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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission File Number: 001-41455

 

MAIA BIOTECHNOLOGY, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

83-1495913

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

444 West Lake Street, Suite 1700

Chicago, IL

06060

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (312) 416-8592

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

MAIA

 

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 8, 2022, the registrant had 10,945,904 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets (Unaudited)

1

 

Condensed Consolidated Statements of Operations (Unaudited)

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

3

 

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

4

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3.

Defaults Upon Senior Securities

30

Item 4.

Mine Safety Disclosures

30

Item 5.

Other Information

31

Item 6.

Exhibits

32

Signatures

32

 

i


 

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

MAIA Biotechnology, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

14,063,642

 

 

$

10,574,292

 

Prepaid expenses and other current assets

 

 

460,917

 

 

 

54,537

 

Australia research and development incentives receivable

 

 

255,306

 

 

 

43,666

 

Total current assets

 

 

14,779,865

 

 

 

10,672,495

 

Deferred offering costs

 

 

 

 

 

651,582

 

Other assets

 

 

2,800

 

 

 

3,122

 

Total assets

 

$

14,782,665

 

 

$

11,327,199

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,019,093

 

 

$

960,401

 

Accrued expenses

 

 

1,437,200

 

 

 

1,185,595

 

Total current liabilities and total liabilities

 

 

2,456,293

 

 

 

2,145,996

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity (deficit)

 

 

 

 

 

 

  Preferred stock, $0.0001 par value, 30,000,000 and 70,000,000 shares
     authorized at September 30, 2022 and December 31, 2021 respectively,
     
0 shares issued and outstanding

 

 

 

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Common stock, $0.0001 par value, 70,000,000 and 30,000,000 shares
  authorized at September 30, 2022 and December 31, 2021 respectively,
  
10,945,904 and 7,584,980 shares issued and outstanding at September 30, 2022
  and December 31, 2021, respectively

 

 

1,095

 

 

 

758

 

Additional paid-in capital

 

 

51,467,127

 

 

 

37,618,438

 

Accumulated deficit

 

 

(39,090,204

)

 

 

(28,437,993

)

Accumulated other comprehensive income (loss)

 

 

(51,646

)

 

 

Total stockholders' equity

 

 

12,326,372

 

 

 

9,181,203

 

Total liabilities and stockholders' equity

 

$

14,782,665

 

 

$

11,327,199

 

 

See the accompanying notes to the unaudited condensed consolidated financial statements.

1


 

MAIA Biotechnology, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

2,343,154

 

 

$

1,081,705

 

 

$

6,539,948

 

 

$

1,988,450

 

General and administrative expenses

 

 

1,653,072

 

 

 

1,151,542

 

 

 

4,341,880

 

 

 

2,798,766

 

Total operating costs and expenses

 

 

3,996,226

 

 

 

2,233,247

 

 

 

10,881,828

 

 

 

4,787,216

 

Loss from operations

 

 

(3,996,226

)

 

 

(2,233,247

)

 

 

(10,881,828

)

 

 

(4,787,216

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,716

)

 

 

(451,306

)

 

 

(1,820

)

 

 

(827,539

)

Interest income

 

 

348

 

 

 

708

 

 

 

1,249

 

 

 

1,501

 

Australian research and development
      incentives

 

 

65,111

 

 

 

 

 

 

230,188

 

 

 

 

Change in fair value of embedded
      features

 

 

 

 

 

(96,000

)

 

 

 

 

 

(203,000

)

Change in fair value of warrant liability

 

 

 

 

(100,780

)

 

 

 

 

(1,546,280

)

Loss on extinguishment of convertible
      notes and convertible notes, related
      parties

 

 

 

 

 

(2,322,943

)

 

 

 

 

 

(2,322,943

)

Other income (expense), net

 

 

63,743

 

 

 

(2,970,321

)

 

 

229,617

 

 

 

(4,898,261

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(3,932,483

)

 

 

(5,203,568

)

 

 

(10,652,211

)

 

 

(9,685,477

)

Net loss attributable to noncontrolling
     interests

 

 

 

 

 

(7,130

)

 

 

 

 

 

(74,331

)

Deemed dividend on warrant
     modification

 

 

 

 

 

 

 

 

(450,578

)

 

 

 

Deemed dividend for ratchet shares
     issued at IPO

 

 

(1,099,360

)

 

 

 

 

 

(1,099,360

)

 

 

 

Net loss attributable to MAIA Biotechnology, Inc. shareholders

 

$

(5,031,843

)

 

$

(5,196,438

)

 

$

(12,202,149

)

 

$

(9,611,146

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.49

)

 

$

(1.02

)

 

$

(1.40

)

 

$

(2.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding Basic and diluted

 

 

10,165,622

 

 

 

5,119,121

 

 

 

8,713,570

 

 

 

4,668,635

 

See the accompanying notes to the unaudited condensed consolidated financial statements.

