Kineta (KANT) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0001445283
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-37695
Entity Registrant Name	KINETA, INC./DE
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	20-8436652
Entity Address Address Line1	219 Terry Ave. N.
Entity Address Address Line 2	Suite 300
Entity Address City Or Town	Seattle
Entity Address State Or Province	WA
Entity Address Postal Zip Code	98109
City Area Code	206
Local Phone Number	378-0400
Security12b Title	Common Stock, par value $0.001 per share
Trading Symbol	KA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,769,097

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 7,770		$ 13,143
License receivable	5,000		0
Prepaid expenses and other current assets	251		457
Total current assets	13,021		13,600
Property and equipment, net	34		249
Operating right-of-use asset	852		1,211
Rights from Private Placement	3,471		2,250
Restricted cash	125		125
Total assets	17,503		17,435
Current liabilities:
Accounts payable	6,106		6,635
Accrued expenses and other current liabilities	1,942		3,527
Deferred revenue	0		442
Notes payable, current portion	379		0
Operating lease liability, current portion	900		843
Finance lease liabilities, current portion	42		40
Total current liabilities	9,369		11,487
Notes payable	382		748
Operating lease liability, net of current portion	81		547
Finance lease liabilities, net of current portion	62		83
Total liabilities	9,894		12,865
Commitments and contingencies (Note 6)
Shareholders' equity (deficit):
Common stock, $0.001 par value; 125,000 shares authorized as of June 30, 2023 and December 31, 2022; 9,732 and 8,318 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	10		8
Additional paid-in capital	165,248		156,106
Accumulated deficit	(157,755)		(151,690)
Total stockholders equity attributable to Kineta, Inc.	7,503		4,424
Noncontrolling interest	106		146
Total stockholders' equity	7,609	$ (56)	4,570
Total liabilities and stockholders' equity	$ 17,503		$ 17,435

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	9,732,000	8,318,000
Common stock, shares outstanding	9,732,000	8,318,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues		$ 5,161	$ 833	$ 5,442	$ 1,266
Operating expenses:
Research and development		2,710	3,879	5,553	7,902
General and administrative		3,431	1,825	7,355	3,434
Total operating expenses		6,141	5,704	12,908	11,336
Loss from operations		(980)	(4,871)	(7,466)	(10,070)
Other (expense) income:
Interest expense (with related parties $0 for the three and six months ended June 30, 2023 and $438 and $926 for the three and six months ended June 30, 2022, respectively)		(21)	(556)	(44)	(1,140)
Change in fair value of rights from Private Placement		1,221	0	1,221	0
Change in fair value measurement of notes payable		(7)	(266)	(13)	(124)
(Loss) gain on extinguishments of debt, net		0	(174)	0	495
Other (expense) income, net		162	(11)	197	(14)
Total other (expense) income, net		1,355	(1,007)	1,361	(783)
Net income (loss)		375	(5,878)	(6,105)	(10,853)
Net (loss) income attributable to noncontrolling interest		(11)	0	(40)	1
Net income (loss) attributable to Kineta, Inc.		$ 386	$ (5,878)	$ (6,065)	$ (10,854)
Net income (loss) per share, basic		$ 0.04	$ (1.23)	$ (0.65)	$ (2.28)
Net income (loss) per share, diluted		$ 0.04	$ (1.23)	$ (0.65)	$ (2.28)
Weighted-average shares outstanding, basic	[1]	9,939	4,795	9,339	4,766
Weighted-average shares outstanding, diluted	[1]	9,939	4,795	9,339	4,766
Collaboration revenue [Member]
Revenues:
Total revenues		$ 161	$ 0	$ 442	$ 0
Licensing revenues [Member]
Revenues:
Total revenues		5,000	609	5,000	967
Grant revenues [Member]
Revenues:
Total revenues		$ 0	$ 224	$ 0	$ 299
[1] Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $ 0.001 to $ 0.14 . Included in the denominator were 146,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2022 with an exercise price of $ 0.14 .

Condensed Condensed Consolidate

Condensed Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Interest Expense Related Parties	$ 0	$ 438	$ 0	$ 926

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity (Deficit) Attributable to Kineta [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2021	$ (11,949)	$ 5	$ 76,137	$ (88,282)	$ (12,140)	$ 191
Balance, Shares at Dec. 31, 2021		4,656,000
Issuance of common stock	98		98		98
Issuance of common stock, Shares		3,000
Issuance of common stock upon extinguishment of notes payable and accrued interest	235		235		235
Issuance of common stock upon extinguishment of notes payable and accrued interest, Shares		9,000
Issuance of common stock upon exercise of warrants, Shares		1,000
Stock-based compensation	285		285		285
Net income (loss)	(4,975)			(4,976)	(4,976)	1
Balance at Mar. 31, 2022	(16,306)	$ 5	76,755	(93,258)	(16,498)	192
Balance, Shares at Mar. 31, 2022		4,669,000
Balance at Dec. 31, 2021	$ (11,949)	$ 5	76,137	(88,282)	(12,140)	191
Balance, Shares at Dec. 31, 2021		4,656,000
Issuance of common stock, Shares	55,000
Stock-based compensation	$ 1,040
Net income (loss)	(10,853)
Balance at Jun. 30, 2022	(19,279)	$ 5	79,660	(99,136)	(19,471)	192
Balance, Shares at Jun. 30, 2022		4,792,000
Balance at Mar. 31, 2022	(16,306)	$ 5	76,755	(93,258)	(16,498)	192
Balance, Shares at Mar. 31, 2022		4,669,000
Issuance of common stock	$ 905		905		905
Issuance of common stock, Shares	46,000	33,000
Issuance of common stock upon extinguishment of notes payable and accrued interest	$ 1,064		1,064		1,064
Issuance of common stock upon extinguishment of notes payable and accrued interest, Shares		46,000
Issuance of common stock upon exercise of warrants	7		7		7
Issuance of common stock upon exercise of warrants, Shares		44,000
Note conversion discount	174		174		174
Stock-based compensation	755		755		755
Net income (loss)	(5,878)			(5,878)	(5,878)
Balance at Jun. 30, 2022	(19,279)	$ 5	79,660	(99,136)	(19,471)	192
Balance, Shares at Jun. 30, 2022		4,792,000
Balance at Dec. 31, 2022	4,570	$ 8	156,106	(151,690)	4,424	146
Balance, Shares at Dec. 31, 2022		8,318,000
Issuance of common stock	752	$ 1	751		752
Issuance of common stock, Shares		127,000
Issuance of common stock upon exercise of warrants	7		7		7
Issuance of common stock upon exercise of warrants, Shares		51,000
Issuance of common stock upon vesting of RSUs, Shares		23,000
Issuance of common stock for services	41		41		41
Issuance of common stock for services, Shares		12,000
Stock-based compensation	1,054		1,054		1,054
Net income (loss)	(6,480)			(6,451)	(6,451)	(29)
Balance at Mar. 31, 2023	(56)	$ 9	157,959	(158,141)	(173)	117
Balance, Shares at Mar. 31, 2023		8,531,000
Balance at Dec. 31, 2022	4,570	$ 8	156,106	(151,690)	4,424	146
Balance, Shares at Dec. 31, 2022		8,318,000
Stock-based compensation	2,924
Net income (loss)	(6,105)
Balance at Jun. 30, 2023	7,609	$ 10	165,248	(157,755)	7,503	106
Balance, Shares at Jun. 30, 2023		9,732,000
Balance at Mar. 31, 2023	(56)	$ 9	157,959	(158,141)	(173)	117
Balance, Shares at Mar. 31, 2023		8,531,000
Issuance of common stock	5,479	$ 1	5,478		5,479
Issuance of common stock, Shares		948,000
Issuance of common stock upon exercise of restricted stock	(69)		(69)		(69)
Issuance of common stock upon exercise of warrants	10		10		10
Issuance of common stock upon exercise of warrants, Shares		144,000
Issuance of common stock upon vesting of RSUs, Shares		109,000
Stock-based compensation	1,870		1,870		1,870
Net income (loss)	375			386	386	(11)
Balance at Jun. 30, 2023	$ 7,609	$ 10	$ 165,248	$ (157,755)	$ 7,503	$ 106
Balance, Shares at Jun. 30, 2023		9,732,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss	$ (6,105)	$ (10,853)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of rights from Private Placement	(1,221)	0
Change in fair value of notes payable	13	124
Non-cash stock-based compensation	2,924	1,040
Non-cash operating lease expense	359	321
Depreciation and amortization	4	34
Common stock issued for services	41	0
Gain on extinguishments of debt, net	0	(495)
Gain on disposal of asset	(92)	0
Changes in operating assets and liabilities:
License receivable	(5,000)	0
Prepaid expenses and other current assets	206	(1,051)
Accounts payable	(529)	3,391
Accrued expenses and other current liabilities	(1,654)	361
Operating lease liability	(409)	(357)
Deferred revenue	(442)	(967)
Net cash used in operating activities	(11,905)	(8,452)
Investing activities:
Purchases of property and equipment	0	(15)
Proceeds from sale of property and equipment	303	0
Net cash provided by (used in) investing activities	303	(15)
Financing activities:
Proceeds from private placement	5,479	0
Proceeds from notes payable	0	4,800
Proceeds from issuance of common stock	752	1,003
Proceeds from exercise of warrants	17	7
Repayments of notes payable	0	(4,000)
Repayments of finance lease liabilities	(19)	(19)
Net cash provided by (used in) financing activities	6,229	1,791
Net change in cash and restricted cash	(5,373)	(6,676)
Cash and restricted cash at beginning of year	13,268	11,219
Cash and restricted cash at end of year	7,895	4,543
Components of cash and restricted cash:
Cash	7,770	4,468
Restricted cash	125	75
Total cash and restricted cash	7,895	4,543
Supplemental disclosure of cash flow information:
Cash paid for interest	25	804
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock upon extinguishment of notes payable and accrued interest	0	1,473
Liabilities arising from shares withheld to cover from RSU vesting	69	0
Finance lease liabilities arising from obtaining new right-of-use assets	$ 0	$ 41

