Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Equity [Abstract] |
|
| 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 December 31, 2022 |
|
|
— |
|
|
$ |
— |
|
|
| Schedule of Warrant Exercised |
|
|
|
|
|
|
|
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|
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|
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 December 31, 2022 |
|
|
796,985 |
|
|
$ |
6.04 |
|
|
|
5.16 |
|
|
| 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, 2022 and 2021:
|
|
|
|
|
|
|
2022 |
|
2021 |
Risk-free interest rate |
|
2.8% - 4.1% |
|
0.6% - 1.3% |
Expected term (in years) |
|
4.6 - 5 |
|
5 - 7 |
Expected volatility |
|
78% - 92% |
|
81% - 106% |
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 classified as equity awards as of December 31, 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 |
|
|
811,831 |
|
|
|
4.77 |
|
|
|
|
|
|
|
Exercised |
|
|
(46,500 |
) |
|
|
1.81 |
|
|
|
|
|
|
|
Cancelled/forfeited |
|
|
(16,888 |
) |
|
|
1.82 |
|
|
|
|
|
|
|
Balance at December 31, 2022 |
|
|
6,545,628 |
|
|
$ |
2.55 |
|
|
|
7.85 |
|
|
$ |
9,773,706 |
|
Options exercisable at December 31, 2022 |
|
|
5,449,715 |
|
|
$ |
2.24 |
|
|
|
7.59 |
|
|
$ |
8,804,841 |
|
|
| Assumptions used in Calculating Value of Options 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 years ended December 31, 2022 and 2021.
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Risk-free interest rate |
|
2.14% - 4.45% |
|
|
0.36% - 1.27% |
|
Expected term (in years) |
|
5 - 6.25 |
|
|
5 - 6.50 |
|
Expected volatility |
|
71.9% - 87.9% |
|
|
71.4% - 81.5% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of Stock Based Compensation Expense |
Stock based compensation related to the Company’s stock plans are as follows:
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|
Years Ended December 31, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
General and administrative |
|
|
$ |
1,422,799 |
|
|
$ |
1,779,185 |
|
Research and development |
|
|
|
896,628 |
|
|
|
943,708 |
|
Total stock-based compensation |
|
|
$ |
2,319,427 |
|
|
$ |
2,722,893 |
|
|