After completing its initial public offering at the beginning of the month, Chicago-based Maia Biotechnology Inc., (NYSE: MAIA) said it strengthened its balance sheet and continues to maintain no long-term debt.
The clinical-stage biopharmaceutical company launched its IPO at a time when that has reportedly become exceedingly more difficult for companies. After 1,073 companies went public in 2021, raising $317 billion, the first half of 2022 saw a total 92 companies IPO, raising less than $9 billion, according to FactSet data. In fact, the first half of 2022 saw a five-year low for IPO launches.
The financial information provider believes several factors played a role in the IPO activity decline, including the struggling U.S. stock market and the fact that the number of IPO launches slowed significantly in the last three quarters of 2021 after peaking in the first quarter.
Still, health technology was shown to be among the most active sectors for IPOs, next to finance, according to FactSheet.
Maia reported its second quarter financial results on Monday, showing a net loss of approximately $3.3 million for the quarter, compared to a net loss of $3.5 million for the same quarter in 2021.
The company had cash totaling $8.2 million as of June 30, 2022, compared to $10.6 million in cash as of December 31, 2021. However, it said that current cash with proceeds from the initial public offering would be sufficient to fund operations for the next 24 months.
Maia Chairman and CEO Vlad Vitoc said the company continues to advance the clinical development of its drug under development, THIO, which is designed to give cancer patients a new therapeutic treatment option.
The cancer drug was recently granted an Orphan Drug Designation by the U.S. Food and Drug Administration.
