$MAIA
MAIA Biotechnology, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059550 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.763M $1.628M
YoY Change -14.64% -18.11%
% of Gross Profit
Research & Development $2.052M $2.321M
YoY Change -21.05% 5.68%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.815M $3.949M
YoY Change -18.21% -5.63%
Operating Profit -$3.815M -$3.949M
YoY Change -18.21% -5.63%
Interest Expense $88.38K $44.12K
YoY Change 5053.35% 757.2%
% of Operating Profit
Other Income/Expense, Net -$5.152M -$4.163M
YoY Change -3713.94% -5866.31%
Pretax Income -$8.879M -$8.067M
YoY Change 96.29% 95.96%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.879M -$8.067M
YoY Change 96.29% 95.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.40 -$0.46
Diluted Earnings Per Share -$0.40 -$0.46
COMMON SHARES
Basic Shares Outstanding 21.84M 20.00M
Diluted Shares Outstanding 22.20M 17.60M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.58M $8.271M
YoY Change 26.6% 9.03%
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $259.7K $272.6K
YoY Change 6.74% -31.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.02M $8.700M
YoY Change 22.92% 4.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800K $2.800K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.800K $16.04K
YoY Change -99.43% -97.83%
TOTAL ASSETS
Total Short-Term Assets $12.02M $8.700M
Total Long-Term Assets $2.800K $16.04K
Total Assets $12.02M $8.716M
YoY Change 17.05% -3.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.264M $1.873M
YoY Change -18.42% 66.09%
Accrued Expenses $2.247M $3.035M
YoY Change 30.38% 15.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.511M $4.908M
YoY Change 7.28% 30.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.347M $9.573M
YoY Change 4296.91% 4166.13%
Total Long-Term Liabilities $5.347M $9.573M
YoY Change 4296.91% 4166.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.511M $4.908M
Total Long-Term Liabilities $5.347M $9.573M
Total Liabilities $8.858M $14.48M
YoY Change 160.95% 262.85%
SHAREHOLDERS EQUITY
Retained Earnings -$80.93M -$72.05M
YoY Change 53.13% 49.09%
Common Stock $2.374K $2.059K
YoY Change 73.92% 87.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.162M -$5.765M
YoY Change
Total Liabilities & Shareholders Equity $12.02M $8.716M
YoY Change 17.05% -3.95%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$8.879M -$8.067M
YoY Change 96.29% 95.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.685M -$3.587M
YoY Change 82.95% 6.73%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.987M 4.717M
YoY Change 93.89%
NET CHANGE
Cash From Operating Activities -4.685M -3.587M
Cash From Investing Activities
Cash From Financing Activities 7.987M 4.717M
Net Change In Cash 3.303M 1.121M
YoY Change 111.85% -133.31%
FREE CASH FLOW
Cash From Operating Activities -$4.685M -$3.587M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to the valuation of common stock, stock options and warrants, the embedded features in convertible notes, and accruals for outsourced research and development activities. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</span></p>
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reclassification of Prior Year Presentation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported statement of cash flows.</span></p>
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1006187
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
786999
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
175910
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
77942
CY2024Q1 maia Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
989847
CY2023Q4 maia Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
998838
CY2024Q1 maia Accrued Severance Current
AccruedSeveranceCurrent
603635
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3298607
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
70000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.25
CY2022Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2023-01-23
CY2022Q3 maia Class Of Warrant Or Right Date From Which Warrants Or Rights Expire
ClassOfWarrantOrRightDateFromWhichWarrantsOrRightsExpire
2027-07-27
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
452731
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3650278
CY2023Q4 maia Class Of Warrants Weighted Average Exercise Price
ClassOfWarrantsWeightedAverageExercisePrice
2.82
CY2023 maia Class Of Warrants Weighted Average Remaining Contractual Term
ClassOfWarrantsWeightedAverageRemainingContractualTerm
P5Y
CY2024Q1 maia Class Of Warrants Issued
ClassOfWarrantsIssued
2622230
CY2024Q1 maia Class Of Warrants Weighted Average Exercise Price Issued
ClassOfWarrantsWeightedAverageExercisePriceIssued
1.58
CY2024Q1 maia Class Of Warrants Exercised
ClassOfWarrantsExercised
0
CY2024Q1 maia Class Of Warrants Weighted Average Exercise Price Exercised
ClassOfWarrantsWeightedAverageExercisePriceExercised
0
CY2024Q1 maia Class Of Warrants Expired
ClassOfWarrantsExpired
0
CY2024Q1 maia Class Of Warrants Weighted Average Exercise Price Expired
ClassOfWarrantsWeightedAverageExercisePriceExpired
0
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6272508
CY2024Q1 maia Class Of Warrants Weighted Average Exercise Price
ClassOfWarrantsWeightedAverageExercisePrice
2.3
CY2024Q1 maia Class Of Warrants Weighted Average Remaining Contractual Term
ClassOfWarrantsWeightedAverageRemainingContractualTerm
P2Y9M3D
CY2024Q1 maia Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Percentage Of Shares Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsPercentageOfSharesGranted
0.10
CY2024Q1 maia Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePricePercentage
1.10
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7750152
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.53
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M14D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
984455
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.42
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
673629
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.58
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8060978
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.31
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M20D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2588003
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6649017
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.29
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10M2D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2237777
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
349965
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
537522
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.3
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.55
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 maia Rule10 B51 Arrmodifiedflag
Rule10B51Arrmodifiedflag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 maia Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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