Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Warrant Exercised |
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Warrants
Outstanding |
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|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term in
Years |
|
Balance at January 1, 2024 |
|
|
3,650,278 |
|
|
$ |
2.82 |
|
|
|
5.00 |
|
Issued |
|
|
4,225,099 |
|
|
|
1.87 |
|
|
|
— |
|
Exercised |
|
|
(1,157,201 |
) |
|
|
1.98 |
|
|
|
— |
|
Expired |
|
|
— |
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|
|
— |
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|
|
— |
|
Balance at December 31, 2024 |
|
|
6,718,176 |
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|
$ |
2.37 |
|
|
|
4.56 |
|
|
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|
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 |
|
|
2,853,293 |
|
|
|
1.93 |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
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— |
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— |
|
Balance at December 31, 2023 |
|
|
3,650,278 |
|
|
$ |
2.82 |
|
|
|
5.00 |
|
|
| Assumptions used in Calculating Value of Warrants Granted |
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|
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|
2024 |
2023 |
Risk-free interest rate |
|
4.2% - 4.7% |
3.8% - 4.6% |
Expected term (in years) |
|
5.5 |
3.6 - 5.4 |
Expected volatility |
|
95% |
85% - 92% |
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, 2024:
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|
Options Outstanding |
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|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term in
Years |
|
|
Aggregate
Intrinsic
Value |
|
Balance at January 1, 2024 |
|
|
7,750,152 |
|
|
$ |
2.53 |
|
|
|
7.30 |
|
|
|
— |
|
Granted |
|
|
3,043,874 |
|
|
|
2.41 |
|
|
|
|
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Exercised |
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|
(120,110 |
) |
|
|
1.81 |
|
|
|
|
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Cancelled/forfeited |
|
|
(903,924 |
) |
|
|
3.30 |
|
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Balance at December 31, 2024 |
|
|
9,769,992 |
|
|
$ |
2.43 |
|
|
|
6.68 |
|
|
$ |
1,592,474 |
|
Options exercisable at December 31, 2024 |
|
|
7,628,139 |
|
|
$ |
2.43 |
|
|
|
6.14 |
|
|
$ |
1,345,900 |
|
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| 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, 2024 and 2023.
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2024 |
|
|
2023 |
|
Risk-free interest rate |
|
3.51% - 4.77% |
|
|
3.64% - 4.89% |
|
Expected term (in years) |
|
5 - 6.25 |
|
|
5 - 6.25 |
|
Expected volatility |
|
95.0% - 152.5% |
|
|
99.6% - 117.4% |
|
Expected dividend yield |
|
|
— |
|
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|
— |
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| 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 |
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December 31, |
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2024 |
|
|
2023 |
|
General and administrative |
|
$ |
1,274,206 |
|
|
$ |
1,496,383 |
|
Research and development |
|
|
638,538 |
|
|
|
1,592,920 |
|
Total stock-based compensation |
|
$ |
1,912,744 |
|
|
$ |
3,089,303 |
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|