Diamond Equity Research Releases Update Note on MAIA Biotechnology, Inc. (NYSE: MAIA)

New York, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an update note on MAIA Biotechnology, Inc. (NYSE: MAIA). The research summary below is from a report commissioned by MAIA Biotechnology, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the MAIA Biotechnology’s business, recent updates, management commentary, financial results, and risks.

The full update note is available below.

MAIA Biotechnology November 2026 Update Note

Phase 2 THIO-101 Part C Enrollment Complete; Pivotal Phase 3 Targeting 2027 Interim Analysis: On October 7, 2026, MAIA completed patient enrollment in Part C of the Phase 2 THIO-101 trial, bringing total patients treated with ateganosine sequenced with a checkpoint inhibitor (CPI) to 150 across its THIO-101 and THIO-104 studies. The pivotal Phase 3 THIO-104 trial has enrolled 65 patients, reaching 65% of its 100-patient target for year-end 2026. With THIO-101 positioning ateganosine as potentially the first completed telomere-targeting agent study in oncology after demonstrating encouraging interim disease control (90.5% DCR), MAIA remains on track to target a Phase 3 interim analysis in 2027. The randomized Phase 3 trial will evaluate 300 third-line NSCLC patients comparing ateganosine/CPI against investigator's choice of chemotherapy, with primary endpoints aiming to confirm whether the substantial Phase 2 overall survival benefit replicates in a randomized setting.

Third Quarter 2026 Results: MAIA reported a 3Q26 net loss of $7.2 million, or $(0.12) per share compared with a net loss of $8.9 million, or $(0.27) per share, in 3Q25. The per-share improvement also reflects a higher weighted average share count of 60.9 million following the March 2026 offering. Research and development expenses declined 16% year-over-year to $5.3 million, primarily on lower scientific and clinical research spend, while general and administrative expenses fell 10% to $2.7 million. Other income rose to $0.8 million, including $0.3 million of NIH grant income. Net cash used in operating activities was $18.4 million for the first nine months of 2026. MAIA ended the quarter with $21.3 million in cash and $15.6 million in working capital.

Valuation: MAIA continues to deploy capital into the clinical advancement of its lead asset, THIO, across its ongoing Phase 2 expansion and pivotal Phase 3 program. It maintains the liquidity to navigate near term upcoming regulatory and development catalysts. Our valuation model is based on a blended valuation approach incorporating discounted cash flow and comparable company analyses, with a 90% weighting assigned to the DCF methodology. The DCF model assumes an approximately 14% discount rate and models ateganosine commercialization beginning in 2028. Our model yields an illustrative valuation of $10.00 per share, subject to successful execution including clinical progression, regulatory clearance, and potential commercialization of THIO.

About MAIA Biotechnology, Inc

Founded in 2018 and headquartered in Chicago, Illinois, MAIA is a biotechnology company engaged in discovering, developing, and commercializing novel cancer therapies with high unmet medical needs.

For more information, visit https://maiabiotech.com/

About Diamond Equity Research

Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

For more information, visit https://www.diamondequityresearch.com.

Disclosures:

Diamond Equity Research LLC is being compensated by MAIA Biotechnology, Inc. for producing research materials regarding MAIA Biotechnology, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research.  As of 11/12/26, the issuer paid us $149,500 for research services. Payments were structured as follows: $20,000 for an initiation report and $15,000 for update notes in the first year; $20,000 for one update note and $11,500 for three follow-on notes in the second year; $20,000 for one update note and $11,500 for three follow-on notes in the third year; $20,000 for one update note and $11,500 for three follow-on notes in the fourth year ; and $20,000 for one update note and with anticipated $11,500 to be received for three follow-on notes in the fifth year.  Research services commenced and initiation payment was made on 11/10/22, as part of an annual engagement. Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/12/26. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Diamond Equity Research, LLC is not a registered broker dealer and does not conduct investment banking or receive commission sharing revenue arrangements related to the subject company of the report.  Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences.This report is based on information we consider reliable, including the subject of the report. This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. This report is disseminated primarily electronically and is made available to all recipients. Investors can find various risk factors in the update report and in the respective financial filings for MAIA Biotechnology, Inc. Please review update report attached for full disclosures.

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• MAIA Biotechnology November 2026 Update Note

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