MAIA Biotechnology (MAIA) Q1 2025 earnings summary

Executive summary

• Clinical-stage biopharma focused on immunotherapies for cancer, with lead asset ateganosine (THIO) targeting NSCLC and other cancers.

• Key milestones: new clinical supply agreement with BeiGene, positive Phase 2 data for THIO, and expansion of pivotal trials.

• No revenues to date; operations funded by equity offerings and private placements.

Financial highlights

• Net loss for Q1 2025 was $4.52 million, a 44% improvement from $8.07 million in Q1 2024.

• Operating expenses rose 37% year-over-year to $5.43 million, driven by higher R&D and G&A costs.

• Other income of $908,000 in Q1 2025, mainly from a $826,000 gain in fair value of warrant liability.

• Cash balance as of March 31, 2025 was $10.86 million, up $1.26 million from year-end 2024.

• Working capital at quarter-end was $6.8 million, up $482,000 from December 31, 2024.

Outlook and guidance

• Plans to initiate Phase 3 pivotal trial (THIO-104) in NSCLC in 2025, with potential accelerated approval filing in 2026.

• Additional Phase 2 trials in HCC, CRC, and SCLC planned for 2026 in collaboration with BeiGene.

• Ongoing need to raise additional capital to fund operations and clinical development; substantial doubt about ability to continue as a going concern within one year.