MAIA Biotechnology, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in its financial performance compared to the previous fiscal period. The company, focused on developing oncology drug candidates, had 25,332,069 shares of common stock outstanding as of November 12, 2024.

As of September 30, 2024, MAIA's cash position improved to $8.69 million, up from $7.15 million at the end of 2023. Total current assets also increased to $9.24 million from $7.56 million, while total assets rose to $9.24 million from $7.57 million. However, total liabilities increased to $7.62 million from $7.09 million, resulting in total stockholders' equity rising significantly to $1.62 million from $477,511.

Operating expenses for the third quarter decreased to $4.19 million, a 15% reduction from $4.96 million in the same quarter of 2023. For the nine-month period, operating expenses also fell to $11.95 million from $13.80 million, reflecting a 13% decrease. The net loss for the third quarter was $2.74 million, an improvement of 44% from a loss of $4.88 million in the prior year. However, the net loss for the nine months increased to $19.68 million from $13.52 million, marking a 46% rise.

Research and development expenses for the third quarter increased slightly by 3% to approximately $2.67 million, while general and administrative expenses saw a significant decrease of 35% to approximately $1.52 million. Other income for the third quarter surged to approximately $1.45 million, a substantial increase from $80,000 in the same period last year.

The company reported net cash used in operating activities of $11.80 million for the nine months ended September 30, 2024, compared to $9.08 million in the same period of 2023. However, net cash provided by financing activities rose sharply to $13.33 million from $4.25 million, contributing to a net increase in cash of $1.54 million, contrasting with a decrease of $4.85 million in the previous year.

MAIA Biotechnology continues to face substantial doubt regarding its ability to continue as a going concern within one year after the issuance of these financial statements. The company has not generated any revenue as of September 30, 2024, and anticipates ongoing losses due to clinical trial expenditures. Future capital needs will require additional equity or debt financing to support operations.