Organization and Liquidity

Organization and Liquidity	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	1. Organization and Liquidity Description of Business Kineta, Inc. (formerly Yumanity Therapeutics, Inc.) (together with its subsidiaries, the “Company”) is headquartered in Seattle, Washington. The Company is a clinical-stage biotechnology company focused on developing new innovative therapies in the field of immuno-oncology and cancer. The Company also has drug programs in neurology (chronic pain) and an antiviral drug program in development for arenaviruses such as Lassa fever. Kineta Chronic Pain, LLC (“KCP”) was formed to develop new innovative therapies for pain management. Kineta Viral Hemorrhagic Fever, LLC (“KVHF”) was formed to develop a direct acting anti-viral therapy for the treatment of emerging diseases. As of June 30, 2023 and December 31, 2022, the Company owns a majority interest of the outstanding issued equity of KCP and all of the outstanding issued equity of KVHF. Private Placement In connection and concurrently with the execution of the Merger Agreement, on June 5, 2022, the Company entered into a financing agreement, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023 and July 21, 2023 (such financing agreement, as amended, the “Securities Purchase Agreement”), to sell shares of the Company’s common stock in a private placement (the “Private Placement”). The first closing of the Private Placement occurred on December 16, 2022, and the Company issued 649,346 shares of its common stock and received net proceeds of $ 7.4 million. The second closing of the Private Placement for an aggregate purchase price of $ 22.5 million is expected to occur on October 31, 2023. The Company has the ability to unilaterally terminate the Securities Purchase Agreement until the date of the second closing. Liquidity The Company has incurred recurring net losses and negative cash flows from operations since inception and, as of June 30, 2023, had an accumulated deficit of $ 157.8 million . The net income attributable to the Company was $ 0.4 million for the three months ended June 30, 2023 and the net loss attributable to the Company was $ 6.1 million for the six months ended June 30, 2023. As of June 30, 2023, the Company had unrestricted cash of $ 7.8 million . The Company’s cash as of June 30, 2023 , together with the $ 5.0 million milestone payment received from Merck (known as MSD outside the United States and Canada) in July 2023 and the committed proceeds of $ 22.5 million pursuant to the second closing of the Private Placement, will be sufficient to fund operating expenses and capital expenditure requirements into early 2025. The Company will need to raise additional capital to support its long-term plans and to complete clinical trials. The Company intends to raise additional debt and equity financings from its current investors as well as prospective investors and may receive milestone payments from its license agreements, or other sources. However, there is no guarantee that any of these additional financings or opportunities will be executed or realized on acceptable terms, if at all. The Company’s ability to raise additional capital through either the issuance of equity or debt is dependent on a number of factors including, but not limited to, Company prospects, which itself is subject to a number of development and business risks and uncertainties, as well as uncertainty about whether the Company would be able to raise such additional capital at a price or on terms that are acceptable. Geopolitical Developments Geopolitical developments, such as the Russian invasion of Ukraine or deterioration in the bilateral relationship between the United States and China, may impact government spending, international trade and market stability, and cause weaker macro-economic conditions. The impact of these developments, including any resulting sanctions, export controls or other restrictive actions that may be imposed against governmental or other entities in, for example, Russia, have in the past contributed and may in the future contribute to disruption, instability and volatility in the global markets, which in turn could adversely impact the Company’s operations and weaken the Company’s financial results. Certain political developments may also lead to uncertainty to regulations and rules that may materially affect the Company’s business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The unaudited condensed consolidated balance sheet as of December 31, 2022 was derived from the Company ’ s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed consolidated financial statements, as of June 30, 2023 and for the three and six months ended June 30, 2023, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023 (the “2022 Annual Report on Form 10-K”). These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2022 included in the 2022 Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2023 and condensed consolidated results of operations and cash flows for the three and six months ended June 30, 2023 and 2022 have been made. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable SEC rules. The condensed consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling interest in the accompanying condensed consolidated financial statements represents the proportionate share of equity which is not held by the Company. Net income (loss) of the non-wholly owned consolidated subsidiary is allocated to the Company and the holder(s) of the noncontrolling interests in proportion to their percentage ownership considering any preferences specific to the form of equity of the subsidiaries. Revenue Recognition Collaboration Revenues In connection with the Merger, the Company became the successor in interest to an exclusive license and research collaboration agreement (the “Merck Neuromuscular License Agreement”) with Merck to support research, development and commercialization of products for treatment of neuromuscular diseases, including amyotrophic lateral sclerosis. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recognized as a percentage of actual cost incurred to the estimated costs to complete. The Company recognized collaboration revenues of $ 161,000 for the three months ended June 30, 2023 and $ 442,000 for the six months ended June 30, 2023. As of June 30, 2023 , the Company completed its project services and had zero in deferred revenue under the Merck Neuromuscular License Agreement. License Revenues In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement, which triggered a $ 5.0 million payment. R evenue from such milestones is recognized when the accomplishment of the milestone is deemed probable. Merck will continue to advance the research program for the ALS pipeline, one of the two pipeline programs licensed under the Merck Neuromuscular License Agreement. Following this milestone, Merck will assume sole responsibility for all future development and commercialization for the ALS program. As a result, the Company is eligible to receive up to an additional $ 255.0 million in development milestones, sales milestones and royalties on net sales. The Company recognized licensing revenues of $ 5.0 million for the three months ended June 30, 2023 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement. Net income (loss) per share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding common share equivalents. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the three months ended June 30, 2023 , the diluted net income per common share was the same as basic net income per common share, as all potentially dilutive common share equivalents were determined to be anti-dilutive, using the treasury stock method.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The carrying amounts of the Company’s financial instruments, including cash, restricted cash, and accounts payable, approximate fair value due to the short-term nature of those instruments. Rights from Private Placement The Company determined that the rights from Private Placement is a derivative asset, which requires the asset to be accounted for at fair value. The fair value was determined using a Monte Carlo simulation based on the contractual funding date of July 25, 2023, minimum purchase price of $ 3.18 and historical stock prices. The significant unobservable inputs used in the fair value measurement as of June 30, 2023 were as follows: volatility of 73 %, risk-free interest rate of 5.11 % and funding probability of 75 %, which resulted in a change in fair value of $ 1.2 million for the three months ended June 30, 2023, which is recorded in other income (expense) in the Statement of Operations. The fair value measurement as of June 30, 2023 was approximately $ 3.5 million . The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs: Six Months Ended June 30, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Change in fair value of rights from Private Placement 1,221 — Balance at end of period $ 3,471 $ — 2022 & 2020 Notes Payable The Company elected the fair value option to account for certain convertible notes payable and notes payable, referred to as the 2022 convertible notes, 2020 convertible notes and 2020 notes (see Note 5), respectively, and collectively the 2022 & 2020 notes payable. The 2020 convertible notes and 2020 notes are referred to as the 2020 notes payable. Upon the closing of the Merger in December 2022, the 2022 convertible notes and 2020 convertible notes were settled with shares of the Company’s common stock (see Note 5). 2020 Notes The 2020 notes were valued using a discounted cash flow model based on the contractual payment dates, a discount rate and the contractual maturity date. The significant unobservable inputs used in the fair value measurement of the 2020 note for the three months ended June 30, 2023 were as follows: discount rate of 14.0 % and contractual payment date of 1.0 year, which resulted in a fair value for the 2020 note of $ 232,000 . The significant unobservable inputs used in the fair value measurement of the 2020 notes for the three months ended June 30, 2022 were as follows: discount rate of 18.0 % and contractual payment dates ranging from 0.3 to 0.9 years, which resulted in a fair value for the 2020 notes of $ 1.5 million. 2020 Convertible Notes The 2020 convertible notes were valued using a scenario-based analysis and a discounted cash flow model. Two primary scenarios were considered: the qualified financing scenario and the repayment scenario. The value of the 2020 convertible notes under each scenario was probability weighted to arrive at the estimated fair value for the notes. The qualified financing scenario considers the value impact of conversion at the stated discount to the issue price if the Company completes a qualifying financing event before the maturity date. The repayment scenario considers payment of principal at the contractual maturity dates. There were no 2020 convertible notes as of June 30, 2023 as they were converted upon the closing of the Merger. The significant unobservable inputs used in the fair value measurement of the 2020 convertible notes for the three months ended June 30, 2022 were as follows: discount rate of 18.3 % and contractual payment dates ranging from of 0.3 to 0.8 years, which resulted in a fair value for the 2020 convertible notes ranging from $ 0.9 million to $ 5.8 million. 2022 Convertible Notes The 2022 convertible notes were valued using a scenario-based analysis and a discounted cash flow model. Two primary scenarios were considered: the qualified financing scenario and the automatic conversion scenario. The value of the 2022 convertible notes under each scenario was probability weighted to arrive at the estimated fair value for the notes. The qualified financing scenario considers the value impact of conversion at the stated discount to the issue price if the Company completes a qualifying financing event before the maturity date. The automatic conversion scenario estimates the timing of such conversion. There were no 2022 convertible notes as of June 30, 2023 as they were converted upon the closing of the Merger. The significant unobservable inputs used in the fair value measurement of the 2022 convertible notes for the three months ended June 30, 2022 were as follows: discount rate of 18.0 % and contractual payment dates of 0.6 years, which resulted in a fair value of the 2022 convertible notes of $ 2.6 million. The following table provides a summary of the changes in the fair value of the Company’s 2022 & 2020 notes payable measured using Level 3 inputs: Six Months Ended June 30, 2023 2022 (in thousands) Balance at beginning of period $ 748 $ 17,830 Issuance of 2022 convertible notes — 4,800 Change in fair value of 2022 & 2020 notes payable 13 124 Change in fair value of debt extinguishment — ( 669 ) Partial settlement of 2020 notes payable — ( 4,000 ) Balance at end of period $ 761 $ 18,085

