On November 7, 2023, MAIA Biotechnology Inc (MAIA, Financial) released its third-quarter financial results for the period ending September 30, 2023. The company also highlighted recent developments in its anticancer asset THIO.
Operational Highlights
MAIA's lead asset THIO demonstrated impressive preliminary efficacy data in the THIO-101 Phase 2 trial. The trial showed a disease control rate (DCR) of 100% in second-line NSCLC treatment, significantly surpassing the standard of care DCR of 53-64%. The company also announced that it had met the pre-determined statistical requirements to proceed to the next stage of the trial earlier than expected.
Furthermore, THIO showed potent anticancer activity in models of glioma, a difficult-to-treat type of brain tumor. The treatment also demonstrated potential as a therapy for pediatric brain cancer, increasing tumor sensitivity to immune or ionizing radiation therapies.
Financial Highlights
MAIA's cash position as of September 30, 2023, was approximately $6.1 million, a decrease from $10.9 million as of December 31, 2022. Research and Development (R&D) expenses for the quarter were approximately $2.6 million, up from $2.3 million in the same quarter of the previous year. This increase was primarily due to an increase in scientific research expenses.
General and Administrative (G&A) expenses for the quarter were approximately $2.4 million, up from $1.7 million in Q3 2022. The increase was primarily due to an increase in professional fees related to the write-off of deferred offering costs and an increase in investor relations costs.
The company reported a net loss of approximately $4.9 million, or $0.36 per share, for the quarter ended September 30, 2023, compared to a net loss of approximately $4.9 million, or $0.48 per share, for the same quarter in 2022.
Looking Ahead
MAIA's THIO-101 Phase 2 clinical trial continues to progress, with 49 patients dosed to date. The pace of enrollment is exceeding the average enrollment pace in similar NSCLC trials. The company is looking forward to sharing its continuing progress in the coming months and into 2024.
For more detailed information on MAIA Biotechnology Inc (MAIA, Financial)'s financial results for the quarter ended September 30, 2023, please refer to the Form 10-Q filed with the SEC.
Explore the complete 8-K earnings release (here) from MAIA Biotechnology Inc for further details.
