As Previously Reported

Adjustment

As Restated

Balance Sheet as of September 30, 2022

Warrant liability

$

—

$

215,705

$

215,705

Total current and long term liabilities

$

2,456,293

$

215,705

$

2,671,998

Additional paid-in capital

$

51,467,127

$

755,625

$

52,222,752

Accumulated deficit

$

(39,090,204

)

$

(971,330

)

$

(40,061,534

)

Total stockholders equity

$

12,326,372

$

(215,705

)

$

12,110,667

Statement of Operations, Three Months Ended September 30, 2022

Ratchet share expense

$

—

$

1,099,360

$

1,099,360

Loss from operations

$

(3,996,226

)

$

(1,099,360

)

$

(5,095,586

)

Change in fair value of warrant liability

$

—

$

128,030

$

128,030

Other income (expense) net

$

63,743

$

128,030

$

191,773

Net Loss

$

(3,932,483

)

$

(971,330

)

$

(4,903,813

)

Deemed dividend on ratchet shares

$

(1,099,360

)

$

1,099,360

$

—

Net loss attributable to MAIA Biotechnology, Inc.
   shareholders

$

(5,031,843

)

$

128,030

$

(4,903,813

)

Net loss per share; basic and diluted

$

(0.49

)

$

0.01

$

(0.48

)

Statement of Operations, Nine Months Ended September 30, 2022

Ratchet share expense

$

—

$

1,099,360

$

1,099,360

Loss from operations

$

(10,881,828

)

$

(1,099,360

)

$

(11,981,188

)

Change in fair value of warrant liability

$

—

$

128,030

$

128,030

Other income (expense) net

$

229,617

$

128,030

$

357,647

Net loss

$

(10,652,211

)

$

(971,330

)

$

(11,623,541

)

Deemed dividend on ratchet shares

$

(1,099,360

)

$

1,099,360

$

—

Net loss attributable to MAIA Biotechnology,
   Inc. shareholders

$

(12,202,149

)

$

128,030

$

(12,074,119

)

Net Loss per share; basic and diluted

$

(1.40

)

$

0.01

$

(1.39

)

Statement of Changes in Condensed Consolidated Statement of Comprehensive Loss Three Months Ended September 30, 2022

Net loss attributable to MAIA Biotechnology,
   Inc. shareholders

$

(5,031,843

)

$

128,030

$

(4,903,813

)

Comprehensive loss to MAIA Biotechnology, Inc.
   shareholder

$

(5,079,344

)

$

128,030

$

(4,951,314

)

Statement of Changes in Condensed Consolidated Statement of Comprehensive Loss Nine Months Ended September 30, 2022

Net loss attributable to MAIA Biotechnology, Inc. shareholders

$

(12,202,149

)

$

128,030

$

(12,074,119

)

Comprehensive loss to MAIA Biotechnology, Inc.
   shareholder

$

(12,253,795

)

$

128,030

$

(12,125,765

)

Statement of Changes in Stockholders’ Equity (Deficit), Three Months Ended September 30, 2022

Deemed dividend on ratchet shares

$

(1,099,360

)

$

1,099,360

$

—

Net loss

$

(3,932,483

)

$

(971,330

)

$

(4,903,813

)

Additional paid-in capital at September 30, 2022

$

51,467,127

$

755,625

$

52,222,752

Accumulated deficit at September 30, 2022

$

(39,090,204

)

$

(971,330

)

$

(40,061,534

)

Total equity at September 30, 2022

$

12,326,372

$

(215,705

)

$

12,110,667

Statement of Cash Flows, Nine Months Ended September 30, 2022

Net loss, including noncontrolling interests

$

(10,652,211

)

$

(971,330

)

$

(11,623,541

)

Change in fair value of warrant liability

$

—

$

(128,030

)

$

(128,030

)

Issuance of ratchet shares

$

—

$

1,099,360

$

1,099,360

Net cash used in operating activities

$

(9,146,390

)

$

0

$

(9,146,390

)