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2023
Statement of Financial Position [Abstract]
Balance Sheet Components	4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Laboratory equipment $ 29 $ 779 Computer and software 67 73 Leasehold improvements 14 14 Total property and equipment 110 866 Less: Accumulated depreciation and amortization 76 617 Total property and equipment, net $ 34 $ 249 Depreciation and amortization expense was $ 2,000 for the three months ended June 30, 2023 and $ 4,000 for the six months ended June 30, 2023 . Depreciation and amortization expense was $ 18,000 for the three months ended June 30, 2022 and $ 34,000 for the six months ended June 30, 2022. The Company has acquired certain laboratory equipment under agreements that are classified as finance leases. The carrying value of the equipment under finance leases included in the balance sheet as property and equipment was zero as of June 30, 2023 and $ 0.1 million as of December 31, 2022, net of accumulated depreciation. During the three months ended June 30, 2023 , the Company disposed of assets with a net carrying value of $ 36,000 and received proceeds of $ 17,000 . During the six months ended June 30, 2023 , the Company disposed of assets with a net carrying value of $ 211,000 and received proceeds of $ 303,000 .The Company recorded a gain on disposal of fixed assets, which is recorded in other income (expense) in the Statement of Operations. Rights from Private Placement In connection and concurrently with the execution of the Merger Agreement, on June 5, 2022, the Company entered into a financing agreement, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023 and July 21, 2023 , to sell shares of the Company’s common stock in the Private Placement. The first closing of the Private Placement occurred on December 16, 2022, and the Company issued 649,346 shares of its common stock and received net proceeds of $ 7.4 million. The second closing of the Private Placement for an aggregate purchase price of $ 22.5 million is expected to occur on October 31, 2023 . With respect to the second closing, the Company is obligated to sell and issue a number of shares of its common stock and the investors are obligated to buy such shares by the specified date and price equal to the volume-weighted average price of Company common stock for the five trading days prior to October 31, 2023 (“VWAP”) plus 10% of the VWAP; provided, however, that the share purchase price shall be at least equal to the closing price of the Company’s common stock on March 29, 2023. The Company has recorded a $ 3.5 million rights from Private Placement asset as of June 30, 2023 for the future right associated with the second closing. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the periods presented: June 30, 2023 December 31, 2022 (in thousands) Compensation and benefits $ 807 $ 745 Professional services 212 2,176 Accrued interest 150 132 Accrued clinical trial and preclinical costs 647 404 Other 126 70 Total accrued expenses and other current liabilities $ 1,942 $ 3,527

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Note Payable	5. Notes Payable Notes payable outstanding consisted of the following as of the periods presented: June 30, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 232 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 761 $ 779 748 Less: current portion 379 — Notes payable, net of current portion $ 382 $ 748 The Company elected the fair value option for the 2020 notes (see Note 3). The other notes payable and Small Business Administration loan approximate their fair value because interest rates are at prevailing market rates. Expected future minimum principal payments under the Company’s notes payables as of June 30, 2023 were as follows: Total (in thousands) Years Remainder of 2023 $ — 2024 629 2025 0 2026 0 2027 2 Thereafter 148 Total notes payable $ 779 Less: current portion 379 Notes payable, net of current portion $ 400 2020 Notes In October 2020, the Company refinanced certain notes payable (the “2020 notes”), with an aggregate principal amount of $ 3.0 million with various investors, including one investor that is a related party (see Note 14). The interest rate was reduced on the 2020 notes from 16.0 % to 6.0 % from October 2020 until the earlier of (i) the Company raises at least $ 25.0 million in a single transaction or series of transactions after October 2020 and (ii) the original maturity dates (that is, various dates in the first quarter of 2022), after which the interest rate increases to 16.0 %. The outstanding principal is due upon demand of the majority of the lenders with respect to (i) 50 % on or after nine months after the original maturity date (or on or after various dates in the fourth quarter of 2022) and (ii) 50 % on or after fifteen months after the original maturity date (or on or after various dates in the second quarter of 2023). The Company may repay the 2020 notes at any time without penalty. Upon bankruptcy the lender can accelerate all amounts due immediately. In August 2022, the Company settled $ 1.4 million in outstanding principal and accrued interest by issuing 59,000 shares of the Company’s non-voting common stock at a 15 % discount. The Company extended the maturity date for the remaining 2020 note with a principal balance of $ 250,000 to July 31, 2024 and reduced the interest rate to 6 %, which was accounted for as a modification. Other Notes Payable The Company issued several other notes payable in 2019 and early 2020 at a 12.0 % interest rate per annum, with the principal amounts due in full at maturity and interest due monthly or quarterly. The other notes payable were due to mature at various dates between December 2020 through early 2022. The other notes payable were amended in October 2020 to increase the interest rate to 13.0 % and extend the maturity date to be on demand by a majority of the holders on or after April 7, 2022, which resulted in a modification of the other notes payable. The Company may prepay the other notes payable at any time without penalty. In April 2022, the Company extended the maturity date for the remaining other notes payable with a principal balance of $ 379,000 to June 30, 2024 and decreased the interest rate to 6.0 % interest, which was accounted for as a modification. Small Business Administration Loan In August 2020, the Company received a U.S. Small Business Administration loan of $ 150,000 at a 3.75 % interest rate and maturing in August 2050 . Repayments of principal are due monthly beginning in June 2027 and interest is due monthly.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Leases Operating Lease The Company leases office and laboratory premises in Seattle, Washington pursuant to a lease agreement that commenced in April 2011 and expires in July 2024 . The agreement requires monthly lease payments, is subject to annual rent escalations during the lease term, and contains two five-year options to extend the lease term. In June 2020, the Company amended the lease agreement to reduce the leased space for the premises from approximately 22,064 square feet to approximately 14,870 square feet, which was accounted for as a lease modification and partial termination of the lease. Under the lease agreement, the Company is required to pay certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities and insurance. Such additional charges are considered variable lease costs and are recognized in the period in which they are incurred. Rent expense was $ 214,000 for the three months ended June 30, 2023 and variable costs were $ 137,000 . Rent expense was $ 450,000 for the six months ended June 30, 2023 and variable costs were $ 310,000 . Rent expense was $ 208,000 for the three months ended June 30, 2022 and variable costs were $ 124,000 . Rent expense was $ 416,000 for the six months ended June 30, 2022 and variable costs were $ 262,000 . The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature. Future undiscounted payments due under the operating lease as of June 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 470 2024 561 Total undiscounted lease payments 1,031 Less: Imputed interest ( 50 ) Operating lease liability 981 Less: Operating lease liability, current portion ( 900 ) Operating lease liability, net of current portion $ 81 Supplemental information on the Company’s operating leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for operating lease agreement (in thousands) $ 235 $ 228 $ 466 $ 452 Remaining lease term (in years) 1.1 2.1 1.1 2.1 Incremental borrowing rate 10 % 10 % 10 % 10 % The Company subleases portions of its premises in Seattle, Washington to third parties. Under the first sublease agreement, which commenced in December 2017, the Company subleases approximately 1,850 square feet. In October 2020 the sublease expiration date was extended from December 2020 to December 2022. In September 2022, the sublease expiration date was extended from December 2022 to December 2023. Under the second sublease agreement, which commenced in January 2019 and expired in June 2020, the Company subleased approximately 7,194 square feet. Sublease income is recorded within operating expenses and was $ 49,000 for the three months ended June 30, 2023 and $ 97,000 for the six months ended June 30, 2023 . Sublease income was $ 46,000 for the three months ended June 30, 2022 and $ 95,000 for the six months ended June 30, 2022. As of June 30, 2023 , the total minimum rentals to be received under the remaining noncancelable sublease was $ 60,000 . Finance Leases Future undiscounted payments due under finance lease liabilities as of June 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 25 2024 50 2025 32 2026 10 Total undiscounted lease payments 117 Less: Imputed interest ( 13 ) Financing lease liabilities 104 Less: Financing lease liabilities, current portion ( 42 ) Financing lease liabilities, net of current portion $ 62 Supplemental information on the Company’s financing leases was as follows (cash paid for finance lease agreements was not material): June 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 2.5 3.2 Incremental borrowing rate 9.3 % 9.3 % Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted under the Delaware General Corporation Law. The Company currently has directors’ and officers’ insurance. Other Commitments The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any noncancelable and nonrefundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination. Executive Employment Agreements On September 20, 2022, the Company entered into an at-will employment agreement (“Baker Employment Agreement”), which became effective on October 3, 2022, with Keith Baker, its Chief Financial Officer. On September 28, 2022, the Company entered into at-will employment agreements (together with the Baker Employment Agreement, the “Executive Employment Agreements”), which became effective on December 16, 2022 upon the closing of the Merger, with Shawn Iadonato, its Chief Executive Officer, Craig Philips, its President and Pauline Kenny, its General Counsel. On April 23, 2023, the Company’s board of directors (the “Board”) approved salary increases effective at the next payroll period and bonus increases for fiscal year 2023 to Shawn Iadonato, Craig Philips, Keith Baker, and Pauline Kenny. The Executive Employment Agreements provide that, if the executive’s employment is terminated without Cause (as defined in the Executive Employment Agreements) or the executive resigns for Good Reason (as defined in the Executive Employment Agreements), provided that the executive signs the Release (as defined in the Executive Employment Agreement), the executive will be entitled to (i) accrued compensation, (ii) 39 weeks of pay (52 weeks in the case of Chief Executive Officer) (currently estimated at approximately $ 1.3 million in the aggregate), (iii) nine (9) months of COBRA benefits (12 months in the case of Chief Executive Officer) for executive and eligible dependents, and (iv) three (3) additional months of vesting of unvested and outstanding equity awards. If executive’s employment is terminated without Cause or the executive resigns for Good Reason within the Change in Control Protection Period (as defined in the Executive Employment Agreements), then in addition to (i)-(iv) above, executive will receive current year pro-rated cash bonus.

