MAIA Biotechnology prices $2.25M private placement with warrants

Rhea-AI Filing Summary

MAIA Biotechnology entered into a private placement with accredited investors and certain directors, selling 1,053,751 shares of common stock with matching warrants plus 179,737 director shares with matching warrants at a purchase price of $1.224 per share, for combined expected gross proceeds of approximately $2,253,896 before expenses.

The investor and director warrants become exercisable six months after issuance, carry an exercise price of 1.36 per share described as the Minimum Price under NYSE American Rule 713, and have three-year terms. Director securities are being issued under the company’s 2021 Equity Incentive Plan. MAIA plans to use the net proceeds to fund the starting cost for Step 1 of Part C of its Phase II trial THIO-101 and for working capital, with closing expected on December 18, 2025, subject to customary conditions.

Insights

Biotech capital markets analyst

MAIA secures about $2,253,896 in a warrant-backed private financing.

MAIA Biotechnology has arranged a private placement of 1,053,751 investor shares with matching warrants, plus 179,737 director shares and warrants, all priced at $1.224 per share. The structure brings in approximately $2,253,896 in gross proceeds before expenses, adding non-dilutive cash to the balance sheet beyond the initial share issuance only if warrants are later exercised.

The investor and director warrants have identical economics: they become exercisable six months after issuance, have three-year terms, and an exercise price of 1.36 per share, which the company identifies as the Minimum Price under NYSE American Rule 713. If exercised, these warrants would increase the share count further, but also provide additional cash inflows at that exercise price.

Directors are participating on the same pricing terms, with named directors subscribing for approximately $100,000, $70,000, and $50,000, and their securities are issued under the 2021 Equity Incentive Plan. The company highlights that net proceeds are earmarked to start Step 1 of Part C of the Phase II THIO-101 trial and to support working capital, so future disclosures on trial progress will help show how this funding supports development plans.

8-K Event Classification

Item 1.01 — Entry into a Material Definitive Agreement

1 item

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

FAQ

What type of financing did MAIA Biotechnology (MAIA) enter into?

MAIA Biotechnology entered into a private placement with accredited investors and certain directors to sell common stock together with common stock purchase warrants.

How many MAIA shares and warrants are being issued, and at what price?

The company is selling 1,053,751 investor shares with matching investor warrants and 179,737 director shares with matching director warrants, all at a purchase price of $1.224 per share.

How much money will MAIA Biotechnology (MAIA) receive from this transaction?

The combined gross proceeds from the private placements are expected to be approximately $2,253,896 before deducting offering expenses payable by the company.

What are the key terms of the MAIA warrants issued in the private placement?

The investor and director warrants have an exercise price of 1.36 per share, are first exercisable six months after issuance, and have a three-year term. The exercise price is described as the Minimum Price under NYSE American Rule 713.

How will MAIA Biotechnology use the proceeds from the private placement?

MAIA plans to use the net proceeds to fund the starting cost for Step 1 of Part C of its Phase II trial THIO-101 and for working capital.

Were the MAIA securities registered, and what exemption is being used?

The shares, warrants, and shares issuable upon warrant exercise have not been registered under the Securities Act and are being offered and sold in reliance on Section 4(a)(2) and/or Rule 506. They are restricted securities and do not contain registration rights.

When is the MAIA private placement expected to close?

The closing of the private placement is expected to occur on December 18, 2025, subject to the satisfaction of customary closing conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 12/16/2025 - 09:57 PM Learn about SEC filing dates

false 0001878313 0001878313 2025-12-16 2025-12-16 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 16, 2025

MAIA Biotechnology, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-41455		83-1495913
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

444 West Lake Street, Suite 1700
Chicago, IL		60606
(Address of principal executive offices)		(Zip Code)

(312) 416-8592

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		MAIA		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Securities Purchase Agreement

On December 16, 2025, MAIA Biotechnology, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”) for the issuance and sale in a private placement (the “Private Placement”) of: (i) 1,053,751 shares (the “Investor Shares”) of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and (ii) warrants (the “Investor Warrants”) to purchase up to 1,053,751 shares of Common Stock, at a purchase price per Investor Share of $1.224, for an aggregate purchase price of approximately $1,289,792.

