Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.24.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 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

 

 

2,949,169

 

 

 

1.65

 

 

 

—

 

Exercised

 

 

(1,157,201

)

 

 

(1.98

)

 

 

—

 

Expired

 

 

—

 

 

 

—

 

 

 

—

 

Balance at September 30, 2024

 

 

5,442,246

 

 

$

2.37

 

 

 

4.62

 
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, 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

 

 

2,437,516

 

 

 

2.43

 

 

 

—

 

 

 

—

 

Exercised

 

 

(118,610

)

 

 

(1.82

)

 

 

—

 

 

 

—

 

Cancelled/forfeited

 

 

(679,531

)

 

 

(3.62

)

 

 

—

 

 

 

—

 

Balance at September 30, 2024

 

 

9,389,527

 

 

$

2.43

 

 

 

6.95

 

 

 

7,041,164

 

Options exercisable at September 30, 2024

 

 

7,232,697

 

 

$

2.27

 

 

6.36

 

 

 

6,336,419

 
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 nine months ended September 30, 2024 and 2023:

 

 

 

2024

 

2023

Risk-free interest rate

 

3.79%-4.77%

 

3.64%-4.59%

Expected term (in years)

 

5 - 6.25

 

5 - 6.25

Expected volatility

 

95%-152.5%

 

99.6%-112.4%

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

Nine Months Ended

 

 

 

September 30,

September 30,

 

2024

 

2023

 

 

2024

 

2023

 

General and administrative

$

260,397

 

 

$

320,456

 

 

$

748,302

 

 

$

911,186

 

Research and development

 

194,991

 

 

 

250,460

 

 

 

470,999

 

 

 

816,183

 

Total stock-based compensation

$

455,388

 

 

$

570,916

 

$

1,219,301

 

 

$

1,727,369