MAIA Biotechnology Reports 40% Improvement in Q2 Net Loss, Advances Clinical Trials

MAIA Biotechnology, Inc. reported a net loss of $5.35 million for the second quarter of 2025, a 40% improvement compared to a net loss of $8.88 million in the same period of the previous year. The company’s total operating expenses increased by 35% to $5.17 million, driven primarily by a 52% rise in research and development expenses, which reached $3.11 million. General and administrative expenses also rose by 17% to $2.06 million. For the first half of 2025, MAIA's net loss was $9.86 million, significantly lower than the $16.95 million loss reported for the same period in 2024.

The company’s financial position showed a slight increase in cash reserves, totaling approximately $10.14 million as of June 30, 2025, compared to $9.60 million at the end of 2024. However, working capital decreased to about $5.99 million, down from $6.32 million. MAIA has not generated any revenue to date and continues to rely on external financing to support its operations. The company has indicated that it will need to raise additional capital to meet future working capital needs, which raises concerns about its ability to continue as a going concern.

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 2025, MAIA entered into several clinical supply agreements with major pharmaceutical companies, including Regeneron and Roche, to support its ongoing trials. The company also announced plans to initiate a Phase 3 pivotal trial in 2025, which aims to evaluate ateganosine in combination with checkpoint inhibitors for patients resistant to standard therapies.

Operationally, MAIA has expanded its geographic reach, with ongoing clinical trials in Australia and plans to initiate trials in Europe and Asia. The company has also increased its employee headcount to support its growing research and development efforts. As of June 30, 2025, MAIA had 31.8 million shares outstanding, reflecting a significant increase from 26.2 million shares at the end of 2024, primarily due to private placements and stock option exercises.

Looking ahead, MAIA remains optimistic about the potential of ateganosine and its clinical trials. The company plans to file for accelerated approval in the United States based on the data generated from its ongoing studies. However, it acknowledges the inherent risks associated with drug development and the need for continued funding to support its operations and clinical programs.