Strategic License Agreements

Strategic License Agreements	6 Months Ended
	Jun. 30, 2023
License Agreements Disclosure [Abstract]
Strategic License Agreements	7. Strategic License Agreements Anti-VISTA Antibody Program License Agreement In connection with the Company’s research into innovative immuno-oncology drug targets, the Company acquired rights to a group of fully human antibodies from Gigagen, Inc., a wholly owned subsidiary of Grifols, S.A. (“Gigagen”). Pursuant to a material transfer agreement with Gigagen dated August 2019 (the “2019 MTA”), the Company performed research activities to assess Gigagen’s anti-VISTA antibodies. Under an option and license agreement effective as of August 10, 2020, as amended in November 2020, and as further amended in May 2023, the parties agreed to terminate the 2019 MTA and Gigagen granted the Company a research license to continue additional evaluation of certain anti-VISTA antibodies. Gigagen also granted the Company an exclusive option to obtain an exclusive license to develop, manufacture and commercialize certain anti-VISTA antibodies during the option term commencing on the effective date and ended on December 31, 2020. The option and license agreement provides for a payment to Gigagen of $ 0.2 million within five days after the effective date. In addition, upon the Company’s exercise of its option during the option term, within 60 days after such date the Company is obligated to, among other things, (i) pay Gigagen an upfront option exercise fee of $ 0.4 million, and (ii) issue Gigagen non-voting common stock of the Company having an aggregate then-current fair market value of $ 0.25 million. The Company is also obligated to pay Gigagen (i) development and regulatory milestones of less than $ 21 million based on achievement of certain predetermined milestones, (ii) sales milestones up to an aggregate of $ 11.0 million based on net sales thresholds, and (iii) royalties in the low-single digits on net sales for each licensed product sold by the Company during the term of the agreement. The Company accounted for the acquisition of rights as an asset acquisition because it did not meet the definition of a business. The Company recorded the upfront payment to Gigagen as research and development expense in the consolidated statements of operations because the acquired rights represented in-process research and development that have no alternative future use. From inception of the 2019 MTA through June 30, 2023 , the Company has incurred $ 500,000 in milestone expense and zero in royalties under the 2019 MTA. Anti-CD27 Agonist Antibody Program License Agreement In connection with the Company’s research into innovative immuno-oncology drug targets, the Company acquired rights to a group of fully human antibodies from Gigagen directed to CD27. Pursuant to a material transfer agreement with Gigagen dated October 28, 2020, as amended in April 2021 (the “2020 MTA”), the Company performed research activities to assess Gigagen’s anti-CD27 agonist antibodies. Under an option and license agreement effective as of June 9, 2021, as amended in August 2022, as further amended in December 2022, and as further amended in May 2023, the parties agreed to terminate the 2020 MTA, Gigagen granted the Company a research license to continue additional evaluation of certain anti-CD27 agonist antibodies and also granted the Company an exclusive option to obtain an exclusive license to develop, manufacture and commercialize certain antibodies targeting CD27 during the option term commencing on the effective date and ending on December 31, 2022. The option and license agreement provides for the Company to pay Gigagen (i) an insignificant exclusivity payment within 60 days after the effective date, and (ii) an insignificant evaluation payment due by March 16, 2022. In addition, upon the Company’s exercise of its option, within 60 days after such option exercise date, the Company is obligated to, among other things, (i) pay Gigagen an upfront option exercise fee of $ 0.1 million, and (ii) issue Gigagen non-voting common stock of the Company having an aggregate then-current fair market value of $ 0.25 million. The Company is also obligated to pay Gigagen (i) development and regulatory milestones of less than $ 21 million based on achievement of certain predetermined milestones, (ii) sales milestones up to an aggregate of $ 11.0 million based on net sales thresholds, and (iii) royalties in the low-single digits on net sales for each licensed product sold by the Company during the term of the agreement. The Company accounted for the acquisition of rights as an asset acquisition because it did not meet the definition of a business. From inception of the 2020 MTA through June 30, 2023 , no ne of the milestones have been achieved and no royalties were due under the agreement.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	8. Stockholders’ Equity Warrants to Purchase Common Stock As of June 30, 2023, the Company had issued and outstanding warrants to purchase shares of the Company’s common stock as follows, which all met the condition for equity classification (in thousands): Year Expiration Number Outstanding as of December 31, 2022 Issued Exercised Cancelled/Expired Number Outstanding as of June 30, 2023 Range of 2013 12 — — ( 12 ) — 2017 November 2023 - June 2025 131 — — — 131 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — ( 4 ) 40 $ 0.14 - $ 21.80 2020 October 2023 45 — — — 45 $ 0.14 2022 August 2025 - December 2029 301 — ( 128 ) — 173 $ 0.14 - $ 168.35 2023 April 2028 - April 2033 — 1,973 ( 67 ) — 1,906 $ 4.08 - $ 5.26 Total number of 533 1,973 ( 195 ) ( 16 ) 2,295 shares Equity Raise - Registered Direct Offering On April 20, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”), pursuant to which the Company issued and sold, in a registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market LLC (“Nasdaq”) (such offering, the “Registered Offering”), (i) an aggregate of 948,000 shares of its common stock, at a purchase price of $ 4.21 per share and (ii) pre-funded warrants exercisable for up to 477,179 shares of its common stock (the “Pre-Funded Warrants”) to the Investor at a purchase price of $ 4.209 per Pre-Funded Warrant, for aggregate gross proceeds from the Offerings (as defined below) of approximately $ 6.0 million before deducting the placement agent fee (as described in greater detail below) and related offering expenses. Each Pre-Funded Warrant represents the right to purchase one share of common stock at an exercise price of $ 0.001 per share. The Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the Pre-Funded Warrants are exercised in full. In a concurrent private placement (the “April 2023 Private Placement” and, together with the Registered Offering, the “Offering”), the Company issued to the Investor warrants to purchase up to 1,425,179 shares of common stock (the “Common Warrants”) at an exercise price of $ 4.08 per share. The Common Warrants are exercisable immediately and will expire five and one-half years from the initial exercise date. In connection with the Offering, the Company entered into an engagement letter (the “Engagement Letter”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which Wainwright agreed to serve as the exclusive placement agent for the issuance and sale of securities of the Company pursuant to the Purchase Agreement. As compensation for such placement agent services, the Company paid Wainwright an aggregate cash fee equal to $ 420,000 , a non-accountable expense of $ 35,000 and $ 50,000 for legal and other expenses as actually incurred. The total offering-related fees were approximately $ 520,000 , which resulted in net proceeds to the Company of $ 5.5 million. On April 24, 2023, the Company also issued to Wainwright or its designees warrants to purchase 71,259 shares of common stock (the “Wainwright Warrants”). The Wainwright Warrants have a term of five years from the commencement of sales in the Offering, and have an exercise price of $ 5.2625 per share. During the three months ended June 30, 2023 , the Company issued 144,000 shares of its common stock upon exercise of warrants and received proceeds of $ 10,000 . During the six months ended June 30, 2023 , the Company issued 195,000 shares of its common stock upon exercise of warrants and received proceeds of $ 17,000 . The exercise price of all shares exercised during the six months ended June 30, 2023 ranged from $ 0.001 to $ 0.14 . As of June 30, 2022, the Company had issued and outstanding warrants to purchase shares of the Company’s common stock as follows, which all met the condition for equity classification (in thousands): Year Expiration Number Outstanding as of December 31, 2021 Issued Exercised Cancelled/Expired Number Outstanding as of June 30, 2022 Range of 2013 April 2023 12 — — — 12 $ 10.17 2017 September 2022 - June 2025 203 — ( 20 ) ( 17 ) 166 $ 0.14 - $ 23.25 2019 July 2022 - April 2027 50 — ( 2 ) ( 1 ) 47 $ 0.14 - $ 26.88 2020 February 2023 - October 2023 73 — ( 24 ) — 49 $ 0.14 - $ 26.88 Total number of shares 338 — ( 46 ) ( 18 ) 274 During the three months ended June 30, 2022 , the Company issued 44,000 shares of its common stock upon exercise of warrants and received proceeds of $ 6,000 . During the six months ended June 30, 2022 , the Company issued 45,000 shares of its common stock upon exercise of warrants and received proceeds of $ 6,000 . The exercise price of all shares exercised during the six months ended June 30, 2022 was $ 0.14 . Common Stock As of June 30, 2023, there were 9,732,463 shares of common stock issued and outstanding. Common stock reserved for future issuance consisted of the following as the period presented: June 30, (in thousands) Shares reserved for stock options and restricted stock units to purchase 1,969 Shares reserved for future issuance of equity awards 1,047 Shares reserved for exercise of warrants 2,295 Total 5,311 During the three months ended June 30, 2023 , the Company sold 948,000 shares of its common stock in connection with the Registered Offering (as defined above) and received net proceeds of $ 4.0 million. During the six months ended June 30, 2023 , the Company sold 126,503 shares of its common stock to individual investors under the Sales Agreement (as defined below) and received net proceeds of $ 0.8 million in connection with the ATM (as defined below) equity offering program. During the six months ended June 30, 2023 , the Company issued 12,000 shares of its common stock for professional services and recorded $ 41,000 as consulting expense within general and administrative expense. During the three months ended June 30, 2023 , the Company issued 144,000 shares of its common stock upon exercise of warrants and received proceeds of $ 10,000 . During the six months ended June 30, 2023 , the Company issued 195,000 shares of its common stock upon exercise of warrants and received proceeds of $ 17,000 . The exercise price of all shares exercised ranged from $ 0.001 to $ 0.14 . During the three months ended June 30, 2023 , the Company issued 109,000 shares of its common stock upon vesting of restricted stock units. 81,000 shares were issued to members of the Company’s executive management, 8,000 shares were issued to directors of the Company and 20,000 were issued to employees, former employees and former Board members. During the six months ended June 30, 2023 , the Company issued 132,000 shares of its common stock upon vesting of restricted stock units. 100,000 shares were issued to members of the Company’s executive management, 2,000 shares were issued to directors of the Company and 22,000 were issued to employees, former employees and former Board members. During the three months ended June 30, 2022 , the Company sold 33,000 shares of its common stock to individual investors and received net proceeds of $ 905,000 . During the six months ended June 30, 2022 , the Company sold 36,000 shares of its common stock to individual investors and received net proceeds of $ 1.0 million. During the three months ended June 30, 2022 , outstanding principal and accrued interest under the other notes payable of $ 1.1 million was settled by issuing 46,000 shares of the Company’s common stock at fair value (based on a recent valuation) to the holders. During the six months ended June 30, 2022 , outstanding principal and accrued interest under the other notes payable of $ 1.3 million was settled by issuing 55,000 shares of the Company’s common stock at fair value (based on a recent valuation) to the holders. During the three months ended June 30, 2022 , the Company issued 44,000 shares of its common stock upon exercise of warrants and received proceeds of $ 7,000 . During the six months ended June 30, 2022 , the Company issued 45,000 shares of its common stock upon exercise of warrants and received proceeds of $ 7,000 . The exercise price of all shares exercised was $ 0.14 . Private Placement The Private Placement (see Note 1) provides for the issuance of shares of the Company’s common stock in two closings, one of which occurred immediately following the closing of the Merger and one of which is expected to occur on October 31, 2023 . The first closing of the Private Placement occurred on December 16, 2022 and the Company issued 649,346 shares of its common stock and received net proceeds of $ 7.4 million to investors that are related parties. In connection with the Private Placement in December 2022, the Company issued 104,000 warrants to purchase shares of the Company’s non-voting common stock to investors in the Private Placement, each at an exercise price of $ 0.14 , with exercise contingent upon the Merger closing and exercisable following the first closing of the Private Placement. The Company determined the contingent exercise provisions were indexed to the Company’s operations and the warrants qualified for equity classification. The second closing of the Private Placement is expected to occur on October 31, 2023 , at which time the Company will be obligated to issue a number of shares of its common stock based on the aggregate purchase price of $ 22.5 million divided by the purchase price equal to (a) the VWAP, plus (b) 10% of the VWAP; provided , however , that the share purchase price shall be at least equal to the closing price of the Company’s common stock on March 29, 2023. The Company determined that its obligation to issue additional shares of its common stock in the second closing at a premium to the VWAP was a freestanding financial instrument and a future right, which is subject to fair value. Accordingly, at inception the future right was recorded as an other asset in the Company’s consolidated balance sheet at its fair value equal to 10% of the second closing amount, or $ 2.3 million. The remaining proceeds from the first closing were allocated to the shares of common stock issued in the first closing and to the warrants as such instruments are equity-classified. The future right is subject to remeasurement at each reporting date and the Company has used the Monte Carlo simulation method to determine fair value of approximately $ 3.5 million as of June 30, 2023 . The Company incurred insignificant issuance costs related to the Private Placement.