2


 

MAIA Biotechnology, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss attributable to MAIA Biotechnology, Inc.
         shareholders

 

$

(5,031,843

)

 

$

(5,196,438

)

 

$

(12,202,149

)

 

$

(9,611,146

)

Foreign currency translation adjustment

 

 

(47,501

)

 

 

 

 

 

(51,646

)

 

 

 

Comprehensive loss to MAIA Biotechnology, Inc.
        shareholders

 

$

(5,079,344

)

 

$

(5,196,438

)

 

$

(12,253,795

)

 

$

(9,611,146

)

 

See the accompanying notes to the unaudited condensed consolidated financial statements.

3


 

MAIA Biotechnology, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

For the three and nine months ended September 30, 2022

 

For the Three and Nine Months Ended

 

September 30, 2022

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated Deficit

 

 

Accumulated other comprehensive income (loss)

 

 

Total MAIA Equity

 

 

Noncontrolling Interest

 

 

Total Stockholders' Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

7,584,980

 

 

$

758

 

 

$

37,618,438

 

 

$

(28,437,993

)

 

$

 

 

$

9,181,203

 

 

$

 

 

$

9,181,203

 

Issuance of common shares upon exercise of stock options

 

 

 

 

 

 

 

 

26,500

 

 

 

3

 

 

 

47,697

 

 

 

 

 

 

 

 

 

47,700

 

 

 

 

 

 

47,700

 

Issuance of common shares upon exercise of warrants

 

 

 

 

 

 

 

 

61,111

 

 

 

6

 

 

 

109,994

 

 

 

 

 

 

 

 

 

110,000

 

 

 

 

 

 

110,000

 

Issuance of common shares in connection with Equity Financing

 

 

 

 

 

 

 

 

263,729

 

 

 

27

 

 

 

2,373,534

 

 

 

 

 

 

 

 

 

2,373,561

 

 

 

 

 

 

2,373,561

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

713,330

 

 

 

 

 

 

 

 

 

713,330

 

 

 

 

 

 

713,330

 

Modification of warrant in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

450,578

 

 

 

 

 

 

 

 

 

450,578

 

 

 

 

 

 

450,578

 

Deemed dividend on modification of warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(450,578

)

 

 

 

 

 

 

 

 

(450,578

)

 

 

 

 

 

(450,578

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,721

 

 

 

1,721

 

 

 

 

 

 

1,721

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,413,845

)

 

 

 

 

 

(3,413,845

)

 

 

 

 

 

(3,413,845

)

Balance at March 31, 2022

 

 

 

 

 

 

 

 

7,936,320

 

 

 

794

 

 

 

40,862,993

 

 

 

(31,851,838

)

 

 

1,721

 

 

 

9,013,670

 

 

 

 

 

 

9,013,670

 

Issuance of common shares upon exercise warrants

 

 

 

 

 

 

 

 

468,601

 

 

 

47

 

 

 

275,353

 

 

 

 

 

 

 

 

 

275,400

 

 

 

 

 

 

275,400

 

Issuance of common shares in connection with Equity Financing

 

 

 

 

 

 

 

 

11,111

 

 

 

1

 

 

 

99,998

 

 

 

 

 

 

 

 

 

99,999

 

 

 

 

 

 

99,999

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

584,768

 

 

 

 

 

 

 

 

 

584,768

 

 

 

 

 

 

584,768

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,866

)

 

 

(5,866

)

 

 

 

 

 

(5,866

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,305,883

)

 

 

 

 

 

(3,305,883

)

 

 

 

 

 

(3,305,883

)

Balance at June 30, 2022

 

 

 

 

 

 

 

 

8,416,032

 

 

 

842

 

 

 

41,823,112

 

 

 

(35,157,721

)

 

 

(4,145

)

 

 

6,662,088

 

 

 

-

 

 

 

6,662,088

 

Issuance of common shares upon exercise of stock options

 

 

 

 

 

 

 

 

10,000

 

 

 

1

 

 

 

17,999

 

 

 

 

 

 

 

 

 

18,000

 

 

 

 

 

 

18,000

 

Issuance of common shares in connection with initial public offering, net of $2,749,905 issuance cost

 

 

 

 

 

 

 

 

2,300,000

 

 

 

230

 

 

 

8,749,865

 

 

 

 

 

 

 

 

 

8,750,095

 

 

 

 

 

 

8,750,095

 

Issuance of warrants to underwriter in connection with initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,735

 

 

 

 

 

 

 

 

 

343,735

 

 

 

 

 

 

343,735

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

532,438

 

 

 

 

 

 

 

 

 

532,438

 

 

 

 

 

 

532,438

 

 Issuance of ratchet shares

 

 

 

 

 

 

 

 

219,872

 

 

 

22

 

 

 

1,099,338

 

 

 

 

 

 

 

 

 

1,099,360

 

 

 

 

 

 

1,099,360

 

 Deemed dividend for ratchet shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,099,360

)

 

 

 

 

 

 

 

 

(1,099,360

)

 

 

 

 

 

(1,099,360

)

Foreign currency translation adjustment