Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.24.1.1.u2
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Warrant Exercised

 

 

Warrants
Outstanding

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term in
Years

 

Balance at January 1, 2024

 

 

3,650,278

 

 

$

2.82

 

 

 

5.00

 

Issued

 

 

2,622,230

 

 

 

1.58

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

 

6,272,508

 

 

$

2.30

 

 

 

2.76

 

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, 2024:

 

 

 

Options Outstanding

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term in
Years

 

 

Aggregate
Intrinsic
Value

 

Balance at January 1, 2024

 

 

7,750,152

 

 

$

2.53

 

 

 

7.29

 

 

 

Granted

 

 

984,455

 

 

 

1.42

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(673,629

)

 

 

3.58

 

 

 

 

 

 

Balance at March 31, 2024

 

 

8,060,978

 

 

$

2.31

 

 

 

7.14

 

 

 

2,588,003

 

Options exercisable at March 31, 2024

 

 

6,649,017

 

 

$

2.29

 

 

6.84

 

 

 

2,237,777

 

Assumptions used in Calculating Value of Options Granted

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, 2024 and 2023:

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

3.98% - 4.49%

 

 

3.64% - 4.23%

 

Expected term (in years)

 

5 - 6.08

 

 

5 - 6.08

 

Expected volatility

 

95% - 152.5%

 

 

99.6% - 101.1%

 

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,

 

2024

 

2023

 

General and administrative

$

230,989

 

 

$

256,677

 

Research and development

 

118,976

 

 

 

280,845

 

Total stock-based compensation

$

349,965

 

$

537,522