YoY from personnel/IR). Stock comp $2.6M non-cash.
Ops cash use $18.8M (+20% YoY) from trials. Financing $17.9M: ATM $7.2M, private placements ~$10.4M, warrant/option exercises ~$0.9M, offset $0.6M costs. Net cash decrease $0.9M; ending cash $8.7M (BS), $7.2M (CF). Assets $9.7M, liabilities $7.3M (warrant $1.5M), equity $2.4M. No debt.
Plans 2026 accelerated approval filing for ateganosine in NSCLC post-THIO-101/104 data. Targets: Phase 3 efficacy interim, THIO-101 Part C close, FDA Fast Track dialogue for accelerated/priority review. Phase 2 HCC/CRC/SCLC with BeOne tislelizumab. Second-gen molecules to Phase 1. Requires additional funding amid cash burn.