MAIA Biotechnology, Inc. (MAIA): auditor change — MAIA restates Q3 2022 financials; ratchet shares and warrants misclassified

MAIA Biotechnology, Inc.

Restating unaudited condensed balance sheet, income statement, comprehensive loss, equity, and cash flows as of and for periods ended Sep 30, 2022.
Ratchet shares to pre-IPO investors were improperly recorded as a deemed dividend instead of an operating expense.
Underwriter warrants issued in IPO were improperly classified as equity instead of a liability.
Material weakness in internal control over financial reporting and ineffective disclosure controls identified.
Restatement does not affect the company's cash position.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

MAIA Biotechnology, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 3, 2023, the audit committee (“Audit Committee”) of the board of directors of the Company concluded, after discussion with the Company’s management, that it is appropriate to restate the Company’s previously issued unaudited condensed consolidated balance sheet as of September 30, 2022, the unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive loss and unaudited condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022, and the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2022 included in the Company’s previously filed Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the “Form 10-Q” and, the financial statements included in the Form 10-Q, the “Non-Reliance Financial Statements”).

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Source: SEC EDGAR

accession 0000950170-23-001812

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