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STOCKHOLDERS’ EQUITY | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | 5. STOCKHOLDERS’ EQUITY Upon the closing of the Company’s July 2022 initial public offering (“IPO”), the Company’s shareholders agreement terminated pursuant to its terms. In connection with the closing of the IPO, the Company amended and restated its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”) and amended and restated its Bylaws (the “Amended and Restated Bylaws”). The Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on August 1, 2022, and became effective on that date, and among other things, increased the authorized number of Common Stock to 70,000,000 shares and decreased the authorized number of Preferred Stock to 30,000,000 shares. On May 22, 2025 the Company’s shareholders approved an amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock from 70,000,000 to 150,000,000. The Certificate of Amendment was filed with the Secretary of State of the State of Delaware on May 22, 2025, and became effective on that date, increasing the authorized number of shares of Common Stock to 150,000,000. The number of shares of Preferred Stock authorized remains 30,000,000 shares. At-the-Market Equity Offering On February 14, 2024, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), to sell shares of its Common Stock, par value $0.0001 per share, (the “Shares”) having an aggregate sales price of up to $1,445,000, from time to time, through an at-the-market offering program under which Wainwright will act as sales agent. The sales, if any, of the Shares made under the ATM Agreement will be made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act. Effective March 25, 2024, the Company filed a prospectus supplement to amend, supplement and supersede certain information contained in the earlier prospectus and prospectus supplement, which increased the number of Shares the Company may offer and sell under the ATM Agreement to an aggregate offering price of up to $4,950,000, from time to time, which did not include any sales made previously under the ATM Agreement. Effective December 23, 2024, the Company filed a prospectus supplement to amend, supplement and supersede certain information contained in the earlier prospectus and prospectus supplement, which increased the number of Shares the Company may offer and sell under the ATM Agreement to an aggregate offering price of up to $30,000,000 from time to time. Effective March 22, 2025, the Company filed a prospectus supplement to amend, supplement and supersede certain information contained in the earlier prospectus and prospectus supplement, which decreased the number of Shares the Company may offer and sell under the ATM Agreement to an aggregate offering price of up to $11,200,000 from time to time, which did not include any sales made previously under the ATM Agreement. During the quarter ended March 31, 2025, the Company sold 666,323 shares of Common Stock at an average price of approximately $2.28 per share, resulting in aggregate gross proceeds of approximately $1,521,091, for which it paid Wainwright approximately $45,633 in commissions and other issuance costs of $84,587, resulting in net proceeds to the Company of approximately $1,390,871. Effective May 14, 2026, the Company filed a prospectus supplement, which terminated the ATM Agreement. Termination will be effective 7-business days after May 14, 2026, in accordance with the terms of the agreement. During the quarter ended June 30, 2026, the Company did not sell shares of Common Stock under the ATM agreement. On May 14, 2026, we terminated our ATM Agreement with Wainwright, which termination was effective on May 21, 2026. Private Placement On February 24, 2025, the Company issued and sold 1,810,000 shares of its Common Stock and warrants to purchase 1,810,000 shares of its Common Stock in a private placement to certain accredited investors and Company directors pursuant to securities purchase agreements dated February 18, 2025 at a price per share of $1.50 for which the Company received gross proceeds of approximately $2.7 million. The warrants are exercisable at a price per share of $1.87, commencing one year following issuance, have a term of six years from the issuance date, and expire on February 24, 2031. The securities sold to Company directors participating in the private placement were issued pursuant to the MAIA Biotechnology, Inc. 2021 Equity Incentive Plan (the “MAIA 2021 Plan”). On March 3, 2025, the Company issued and sold 952,633 shares of its Common Stock and warrants to purchase 952,633 shares of its Common Stock in a private placement to certain accredited investors and Company directors pursuant to securities purchase agreements dated February 25, 2025 at a price per share of $1.50 for which the Company received gross proceeds of approximately $1.4 million. The warrants are exercisable at a price per share of $1.85, commencing one year following issuance, have a term of six years from the issuance date, and expire on March 3, 2031. The securities sold to Company directors participating in