Collaboration Agreement

Collaboration Agreement	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Collaboration Agreement	9. Collaboration Agreement The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands): June 30, 2023 2022 (in thousands) Balance as of beginning of period $ 442 $ — Decrease for provision of research services ( 442 ) — Balance as of end of period $ — $ — Merck In connection with the Merger, the Company became the successor in interest to the Merck Neuromuscular License Agreement with Merck to support research, development and commercialization of products for treatment of neuromuscular diseases, including amyotrophic lateral sclerosis (“ALS”). As of December 31, 2022, the Company had $ 442,000 in deferred revenue under the Merck Neuromuscular License Agreement. The Company recognized $ 161,000 in revenue for the three months ended June 30, 2023 and $ 442,000 for the six months ended June 30, 2023 . The Company recognized revenue of zero for the three and six months ended June 30, 2022. As of June 30, 2023 , the Company had zero in deferred revenue under the Merck Neuromuscular License Agreement.

Grants Agreement

Grants Agreement	6 Months Ended
	Jun. 30, 2023
Research and Development [Abstract]
Grant Agreements	10. Grant Agreement National Institutes of Health The Company was awarded a cost-reimbursable grant from the National Institutes of Health (the “NIH”), a federal medical research agency supporting scientific studies, to support the Company’s research studies for arenavirus hemorrhagic fever. This award was based on budgeted direct and indirect costs and may only be used for budgeted costs as allowable under certain government regulations and NIH’s policy and compliance requirements, subject to government audit. This award was $ 1.1 million for the budget period January 2021 to December 2021, which was later extended to December 31, 2022. The Company recognized grant revenue under this grant of zero for the three and six months ended June 30, 2023. The Company recognized grant revenue of $ 224,000 for the three months ended June 30, 2022 and $ 299,000 for the six months ended June 30, 2022 .

Licensing Revenue Agreement

Licensing Revenue Agreement	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Licensing Revenue Agreement	11. Licensing Revenue Agreements The following table shows the activity for the Company’s licensing revenue agreements and deferred revenue (in thousands): June 30, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 967 ) Balance as of end of period $ — $ 74 Genentech, Inc. In April 2018, the Company entered into an exclusive option and license agreement with Genentech, as amended in November 2019 and October 2020 (such agreement, as amended, the “Genentech Agreement”), to develop the Company’s α9/α10 nicotinic acetylcholine receptor (“nAChR”) antagonists for the treatment of chronic pain. On December 27, 2022, the Company through its subsidiary KCP, received written notice from Genentech of its termination of the Genentech Agreement. The Company recognized license revenue over time of zero under the Genentech Agreement with Genentech for the three and six months ended June 30, 2023 . The Company recognized license revenue of $ 609,000 for the three months ended June 30, 2022 and $ 967,000 for the six months ended June 30, 2022 . There was no deferred revenue related to this license as of June 30, 2023 as the Genentech Agreement was terminated in December 2022. Merck In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement, which triggered a $ 5.0 million payment. This collaboration focused on the discovery and development of novel candidates for the treatment of ALS. Merck will continue to advance the research program for the ALS pipeline, one of the two pipeline programs licensed under the Merck Neuromuscular License Agreement. As a result, the Company is eligible to receive up to an additional $ 255.0 million in development milestones, sales milestones and royalties on net sales. Following this milestone, Merck will assume sole responsibility for all future development and commercialization for the ALS program. The Company recognized licensing revenue of $ 5.0 million for the three months ended June 30, 2023 under the Merck Neuromuscular License Agreement. The Company received the $ 5.0 million milestone payment in July 2023.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation 2008 Equity Incentive Plan The Company’s 2008 Equity Incentive Plan (the “2008 Plan”) provided for the grant of incentive stock options, non-statutory stock options, restricted stock awards and restricted stock units to employees and non-employee service providers of the Company. Under the 2008 Plan, the exercise price of stock options granted were at 100 % of the estimated fair market value of the Company’s common stock on the date of grant and the contractual term of stock options granted were between five and ten years. Options become vested and, if applicable, exercisable based on terms determined by the Company’s board of directors or other plan administrator on the date of grant, which is continued employment or service as defined in each option agreement. In 2018, the 2008 Plan expired and only stock options granted prior to the 2008 Plan expiration remain outstanding as of June 30, 2023. 2010 Equity Incentive Plan The Company’s 2010 Equity Incentive Plan (the “2010 Plan”) provided for the grant of incentive stock option, non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards to employees and non-employee service providers of the Company. Under the 2010 Plan, the exercise price of stock options granted were at 100 % of the estimated fair market value of the Company’s common stock on the date of grant and the contractual term of stock options granted did not exceed ten years. Options become vested and, if applicable, exercisable based on terms determined by the Company’s board of directors or other plan administrator on the date of grant, which is continued employment or service as defined in each option agreement. Stock appreciation rights (“SARs”) provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in cash. The rights granted have varying vesting terms, including SARs that vest immediately on the grant date and upon satisfaction of the service-based requirement, typically three to five years. The maximum fair value is limited to four times the exercise price. In February 2020, the 2010 Plan expired and only stock options granted prior to the expiration remain outstanding as of June 30, 2023. As of June 30, 2023 , there were no SARs outstanding. 2020 Equity Incentive Plan The Company’s 2020 Equity Incentive Plan (the “2020 Plan”) authorizes the grant of equity awards for up to 206,000 shares of the Company’s voting common stock and 206,000 of the Company’s non-voting common stock. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options and restricted stock to employees and non-employee service providers. Under the 2020 Plan, the contractual term of stock options shall not exceed ten years and the exercise price of stock options granted shall not be less than 100 % of the estimated fair market value of the Company’s common stock on the date of grant. However, the exercise price of incentive stock options granted to a 10% stockholder shall not be less than 110% of the fair market value of the common stock on the date of grant and the contractual term shall not exceed ten years. Options become vested and, if applicable, exercisable based on terms determined by the Company’s board of directors or other plan administrator on the date of grant, which is continued employment or service as defined in each option agreement. Restricted stock has vesting terms that vest immediately on the grant date or upon satisfaction of the service-based requirement, typically four years or the performance-based requirement. The Company has a repurchase right exercisable upon termination of continuous service with respect to restricted stock for any shares that are issued and unvested. In December 2022, the 2020 Plan expired and only stock options granted prior to the 2020 Plan expiration remain outstanding as of June 30, 2023. 2022 Equity Incentive Plan In December 2022, the Company approved the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the grant of incentive stock option, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights (“SARs”), performance units and performance shares to employees, directors and independent contractors of the Company. Under the 2022 Plan, the exercise price of stock options grants shall be at 100 % fair market value of the Company’s common stock on the date of grant and the contractual term of stock options granted shall not exceed ten years. Options become vested and, if applicable, exercisable based on terms determined by the Company’s board of directors or other plan administrator on the date of grant, which is continued employment or service as defined in each option agreement. SARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in cash or in shares of equivalent value. Stock Option Activity The following table summarizes stock option activity under the Company’s equity incentive plans: Outstanding Stock Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) December 31, 2022 734 $ 22.67 5.4 $ — Granted 1,268 $ 3.28 Forfeited ( 34 ) $ 26.85 Expired ( 9 ) $ 10.90 Outstanding as of June 30, 2023 1,959 $ 10.10 8.1 $ — Exercisable as of June 30, 2023 982 $ 8.53 6.4 $ — Fair Value of Stock Options The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions: Six Months Ended June 30, 2023 2022 Expected volatility 110.3 % - 111.6 % 84.2 % - 84.7 % Expected term (years) 6.5 5.8 - 6.6 Risk-free interest rate 3.4 % - 3.4 % 1.6 % - 2.2 % Expected dividend yield 0 % - 0 % 0 % - 0 % Restricted Stock The Company has granted restricted stock units (“RSUs”) under its equity incentive plans with both service-based and performance-based vesting conditions. As of June 30, 2023 , the Company’s outstanding RSUs are time-based and have a grant date fair value of $ 267,000 . The following table summarizes the Company’s restricted stock activity consisting of RSUs: Number of Restricted Stock (RSUs) Weighted-Average Grant Date Fair Value Per Share (in thousands, excepts per share amounts) Outstanding and unvested as of December 31, 2022 175 $ 26.89 Exercised/Released ( 132 ) $ 26.89 Cancelled/Forfeited ( 33 ) $ 26.48 Outstanding and unvested as of June 30, 2023 10 $ 27.22 Stock-Based Compensation The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Research and development $ 348 $ 438 $ 425 $ 603 General and administrative 1,522 317 2,499 437 Total stock-based compensation $ 1,870 $ 755 $ 2,924 $ 1,040 As of June 30, 2023 , there was $ 3.8 million of unrecognized stock-based compensation related to stock options and RSUs outstanding, which is expected to be recognized over a weighted-average remaining service period of 2.1 years.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Income (Loss) Per Share The following table summarizes the computation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, excepts per share amounts) Numerator: Net income (loss) attributable to Kineta, Inc. $ 386 $ ( 5,878 ) $ ( 6,065 ) $ ( 10,854 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 9,939 4,795 9,339 4,766 Net income (loss) per share, basic and diluted $ 0.04 $ ( 1.23 ) $ ( 0.65 ) $ ( 2.28 ) (1) Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $ 0.001 to $ 0.14 . Included in the denominator were 146,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2022 with an exercise price of $ 0.14 . The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per share as of the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Common stock options 1,959 737 1,959 737 Unvested restricted stock subject to repurchase 10 170 10 170 Warrants to purchase common stock 1,631 128 1,631 128 Vested restricted stock subject to recall 56 56 56 56 Convertible notes, if converted — 594 — 594 Total 3,656 1,685 3,656 1,685 Defined Contribution Plan The Company sponsors a 401(k) Plan whereby all employees are eligible to participate in the 401(k) Plan after meeting certain eligibility requirements. Participants may elect to have a portion of their salary deferred and contributed to the 401(k) plan, subject to certain limitations. The Company provided matching contributions of $ 29,000 for the three months ended June 30, 2023 and $ 69,000 for the six months ended June 30, 2023 . The Company provided matching contributions of $ 26,000 for the three months ended June 30, 2022 and $ 67,000 for the six months ended June 30, 2022 .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions RSU Vesting During the three months ended June 30, 2023 , the Company issued 89,000 shares of its common stock upon vesting of restricted stock units. 81,000 shares were issued to members of the Company’s executive management and 8,000 shares were issued to directors of the Company. Warrant Exercises During the three months ended June 30, 2023, the Company issued 63,000 shares of its common stock upon exercise of outstanding warrants, 3,000 shares were issued to members of the Company’s executive management and 60,000 shares were issued to a director of the Company. Stock Purchases During the three months ended June 30, 2023, one member of the Company’s executive management purchased 5,000 shares of the Company’s common stock on the open market. 2020 Convertible Notes As of June 30, 2022, the Company had a principal balance of $ 9.8 million outstanding for its 2020 convertible notes. Two members of the Company’s board of directors held two of 2020 convertible notes totaling $ 1.8 million.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events	15. Subsequent Events The Company evaluated subsequent events through the date these consolidated financial statements were issued. Election of Directors On June 27, 2023, the Board increased the size of the Board from five to seven members and appointed Scott J. Dylla, Ph.D. and Kimberlee C. Drapkin as directors of the Company, effective July 1, 2023. In addition, the Board appointed Dr. Dylla to serve as a member of the Compensation Committee of the Board and appointed Ms. Drapkin to serve as a member of the Audit Committee of the Board and the Compensation Committee of the Board. The Board has determined that Dr. Dylla and Ms. Drapkin are each independent in accordance with the applicable rules of Nasdaq. Employee and Director Equity Awards On July 1, 2023, the Board, pursuant to the Company ’ s Non-Employee Director Compensation Policy, granted an option to purchase 20,000 shares of common stock to each of Ms. Drapkin and Dr. Dylla in connection with their appointment to the Board. These stock option grants were issued under the 2022 Plan and vest in equal quarterly installments over three years. Amendment No. 5 to the Securities Purchase Agreement In connection and concurrently with the execution of the Merger Agreement, on June 5, 2022, the Company entered into the Securities Purchase Agreement to sell shares of the Company’s common stock to certain institutional investors in the Private Placement. The Company and the investors entered into the amendment to the Securities Purchase Agreement on July 21, 2023 to, among other things, extend the date of the second closing. The second closing of the Private Placement for an aggregate purchase price of $ 22.5 million is expected to occur on October 31, 2023 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable SEC rules. The condensed consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling interest in the accompanying condensed consolidated financial statements represents the proportionate share of equity which is not held by the Company. Net income (loss) of the non-wholly owned consolidated subsidiary is allocated to the Company and the holder(s) of the noncontrolling interests in proportion to their percentage ownership considering any preferences specific to the form of equity of the subsidiaries.
Revenue Recognition	Revenue Recognition Collaboration Revenues In connection with the Merger, the Company became the successor in interest to an exclusive license and research collaboration agreement (the “Merck Neuromuscular License Agreement”) with Merck to support research, development and commercialization of products for treatment of neuromuscular diseases, including amyotrophic lateral sclerosis. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recognized as a percentage of actual cost incurred to the estimated costs to complete. The Company recognized collaboration revenues of $ 161,000 for the three months ended June 30, 2023 and $ 442,000 for the six months ended June 30, 2023. As of June 30, 2023 , the Company completed its project services and had zero in deferred revenue under the Merck Neuromuscular License Agreement. License Revenues In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement, which triggered a $ 5.0 million payment. R evenue from such milestones is recognized when the accomplishment of the milestone is deemed probable. Merck will continue to advance the research program for the ALS pipeline, one of the two pipeline programs licensed under the Merck Neuromuscular License Agreement. Following this milestone, Merck will assume sole responsibility for all future development and commercialization for the ALS program. As a result, the Company is eligible to receive up to an additional $ 255.0 million in development milestones, sales milestones and royalties on net sales. The Company recognized licensing revenues of $ 5.0 million for the three months ended June 30, 2023 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement. Net income (loss) per share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding common share equivalents. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the three months ended June 30, 2023 , the diluted net income per common share was the same as basic net income per common share, as all potentially dilutive common share equivalents were determined to be anti-dilutive, using the treasury stock method.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Changes In The Fair Value Of The Rights From Private Placement	The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs: Six Months Ended June 30, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Change in fair value of rights from Private Placement 1,221 — Balance at end of period $ 3,471 $ —
Summary of Changes in Fair Value of 2022 & 2020 Notes Payable Measured Using Level 3 Inputs	The following table provides a summary of the changes in the fair value of the Company’s 2022 & 2020 notes payable measured using Level 3 inputs: Six Months Ended June 30, 2023 2022 (in thousands) Balance at beginning of period $ 748 $ 17,830 Issuance of 2022 convertible notes — 4,800 Change in fair value of 2022 & 2020 notes payable 13 124 Change in fair value of debt extinguishment — ( 669 ) Partial settlement of 2020 notes payable — ( 4,000 ) Balance at end of period $ 761 $ 18,085

