MAIA Biotechnology (MAIA) Q4 2025 earnings summary

Executive summary

• Clinical-stage biopharma focused on telomere-targeting immunotherapies for cancer, with lead asset ateganosine (THIO) in advanced clinical development for NSCLC and other solid tumors.

• Significant clinical milestones in 2025: expansion of THIO-101 Phase 2 trial, initiation of THIO-104 Phase 3 pivotal trial, and multiple global collaborations.

• Fast Track designation granted by FDA for ateganosine in NSCLC; Orphan Drug and Rare Pediatric Disease designations for other indications.

Financial highlights

• Net loss for 2025 was $22.4M, compared to $23.3M in 2024.

• Research and development expenses increased 45% to $14.5M; general and administrative expenses rose 40% to $9.7M.

• Cash at year-end 2025 was $8.7M, with working capital of $3.9M and total assets of $9.7M.

• Other income (expense), net, improved to $1.9M income from a $6.3M expense in 2024, mainly due to warrant liability revaluation.

Outlook and guidance

• Sufficient liquidity for at least 12 months post-report due to $33M raised in early 2026 public offering.

• Plans to seek accelerated approval for ateganosine in NSCLC in 2026, with additional Phase 2 and 3 trials in other tumor types planned.

• Ongoing expansion of clinical pipeline and pursuit of additional strategic collaborations.