MAIANYSEPharmaceutical PreparationsUS GAAP · USD

MAIA Biotechnology, Inc.

MAIA Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer, with its lead molecule ateganosine (formerly THIO) at the center of its pipeline. The company is based in Chicago and operates through U.S. and international subsidiaries that support preclinical and clinical development activities.

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Operating profit (EBIT)-24.3m USD
−43.1 %y/y
Net income-22.4m USD
+3.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-25-20-15-10-50m USD2021: EBIT -7.8 m USD20212022: 0.00 m USD2022: EBIT -16 m USD20222023: 0.00 m USD2023: EBIT -20 m USD20232024: 0.00 m USD2024: EBIT -17 m USD20242025: EBIT -24 m USD2025-24
RevenueOperating profit (EBIT)
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Business

Share of revenue
Lead oncology candidate0 %

Ategamosine (THIO) and related clinical trial programs aimed at treating cancer.

Clinical development programs0 %

Ongoing human trials and supporting development work for the THIO platform.

Preclinical development0 %

Laboratory and early-stage work conducted through U.S., Australian, and Romanian operations.

Pipeline expansion0 %

Acquisition or in-licensing of additional product candidates to broaden the portfolio.

Customers

MAIA does not currently sell commercial products; its primary “customers” are clinical investigators, trial sites, and ultimately patients enrolled in oncology studies. In a broader business sense, future customers would be oncology physicians, hospitals, and healthcare systems if ateganosine or other pipeline assets are successfully approved and commercialized.

Clinical trial participants

Patients enrolled in oncology studies who receive ateganosine in MAIA-sponsored trials.

Clinical investigators and trial sites

Hospitals, research centers, and investigators that execute the company’s clinical programs.

Future oncology prescribers

Oncologists and healthcare systems that could adopt the drug if it reaches approval.

Potential licensing partners

Biopharma partners that may collaborate on development, commercialization, or asset in-licensing.

Strategy

MAIA’s strategy is centered on advancing ateganosine through clinical development while preserving flexibility to fund operations through equity, debt, or other financings. The company is also seeking to broaden its pipeline through acquisition or in-licensing, while managing cash carefully because it currently has no revenue and substantial going-concern pressure.

Advance ateganosine clinical developmentShort term

The lead asset is the core value driver and the main path to future commercialization.

Secure additional financingShort term

The company has no revenue and needs capital to fund trials and operations.

Broaden the pipelineMedium term

Additional assets could reduce single-asset dependence and improve long-term optionality.

Geography

MAIA is headquartered in Chicago, Illinois, and its operations are primarily U.S.-based, with team members also working remotely from California, North Carolina, and New Jersey. The company has wholly owned subsidiaries in Australia and Romania to support preclinical and clinical development, which broadens its operational footprint beyond the United States.

Risks

MAIA is a development-stage company with no revenue, so its business depends on successful clinical execution and continued access to capital. The company also faces going-concern risk, listing compliance risk, and the usual biotech uncertainty around trial outcomes, regulatory approval, and commercialization timing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and liquidity risk2Capital market dependence3Listing compliance risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: Critical

    Ategamosine is the lead asset, so adverse trial results would materially impair prospects.

    Exposure: THIO-101 to THIO-104 programs

  2. Going-concern and liquidity riskImpact: HighLikelihood: High

    The company has no revenue, negative operating cash flow, and needs external financing to continue.

    Exposure: Cash runway and ability to fund trials

  3. Capital market dependenceImpact: HighLikelihood: High

    Operations are funded through equity issuances and private placements, which may be dilutive.

    ExposureATM offeringsPrivate placementsWarrants
  4. Listing compliance riskImpact: MediumLikelihood: High

    Failure to meet NYSE American requirements could trigger delisting and reduce trading liquidity.

    ExposureMinimum stock priceEquityPublic float tests
  5. Geographic execution riskImpact: Medium

    Clinical and preclinical work spans the U.S., Australia, and Romania, increasing coordination complexity.

    Exposure: Multi-country development operations

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Accounting

Judgemental items
Going-concern evaluation

Management disclosed substantial doubt about continuing as a going concern without new capital.

Impact: Affects financial statement presentation and investor assessment of liquidity

Warrant liability fair value remeasurement

Outstanding warrants can create non-cash gains or losses as fair value changes.

Impact: Can materially swing quarterly net loss

Stock-based compensation

Employee and director equity awards are a meaningful operating expense for a development-stage company.

Impact: Inflates reported G&A and net loss

Equity financing costs

Offering costs and commissions reduce net cash raised from private placements and ATM sales.

Impact: Impacts cash runway and financing efficiency

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Last updated: 24/09/2026