The Investor Warrants are exercisable at a price per Investor Share of 1.36, which price represents the “Minimum Price” as defined under NYSE American Rule 713 on the date the Purchase Agreement was executed (subject to customary adjustments as set forth in the Investor Warrants, which do not include any provisions relating to price protection), are exercisable commencing six-months following issuance and have a term of three years from the issuance date.

In addition, in recognition of the past and continued future services provided by members of the Company’s board of directors (the “Board”) and to further align the interests of directors with those of the Company’s stockholders, the Board has determined it advisable and in the best interests of the Company and its stockholders to allow members of the Board to participate in the Private Placement and certain directors of the Company executed the Purchase Agreement to subscribe for (i) 179,737 shares of Common Stock (the “Director Shares,” together with the Investor Shares, the “Shares”) and (ii) common stock purchase warrants to purchase up to 179,737 shares of the Company’s Common Stock (the “Director Warrants,” together with the Investor Warrants, the “Warrants”) at a purchase price per Director Share of $1.224 for an aggregate purchase price of approximately $219,998. The Director Warrants are exercisable at a price per Director Share of $1.36, which price represents the “Minimum Price” as defined under NYSE American Rule 713 on the date the Purchase Agreement was executed (subject to customary adjustments as set forth in the Director Warrants), are exercisable commencing six-months following issuance and have a term of three years from the issuance date. The Director Shares and Director Warrants (and any shares of Common Stock issuable upon exercise thereof) are being issued under the Company’s 2021 Equity Incentive Plan (the “Plan”) as an Unrestricted Stock Award (as defined in the Plan) and an Award of Options (as such terms are defined in the Plan), respectively. Company director Louie Ngar Yee subscribed to purchase 81,699 Director Shares and 81,699 Director Warrants for an aggregate purchase price of approximately $100,000. Company director Stan Smith subscribed to purchase 57,189 Director Shares and 57,189 Director Warrants for an aggregate purchase price of approximately $70,000. Company director Steven Chaouki subscribed to purchase 40,849 Director Shares and 40,849 Director Warrants for an aggregate purchase price of approximately $50,000

The Shares and the Warrants (and the shares of common stock underlying the Warrants) sold in the Private Placement are being issued as restricted securities as defined in Rule 144 of the Securities Act of 1933, as amended and do not contain any registration rights.

The combined gross proceeds from the Private Placements are expected to be approximately $2,253,896, prior to deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the Private Placement to fund the starting cost for Step 1 of Part C of the Phase II trial THIO -101 and for working capital. The closing of the Private Placement is expected to occur on December 18, 2025, subject to the satisfaction of customary closing conditions.

The foregoing descriptions of terms and conditions of the Purchase Agreement, the Investor Warrants and the Director Warrants do not purport to be complete and are qualified in their entirety by the full text of the form of the Purchase Agreement and the form of the Investor Warrants and the form of the Director Warrants, which are attached hereto as Exhibits 10.1, 4.1 and 4.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

2

Item 3.02 Unregistered Sales of Equity Securities.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 3.02 by reference.

The Shares, the Warrants and the shares issuable upon exercise of the Warrants have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, and are being offered and sold in reliance on the exemption from registration under the Securities Act, afforded by Section 4(a)(2) and/or Rule 506 promulgated thereunder.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Item 8.01 Other Events.

On December 16, 2025, the Company issued a press release announcing the pricing of the Private Placement. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit No.		Description
4.1		Form of Investor Warrant
4.2		Form of Director Warrant
10.1*		Form of Securities Purchase Agreement
99.1		Press Release dated December 16, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* The schedules (and similar attachments) to this exhibit have been omitted from this filing pursuant to Item 601(b)(10) of Regulation S-K. The Company agrees to furnish a supplemental copy of any omitted schedule (or similar attachment) to the Securities and Exchange Commission upon request.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 16, 2025

	MAIA BIOTECHNOLOGY, INC.
	By:	/s/ Vlad Vitoc
	Name:	Vlad Vitoc
	Title:	Chief Executive Officer

4