the private placement were issued pursuant to the MAIA 2021 Plan. On May 8, 2025, the Company issued and sold 719,999 shares of its Common Stock and warrants to purchase 719,999 shares of its Common Stock in a private placement to certain accredited investors and Company directors pursuant to securities purchase agreements dated May 5, 2025 at a price per share of $1.50 for which the Company received gross proceeds of approximately $1.08 million. The warrants are exercisable at a price per share of $2.05, commencing one year following issuance, have a term of six years from the issuance date, and expire on May 8, 2031. The securities sold to Company directors participating in the private placement were issued pursuant to the MAIA 2021 Plan. On June 3, 2025, the Company issued and sold 463,332 shares of its Common Stock and warrants to purchase 463,332 shares of its Common Stock in a private placement to certain accredited investors and Company directors pursuant to securities purchase agreements dated May 27, 2025 at a price per share of $1.50 for which the Company received gross proceeds of approximately $0.7 million. The warrants are exercisable at a price per share of $1.71, commencing six months following issuance, have a term of five years from the issuance date, and expire on June 3, 2030. The securities sold to Company directors participating in the private placement were issued pursuant to the MAIA 2021 Plan. There were no private placements in the six months ended June 30, 2026. Confidentially Marketed Public Offering On March 4, 2026, the Company issued and sold 20,000,000 shares of its Common Stock to certain accredited investors pursuant to a confidentially marketed public offering with Konik Capital Partners, LLC. (“Konik Capital”) at a price per share of $1.50 for which the Company received gross proceeds of approximately $30,000,000. The Company paid Konik Capital approximately $1,500,000 in commissions and other issuance costs of approximately $329,000, resulting in net proceeds to the Company of approximately $28,171,000. On March 9, 2026, the Company issued and sold 2,005,875 shares of its Common Stock to certain accredited investors pursuant to a confidentially marketed follow-on public offering with Konik Capital at a price per share of $1.50 for which the Company received gross proceeds of approximately $3,009,000. The Company paid Konik Capital approximately $150,000 in commissions and other issuance costs of approximately $16,000, resulting in net proceeds to the Company of approximately $2,843,000. MAIA Biotechnology, Inc. Restricted Stock Awards During the six months ended June 30, 2026, the Company recorded $19,830 to consulting expense for accounting services and $222,758 to research and development expense for research services related to the issuance of 15,492 and 150,348 restricted shares of Common Stock, respectively. There were no unvested restricted shares as of June 30, 2026. During the six months ended June 30, 2025, the Company recorded $31,570 to consulting expense for accounting services and $30,751 to research and development expense for research fees related to the issuance of 18,040 and 17,083 restricted shares of Common Stock, respectively. There were no unvested restricted shares as of June 30, 2025. MAIA Stock Warrants Concurrently with the closing of the IPO, the Company issued warrants to purchase an aggregate of up to 100,000 shares of its Common Stock to the representative or its designees, at an exercise price of $6.25 per share (the “Representative’s Warrants”). The Representative’s Warrants were exercisable beginning on January 23, 2023, and expire on July 27, 2027, pursuant to their terms and conditions. On August 3, 2023, concurrently with the full exercise of the representative’s over-allotment option, the Company issued additional Representative’s Warrants to purchase an aggregate of up to 15,000 shares of its Common Stock to the representative or its designees on the same terms. The Representative’s Warrants are not indexed to the Company’s own stock and therefore meet the definition of a derivative liability. The Representative’s Warrants are liability classified instruments and were initially recorded at a value of $343,735, which was determined using the Black-Scholes-Merton method using a term of five years, risk free interest rate of 2.82% and volatility of 77.5%. As of June 30, 2026 and December 31, 2025, the Company remeasured the warrant liability resulting in a value of $5,278 and $27,455 respectively. The loss on remeasurement of the warrant liability in the amount of $954 and the gain on the loss remeasurement of the warrant liability in the amount of $22,177 was included in other income (expense) for the three and six months ended June 30, 2026 respectively. The gain on remeasurement of the warrant liability in the amount of $5,808 and $32,076 was included in other income (expense) for the three and six months ended June 30, 2025, respectively. On November 17, 2023, the Company issued warrants concurrently with the Company’s registered direct offering to purchase an aggregate of up to 