MAIA Biotechnology (MAIA) Q3 2026 earnings summary

Executive summary

• Clinical-stage oncology pipeline centered on ateganosine (THIO); Q3 net loss narrowed YoY while nine-month loss widened as R&D and G&A spending increased.

• Phase 3 THIO-104 enrollment reached 65 patients by September 22; 150 patients had been treated across Phase 2 and Phase 3 trials by October 7.

Financial highlights

• Q3 2026 net loss was $7.18M, or $0.12/share, versus $8.90M, or $0.27/share, in Q3 2025; nine-month net loss was $21.49M, or $0.39/share, versus $18.77M, or $0.62/share.

• Q3 operating expenses were $8.02M, down 14% YoY; nine-month operating expenses were $23.29M, up 17% YoY. No revenue was recorded.

• Cash was $21.34M at September 30, 2026, versus $8.66M at December 31, 2025; working capital was $15.62M.

• Nine-month operating cash use was $18.37M; financing provided $30.99M, and cash increased $12.68M.

Outlook and guidance

• Cost controls across payroll, R&D and professional services are intended to fund operations for the next year; management said these measures reasonably alleviate substantial doubt about going concern for at least 12 months from issuance.

• Based on THIO-101 data, plans call for seeking U.S. accelerated approval in 2026; THIO-104 may support an early full-approval filing in 2027 and a full-approval filing in 2028.

• Phase 2 trials in HCC, CRC and SCLC were planned to start in 2026; the March offering proceeds were expected to fully fund the ongoing pivotal Phase 3 trial.

• Additional capital will be needed for operations, development and commercialization; equity or debt financing may be pursued, with no assurance of availability or acceptable terms.