MAIA Biotechnology, Inc. Liquidation Value

MAIA Biotechnology, Inc. (MAIA) is a clinical-stage biopharmaceutical company with no revenue. Under a liquidation lens, recovery to equity is deeply negative and has been so on a persistent basis, as confirmed by the MFFAIS CLV/LLV/OLV all reporting at approximately -$5.8 million as of the March 31, 2026 period end. The TAG_CONTEXT input is empty — the filer emitted no XBRL fact tags that can be independently referenced — so the balance-sheet analysis must be drawn entirely from the narrative and prose disclosures.

The dominant event this quarter is the March 2026 confidentially marketed public offering (CMPO): 20,000,000 shares issued March 4 at $1.50/share for gross proceeds of $30.0 million, followed by a partial overallotment exercise on March 9 for 2,005,875 additional shares at $1.50 for gross proceeds of $3.0 million. Combined gross proceeds: approximately $33.0 million; net proceeds after commissions (~$1.65M) and other costs (~$345K): approximately $31.0 million. This is the single largest cash injection in the company's history and materially shifts the liquidity runway. Management disclosed post-offering that the $33 million is expected to fully fund the ongoing Phase 3 pivotal THIO-104 trial. No ATM sales occurred in Q1 2026 (versus $1.5M gross in Q1 2025).

Asset side (narrative-derived): Cash increased by approximately $25.8 million net during Q1 2026, driven almost entirely by the $31.1 million net financing inflow, offset by $5.3 million operating cash burn. The prior MFFAIS liquidation value of -$5.8 million predates recognition of the CMPO proceeds and does not reflect post-offering cash. At 100% recovery, the cash position post-offering is the primary liquidatable asset. There are no inventory, PP&E, or hard assets of substance; the company's intangible assets (UTSW patent licenses for ateganosine/THIO and a second compound) carry zero recovery under the liquidation lens.

Liability side (narrative-derived): Total accrued expenses declined modestly to $3.34 million at March 31, 2026 from $3.80 million at December 31, 2025. The dominant accrual components are accrued bonus ($1.51M, up from $1.20M) and accrued R&D costs ($1.31M, down from $2.06M). Accounts payable is not separately quantified in the prose excerpts provided. Warrant liabilities (Level 3, fair value) stand at $1.24 million at March 31, 2026, down from $1.49 million at December 31, 2025, reflecting a $255K fair value gain. Under liquidation, warrant liabilities would remain at face/carrying value, not extinguish.

Key off-balance-sheet contingent obligations that survive a wind-up: (1) UTSW patent license agreements for ateganosine and a second compound — combined contingent milestone payments up to $112 million each (not yet triggered; no current liability recognized); royalty obligations of 2–5% of net sales, which are irrelevant in a liquidation but would affect any IP asset sale. (2) Drug supply agreements with Regeneron, BeOne, and Roche — termination could trigger reimbursement obligations for supplied drugs at Regeneron's out-of-pocket cost; amounts are not quantified but are described as immaterial in current context. (3) H.C. Wainwright breach-of-contract lawsuit filed April 22, 2026 claiming $2.31 million cash plus warrants to purchase 1.54 million shares at $1.875. This is a post-period contingent liability that would attach to any liquidation estate; it is not yet accrued. The company carries a full valuation allowance against $22.9 million of gross deferred tax assets (as of 12/31/2025), which are worth zero in liquidation. NOL carryforwards of $54.7 million (US) have no recovery value without a profitable acquirer. The Digital Asset Treasury Plan (up to 90% of treasury in Bitcoin/Ether/USDC) has not been executed; the company holds no digital assets as of the filing date. Filing discusses operating burn rate and going concern resolution in MD&A but does not separately tag cash, accounts payable, or total assets/liabilities in the XBRL TAG_CONTEXT provided.