MAIA director increases stake to 1.32M shares after 19,230 purchase

Rhea-AI Filing Summary

Stan V. Smith, a director of MAIA Biotechnology, Inc. (MAIA), purchased 19,230 shares of common stock on 10/01/2025 at a price of $1.30 per share under a Securities Purchase Agreement and the company’s 2021 Equity Incentive Plan. The transaction increased beneficial ownership to 1,324,289 shares, held indirectly through The Stan V. Smith Trust Dated 1993. In the same transaction Mr. Smith acquired 19,230 warrants (treated as options) with a $1.57 exercise price; those options become exercisable six months after issuance and expire three years after issuance (exercise window: 04/01/2026 through 10/01/2028). The Form 4 was signed on 10/02/2025.

Positive

• Insider purchase of 19,230 shares demonstrates director buying company stock
• Beneficial ownership increased to 1,324,289 shares, consolidating director's stake

Negative

• Associated warrants/options are not exercisable for six months, delaying potential conversion
• Warrants expire in three years, creating a limited exercise window

Insights

Corporate Governance Analyst

Director purchased common stock and warrants, increasing indirect holdings to 1,324,289 shares.

The filing shows a 10/01/2025 purchase of 19,230 common shares at $1.30 and acquisition of 19,230 warrants with a $1.57 exercise price under the issuer’s 2021 Equity Incentive Plan. Beneficial ownership is held indirectly via The Stan V. Smith Trust Dated 1993, and total post-transaction holdings are reported as 1,324,289 shares.

The warrants/options are subject to a six-month vesting delay (not exercisable until the six-month anniversary) and expire three years after issuance, which limits immediate liquidity from the derivative position. The transaction was reported on a standard Form 4 and signed on 10/02/2025.

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).

1. Name and Address of Reporting Person^*

Smith Stan

(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)
10/01/2025

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
Common Stock	10/01/2025		P		19,230(1)	A	$1.3	1,324,289	I	See Footnote(2)

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
Warrants	$1.57	10/01/2025		P		19,230(3)		04/01/2026	10/01/2028	Common Stock	19,230	$1.57	19,230	I	See footnote(4)

Explanation of Responses:

1. The common stock was purchased pursuant to a Securities Purchase Agreement and were issued under the Issuer's 2021 Equity Incentive Plan on October 1, 2025

2. These securities are beneficially owned by Mr. Smith through The Stan V. Smith Trust Dated 1993.

3. These warrants were purchased pursuant to a Securities Purchase Agreement and were deemed options under the Issuer's 2021 Equity Incentive Plan on October 1, 2025. The options are exercisable beginning on the six-month anniversary of the issuance date and expire 3-years after the initial issuance date.

4. These securities are beneficially owned by Mr. Smith through The Stan V. Smith Trust Dated 1993.

	/s/ Stan V. Smith	10/02/2025
	** 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.
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FAQ

What did MAIA director Stan V. Smith purchase on 10/01/2025?

Mr. Smith purchased 19,230 common shares at $1.30 per share and acquired 19,230 warrants with a $1.57 exercise price.

How many MAIA shares does Stan V. Smith beneficially own after the transaction?

The Form 4 reports 1,324,289 shares beneficially owned following the reported transactions.

Through what vehicle does Stan V. Smith hold these MAIA securities?

The securities are held indirectly through The Stan V. Smith Trust Dated 1993.

When can the warrants/options be exercised and when do they expire?

The warrants/options become exercisable six months after issuance (effective 04/01/2026) and expire three years after issuance (10/01/2028).

When was the Form 4 signed and filed?

The Form 4 is signed by Stan V. Smith on 10/02/2025 and reports transactions dated 10/01/2025.