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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Schedule of Unvested Restricted Shares |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested balance at January 1, 2022 |  |  | 58,333 |  |  | $ | 1.80 |
Vested |  |  | (58,333 | ) |  |  | 1.80 |
Unvested balance at December 31, 2022 |  |  | — |  |  | $ | — |
Schedule of Warrant Exercised |
|  | Warrants Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Balance at January 1, 2022 |  |  | 1,311,117 |  |  | $ | 4.03 |  |  |  | 7.30 |
Issued |  |  | 115,000 |  |  |  | 6.25 |  |  |  |
Exercised |  |  | (608,612 | ) |  |  | 1.80 |  |  |  |
Expired |  |  | (20,520 | ) |  |  | 5.00 |  |  |  |
Balance at December 31, 2022 |  |  | 796,985 |  |  | $ | 6.04 |  |  |  | 5.16 |
Assumptions used in Calculating Value of Warrants Granted | The value of the warrants are calculated using the Black-Scholes-Merton option pricing model with the following assumptions for warrants granted during the years ended December 31, 2022 and 2021:
|  | 2022 |  | 2021
Risk-free interest rate |  | 2.8% - 4.1% |  | 0.6% - 1.3%
Expected term (in years) |  | 4.6 - 5 |  | 5 - 7
Expected volatility |  | 78% - 92% |  | 81% - 106%
Expected dividend yield |  | —% |  | —%
Summary of Activity and Information regarding Outstanding and Exercisable Options | The following table summarizes the activity and information regarding MAIA's outstanding and exercisable options classified as equity awards as of December 31, 2022:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value |
Balance at January 1, 2022 |  |  | 5,797,185 |  |  | $ | 2.22 |  |  |  | 8.59 |  |  |  | — |
Granted |  |  | 811,831 |  |  |  | 4.77 |  |  |  |  |  |  |
Exercised |  |  | (46,500 | ) |  |  | 1.81 |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (16,888 | ) |  |  | 1.82 |  |  |  |  |  |  |
Balance at December 31, 2022 |  |  | 6,545,628 |  |  | $ | 2.55 |  |  |  | 7.85 |  |  | $ | 9,773,706 |
Options exercisable at December 31, 2022 |  |  | 5,449,715 |  |  | $ | 2.24 |  |  |  | 7.59 |  |  | $ | 8,804,841 |
Assumptions used in Calculating Value of Options Granted | The value of option grants are calculated using the Black-Scholes-Merton option pricing model with the following assumptions for options granted during the years ended December 31, 2022 and 2021.
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  | 2.14% - 4.45% |  |  | 0.36% - 1.27% |
Expected term (in years) |  | 5 - 6.25 |  |  | 5 - 6.50 |
Expected volatility |  | 71.9% - 87.9% |  |  | 71.4% - 81.5% |
Expected dividend yield |  |  | — |  |  |  | — |
Summary of Stock Based Compensation Expense | Stock based compensation related to the Company’s stock plans are as follows:
|  |  | Years Ended December 31, |
|  |  | 2022 |  |  | 2021 |
General and administrative |  |  | $ | 1,422,799 |  |  | $ | 1,779,185 |
Research and development |  |  |  | 896,628 |  |  |  | 943,708 |
Total stock-based compensation |  |  | $ | 2,319,427 |  |  | $ | 2,722,893 |

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