On November 9, 2022 MAIA Biotechnology, Inc., (NYSE American: MAIA) ("MAIA", the "Company"), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, reported financial results for the third quarter ended September 30, 2022, and provided a corporate update (Press release, MAIA Biotechnology, NOV 9, 2022, View Source [SID1234623584]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"The clinical development of THIO continues to be our primary focus. As we move into the final quarter of the year, we plan to share our safety data from the THIO-101 trial," said Vlad Vitoc, M.D., MAIA’s Chairman and Chief Executive Officer. "We remain focused on advancing our strong clinical pipeline which includes, but is not limited to, completing the IND filing for THIO-101 and disclosing preliminary efficacy data in 2023."
Corporate Highlights
Oral Presentation of Novel THIO Platform: Conducted an oral presentation covering the novel THIO platform at the XIV International Round Table on Nucleosides, Nucleotides, and Nucleic Acids, which took place in Stockholm, Sweden on August 28 – 31, 2022.
Trial Design Presented at ESMO (Free ESMO Whitepaper) 2022: Presented the design of its ongoing THIO-101 trial, a multicenter, open-label, dose-finding Phase 2 trial evaluating THIO sequenced with cemiplimab in patients with advanced Non-Small Cell Lung Cancer, at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress 2022, held from September 9th to 13th in Paris, France.
Data Presented at the Triple Meeting Symposium: Presented the results of a study of the anticancer agent 6-thio-dG (THIO) in hepatocellular carcinoma (HCC) in vitro and in vivo models at the Triple Meeting (EORTC-NCI-AACR) (Free EORTC-NCI-AACR Whitepaper) Symposium on Molecular Targets and Cancer Therapeutics. The symposium took place on October 26-28, 2022, in Barcelona, Spain.
Longevity Stock Index Listing: MAIA has been added in the Longevity Stock Index, which was created to quantify and clarify the longevity industry. This index is the first of its kind within longevity, which is aimed at quantifying and bringing attention to the rapidly growing human aging market.
Third Quarter 2022 Financial Results
Cash Position: The Company had cash totaling approximately $14.1 million as of September 30, 2022, compared to $10.6 million in cash as of December 31, 2021. Current cash, which included the proceeds from the initial public offering completed in July 2022, is anticipated to be sufficient to fund operations for the next 12 months.
Research and Development (R&D) Expenses: R&D expenses were approximately $2.3 million for the quarter ended September 30, 2022, compared to approximately $1.1 million for the same quarter of 2021. The increase for the quarter was primarily due to the increase in clinical expenses related to clinical preparation and the startup of the THIO trials of approximately $0.7 million, an increase in payroll and bonus expenses of approximately $0.6 million, and an increase of approximately $0.1 in professional fees offset by a decrease in stock-based compensation of approximately $0.1 million. R&D expenses included approximately $0.2 million and $0.3 million of non-cash stock compensation expense in the third quarter 2022 and 2021, respectively.
General and Administrative (G&A) Expenses: G&A expenses were approximately $1.7 million for the quarter ended September 30, 2022, compared to approximately $1.2 million for the same quarter of 2021. The increase for the quarter was primarily due to approximate increases in payroll and bonus expenses of $0.2 million, an increase of approximately $0.5 million of other expenses related to the costs of operating as a public company, offset by decreases in stock-based compensation of approximately $0.1 million and professional fees of approximately $0.1. G&A expenses included approximately $0.3 million and $0.5 million of non-cash stock compensation expense in the quarters ended September 30, 2022, and 2021, respectively.
Other Income (Expense): Other income was approximately $0.1 million for the quarter ended September 30, 2022, and other expense for the quarter ended September 30, 2021 was approximately $3.0 million. Other income in the quarter ended September 30, 2022, consisted primarily of approximately $0.1 million in Australian research and development incentives. Other expense for the quarter ended September 30, 2021, primarily consisted of interest expense of approximately $0.5 million, expense for the change in the fair values of the warrant liability of approximately $0.1 million, expense for the change in the fair value of the bifurcated embedded features of approximately $0.1 million, and the loss on extinguishment of convertible notes of approximately $2.3 million.
Net Income (Loss): Net loss was approximately $3.9 million for the quarter ended September 30, 2022, as compared to net loss of approximately $5.2 million for the same quarter of 2021.
About THIO
THIO (6-thio-dG or 6-thio-2’-deoxyguanosine) is a telomere-targeting agent currently in clinical development to evaluate its activity in non-small cell lung cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. THIO is being developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.