Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Equity [Abstract] |
|
| Schedule of Unvested Restricted Shares |
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Shares |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
Unvested balance at January 1, 2022 |
|
|
58,333 |
|
|
$ |
1.80 |
|
Vested |
|
|
(58,333 |
) |
|
|
1.80 |
|
Unvested balance at September 30, 2022 |
|
|
— |
|
|
$ |
— |
|
|
| Schedule of Warrant Exercised |
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Warrants
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term in
Years |
|
Balance at January 1, 2022 |
|
|
1,311,117 |
|
|
$ |
4.03 |
|
|
|
7.30 |
|
Issued |
|
|
115,000 |
|
|
|
6.25 |
|
|
|
|
Exercised |
|
|
(608,612 |
) |
|
|
1.80 |
|
|
|
|
Expired |
|
|
(20,520 |
) |
|
|
5.00 |
|
|
|
|
Balance at September 30, 2022 |
|
|
796,985 |
|
|
$ |
6.03 |
|
|
|
5.41 |
|
|
| 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, 2022:
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|
|
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|
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|
Options
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term in
Years |
|
|
Aggregate
Intrinsic
Value |
|
Balance at January 1, 2022 |
|
|
5,797,185 |
|
|
$ |
2.22 |
|
|
|
8.59 |
|
|
|
— |
|
Granted |
|
|
768,113 |
|
|
|
4.84 |
|
|
|
|
|
|
|
Exercised |
|
|
(36,500 |
) |
|
|
1.80 |
|
|
|
|
|
|
|
Cancelled/forfeited |
|
|
(16,888 |
) |
|
|
1.82 |
|
|
|
|
|
|
|
Balance at September 30, 2022 |
|
|
6,511,910 |
|
|
$ |
2.53 |
|
|
|
7.34 |
|
|
$ |
8,536,318 |
|
Options exercisable at September 30, 2022 |
|
|
5,443,036 |
|
|
$ |
2.19 |
|
|
|
7.82 |
|
|
$ |
7,664,470 |
|
|
| Assumptions used in Calculating Value of Options Granted |
The value of option grants is calculated using the Black-Scholes option pricing model with the following assumptions for options granted during the nine months ended September 30, 2022 and 2021:
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|
2022 |
|
|
2021 |
|
Risk-free interest rate |
|
2.14% - 3.74% |
|
|
0.35% - 1.05% |
|
Expected term (in years) |
|
5 – 6.25 |
|
|
5 – 6.50 |
|
Expected volatility |
|
71.9% - 79.5% |
|
|
73.4% - 81.5% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of Stock Based Compensation Expense |
Stock based compensation related to the Company’s stock plans are as follows:
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Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
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|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
General and administrative |
|
$ |
345,568 |
|
|
$ |
464,360 |
|
|
$ |
1,144,440 |
|
|
$ |
1,399,498 |
|
Research and development |
|
|
186,870 |
|
|
|
314,184 |
|
|
|
686,096 |
|
|
|
709,370 |
|
Total stock-based compensation |
|
$ |
532,438 |
|
|
$ |
778,544 |
|
|
$ |
1,830,536 |
|
|
$ |
2,108,868 |
|
|