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

Rhea-AI Filing Summary

MAIA Biotechnology reported a director stock-option grant disclosed on a Form 4. Stan V. Smith, a company director, received an award of 24,844 stock options on 10/02/2025 under the 2021 Equity Incentive Plan. The options have an exercise price of $1.80, vest 100% on the grant date, are exercisable immediately, and expire on 10/02/2035. The filing shows these shares are beneficially owned indirectly through The Stan V. Smith Trust Dated 1993, and the Form 4 was signed on 10/06/2025. The disclosure provides a clear record of insider compensation and ownership change but does not include company-wide share counts or percent ownership to measure dilution impact.

Positive

• Immediate vesting of 24,844 options aligns the director's economic interests with shareholders
• Clear disclosure of exercise price $1.80 and expiration 10/02/2035 improves transparency

Negative

• Potential dilution exists if 24,844 options are exercised; total outstanding shares not provided
• Single-date vesting removes time-based retention, offering no multi-year service condition

Insights

Corporate Governance Analyst

Director received immediately vested options aligning interests with shareholders.

The grant of 24,844 options at an exercise price of $1.80 that vest 100% on the grant date creates immediate economic exposure for the director and records an increase in reported beneficial ownership via an existing trust. Immediate vesting is notable because it removes typical time-based retention mechanics.

Risks include potential dilution if options are exercised and limited signal on proportional ownership because the filing does not disclose total outstanding shares or percent ownership. Watch for any future disclosures that show total share count or exercises within the next 10 years to quantify dilution and cash proceeds from exercises.

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^*

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)
10/02/2025

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		24,844		10/02/2025(1)	10/02/2035	Common Stock	24,844	$0	24,844	I(2)	See Footnote

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.

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

	/s/ Stan V. Smith	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) disclose on the Form 4 filed by Stan V. Smith?

The Form 4 shows a grant of 24,844 stock options on 10/02/2025 with an exercise price of $1.80, vesting 100% on the grant date, exercisable immediately, expiring on 10/02/2035.

Are the options granted to the director exercisable immediately?

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

How does Stan V. Smith hold the securities reported on the Form 4?

The filing states these securities are beneficially owned indirectly through The Stan V. Smith Trust Dated 1993.

What is the exercise price and expiration for the granted options?

The exercise price is $1.80 per share and the options expire on 10/02/2035.

Does the Form 4 disclose how the grant affects total ownership percentage?

No. The Form 4 does not provide total outstanding share counts or post‑transaction ownership percentage, so dilution cannot be computed from this filing alone.