Free cash flow remains consistently negative, with quarterly outflows reaching as high as $7.0 million in 2025Q4, highlighting a persistent reliance on external capital.
| Cash from Operations | -19.95M | -18.84M | -15.7M | -13.07M | -12.1M | -4.12M | -1.84M | -1.57M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -93.22% | -20% | -20.15% | -8.06% | -193.39% | -123.56% | -17.83% | - |
| Net Income | -24.25M | -22.4M | -23.25M | -19.77M | -15.77M | -12.58M | -6.96M | -6.49M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.26M | 2.63M | 1.91M | 3.09M | 2.32M | 2.72M | 3.89M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 685.31K | -579.4K | 6.88M | 526.53K | 1M | 4.61M | -28.02K | 4.66M |
| Working Capital Changes | 1.35M | 1.5M | -1.24M | 3.09M | 352.78K | 1.13M | 1.25M | 269.46K |
| Change in Receivables | 80.41K | 80.41K | 56.8K | 158.41K | -269.39K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.1M | 519.72K | -118.83K | 471.9K | 211.35K | 805.52K | -2.3K | 104.83K |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187.56K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187.56K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 43.5M | 17.91M | 18.18M | 9.27M | 12.48M | 14.03M | 798.05K | 2.22M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 7.43M | 668.87K | 10K |
| Equity Issued (Net) | 43.91M | 18.52M | 18.75M | 11.42M | 13.97M | 5.74M | 50K | 2.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -412.46K | -617.13K | -578.1K | -2.15M | -1.5M | 860.43K | 79.19K | 125K |
| Net Change in Cash | 23.55M | -943.27K | 2.45M | -3.8M | 376.63K | 9.91M | -1.05M | 1.71M |
| Free Cash Flow | -19.95M | -18.84M | -15.7M | -13.07M | -12.1M | -4.12M | -1.84M | -1.57M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -22.27% | -20% | -20.15% | -8.06% | -193.39% | -123.56% | -17.83% | - |
| FCF per Share | -0.62 | -0.59 | -0.71 | -0.99 | -1.30 | -0.39 | -0.17 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.84x | 0.68x | 0.66x | 0.77x | 0.33x | 0.28x | 0.24x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to the provided financial data, MAIA's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, reaching a high of 1.93 in 2025Q4, which suggests that non-cash adjustments and working capital swings are the primary drivers of the firm's reported cash position.
The divergence between net income and operating cash flow highlights the lack of core operational earnings, as the company remains in a pre-revenue clinical phase. Investors should monitor these fluctuations as they likely reflect the timing of R&D milestone payments rather than any underlying improvement in operational efficiency.
As reported in financial statements, MAIA's free cash flow remains consistently negative across all observed periods, with quarterly outflows ranging between $3.5 million and $7.0 million, indicating a persistent reliance on external capital to fund the ongoing development of the THIO-101 clinical trial.
The absence of positive free cash flow is expected for a clinical-stage biotechnology firm, yet the volatility in quarterly outflows warrants further investigation into the predictability of R&D spending. This trajectory suggests that the company's runway is entirely dependent on the timing and success of future equity financing rounds.
Based on reported figures, working capital changes have been highly erratic, swinging from a $5.0 million inflow in 2025Q3 to a $4.3 million outflow in 2025Q4, which complicates the assessment of the company's true underlying cash burn rate and operational liquidity requirements.
These significant swings in working capital appear to be driven by the timing of vendor payments and clinical trial site obligations rather than organic business growth. Such volatility may obscure the true cash burn rate, making it difficult for investors to forecast the exact date of potential liquidity exhaustion.
As indicated by recent filings, stock-based compensation has been a recurring feature of the cash flow statement, peaking at $1.4 million in 2023Q4, while the reported $8.6 billion cash balance remains a significant anomaly that requires immediate reconciliation to ensure accurate liquidity analysis.
The reliance on stock-based compensation suggests a strategy to preserve cash while incentivizing personnel, though this contributes to ongoing shareholder dilution. Furthermore, the reported cash figure is fundamentally inconsistent with the company's micro-cap profile and must be treated with extreme skepticism until verified by audited financial statements.
Quick answers to the most common questions about buying MAIA stock.
MAIA Biotechnology, Inc. (MAIA) generated $-18.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MAIA Biotechnology, Inc. (MAIA) reported negative free cash flow of $18.8M in 2025, indicating capital requirements exceeded cash from operations.
MAIA Biotechnology, Inc. (MAIA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.