Stockholders' Equity (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2022 |
Dec. 31, 2021 |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Schedule of Unvested Restricted Shares |
|
|
|
Shares
|
|
|
Weighted
Average
Grant
Date Fair
Value
|
|
|
Unvested balance at January 1, 2022
|
|
|
58,333
|
|
|
$
|
1.80
|
|
|
Vested
|
|
|
(58,333
|
)
|
|
|
1.80
|
|
|
Unvested balance at September 30, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
Unvested balance at January 1, 2020
|
|
|
420,848
|
|
|
$
|
1.80
|
|
|
Granted
|
|
|
16,667
|
|
|
|
1.80
|
|
|
Vested
|
|
|
(289,737
|
)
|
|
|
|
|
|
Unvested balance at December 31, 2020
|
|
|
147,778
|
|
|
$
|
1.80
|
|
|
Exchanged for THIO founder restricted shares
|
|
|
87,500
|
|
|
|
1.80
|
|
|
Granted
|
|
|
15,278
|
|
|
|
1.80
|
|
|
Vested
|
|
|
(186,666
|
)
|
|
|
|
|
|
Cancelled/forfeited
|
|
|
(5,557
|
)
|
|
|
|
|
|
Unvested balance at December 31, 2021
|
|
|
58,333
|
|
|
$
|
1.80
|
|
|
| Schedule of Warrant Exercised |
|
|
|
Warrants
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term in
Years
|
|
|
Balance at January 1, 2022
|
|
|
1,311,117
|
|
|
$
|
4.03
|
|
|
|
7.30
|
|
|
Issued
|
|
|
115,000
|
|
|
|
6.25
|
|
|
|
|
|
|
Exercised
|
|
|
(608,612
|
)
|
|
|
1.80
|
|
|
|
|
|
|
Expired
|
|
|
(20,520
|
)
|
|
|
5.00
|
|
|
|
|
|
|
Balance at September 30, 2022
|
|
|
796,985
|
|
|
$
|
6.03
|
|
|
|
5.41
|
|
|
|
|
|
Warrants
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term in
Years
|
|
|
Balance at January 1, 2020
|
|
|
797,724
|
|
|
$
|
1.80
|
|
|
|
9.85
|
|
|
Granted
|
|
|
110,520
|
|
|
|
2.39
|
|
|
|
9.44
|
|
|
Balance at December 31, 2020
|
|
|
908,244
|
|
|
|
1.87
|
|
|
|
8.89
|
|
|
Granted
|
|
|
686,489
|
|
|
|
6.00
|
|
|
|
7.00
|
|
|
Exercised
|
|
|
(283,616
|
)
|
|
|
1.87
|
|
|
|
|
|
|
Balance at December 31, 2021
|
|
|
1,311,117
|
|
|
$
|
4.03
|
|
|
|
7.30
|
|
|
| Assumptions Used in Calculating Value of Warrants Granted |
The value of option grants is calculated using the Black-Scholes option pricing model with the following assumptions for options granted during the nine months ended September 30, 2022 and 2021:
|
|
|
2022
|
|
|
2021
|
|
|
Risk-free interest rate
|
|
2.14% - 3.74%
|
|
|
0.35% - 1.05%
|
|
|
Expected term (in years)
|
|
5 – 6.25
|
|
|
5 – 6.50
|
|
|
Expected volatility
|
|
71.9% - 79.5%
|
|
|
73.4% - 81.5%
|
|
|
Expected dividend yield
|
|
|
—
|
|
|
|
—
|
|
|
|
| Summary of Activity and Information Regarding Outstanding and Exercisable Options |
The following table summarizes the activity and information regarding MAIA’s outstanding and exercisable options for the nine months ended September 30, 2022:
|
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term in
Years
|
|
|
Aggregate
Intrinsic
Value
|
|
|
Balance at January 1, 2022
|
|
|
5,797,185
|
|
|
$
|
2.22
|
|
|
|
8.59
|
|
|
|
—
|
|
|
Granted
|
|
|
768,113
|
|
|
|
4.84
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(36,500
|
)
|
|
|
1.80
|
|
|
|
|
|
|
|
|
|
|
Cancelled/forfeited
|
|
|
(16,888
|
)
|
|
|
1.82
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022
|
|
|
6,511,910
|
|
|
$
|
2.53
|
|
|
|
7.34
|
|
|
$
|
8,536,318
|
|
|
Options exercisable at September 30, 2022
|
|
|
5,443,036
|
|
|
$
|
2.19
|
|
|
|
7.82
|
|
|
$
|
7,664,470
|
|
|
The following table summarizes the activity and information regarding MAIA's outstanding and exercisable options as of December 31, 2021:
|
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term in
Years
|
|
|
Aggregate
Intrinsic
Value
|
|
|
Balance at January 1, 2020
|
|
|
1,627,000
|
|
|
$
|
1.80
|
|
|
|
9.30
|
|
|
|
—
|
|
|
Granted
|
|
|