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2023
Statement of Financial Position [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Laboratory equipment $ 29 $ 779 Computer and software 67 73 Leasehold improvements 14 14 Total property and equipment 110 866 Less: Accumulated depreciation and amortization 76 617 Total property and equipment, net $ 34 $ 249
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following as of the periods presented: June 30, 2023 December 31, 2022 (in thousands) Compensation and benefits $ 807 $ 745 Professional services 212 2,176 Accrued interest 150 132 Accrued clinical trial and preclinical costs 647 404 Other 126 70 Total accrued expenses and other current liabilities $ 1,942 $ 3,527

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable outstanding consisted of the following as of the periods presented: June 30, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 232 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 761 $ 779 748 Less: current portion 379 — Notes payable, net of current portion $ 382 $ 748
Schedule of Expected Future Minimum Principal	Expected future minimum principal payments under the Company’s notes payables as of June 30, 2023 were as follows: Total (in thousands) Years Remainder of 2023 $ — 2024 629 2025 0 2026 0 2027 2 Thereafter 148 Total notes payable $ 779 Less: current portion 379 Notes payable, net of current portion $ 400

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Future Undiscounted Payments	Future undiscounted payments due under the operating lease as of June 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 470 2024 561 Total undiscounted lease payments 1,031 Less: Imputed interest ( 50 ) Operating lease liability 981 Less: Operating lease liability, current portion ( 900 ) Operating lease liability, net of current portion $ 81
Schedule of Operating Leases Supplemental Information	Supplemental information on the Company’s operating leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for operating lease agreement (in thousands) $ 235 $ 228 $ 466 $ 452 Remaining lease term (in years) 1.1 2.1 1.1 2.1 Incremental borrowing rate 10 % 10 % 10 % 10 %
Schedule of Finance Lease Future Undiscounted Payments	Future undiscounted payments due under finance lease liabilities as of June 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 25 2024 50 2025 32 2026 10 Total undiscounted lease payments 117 Less: Imputed interest ( 13 ) Financing lease liabilities 104 Less: Financing lease liabilities, current portion ( 42 ) Financing lease liabilities, net of current portion $ 62
Schedule of Finance Leases Supplemental Information	Supplemental information on the Company’s financing leases was as follows (cash paid for finance lease agreements was not material): June 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 2.5 3.2 Incremental borrowing rate 9.3 % 9.3 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Warrants to Purchase	As of June 30, 2023, the Company had issued and outstanding warrants to purchase shares of the Company’s common stock as follows, which all met the condition for equity classification (in thousands): Year Expiration Number Outstanding as of December 31, 2022 Issued Exercised Cancelled/Expired Number Outstanding as of June 30, 2023 Range of 2013 12 — — ( 12 ) — 2017 November 2023 - June 2025 131 — — — 131 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — ( 4 ) 40 $ 0.14 - $ 21.80 2020 October 2023 45 — — — 45 $ 0.14 2022 August 2025 - December 2029 301 — ( 128 ) — 173 $ 0.14 - $ 168.35 2023 April 2028 - April 2033 — 1,973 ( 67 ) — 1,906 $ 4.08 - $ 5.26 Total number of 533 1,973 ( 195 ) ( 16 ) 2,295 shares Year Expiration Number Outstanding as of December 31, 2021 Issued Exercised Cancelled/Expired Number Outstanding as of June 30, 2022 Range of 2013 April 2023 12 — — — 12 $ 10.17 2017 September 2022 - June 2025 203 — ( 20 ) ( 17 ) 166 $ 0.14 - $ 23.25 2019 July 2022 - April 2027 50 — ( 2 ) ( 1 ) 47 $ 0.14 - $ 26.88 2020 February 2023 - October 2023 73 — ( 24 ) — 49 $ 0.14 - $ 26.88 Total number of shares 338 — ( 46 ) ( 18 ) 274
Schedule of Common Stock for Future Issuance	Common stock reserved for future issuance consisted of the following as the period presented: June 30, (in thousands) Shares reserved for stock options and restricted stock units to purchase 1,969 Shares reserved for future issuance of equity awards 1,047 Shares reserved for exercise of warrants 2,295 Total 5,311

