Chicago-based MAIA Biotechnology Inc., (NYSE American: MAIA), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, announced the pricing of a public stock offering expecting to raise USD 30 million. The financing is expected to close on March 4, 2026, with proceeds set to support clinical trials including the recently initiated Phase III study of prospective lung cancer drug ateganosine.
The offering consists of 20 million shares of common stock priced at USD 1.50 per share, with underwriters granted an option to purchase up to an additional 3 million shares. Existing shareholders reportedly have led the round.
MAIA’s telomere-targeting pipeline
MAIA Biotechnology focuses on the development of targeted therapies in oncology. The company’s lead asset is ateganosine (THIO), a telomere-targeting agent designed to act on telomerase-positive cancer cells. THIO functions by incorporating into telomeres during cell division, triggering a DNA damage response intended to induce immunogenic cell death and enhance the anti-tumor immune response when sequenced with checkpoint inhibitors. The US FDA has granted Fast Track designation to ateganosine for the treatment of non-small cell lung cancer (NSCLC).
MAIA’s most advanced clinical program is the Phase II THIO-101 trial, a multicenter, open-label, dose-finding study evaluating THIO sequenced with cemiplimab (Libtayo) in patients with advanced NSCLC. The trial has an enrollment target of 322 patients across sites in Korea, Turkey, and Taiwan. Efficacy data reported from the Phase II trial showed a median overall survival of 17.8 months among 22 treated third-line NSCLC patients, with a median progression-free survival of 5.6 months.
The company has initiated a Phase III pivotal trial, designated THIO-104, comparing THIO sequenced with a checkpoint inhibitor against chemotherapy in advanced NSCLC patients, with overall survival as the primary endpoint. The first patient has been dosed in this trial.
MAIA has established clinical supply agreements with three checkpoint inhibitor providers to support its combination strategy. Regeneron supplies cemiplimab (Libtayo) for the Phase II and III program. Roche entered into a master clinical supply agreement in June 2025 to provide atezolizumab (Tecentriq) for future studies evaluating THIO in combination across multiple tumor types. BeOne Medicines has agreed to supply tislelizumab, a PD-1 checkpoint inhibitor, for planned combination studies. The foundational intellectual property for THIO is held under an exclusive license agreement with the University of Texas Southwestern, structured as a 20-year term.