MAIA Biotechnology(US:MAIA)2023-05-08 12:28Financial Performance - The company reported a net loss of approximately $4.12 million for the three months ended March 31, 2023, compared to a net loss of approximately $3.41 million for the same period in 2022, representing a 21% increase in losses [112]. - The consolidated net loss for the three months ended March 31, 2023, was approximately $4.12 million, with non-cash charges of approximately $538,000 in stock-based compensation [124]. - The company is facing substantial doubt about its ability to continue as a going concern within one year after the issuance of its financial statements, due to ongoing losses and lack of revenue [117]. Revenue and Income - The company has generated no revenues as of March 31, 2023, and continues to incur losses from operations, indicating a need for additional capital to meet future working capital needs [116]. - The company reported a 127% increase in other income, netting approximately $67,000 in Q1 2023 compared to approximately $30,000 in Q1 2022, driven by research and development incentives [115]. Expenses - Research and development expenses increased by approximately $119,000, or 6%, from approximately $2.08 million in Q1 2022 to approximately $2.20 million in Q1 2023, primarily due to increased payroll and bonus expenses [113]. - General and administrative expenses rose by approximately $622,000, or 46%, from approximately $1.37 million in Q1 2022 to approximately $1.99 million in Q1 2023, largely due to increased payroll and operational costs as a public company [114]. - For the three months ended March 31, 2023, net cash used in operating activities was approximately $3.36 million, compared to $2.81 million for the same period in 2022, indicating a 19.6% increase in cash outflow [123][124]. Cash and Financing - The company had cash reserves of approximately $7.59 million as of March 31, 2023, a decrease of approximately $3.37 million compared to December 31, 2022 [116]. - The Company reported no net cash provided by financing activities for the three months ended March 31, 2023, compared to $2.53 million in the same period of 2022 [127]. - The Company intends to raise additional capital through public equity, private equity, or debt financings to fund operations and product development [122]. - The Company has not made any assurances regarding the availability of additional financing on acceptable terms, which could negatively impact operations [122]. Stock and Offerings - The company completed a follow-on offering, selling 2,555,500 shares at a public offering price of $2.25 per share, resulting in gross proceeds of approximately $5.75 million [110]. - The Company sold 2,555,500 shares of common stock at $2.25 per share, raising approximately $5.1 million in net proceeds for ongoing clinical trials and R&D activities [118]. - The Company sold 2,000,000 shares of common stock at $5 per share in an initial public offering, raising $10 million in gross proceeds [121]. - The Company issued warrants to purchase up to 127,775 shares of common stock at an exercise price of $2.8125 per share, expiring on April 24, 2028 [118]. Clinical Development - The company initiated its Phase 2 clinical trial (THIO-101) in Europe, with the first two patients dosed in March 2023 [109]. - The FDA granted Orphan Drug Designation to THIO for the treatment of hepatocellular carcinoma and small-cell lung cancer, providing potential market exclusivity and financial incentives [108]. Other Financial Changes - The effect of foreign currency exchange rate changes decreased cash by approximately $4,000 for the three months ended March 31, 2023 [126]. - Total changes in operating assets and liabilities for the three months ended March 31, 2023, were approximately $76,000, driven by a decrease in prepaid expenses and an increase in accounts payable [124].