MAIA · MAIA Biotechnology, Inc.

Operating Losses Deepen on G&A Scale-Up

Cash Position Strengthened by $30M Equity Raise

Clinical Pipeline Progress and Strategic Partnerships

MAIA's lead asset, ateganosine (THIO), continues to advance across multiple indications. In March 2026, the company reported overall survival beyond two years for eight patients in the Phase 2 THIO-101 trial. The Phase 3 THIO-104 trial, initiated in 2025, is randomizing up to 300 patients in a 1:1 design comparing ateganosine sequenced with a checkpoint inhibitor versus chemotherapy. The company also activated its first U.S. clinical site for the Phase 2 expansion and plans to open four additional U.S. sites in 2026. New clinical supply agreements with BeOne Medicines (tislelizumab) and Roche (atezolizumab) expand the combination therapy pipeline into HCC, SCLC, CRC, and potentially other solid tumors. These partnerships provide checkpoint inhibitors at no cost, representing significant cost savings.

Outlook and Risks

MAIA has no revenue and expects to continue incurring operating losses for the foreseeable future. The company's ability to fund operations beyond the current cash runway depends on successful clinical outcomes and additional financing. Key near-term catalysts include interim efficacy data from the Phase 3 trial and regulatory interactions with the FDA under Fast Track designation. Risks include clinical trial delays, competitive developments, and the highly uncertain impact of geopolitical events (the company terminated research activities in Ukraine and Israel). The Digital Asset Treasury Plan adopted in October 2025 remains on hold with no digital asset purchases executed.