Collaboration Agreement (Tables

Collaboration Agreement (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Summary of collaboration revenue agreement and deferred revenue	The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands): June 30, 2023 2022 (in thousands) Balance as of beginning of period $ 442 $ — Decrease for provision of research services ( 442 ) — Balance as of end of period $ — $ —

Licensing Revenue Agreement - (

Licensing Revenue Agreement - (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Summary of Licensing Revenue Agreements And Deferred Revenue	The following table shows the activity for the Company’s licensing revenue agreements and deferred revenue (in thousands): June 30, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 967 ) Balance as of end of period $ — $ 74

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity under the Company’s equity incentive plans: Outstanding Stock Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) December 31, 2022 734 $ 22.67 5.4 $ — Granted 1,268 $ 3.28 Forfeited ( 34 ) $ 26.85 Expired ( 9 ) $ 10.90 Outstanding as of June 30, 2023 1,959 $ 10.10 8.1 $ — Exercisable as of June 30, 2023 982 $ 8.53 6.4 $ —
Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards	The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions: Six Months Ended June 30, 2023 2022 Expected volatility 110.3 % - 111.6 % 84.2 % - 84.7 % Expected term (years) 6.5 5.8 - 6.6 Risk-free interest rate 3.4 % - 3.4 % 1.6 % - 2.2 % Expected dividend yield 0 % - 0 % 0 % - 0 %
Summary of Companies Restricted Stock Activity	The following table summarizes the Company’s restricted stock activity consisting of RSUs: Number of Restricted Stock (RSUs) Weighted-Average Grant Date Fair Value Per Share (in thousands, excepts per share amounts) Outstanding and unvested as of December 31, 2022 175 $ 26.89 Exercised/Released ( 132 ) $ 26.89 Cancelled/Forfeited ( 33 ) $ 26.48 Outstanding and unvested as of June 30, 2023 10 $ 27.22
Summary of Total Stock-Based Compensation	The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Research and development $ 348 $ 438 $ 425 $ 603 General and administrative 1,522 317 2,499 437 Total stock-based compensation $ 1,870 $ 755 $ 2,924 $ 1,040

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	The following table summarizes the computation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, excepts per share amounts) Numerator: Net income (loss) attributable to Kineta, Inc. $ 386 $ ( 5,878 ) $ ( 6,065 ) $ ( 10,854 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 9,939 4,795 9,339 4,766 Net income (loss) per share, basic and diluted $ 0.04 $ ( 1.23 ) $ ( 0.65 ) $ ( 2.28 ) (1) Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $ 0.001 to $ 0.14 . Included in the denominator were 146,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2022 with an exercise price of $ 0.14 .
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding	The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per share as of the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Common stock options 1,959 737 1,959 737 Unvested restricted stock subject to repurchase 10 170 10 170 Warrants to purchase common stock 1,631 128 1,631 128 Vested restricted stock subject to recall 56 56 56 56 Convertible notes, if converted — 594 — 594 Total 3,656 1,685 3,656 1,685

Organization and Liquidity - Ad

Organization and Liquidity - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended				6 Months Ended
	Oct. 31, 2023	Dec. 16, 2022	Apr. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Organization And Liquidity [Line Items]
Issuance of common stock, Shares						46,000			55,000
Proceeds from issuance of common stock								$ 752,000	$ 1,003,000
Accumulated deficit				$ 157,755,000				157,755,000		$ 151,690,000
Net loss				375,000	$ (6,480,000)	$ (5,878,000)	$ (4,975,000)	(6,105,000)	(10,853,000)
Cash				7,770,000		$ 4,468,000		7,770,000	$ 4,468,000	$ 13,143,000
Proceeds From Sale Of Other Assets 1				$ 17,000				303,000
Private Placement [Member]
Organization And Liquidity [Line Items]
Proceeds from issuance of common stock		$ 7,400,000						5,000,000
Net proceeds from Private Placement			$ 22,500,000
Private Placement [Member] | Subsequent Event
Organization And Liquidity [Line Items]
Rights from Private Placement	$ 22,500,000
Merger Agreement
Organization And Liquidity [Line Items]
Issuance of common stock, Shares		649,346
Proceeds from issuance of common stock		$ 7,400,000
Rights from Private Placement								$ 22,500,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Deferred Revenue		$ 0
License revenue recognized	$ 161,000	442,000
Accounting Standards Update 2021-04
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle accounting standards update, adopted			true
Change in accounting principle accounting standards update, immaterial effect			true
Merck Neuromuscular License Agreement
Summary Of Significant Accounting Policies [Line Items]
License revenue recognized	$ 5,000,000
Milestone payments		5,000,000
Milestones and royalties on net sales		$ 255,000,000

Reverse Merger (Additional Info

Reverse Merger (Additional Information) (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common Stock, Shares Authorized	125,000,000	125,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Outstanding	9,732,000	8,318,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jul. 25, 2023 $ / shares	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			1,800
Notes payable	$ 761,000	$ 761,000			$ 748,000
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility		110.30%	84.20%
Risk-free interest rate		3.40%	1.60%
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility		111.60%	84.70%
Risk-free interest rate		3.40%	2.20%
2022 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			7 months 6 days
Convertible debt			$ 2,600,000
2020 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			3 months 18 days
Convertible debt			$ 900,000
2020 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			9 months 18 days
Convertible debt			$ 5,800,000
2020 Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			3 months 18 days
2020 Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term	1 year	1 year	10 months 24 days
Convertible debt	$ 232,000	$ 232,000	$ 1,500,000
Private Placement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Minimum purchase price | $ / shares				$ 3.18
Expected volatility		73%
Risk-free interest rate		5.11%
Funding probability		75%
Change in fair value of rights from Private Placement	1,200,000
Fair value measurement	$ 3,500,000	$ 3,500,000
Discount Rate | 2020 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input	0.183	0.183
Discount Rate | 2020 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.18
Discount Rate | 2020 Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input	0.14	0.14

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Changes In The Fair Value Of The Rights (Details) - Private Placement - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Servicing Assets at Fair Value [Line Items]
Change in fair value of rights from Private Placement	$ 1,200
Level 3
Servicing Assets at Fair Value [Line Items]
Balance at beginning of period		$ 2,250	$ 0
Change in fair value of rights from Private Placement		1,221	0
Balance at end of period	$ 3,471	$ 3,471	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of 2022 & 2020 Notes Payable Measured Using Level 3 Inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 748	$ 17,830
Issuance of 2022 convertible notes	0	4,800
Change in fair value of 2022 & 2020 notes payable	13	124
Change in fair value of debt extinguishment	0	(669)
Partial settelement of 2020 notes payable	0	(4,000)
Balance at end of period	$ 761	$ 18,085

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Components [Line Items]
Total property and equipment	$ 110	$ 866
Less: Accumulated depreciation and amortization	76	617
Total property and equipment, net	34	249
Laboratory Equipment
Balance Sheet Components [Line Items]
Total property and equipment	29	779
Computer and Software
Balance Sheet Components [Line Items]
Total property and equipment	67	73
Leasehold Improvements
Balance Sheet Components [Line Items]
Total property and equipment	$ 14	$ 14

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Components [Abstract]
Compensation and benefits	$ 807	$ 745
Professional services	212	2,176
Accrued interest	150	132
Accrued clinical trial and preclinical costs	647	404
Other	126	70
Total accured expense and other current liabilities	$ 1,942	$ 3,527

Balance Sheet Components (Addit

Balance Sheet Components (Additional Information) (Details) - USD ($)				3 Months Ended		6 Months Ended
	Oct. 31, 2023	May 31, 2023	Dec. 16, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Balance Sheet Components [Line Items]
Property and equipment, net				$ 34,000		$ 34,000		$ 249,000
Proceeds from disposal of assets				36,000		211,000
Proceeds From Sale Of Other Assets 1				17,000		303,000
Depreciation and amortization expense				$ 2,000	$ 18,000	$ 4,000	$ 34,000
Common stock, shares issued				9,732,000		9,732,000		8,318,000
Proceeds from Issuance of Common Stock						$ 752,000	$ 1,003,000
Private Placement
Balance Sheet Components [Line Items]
aggregate purchase price		$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000					$ 3,500,000
Sell and purchase of its common stock, description						With respect to the second closing, the Company is obligated to sell and issue a number of shares of its common stock and the investors are obligated to buy such shares by the specified date and price equal to the volume-weighted average price of Company common stock for the five trading days prior to October 31, 2023 (“VWAP”) plus 10% of the VWAP; provided, however, that the share purchase price shall be at least equal to the closing price of the Company’s common stock on March 29, 2023.
Common stock, shares issued			649,346
Proceeds from Issuance of Common Stock			$ 7,400,000			$ 5,000,000
Equipment
Balance Sheet Components [Line Items]
Property and equipment, net								$ 100,000

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total notes payable	$ 779	$ 779
Fair Value	761	748
Less: current portion	379	0
Notes payable, net of current portion	382	748
2020 Notes Payable
Debt Instrument [Line Items]
Total notes payable	250	250
Fair Value	232	219
Other Notes Payable
Debt Instrument [Line Items]
Total notes payable	379	379
Fair Value	379	379
Small Business Administration Loan
Debt Instrument [Line Items]
Total notes payable	150	150
Fair Value	$ 150	$ 150

Notes Payable - Schedule of Exp

Notes Payable - Schedule of Expected Future Minimum Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
Remainder of 2023	$ 0
2024	629
2025	0
2026	0
2027	2
Thereafter	148
Total notes payable	779
Less: current portion	379	$ 0
Notes payable, net of current portion	$ 400

