MAIA Biotechnology, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Equity [Abstract]

Schedule of Warrant Exercised

The gain on remeasurement of the warrant liability in the amount of $20,942 was included in other income.


	Warrants Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Balance at January 1, 2023		796,985	$	6.04		5.16
Issued		—		—
Exercised		—		—
Expired		—		—

Balance at March 31, 2023		796,985	$	6.04		4.91


	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

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 three months ended March 31, 2023:


	Options Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Balance at January 1, 2023		6,545,628	$	2.55		7.59		—
Granted		672,287		4.08
Exercised		—		—
Cancelled/forfeited		—		—

Balance at March 31, 2023		7,217,915	$	2.69		7.82	$	8,907,071

Options exercisable at March 31, 2023		5,676,837	$	2.29		7.39	$	8,591,943

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 is calculated using the Black-Scholes option pricing model with the following assumptions for options granted during the three months ended March 31, 2023 and 2022:


	2023		2022
Risk-free interest rate		3.64% - 4.23%		2.14%
Expected term (in years)		5 - 6.08		5 - 6.25
Expected volatility		99.6% - 101.1%		72.0% - 74.2%
Expected dividend yield		— %		— %

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:


	Three Months Ended March 31,
	2023		2022
General and administrative	$	256,677	$	440,551
Research and development		280,845		272,779

Total stock-based compensation	$	537,522	$	713,330

Stock based compensation related to the Company’s stock plans are as follows:


	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

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		—		$	—

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	— %	— %