MAIA Biotechnology Reports Improved Net Loss of $4.5 Million in Q1 2025

MAIA Biotechnology, Inc. reported a net loss of $4.5 million for the first quarter of 2025, a significant improvement compared to a net loss of $8.1 million during the same period in 2024. The company's total operating expenses increased to $5.4 million, up from $3.9 million year-over-year, primarily driven by a 38% rise in research and development expenses, which reached $3.2 million. General and administrative expenses also rose by 37% to $2.2 million, reflecting increased professional fees and investor relations costs. Despite the increase in expenses, the company noted a substantial gain in other income, primarily due to a favorable change in the fair value of warrant liabilities.

In terms of financial position, MAIA's total assets increased to approximately $11.9 million as of March 31, 2025, compared to $10.2 million at the end of 2024. The company reported cash and cash equivalents of $10.9 million, up from $9.6 million at the end of the previous fiscal year. This increase was attributed to successful financing activities, including private placements that generated approximately $4.1 million in gross proceeds during the quarter. The company’s working capital also improved to approximately $6.8 million, indicating a stronger liquidity position.

Strategically, MAIA has made significant advancements in its clinical development programs. The company is focused on its lead asset, ateganosine, which is currently in Phase 2 clinical trials for non-small cell lung cancer (NSCLC). In early 2025, MAIA entered into a clinical supply agreement with BeiGene to assess ateganosine in combination with BeiGene’s immune checkpoint inhibitor, tislelizumab, across multiple cancer indications. The company plans to initiate a Phase 3 pivotal trial in 2025, named THIO-104, to evaluate ateganosine's efficacy in NSCLC patients resistant to prior treatments.

Operationally, MAIA has expanded its clinical trial activities internationally, with ongoing trials in Australia and plans for additional trials in Europe and Asia. The company has also established subsidiaries in Australia and Romania to facilitate its research and development efforts. As of March 31, 2025, MAIA had approximately 10.9 million stock options outstanding, reflecting its commitment to incentivizing key personnel in its growth strategy.

Looking ahead, MAIA Biotechnology acknowledges the need for additional capital to fund its ongoing operations and clinical trials. The company is actively exploring options for raising equity or debt financing to support its future working capital needs. While management has expressed confidence in its ability to secure necessary funding, there remains substantial doubt about the company's ability to continue as a going concern within the next year without additional financing.