Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.22.4
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2022

 

 

 

 

$

 

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

 

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

 

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 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 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