2,424,243 shares of its Common Stock to the investors in the registered direct offering at an exercise price of $1.86 per share (subject to customary adjustments as set forth in the warrants). The warrants are exercisable six months following issuance and will have a term of five years from the initial exercise date. The warrants contain customary anti-dilution adjustments to the exercise price, including for share splits, share dividends, rights offerings and pro rata distributions. The warrants were not indexed to the Company’s own stock and therefore met the definition of a derivative liability. The warrants were liability classified instruments and were initially recorded at a value of $1,903,915, which was determined using the Black-Scholes-Merton method using a term of 5.38 years, risk free interest rate of 3.85% and volatility of 90.0%. During the nine months ended September 30, 2024, 909,091 warrants were exercised on various dates in cashless exercises and the investor was issued 458,726 shares of Common Stock. The Company remeasured the warrant liability of the exercised warrants at the time of the exercise resulting in a value of $2,815,970. The warrant liability for the exercised warrants was removed and equity was increased by the value of $2,815,970. As of June 30, 2026 and December 31, 2025, the warrant liability resulted in a value of $1,119,226 and $1,216,774, respectively. The loss on remeasurement of the warrant liability in the amount of $94,219 and the gain on remeasurement of the warrant liability in the amount of $97,548 was included in other income (expense) for the three and six months ended June 30, 2026, respectively. The loss on remeasurement of the warrant liability in the amount of $246,105 and the gain on the remeasurement of the warrant liability in the amount of $433,443 was included in other income (expense) for the three and six months ended June 30, 2025, respectively. On November 17, 2023, concurrently with the closing of the Company’s registered direct offering, the Company issued warrants to purchase an aggregate of 169,697 shares of its Common Stock to the representative or its designees, at an exercise price of $2.06 per share. These representative’s warrants were exercisable beginning November 15, 2023, and expire on November 15, 2028, pursuant to their terms and conditions. The representative’s warrants are not indexed to the Company’s own stock and therefore meet the definition of a derivative liability. The representative’s warrants are liability classified instruments and were initially recorded at a value of $123,811, which was determined using the Black-Scholes-Merton method using a term of 4.88 years, risk free interest rate of 3.84% and volatility of 90.0%. As of June 30, 2026 and December 31, 2025, the Company remeasured the warrant liability resulting in a value of $93,320 and $130,553 respectively. The gain on remeasurement of the warrant liability in the amount of $15,919 and $37,233 was included in other income (expense) for the three and six months ended June 30, 2026, respectively. The gain on remeasurement of the warrant liability in the amount of $65,546 and the loss on remeasurement of the warrant liability in the amount of $15,741 was included in other income (expense) for the three and six months ended June 30, 2025, respectively. Concurrently with the closing of the Company’s private placement offering on March 28, 2024, the Company issued warrants to purchase an aggregate of up to 578,643 shares of its Common Stock to the investors in the private placement at an exercise price of $2.55 per share. The warrants are exercisable beginning on September 28, 2024, and expire on September 28, 2029. The warrants were not indexed to the Company’s own stock and therefore meet the definition of a derivative liability. The warrants were liability classified instruments when issued and were initially recorded at a value of $1,190,111, which was determined using the Black-Scholes-Merton method using a term of 5.5 years, risk free interest rate of 4.20% and volatility of 95.0 In May 2024, the Company amended the warrant agreements related to 437,031 warrants to adjust them to be indexed to the Company’s own stock, and they were therefore reclassed to equity classified instruments in a non-cash transaction. When the warrants agreements were amended, the Company remeasured the warrant liability resulting in a final warrant value of $1,011,562. The warrant liability for these 437,031 warrants was removed and equity was increased by $1,011,562 to account for the equity classification. The remaining 141,612 warrants remain liability classified instruments. As of June 30, 2026 and December 31, 2025, the Company remeasured the warrant liability, resulting in a value of $89,445 and $117,613, respectively. The gain on remeasurement of the warrant liability in the amount of $9,425 and $28,168 was included in other income (expense) for the three and six months ended June 30, 2026, respectively. The loss on remeasurement of the warrant liability in the amount of $4,564 and the gain on remeasurement of the warrant liability