- Conducted an oral presentation covering the novel THIO platform
at the XIV International Round Table on Nucleosides, Nucleotides,
and Nucleic Acids
- Presented the design of its ongoing Phase 2 THIO-101 trial at
ESMO 2022
- Presented results of a study of THIO in hepatocellular
carcinoma in vitro and in vivo models at the Triple Meeting
(EORTC-NCI-AACR) Symposium on Molecular Targets and Cancer
Therapeutics
- Added MAIA to the Longevity Stock Index aimed at quantifying
and bringing attention to the rapidly growing human aging
market
MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”,
the “Company”), a clinical-stage biopharmaceutical company
developing targeted immunotherapies for cancer, today reported
financial results for the third quarter ended September 30, 2022,
and provided a corporate update.
“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 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) 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) 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.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on
the development and commercialization of potential first-in-class
drugs with novel mechanisms of action that are intended to
meaningfully improve and extend the lives of people with cancer.
Our lead program is THIO, a potential first-in-class cancer
telomere targeting agent in clinical development for the treatment
of NSCLC patients with telomerase-positive cancer cells. For more
information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of
historical facts, contained in this press release, are
forward-looking statements. Forward-looking statements are subject
to known and unknown risks, uncertainties, and other factors that
may cause our or our industry’s actual results, levels or activity,
performance or achievements to be materially different from those
anticipated by such statements. The use of words such as “may,”
“might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “project,” “intend,” “future,” “potential,”
or “continue,” and other similar expressions are intended to
identify forward looking statements. However, the absence of these
words does not mean that statements are not forward-looking. For
example, all statements we make regarding (i) the initiation,
timing, cost, progress and results of our preclinical and clinical
studies and our research and development programs, (ii) our ability
to advance product candidates into, and successfully complete,
clinical studies, (iii) the timing or likelihood of regulatory
filings and approvals, (iv) our ability to develop, manufacture and
commercialize our product candidates and to improve the
manufacturing process, (v) the rate and degree of market acceptance
of our product candidates, (vi) the size and growth potential of
the markets for our product candidates and our ability to serve
those markets, and (vii) our expectations regarding our ability to
obtain and maintain intellectual property protection for our
product candidates, are forward looking. All forward-looking
statements are based on current estimates, assumptions and
expectations by our management that, although we believe to be
reasonable, are inherently uncertain. Any forward-looking statement
expressing an expectation or belief as to future events is
expressed in good faith and believed to be reasonable at the time
such forward-looking statement is made. However, these statements
are not guarantees of future events and are subject to risks and
uncertainties and other factors beyond our control that may cause
actual results to differ materially from those expressed in any
forward-looking statement. Any forward-looking statement speaks
only as of the date on which it was made. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law. In this release, unless the
context requires otherwise, “MAIA,” “Company,” “we,” “our,” and
“us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
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version on businesswire.com: https://www.businesswire.com/news/home/20221109005976/en/
MAIA Biotechnology Joseph McGuire Chief Financial Officer
jmcguire@maiabiotech.com 904-228-2603
ICR Westwicke Stephanie Carrington
Stephanie.Carrington@westwicke.com 646-277-1282
Maia Biotechnology (AMEX:MAIA)
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