New York, Oct. 01, 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 October 2026 Update Note
Strong Phase 3 THIO-104 Enrollment Momentum Supports Visibility Toward Key 2027 Overall Survival Readout: With enrollment progressing across the pivotal Phase 3 THIO-104 trial, MAIA now has 65 randomized patients across 38 sites and received regulatory approval to begin screening in Spain and Portugal. The trial is on track to reach more than 100 patients by year-end and expects sufficient survival data to conduct an interim analysis in 2027. The trial is expected to randomize up to 300 third-line NSCLC patients on a 1:1 basis between ateganosine sequenced with a checkpoint inhibitor (CPI) and the investigator’s choice of chemotherapy, with median overall survival (OS) as the primary efficacy endpoint, and is designed to validate the 17.8-month median OS observed in Parts A and B of the Phase 2 THIO-101 trial, compared with the expected survival of 5.8 months with chemotherapy in a heavily pre-treated population. Continued enrollment momentum supports visibility towards 2027 interim analysis, which could provide the first pivotal indication of whether the substantial survival signal observed in Phase 2 can be replicated in a randomized Phase 3 setting.
THIO Clinical Progress Accelerates as First U.S. Patient Dosed in Phase 2 Expansion: MAIA has continued to advance its ateganosine (THIO) development programs, with the $33 million raised through its March financing expected to fully fund the ongoing pivotal Phase 3 THIO-104 trial in advanced third-line (3L) NSCLC. Recent $2.3 million NIH grant assists in funding Phase 2 THIO-101 expansion from initial site activation to active U.S. dosing. Following FDA clearance of an amended investigational new drug (IND) submission incorporating manufacturing improvements, MAIA has activated three U.S. sites and successfully dosed its first U.S. patient in its Phase 2 THIO-101 trial as of September 16, 2026. This U.S. progress complements the international execution across THIO-104 (38 active sites across 6 foreign countries) and THIO-101, where Part C international enrollment is complete and patient screening is being continued. Looking ahead, management believes that the data from THIO-101, including potential validation of the 90.5% interim disease control rate (DCR) in a U.S. population could support a potential pathway toward FDA accelerated approval.
Open-Market Share Purchases by Insiders: Between late August and mid-September 2026, board member Ramiro Guerrero and CEO Vlad Vitoc made open-market purchases of MAIA shares of approximately $0.4 million, which we believe is a signal of insider alignment ahead of the 2027 THIO-104 interim analysis. As of September 14, 2026, directors and officers held a 21.34% stake in the company.
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. Our valuation model continues to be driven primarily by the probability-adjusted commercial potential of THIO, while recognizing the remaining risks around clinical execution, regulatory approval, future capital requirements, and potential dilution. 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. All payments are received upfront and are billed for research engagement. As of 10/01/26, the issuer paid us $129,500 for research services, which could present a conflict of interest. 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; and $20,000 for one update note and $11,500 for three follow-on notes in the fourth year. Research services commenced and initiation payment was made on 11/10/22. 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 10/01/26. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. 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. 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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