Diamond Equity Research Releases Update Note on MAIA Biotechnology, Inc. (NYSE: MAIA)
New York, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has released an update note on MAIA Biotechnology, Inc. (NYSE: MAIA) following quarterly results. The research summary below is from a report commissioned by MAIA Biotechnology, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the MAIA Biotechnology’s business, recent updates, management commentary, financial results, valuation, and risks.
The full update note is available below.
MAIA Biotechnology November 2025 Update Note
Highlights from the note include:
- MAIA Reports 30-Month Survival in Ongoing Phase 2 THIO-101 Trial, Demonstrating Exceptional Durability in Advanced NSCLC: MAIA Biotechnology presented new long-term survival data from its ongoing Phase 2 THIO-101 trial evaluating ateganosine (THIO) in combination with a checkpoint inhibitor in advanced non-small cell lung cancer (NSCLC) at the 2025 European Society for Medical Oncology (ESMO) Congress in Berlin. As of September 17, 2025, a patient who began therapy in March 2023 has achieved 30 months (912 days) of survival, an exceptional outcome in a high-risk, treatment-resistant population. The patient received therapy every three weeks and completed treatment after reaching the protocol-defined maximum duration of two years. This milestone highlights ateganosine’s potential to deliver durable, clinically meaningful benefit in refractory NSCLC, where long-term survival beyond two years remains exceedingly rare. The data further strengthens the therapeutic rationale for ateganosine’s continued development across late-stage NSCLC settings.
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MAIA Awarded $2.3 Million NIH Grant to Expand THIO-101 Phase 2 Trial for Advanced NSCLC Patients in the U.S.: MAIA Biotechnology announced that the National Institutes of Health (NIH) has awarded a $2.3 million grant to support the expansion of its ongoing Phase 2 THIO-101 trial evaluating ateganosine (THIO) as a third-line treatment for advanced non-small cell lung cancer (NSCLC). The funding, distributed over three years from 2025 to 2027, will be used to enroll U.S. patients who are resistant to chemotherapy and immunotherapy. The expansion follows FDA clearance of MAIA’s Investigational New Drug (IND) application for THIO-101, allowing immediate patient enrollment in the U.S. The NIH support underlines the scientific and clinical significance of ateganosine, which demonstrated a median overall survival of 17.8 months as of June 30, 2025, nearly three times longer than the 5–6 months observed with standard-of-care chemotherapy in similar patient populations. The first patient in the expansion phase was dosed in Taiwan in July 2025, and by October 2025, MAIA had enrolled five patients from Taiwan and Turkey in the expansion phase of its THIO-101 Phase 2 trial. The NIH grant underscores growing institutional recognition of ateganosine’s potential to address the critical unmet need in refractory NSCLC and validates the continued progress of MAIA’s clinical development program.
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Financials and Valuation: MAIA released the Q3 2025 results, reporting a net loss of $8.90 million or $0.27 per share. Total operating expenses increased to $9.36 million compared to $4.18 million in Q3 2024, reflecting higher R&D and general and administrative expenses. Operating cash burn for the first nine months amounted to $11.82 million, while the Quarter-end cash and cash equivalents were $10.89 million. Moreover, the company was recently awarded a $2.3 million grant by the National Institutes of Health to be received over the next two years, reflecting institutional confidence in ateganosine’s mechanism, emerging durability signals, and overall clinical profile. Against this backdrop, clinical momentum increasingly anchors valuation, as the company continues to report positive THIO-101 readouts. Recent clinical updates include THIO-101 Phase 2 data (180 mg dose cohort) showing median PFS 5.6 months (>2x SOC) and median OS 17.8 months, with two patients completing 33 cycles, plus ESMO-highlighted 30-month survival in a refractory NSCLC patient completing two-year therapy. With continued positive readouts, the initiation of THIO-104 (Phase 3 study) remains a key potential valuation catalyst, marking progression towards controlled clinical validation and potential registration. We have revised our valuation model to reflect the recent Q3 financial results, updated share count, and reassessed comparable company analysis, reiterating our valuation of $10.27 per share contingent on successful execution by the company.
About MAIA Biotechnology, Inc
Founded in 2018 and headquartered in Chicago, Illinois, MAIA is a biotechnology company engaged in discovering, developing, and commercializing novel cancer therapies with high unmet medical needs.
For more information, visit https://maiabiotech.com/
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by MAIA Biotechnology, Inc. for producing research materials regarding MAIA Biotechnology, Inc., and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. Diamond Equity Research LLC is being compensated by MAIA Biotechnology, Inc. for producing research materials regarding MAIA Biotechnology, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 11/10/25, the issuer paid us $118,000 for research services, structured as follows: $20,000 for an initiation report and $15,000 for update notes in the first year; $20,000 for one update note and $11,500 for three follow-on notes in the second year; $20,000 for one update note and $11,500 for three follow-on notes in the third year; and $20,000 for one update note and $11,500 for three follow-on notes in the fourth year ($11,500 not received as of this report date). Research services commenced and initiation payment was made on 11/10/22. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/10/25. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for MAIA Biotechnology, Inc. Please review update report attached for full disclosures.
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