Diamond Equity Research Releases Update Note on MAIA Biotechnology, Inc. (NYSE: MAIA)

Company Overview - MAIA Biotechnology, Inc. is a biotechnology company founded in 2018 and headquartered in Chicago, Illinois, focused on discovering, developing, and commercializing novel cancer therapies addressing high unmet medical needs [2]. Recent Developments - MAIA Biotechnology advanced its lead candidate, ateganosine (THIO), with significant progress in clinical, regulatory, and pipeline fronts during Q2 2025 [4]. - The pivotal Phase 2 THIO-101 study in advanced non-small cell lung cancer (NSCLC) reported a median overall survival of 17.8 months among 22 third-line patients, with treatment being generally well tolerated [4]. - A new partial response was confirmed after 20 months of therapy, indicating the potential effectiveness of the treatment [4]. - The trial has expanded into Asia, with first dosing in Taiwan and ongoing screening in Europe and Asia [4]. - MAIA entered a master clinical supply agreement with Roche to evaluate ateganosine in combination with atezolizumab (Tecentriq®) across multiple hard-to-treat cancers [4]. - The FDA granted Fast Track designation for ateganosine in the treatment of NSCLC, enhancing the regulatory path for the drug [4]. Future Plans - MAIA plans to initiate studies in various cancers beyond NSCLC, including hepatocellular carcinoma (HCC), small cell lung cancer (SCLC), colorectal cancer (CRC), breast, prostate, gastric, pancreatic, and ovarian cancers [4]. - The company aims to evaluate THIO-103 for first-line NSCLC and SCLC [4]. Valuation Insights - Recent updates have de-risked the THIO program in third-line NSCLC, with the Phase 2 THIO-101 dataset supporting a generally tolerable safety profile and durability of response [4]. - The valuation model has been revised to reflect recent financial results and share count, yielding a valuation of $10.27 per share, contingent on successful execution by the company [4].