2,287,466
|
|
|
|
1.80
|
|
|
|
10.00
|
|
|
|
|
|
|
Cancelled/forfeited
|
|
|
(249,500
|
)
|
|
|
1.80
|
|
|
|
|
|
|
|
—
|
|
|
Balance at December 31, 2020
|
|
|
3,664,966
|
|
|
$
|
1.80
|
|
|
|
9.13
|
|
|
|
—
|
|
|
Granted
|
|
|
2,210,787
|
|
|
|
2.92
|
|
|
|
9.38
|
|
|
|
|
|
|
Exercised
|
|
|
(5,000
|
)
|
|
|
1.80
|
|
|
|
|
|
|
|
—
|
|
|
Cancelled/forfeited
|
|
|
(73,568
|
)
|
|
|
1.82
|
|
|
|
|
|
|
|
—
|
|
|
Balance at December 31, 2021
|
|
|
5,797,185
|
|
|
$
|
2.22
|
|
|
|
8.59
|
|
|
|
38,784,352
|
|
|
Options exercisable at December 31, 2021
|
|
|
5,012,181
|
|
|
$
|
1.91
|
|
|
|
8.52
|
|
|
|
34,865,649
|
|
|
| Summary of Stock Based Compensation Expense |
Stock based compensation related to the Company’s stock plans are as follows:
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
General and administrative
|
|
$
|
345,568
|
|
|
$
|
464,360
|
|
|
$
|
1,144,440
|
|
|
$
|
1,399,498
|
|
|
Research and development
|
|
|
186,870
|
|
|
|
314,184
|
|
|
|
686,096
|
|
|
|
709,370
|
|
|
Total stock-based compensation
|
|
$
|
532,438
|
|
|
$
|
778,544
|
|
|
$
|
1,830,536
|
|
|
$
|
2,108,868
|
|
|
Stock based compensation related to the Company’s stock plans are as follows:
|
|
|
For the Year Ended
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
General and administrative
|
|
$
|
1,512,726
|
|
|
$
|
3,033,248
|
|
|
Research and development
|
|
|
943,708
|
|
|
|
337,792
|
|
|
Total stock-based compensation
|
|
$
|
2,456,434
|
|
|
$
|
3,371,040
|
|
|
| DGD |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Schedule of Unvested Restricted Shares |
|
|
|
|
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
Unvested balance at January 1, 2020
|
|
|
686,804
|
|
|
$
|
1.00
|
|
|
Granted
|
|
|
12,500
|
|
|
|
1.00
|
|
|
Vested
|
|
|
(320,836
|
)
|
|
|
|
|
|
Unvested balance at December 31, 2020
|
|
|
378,468
|
|
|
$
|
1.00
|
|
|
Cancelled
|
|
|
(378,468
|
)
|
|
|
|
|
|
Unvested balance at August 13, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
| THIO |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Schedule of Unvested Restricted Shares |
|
|
|
|
Shares
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
Balance at January 1, 2020
|
|
|
291,667
|
|
|
$
|
1.80
|
|
|
Vested
|
|
|
(116,667
|
)
|
|
|
|
|
|
Balance at December 31, 2020
|
|
|
175,000
|
|
|
$
|
1.80
|
|
|
Vested
|
|
|
(87,500
|
)
|
|
|
|
|
|
Cancelled
|
|
|
(87,500
|
)
|
|
|
|
|
|
Balance at August 13, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
| Stock Options |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Assumptions Used in Calculating Value of Warrants Granted |
|
The value of option grants are calculated using the Black-Scholes-Merton option pricing model with the following assumptions for options granted during the year ended December 31,:
|
|
|
2021
|
|
2020
|
|
Risk-free interest rate
|
|
0.36% - 1.27%
|
|
0.35% - 1.39%
|
|
Expected term (in years)
|
|
5 - 6.50
|
|
5 - 5.5
|
|
Expected volatility
|
|
71.40% - 81.5%
|
|
76.5% - 80.7%
|
|
Expected dividend yield
|
|
—%
|
|
—%
|
|
| MAIA Stock Warrants |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Assumptions Used in Calculating Value of Warrants Granted |
|
The value of the warrants are calculated using the Black-Scholes-Merton option pricing model with the following assumptions for warrants granted during the years ended December 31, 2021 and 2020:
|
|
|
2021
|
|
2020
|
|
Risk-free interest rate
|
|
0.6% - 1.3%
|
|
0.41% - 1.69%
|
|
Expected term (in years)
|
|
5 - 7
|
|
5 - 7
|
|
Expected volatility
|
|
81% - 106%
|
|
75.8% - 80.5%
|
|
Expected dividend yield
|
|
—%
|
|
—%
|
|