Detailed financial statements for MAIA Biotechnology, Inc. (MAIA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MAIA Biotechnology, Inc. is a clinical-stage biotech firm dedicated to discovering, developing, and commercializing treatments for various cancers, with a primary focus on non-small cell lung cancer. The company's leading experimental compound, THIO, is an investigational drug candidate that utilizes a unique dual mechanism by targeting telomeres and stimulating an immune response. Established in 2018, the enterprise maintains its headquarters in Chicago, Illinois.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.40, MAIA has negative trailing earnings (P/E not meaningful) and an ROE of -211.15%. Market capitalisation stands at $85M.
Balance sheet quality for MAIA: current ratio of 1.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $1.9M | $1.4M | $3.5M | $8.9M | $11.1M | $10.0M | $14.55B |
| Selling, General & Admin | $5.0M | $5.6M | $4.3M | $6.1M | $9.1M | $6.9M | $9.72B |
| Operating Expenses | $6.9M | $7.0M | $7.8M | $16.2M | $20.2M | $17.0M | $24.3M |
| Operating Income | -$6.9M | -$7.0M | -$7.8M | -$16.2M | -$20.2M | -$17.0M | -$24.3M |
| EBITDA | 0 | 0 | -$11.8M | -$15.8M | -$19.8M | -$23.3M | -$22.4M |
| Interest Expense | $31547 | $827539 | $6967 | 0 | $57 | 0 | |
| Pre-tax Income | -$6.9M | -$7.0M | -$12.6M | -$15.8M | -$19.8M | -$23.3M | -$22.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$6.5M | -$6.6M | -$12.5M | -$15.8M | -$19.8M | -$23.3M | -$22.4M |
| EPS | $-0.61 | $-0.62 | $-1.18 | $-1.70 | $-1.49 | $-1.05 | $-0.70 |
| EPS (Diluted) | $-0.61 | $-0.62 | $-1.18 | $-1.70 | $-1.49 | $-1.05 | $-0.70 |
| Shares Outstanding (Diluted) | $10.6M | $10.6M | $10.6M | $9.3M | $13.3M | $22.2M | $32.1M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.7M | $663457 | $10.6M | $11.0M | $7.2M | $9.6M | $8.66B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $43666 | $302789 | $144680 | $77347 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.7M | $746505 | $10.7M | $11.8M | $7.6M | $10.2M | $9.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.7M | $746505 | $11.3M | $12.0M | $7.6M | $10.2M | $9.7M |
| Accounts Payable | $169188 | $154886 | $960401 | $1.2M | $1.6M | $1.5M | $2.0M |
| Short-term Debt | $25000 | $31953 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $374565 | $1.7M | $2.1M | $3.3M | $4.9M | $3.8M | $5.8M |
| Long-term Debt | $9172 | $431801 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $409737 | $2.4M | $2.1M | $3.5M | $7.1M | $6.5M | $7.3M |
| Retained Earnings | -$9.3M | -$15.9M | -$28.4M | -$44.2M | -$64.0M | -$87.2M | -$109.6M |
| Total Equity | -$172867 | -$3.3M | $9.2M | $8.5M | $477511 | $3.6M | $2.4M |
| Total Debt | $34172 | $463754 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$1.7M | -$199703 | -$10.6M | -$11.0M | -$7.2M | -$9.6M | -$8.66B |
| Working Capital | $1.4M | -$947239 | $8.5M | $8.5M | $2.6M | $6.3M | $3.9M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$6.5M | -$7.0M | -$12.6M | -$15.8M | -$19.8M | -$23.3M | -$22.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $3.9M | $2.7M | $2.3M | $3.1M | $1.9M | $2.6M |
| Change in Working Capital | $269457 | $1.3M | $1.1M | $352782 | $3.1M | -$1.2M | $1.5M |
| Operating Cash Flow | -$1.6M | -$1.8M | -$4.1M | -$12.1M | -$13.1M | -$15.7M | -$18.8M |
| Capital Expenditure | $2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $187556 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.6M | -$1.8M | -$4.1M | -$12.1M | -$13.1M | -$15.7M | -$18.8M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -2.2% | -88.4% | -26.1% | -25.4% | -17.6% | +3.7% | |
| EPS Growth (YoY) | -1.6% | -90.3% | -44.1% | +12.4% | +29.5% | +33.3% | |
| Shares Change (YoY) | +0.0% | -0.0% | -12.8% | +43.0% | +67.4% | +44.7% | |
| FCF Growth (YoY) | -17.8% | -123.6% | -193.4% | -8.1% | -20.1% | -20.0% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.15 | $-0.17 | $-0.39 | $-1.30 | $-0.99 | $-0.71 | $-0.59 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.6M | $10.6M | $10.6M | $9.3M | $13.3M | $22.2M | $32.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -211.15% |
| Return on Invested Capital | -131.68% |
| Return on Assets | -95.06% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 4.51 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -19.57 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -7.31 | -7.19 | -3.78 | -2.06 | -0.79 | -1.89 | -2.19 |
| P/B | -274.41 | -14.22 | 5.17 | 3.83 | 32.49 | 12.09 | 20.68 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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