[Form 4] MAIA Biotechnology, Inc. Insider Trading Activity

Rhea-AI Filing Summary

MAIA Biotechnology, Inc. director Louie Ngar Yee reported a grant of 25,331 stock options on 10/02/2025. The options have an exercise price of $1.80, vest 100% immediately on the grant date, are exercisable immediately, and expire on 10/02/2035. The Form 4 indicates the filing was completed on 10/06/2025 and the reporting person is filing individually as a director. The grant was made under the company’s 2021 Equity Incentive Plan and represents a direct beneficial ownership of 25,331 shares upon exercise.

Positive

• Immediate alignment between the director and shareholders via 100% vested options
• Transparent disclosure of grant details including $1.80 exercise price and 10/02/2035 expiration

Negative

• Immediate vesting departs from typical multi-year schedules and increases potential near-term dilution
• Potential concentrated timing risk if multiple insiders receive similarly structured grants and exercise concurrently

Insights

Compensation & Governance Analyst

Director received an immediately vested option award of 25,331 shares.

The grant of 25,331 stock options at an exercise price of $1.80 vests 100% on the grant date and is exercisable immediately, which is atypical compared with standard multi-year vesting schedules and therefore increases near-term dilution risk if exercised.

This structure aligns the director with share-price upside immediately but concentrates executive alignment timing; monitor potential exercises and any related insider sales around liquidity events or future filings within 30–90 days for near-term impact.

Equity Dilution Specialist

The award creates a measurable but likely modest dilution over time.

The options convert to 25,331 common shares if exercised before expiration on 10/02/2035. The fixed exercise price of $1.80 sets the threshold for immediate intrinsic value if the market price exceeds that level.

Track outstanding option pools and total shares outstanding in upcoming SEC filings to quantify dilution; any clustered immediate vesting events across insiders would be material within the next 12 months.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Louie Ngar Yee

(Last) (First) (Middle)

444 WEST LAKE STREET, SUITE 1700

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MAIA Biotechnology, Inc. [ MAIA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$1.8	10/02/2025		A		25,331		10/02/2025(1)	10/02/2035	Common Stock	25,331	$0	25,331	D

Explanation of Responses:

1. The stock options, granted on October 2, 2025, pursuant to the MAIA Biotechnology, Inc.'s 2021 Equity Incentive Plan, representing the right to buy shares of common stock, vest 100% on the date of the grant and are exercisable beginning as of that date.

	/s/ Louie Ngar Yee	10/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did MAIA (MAIA) report on Form 4 for Louie Ngar Yee?

The Form 4 reports a grant of 25,331 stock options on 10/02/2025 with an exercise price of $1.80, vesting 100% immediately and expiring on 10/02/2035.

Are the options exercisable immediately for the MAIA director grant?

Yes. The options vest 100% on the grant date and are exercisable beginning on 10/02/2025.

Under which plan were the options granted?

The options were granted pursuant to the company’s 2021 Equity Incentive Plan.

How many shares will the options convert into if exercised?

The options represent the right to acquire 25,331 shares of common stock upon exercise.

When does the MAIA option grant expire?

The options expire on 10/02/2035.