MAIA Biotechnology, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

STOCKHOLDERS??? EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

	Warrants Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Balance at January 1, 2026		13,086,220	$	1.92		3.13
Issued		—		—
Exercised		—		—
Expired		—		—
Balance at March 31, 2026		13,086,220	$	1.92		2.89

	Warrants Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years
Balance at January 1, 2025		6,718,176	$	2.37		4.56
Issued		2,580,967		3.01
Exercised		—		—
Expired		—		—
Balance at March 31, 2025		9,299,143	$	2.23		4.76

SCHEDULE OF SHARE-BASED PAYMENT AWARD, WARRANTS, VALUATION ASSUMPTIONS

The value of warrant grants is calculated using the Warrant Black Scholes calculations with the following assumptions for warrants granted during the three months ended March 31, 2026 and 2025:

	2026			2025
Risk-free interest rate		—% - —	%		3.97% - 4.23	%
Expected term (in years)		0.0			6.0
Expected volatility		—	%		95	%
Expected dividend yield		—			—

SCHEDULE OF ACTIVITY AND INFORMATION OF 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, 2026:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Balance at January 1, 2026		12,878,381		$	2.19		6.68		-
Granted		641,089			1.49
Exercised		(21,479	)		1.79
Cancelled/forfeited		(400,000	)		1.44
Balance at March 31, 2026		13,097,991		$	2.17		6.26	$	122,238
Options exercisable at March 31, 2026		10,263,053		$	2.24		5.7	$	112,947

SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS

The value of option grants is calculated using the Black-Scholes-Merton option pricing model with the following assumptions for options granted during the three months ended March 31, 2026 and 2025:

	2026			2025
Risk-free interest rate		3.52% - 3.70	%		4.22% - 4.43	%
Expected term (in years)		5 – 5.3			5 - 6.08
Expected volatility		85	%		95	%
Expected dividend yield		—	%		—	%

SCHEDULE OF STOCK BASED COMPENSATION EXPENSE

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

	2026		2025
	Three Months Ended
	March 31,
	2026		2025
General and administrative	$	440,736	$	198,858
Research and development		209,288		172,614
Total stock-based compensation	$	650,024	$	371,472