in the amount of $50,063 was included in other income (expense) for the three and six months ended June 30, 2025, respectively. Concurrently with the closing of the Company’s private placement offering on February 24, 2025, the Company issued warrants to purchase an aggregate of up to 1,810,000 shares of its Common Stock to the investors in the private placement at an exercise price of $1.87 per share. The warrants are exercisable beginning on February 24, 2026, and expire on February 24, 2031. The warrants issued were divided into two groups: warrants issued to directors and warrants issued to affiliated and non-affiliated investors. The warrants to purchase 123,333 shares of the Company’s Common Stock issued to directors were deemed options issued under the MAIA 2021 Plan and are equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $176,680 using a term of 6 years, risk free interest rate of 4.23% and volatility of 95%. The warrants to purchase 1,686,667 shares of the Company’s Common Stock issued to affiliated and non-affiliated investors are indexed to the Company’s own stock and they were therefore equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $2,416,223 using a term of 6 years, risk free interest rate of 4.23% and volatility of 95%. The total fair value ascribed to the warrants combined with the fair value of the common stock issued in the private placement was then used for purposes of allocation of the equity classified warrant value within the condensed consolidated statements of changes in the stockholders’ equity. Concurrently with the closing of the Company’s private placement offering on March 3, 2025, the Company issued warrants to purchase an aggregate of up to 952,633 shares of its Common Stock to the investors in the private placement at an exercise price of $1.85 per share. The warrants are exercisable beginning on March 3, 2026, and expire on March 3, 2031. The warrants issued were divided into two groups: warrants issued to directors and warrants issued to non-affiliated investors. The warrants to purchase 58,333 shares of the Company’s Common Stock issued to directors were deemed options issued under the MAIA 2021 Plan and are equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $80,894 using a term of 6 years, risk free interest rate of 3.97% and volatility of 95%. The warrants to purchase 894,300 shares of the Company’s Common Stock issued to non-affiliated investors are indexed to the Company’s own stock and they were therefore equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $1,240,185 using a term of 6 years, risk free interest rate of 3.97% and volatility of 95%. The total fair value ascribed to the warrants combined with the fair value of the common stock issued in the private placement was then used for purposes of allocation of the equity classified warrant value within the condensed consolidated statements of changes in the stockholders’ equity. Concurrently with the closing of the Company’s private placement offering on May 8, 2025, the Company issued warrants to purchase an aggregate of up to 719,999 shares of its Common Stock to the investors in the private placement at an exercise price of $1.50 per share. The warrants are exercisable beginning on May 8, 2026, and expire on May 8, 2031. The warrants issued were divided into two groups: warrants issued to directors and warrants issued to non-affiliated investors. The warrants to purchase 86,666 shares of the Company’s Common Stock issued to directors were deemed options issued under the MAIA 2021 Plan and are equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $133,131 using a term of 6 years, risk free interest rate of 4.09% and volatility of 95%. The warrants to purchase 633,333 shares of the Company’s Common Stock issued to non-affiliated investors are indexed to the Company’s own stock and they were therefore equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $972,890 using a term of 6 years, risk free interest rate of 4.09% and volatility of 95%. The total fair value ascribed to the warrants combined with the fair value of the common stock issued in the private placement was then used for purposes of allocation of the equity classified warrant value within the condensed consolidated statements of changes in the stockholders’ equity. Concurrently with the closing of the Company’s private placement offering on June 3, 2025, the Company issued warrants to purchase an aggregate of up to 463,332 shares of its Common Stock to the investors in the private placement at an exercise price of $1.50 per share. The warrants are exercisable beginning on December 3, 2025, and expire on June 3, 2030. The warrants issued were divided into two groups: warrants issued to directors and warrants issued to non-affiliated investors. The warrants to purchase 33,333 shares of the Company’s Common Stock issued to directors were deemed options issued under the MAIA 2021 Plan and are equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $43,358 using a term of 5 years, risk free interest rate of 4.04% and volatility of 95%. The warrants to purchase 429,999 