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.

1.66

1.66

— MAIA Biotechnology, Inc.
%
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.

MAIA does not currently sell commercial products; its primary “customers” are clinical investigators, trial sites, and...

  • Clinical trial participantsprimary

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

  • Clinical investigators and trial sitesprimary

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

  • Future oncology prescriberssecondary

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

  • Potential licensing partnerssecondary

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

MAIA is headquartered in Chicago, Illinois, and its operations are primarily U.S.-based, with team members also working...

  • •Headquartered in Chicago, Illinois
  • •U.S. team members also work remotely in several states
  • •Australian subsidiary supports preclinical and clinical work
  • •Romanian subsidiary supports preclinical and clinical work
  • •No disclosed revenue geography because the company has no revenue

MAIA’s strategy is centered on advancing ateganosine through clinical development while preserving flexibility to fund...

01
Advance ateganosine clinical developmentshort-term

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

02
Secure additional financingshort-term

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

03
Broaden the pipelinemedium-term

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

MAIA is a development-stage company with no revenue, so its business depends on successful clinical execution and...

critical

Clinical development failure

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

Scope
THIO-101 to THIO-104 programs
Materiality
high
high

Going-concern and liquidity risk

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

Scope
Cash runway and ability to fund trials
Materiality
high
high

Capital market dependence

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

Scope
ATM offerings, private placements, warrants
Materiality
high
medium

Listing compliance risk

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

Scope
Minimum stock price, equity, and public float tests
Materiality
medium
medium

Geographic execution risk

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

Scope
Multi-country development operations
Materiality
medium
Going-concern evaluation
Affects financial statement presentation and investor assessment of liquidity
Warrant liability fair value remeasurement
Can materially swing quarterly net loss
Stock-based compensation
Inflates reported G&A and net loss
Equity financing costs
Impacts cash runway and financing efficiency

IO Biotech, Inc.

IOBTQ · Pharmaceutical Preparations

BriaCell Therapeutics Corp.

BCTX · Pharmaceutical Preparations

Mosaic ImmunoEngineering Inc.

CPMV · Biological Products, (No Diagnostic Substances)

LeonaBio, Inc.

LONA · Biological Products, (No Diagnostic Substances)

MUSTANG BIO, INC.

MBIO · Pharmaceutical Preparations

Vera Therapeutics, Inc.

VERA · Pharmaceutical Preparations

: 28/04/2026