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CHICAGO - MAIA Biotechnology, Inc. (NYSE American: MAIA), a clinical-stage biopharmaceutical company, has announced the sale of 446,332 shares of common stock at $1.50 per share to select accredited investors and a company director. This private placement, which is slated to close around May 29, 2025, includes warrants exercisable at $1.71 per share starting six months post-issuance and valid for five years. According to InvestingPro data, MAIA maintains a healthy current ratio of 2.35, with liquid assets exceeding short-term obligations, suggesting strong near-term financial stability.
The gross proceeds amount to approximately $669,500 before deducting offering expenses. MAIA plans to allocate the net proceeds to Step 1 of Part C of their Phase II THIO -101 trial and general working capital. The THIO -101 trial is a key part of the company’s efforts to develop targeted immunotherapies for cancer treatment. The company’s stock has seen significant volatility, trading at $1.78, down about 54% over the past year. InvestingPro analysis indicates the stock is currently fairly valued, with additional insights available to subscribers.
The securities in this transaction, which have not been registered under the Securities Act of 1933 or applicable state securities laws, are being offered under an exemption and cannot be sold in the U.S. without registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or a solicitation to buy these securities in any jurisdiction where such an offer or sale would be unlawful.
MAIA is recognized for its focus on creating first-in-class drugs with novel mechanisms aimed at significantly improving and extending the lives of cancer patients. Their lead program, ateganosine (THIO), targets telomerase-positive cancer cells in NSCLC patients. While the company holds more cash than debt on its balance sheet, InvestingPro data reveals it is not yet profitable, with analysts forecasting continued losses this year. InvestingPro subscribers have access to 6 additional key insights about MAIA’s financial health and growth prospects.
The company cautions that statements in this press release, except for those of historical facts, are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from what is anticipated.
This news is based on a press release statement from MAIA Biotechnology, Inc.
In other recent news, MAIA Biotechnology, Inc. has announced a significant amendment to its corporate structure, doubling its authorized common stock from 70 million to 150 million shares. This move, approved by stockholders, provides the company with increased flexibility for future corporate endeavors. Additionally, MAIA Biotechnology secured $1.08 million through a private placement deal, selling approximately 720,000 shares to accredited investors and company directors. The funds are designated to initiate Part C of the Phase II trial for THIO-101, a cancer telomere targeting agent for non-small cell lung cancer.
The company is also targeting 2026 for potential FDA approval of its lead anticancer agent, THIO, and plans to commence a Phase 3 trial for THIO-104 in mid-2025. In another development, MAIA revised its offering, reducing the maximum aggregate offering price of its common stock from $30 million to $11.2 million. Furthermore, promising preclinical data for the THIO dimer was published, highlighting its potential to enhance existing cancer treatments by inhibiting an enzyme linked to drug resistance. These developments reflect MAIA’s ongoing efforts in cancer treatment research and its strategic financial maneuvers.
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