shares of the Company’s Common Stock issued to non-affiliated investors are indexed to the Company’s own stock and they were therefore equity classified instruments and the value of these warrants determined using the Black-Scholes-Merton method was $559,324 using a term of 5 years, risk free interest rate of 4.04% and volatility of 95%. The total fair value ascribed to the warrants combined with the fair value of the common stock issued in the private placement was then used for purposes of allocation of the equity classified warrant value within the condensed consolidated statements of changes in the stockholders’ equity. On June 17, 2025, the Company executed a Warrant Inducement Offer to select warrant holders allowing them to exercise their warrants held at a reduction of the exercise price for cash. The warrant’s exercise price was reduced to $1.50 per share. Certain warrant holders accepted the offer and warrants were exercised, resulting in the issuance of 219,283 shares of MAIA Common Stock for proceeds of approximately $328,924. The fair value of the modified warrants was greater than the fair value of the original warrants at the modification date by $105,154; therefore, the incremental cost was recognized as an increase to additional paid in capital and a decrease to warrant additional paid in capital, there was no net equity difference. SCHEDULE OF WARRANT ACTIVITY
|  | Warrants Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Balance at January 1, 2026 |  |  | 13,086,220 |  |  | $ | 1.92 |  |  |  | 3.78 |
Issued |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |
Balance at June 30, 2026 |  |  | 13,086,220 |  |  | $ | 1.92 |  |  |  | 3.28 |
|  | Warrants Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Balance at January 1, 2025 |  |  | 6,718,176 |  |  | $ | 2.37 |  |  |  | 4.56 |
Issued |  |  | 3,644,299 |  |  |  | 4.04 |  |  |  | — |
Exercised |  |  | (219,283 | ) |  |  | (1.50 | ) |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |
Balance at June 30, 2025 |  |  | 10,143,192 |  |  | $ | 2.17 |  |  |  | 4.62 |
The value of warrant grants is calculated using the Warrant Black Scholes calculations with the following assumptions for warrants granted during the six months ended June 30, 2026 and 2025: SCHEDULE OF SHARE-BASED PAYMENT AWARD, WARRANTS, VALUATION ASSUMPTIONS
|  | 2026 |  |  | 2025 |
Risk-free interest rate |  |  | —% - — | % |  |  | 4.04%-4.09 | %
Expected term (in years) |  |  | — |  |  |  | 5 - 6 |
Expected volatility |  |  | — | % |  |  | 95 | %
Expected dividend yield |  |  | — |  |  |  | — |
MAIA Biotechnology, Inc. Stock Option and Equity Incentive Plans In 2018, the Company adopted the MAIA Biotechnology, Inc. 2018 Stock Option Plan (the “MAIA 2018 Plan”). MAIAs board of directors administers the MAIA 2018 Plan for the purposes of attracting, retaining, and motivating key employees, directors, and consultants of MAIA. The terms of the MAIA 2018 Plan continue to govern the 1,752,945 options outstanding under the plan as of June 30, 2026. In 2020, the Company adopted the MAIA Biotechnology, Inc. Amended and Restated 2020 Equity Incentive Plan (the “MAIA 2020 Plan”), also administered by the board of directors. The MAIA 2020 Plan permitted awards to take the form of stock options, restricted stock and restricted stock units. The terms of the MAIA 2020 Plan continue to govern the 3,503,589 options outstanding in the plan as of June 30, 2026. There are no shares reserved for future issuance under the MAIA 2018 Plan or the MAIA 2020 Plan. On August 1, 2022 the Company approved the MAIA 2021 Plan with 1,909,518 shares of Common Stock reserved for issuance. On May 25, 2023 the MAIA 2021 Plan was amended to include an automatic increase to the plan in the amount equal to 10% of the total number of shares of stock outstanding on a fully diluted basis on December 31 of the preceding calendar year (the “Increase Date”); provided that, the board of directors may act prior to any Increase Date to provide that there will be no increase for such year or that the increase for such year will be a lesser number of shares of stock. The amount reserved for issuance under the MAIA 2021 Plan increased by 1,956,993 based on the fully diluted shares outstanding as of December 31, 2022. The amount reserved for issuance under the MAIA 2021 Plan increased by 2,838,668 shares on January 1, 2024 based on the fully diluted shares outstanding as of December 31, 2023. The amount reserved for issuance under the MAIA 2021 Plan increased by (i) 2,250,000 shares on January 1, 2025 based on the fully diluted shares outstanding as of December 31, 2024 (and the discretion of the Company’s board of directors to authorize less than 10% of such amount) and (ii) 6,458,889 shares on January 1, 2026, based on the fully diluted shares outstanding as of December 31, 2025. As of June 30, 2026, there are 3,066,519 shares of Common Stock available for future issuance under the MAIA 2021 Plan and 11,423,891 options are outstanding under the MAIA 2021 Plan. Stock options are to be granted with an exercise price which is at least equal to the stock’s estimated fair value at the date of grant, and with a contractual term of no more than ten years from the date of grant. In the case of an option granted to a 10% stockholder, the exercise price shall be generally no less than 110% of the fair market value per share on the date of grant, and the contractual term shall be seven years. Outstanding options awarded under the MAIA 2021 Plan may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The option may be subject to other terms and conditions as to the time or times when it may be exercised (which may be based on performance or other criteria) as the board of directors may deem appropriate. Unexercised options are cancelled ninety days after termination of an employee, director, founder, or consultant. Unexercised options are cancelled immediately if an employee, director, founder, or consultant is terminated for cause; under certain other circumstances, the period to cancellation may differ as described in the respective plan documents. Certain clauses in the Plans also govern the Company’s exercise repurchase rights and various other features of awards granted under the plans. As of June 30, 2026, only stock options have been awarded pursuant to the MAIA stock option and equity incentive plans. The following table summarizes the activity and information regarding MAIA’s outstanding and exercisable options for the six months ended June 30, 2026: SCHEDULE OF ACTIVITY AND INFORMATION OF OUTSTANDING AND EXERCISABLE OPTIONS
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value |
Balance at January 1, 2026 |  |  | 12,878,381 |  |  | $ | 2.19 |  |  |  | 6.68 |  |  |  | - |
Granted |  |  | 4,223,523 |  |  |  | 1.37 |  |  |  |  |  |  |  |  |
Exercised |  |  | (21,479 | ) |  |  | 1.79 |  |  |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (400,000 | ) |  |  | 1.44 |  |  |  |  |  |  |  |  |
Balance at June 30, 2026 |  |  | 16,680,425 |  |  | $ | 2.00 |  |  |  | 6.84 |  |  | $ | 513,032 |
Options exercisable at June 30, 2026 |  |  | 11,219,197 |  |  | $ | 2.20 |  |  |  | 5.60 |  |  | $ | 176,297 |
The value of option grants is calculated using the Black-Scholes-Merton option pricing model with the following assumptions for options granted during the six months ended June 30, 2026 and 2025: SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS
|  | 2026 |  |  | 2025 |
Risk-free interest rate |  |  | 3.94% - 4.04 | % |  |  | 3.78% - 4.43 | %
Expected term (in years) |  |  | 5 – 6.09 |  |  |  | 5 – 6.08 |
Expected volatility |  |  | 85 | % |  |  | 90% - 95 | %
Expected dividend yield |  |  | — | % |  |  | — | %
The weighted-average grant date fair value of stock options issued during the six months ended June 30, 2026 and 2025 was $1.00 and $2.25, respectively. As of June 30, 2026, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted was $5,887,064, which the Company expects to recognize over a weighted average period of approximately 1.65 years. During the six months ended June 30, 2026, the Company granted performance-based stock options to a strategic advisor under the MAIA 2021 Plan. The grant consists of 400,000 stock options, which represent the right to purchase shares of the Company’s common stock at $1.49 upon the achievement of specific performance milestones. The stock options are divided into two tranches, each subject to the following performance conditions:
| ● | Tranche 1: 100,000 stock options will be vested upon completion of a new or modification of an existing supply and non-exclusive license agreement.
| ● | Tranche 2: 300,000 stock options will be vested upon the completion of any contractual agreement in which a third party gains license rights to the Company’s patents or intellectual property or will be vested upon the completion of a transaction in which the Company raises more than $10 million from an investor or group of investors in exchange for a royalty or equity representing more than 5% of the Company’s fully diluted shares outstanding.
The Company estimates the fair value of these awards on the date of grant. For the performance-based milestones, expense is recognized over the requisite service period only when it is deemed probable that the performance conditions will be met. As of June 30, 2026, the Company determined that the achievement of Tranche 1 and Tranche 2 milestones were not probable. Consequently, the Company did not recognize any stock-based compensation expense within General and Administrative expenses for the period. Stock based compensation related to the Company’s stock plans are as follows: SCHEDULE OF STOCK BASED COMPENSATION EXPENSE
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | For the Three Months Ended June 30, |  |  | For the six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
General and administrative |  | $ | 494,221 |  |  | $ | 569,875 |  |  | $ | 934,957 |  |  | $ | 768,733 |
Research and development |  |  | 229,694 |  |  |  | 232,609 |  |  |  | 438,982 |  |  |  | 405,223 |
Total stock-based compensation |  | $ | 723,915 |  |  | $ | 802,484 |  |  | $ | 1,373,939 |  |  | $ | 1,173,956 |

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