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended			6 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	Oct. 31, 2020	Aug. 31, 2020	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 10, 2020
Debt Instrument [Line Items]
(Loss) gain on extinguishments of debt, net					$ 0		$ (174,000)	$ 0	$ 495,000
Commercial revenues					$ 5,161,000		833,000	$ 5,442,000	1,266,000
Debt instrument, maturity date				Aug. 31, 2050
2020 Notes
Debt Instrument [Line Items]
Convertible debt			$ 25,000,000
Debt instrument, interest rate, effective percentage			16%							50%
Refinanced notes payable			$ 3,000,000
Debt instrument revised interest rate			6%			50%
Debt instrument, interest rate, increase (decrease)			16%
2020 Notes
Debt Instrument [Line Items]
Debt Instrument Outstanding Principal And Accrued Interest	$ 1,400,000
Non-voting common stock percentage	15%
Long-term debt, gross	$ 250,000
Debt instrument,outstanding principal and accrued interest	$ 1,400,000
Non-voting common, shares, issued	59,000
Debt instrument, interest rate, increase (decrease)	6%
Other Notes Payable
Debt Instrument [Line Items]
Long-term debt, gross		$ 379,000					$ 379,000		$ 379,000
Fixed interest rate					12%			12%
Debt instrument, interest rate, increase (decrease)		6%	13%
Small Business Administration Loan
Debt Instrument [Line Items]
Fixed interest rate				3.75%
Loan proceeds				$ 150,000

Commitments and Contingencies_2

Commitments and Contingencies (Additional Information) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 20, 2022 USD ($)	Jun. 30, 2020 ft²	May 31, 2020 ft²	Jan. 31, 2019 ft²	Dec. 31, 2017 ft²
Lease Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Lessee, Operating Lease, Option to Extend			contains two five-year options to extend the lease term.
Area of land | ft²						14,870	22,064
Lease Expiration Date			Jul. 31, 2024
Payments for rent	$ 214,000	$ 208,000	$ 450,000	$ 416,000
Variable lease, cost	137,000	124,000	$ 310,000	262,000
Accrued Compensation					$ 1,300,000
Sublease Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Area of land | ft²								7,194	1,850
Lease term extend, description			In October 2020 the sublease expiration date was extended from December 2020 to December 2022.
Sublease income	$ 49,000	$ 46,000	$ 97,000	$ 95,000
Proceeds from rent			$ 60,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Operating Lease Future Undiscounted Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Lease [Abstract]
Remainder of 2023	$ 470
2024	561
Total undiscounted lease payments	1,031
Less: Imputed interest	(50)
Operating lease liability	981
Less: Operating lease liability, current portion	(900)	$ (843)
Operating lease liability, net of current portion	$ 81	$ 547

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Leases Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease:
Cash paid for operating lease agreement (in thousands)	$ 235	$ 228	$ 466	$ 452
Remaining lease term (in years)	1 year 1 month 6 days	2 years 1 month 6 days	1 year 1 month 6 days	2 years 1 month 6 days
Incremental borrowing rate	10%	10%	10%	10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Finance Lease Future Undiscounted Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finance Lease [Abstract]
Remainder of 2023	$ 25
2024	50
2025	32
2026	10
Total undiscounted lease payments	117
Less: Imputed interest	(13)
Financing lease liabilities	104
Less: Financing lease liabilities, current portion	(42)	$ (40)
Finance lease liabilities, net of current portion	$ 62	$ 83

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Finance Leases Supplemental Information (Details)	Jun. 30, 2023	Dec. 31, 2022
Finance Leases:
Weighted average remaining lease term (in years)	2 years 6 months	3 years 2 months 12 days
Incremental borrowing rate	9.30%	9.30%

Strategic License Agreements -

Strategic License Agreements - Additional Information (Details) - USD ($)			6 Months Ended	47 Months Ended
	Jun. 09, 2021	Aug. 10, 2020	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
License Agreements Disclosure [Line Items]
Aggregate fair market value			$ 10,000	$ 10,000	$ 8,000
Number of shares issued			9,732,000	9,732,000	8,318,000
Milestones achieved			$ 0
Royalties due			$ 0
Option and License Agreement | Gigagen, Inc
License Agreements Disclosure [Line Items]
Payments for option and license agreement		$ 200,000
Upfront option exercise fee	$ 100,000	400,000
Development and regulatory milestones, aggregate amount payable	21,000,000	21,000,000
Sales milestone, aggregate amount payable	11,000,000	11,000,000
Milestone expenses				$ 500,000
Royalties due				$ 0
Option and License Agreement | Gigagen, Inc | Non-voting Common Stock
License Agreements Disclosure [Line Items]
Aggregate fair market value	$ 250,000	$ 250,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Warrants to Purchase (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Warrant Or Right [Line Items]
Number Outstanding		533	338
Issued		1,973
Exercised		(195)	(46)
Cancelled/Expired		(16)	(18)
Number Outstanding	274	2,295	274
2013
Class Of Warrant Or Right [Line Items]
Expiration Date			2023-04
Number Outstanding		12	12
Cancelled/Expired		(12)
Number Outstanding	12		12
Range of Exercise Price	$ 10.17		$ 10.17
2017
Class Of Warrant Or Right [Line Items]
Expiration Date		2023-11	2022-09
Expiration Date		2025-06	2025-06
Number Outstanding		131	203
Exercised			(20)
Cancelled/Expired			(17)
Number Outstanding	166	131	166
2017 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14	$ 0.14
2017 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 23.25	$ 21.8	$ 23.25
2019
Class Of Warrant Or Right [Line Items]
Expiration Date		2025-03	2022-07
Expiration Date		2027-04	2027-04
Number Outstanding		44	50
Exercised			(2)
Cancelled/Expired		(4)	(1)
Number Outstanding	47	40	47
2019 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14	$ 0.14
2019 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 26.88	$ 21.8	$ 26.88
2020
Class Of Warrant Or Right [Line Items]
Expiration Date	2023-02	2023-10
Expiration Date			2023-10
Number Outstanding		45	73
Exercised			(24)
Number Outstanding	49	45	49
Range of Exercise Price		$ 0.14
2020 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14		$ 0.14
2020 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 26.88		$ 26.88
2022
Class Of Warrant Or Right [Line Items]
Expiration Date		2025-08
Expiration Date		2029-12
Number Outstanding		301
Exercised		(128)
Number Outstanding		173
2022 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 0.14
2022 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 168.35
2023
Class Of Warrant Or Right [Line Items]
Expiration Date		2028-04
Expiration Date		2033-04
Issued		1,973
Exercised		(67)
Number Outstanding		1,906
2023 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 4.08
2023 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 5.26

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)				3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 31, 2023	Apr. 20, 2023	Dec. 16, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Proceeds from exercise of warrants							$ 17,000	$ 7,000
Proceeds from issuance of common stock							$ 752,000	1,003,000
Common stock, shares issued				9,732,000			9,732,000		8,318,000
Common stock issued for services					$ 41,000
outstanding principal and accrued interest under the other notes payable						$ 1,100,000		$ 1,300,000
Shares issued, shares						46,000		55,000
Net proceeds							$ 5,479,000	$ 0
Common stock, shares authorized				125,000,000			125,000,000		125,000,000
Common stock, par value				$ 0.001			$ 0.001		$ 0.001
fair value				$ 3,500,000			$ 3,500,000
Common stock, shares outstanding				9,732,000			9,732,000		8,318,000
Securities Purchase Agreement
Warrants exercise price		$ 0.001
Shares issued, shares		948,000
Share price		$ 4.21
Merger [Member]
Common stock, shares issued				9,732,463			9,732,463
Common stock, shares outstanding				9,732,463			9,732,463
Investors | Securities Purchase Agreement
Share price		$ 4.209
Gross proceeds from offerings		$ 6,000,000
Private Placement
Common stock purchase price	$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000						$ 3,500,000
Proceeds from issuance of common stock			$ 7,400,000				$ 5,000,000
Common stock, shares issued			649,346
Total offering-related fees		520,000
Net proceeds		$ 5,500,000
Private Placement | Securities Purchase Agreement
Share price		$ 4.08
Warrants to purchase shares of common stock		1,425,179
Private Placement | Investors
Proceeds from issuance of common stock			$ 7,400,000
Common stock, shares issued			649,346
Restricted Stock Units (RSUs) [Member]
Common stock upon conversion of restricated stock units				109,000			132,000
Individual Investors Member
Proceeds from issuance of common stock						$ 905,000	$ 800,000
Share sold						33,000	126,503	36,000
Net proceeds								$ 1,000,000
Wainwright & Co., LLC [Member]
Warrants exercise price		$ 5.2625
Warrant term		5 years
Wainwright & Co., LLC [Member] | Private Placement | Securities Purchase Agreement
Warrants to purchase shares of common stock		71,259
Payments to related party		$ 420,000
Non-accountable expense		35,000
Legal fees		$ 50,000
Registered Offering [Member]
Proceeds from issuance of common stock				$ 4,000,000
Share sold				948,000
professional services[Member]
Number Of shares issued for service							12,000
Common stock issued for services							$ 41,000
Non-voting Common Stock | Private Placement
Common stock warrants issued									104,000
Warrants exercise price									$ 0.14
Executive Officer [Member]
Common stock upon conversion of restricated stock units				81,000			100,000
Director [Member]
Common stock upon conversion of restricated stock units				8,000			2,000
Other Employees [Member]
Common stock upon conversion of restricated stock units							22,000
Warrant [Member]
Warrants exercise price						$ 0.14		$ 0.14
Common stock upon exercise of warrants						44,000		45,000
Proceeds from exercise of warrants				$ 10,000		$ 6,000	$ 17,000	$ 6,000
Shares issued, shares				144,000			195,000
Warrant [Member] | Securities Purchase Agreement
Common stock upon exercise of warrants				144,000			195,000
Proceeds from exercise of warrants				$ 10,000			$ 17,000
Warrant [Member] | Common Stock [Member]
Warrants exercise price				$ 0.14			$ 0.14
Common stock upon exercise of warrants								45,000
Proceeds from exercise of warrants						$ 7,000		$ 7,000
Shares issued, shares						44,000
Minimum [Member] | Warrant [Member]
Share price				0.001			0.001
Minimum [Member] | Warrant [Member] | Securities Purchase Agreement
Warrants exercise price				0.001			0.001
Maximum [Member] | Securities Purchase Agreement
Warrants exercisable		477,179
Maximum [Member] | Warrant [Member]
Share price				0.14			0.14
Maximum [Member] | Warrant [Member] | Securities Purchase Agreement
Warrants exercise price				$ 0.14			$ 0.14

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Common Stock for Future Issuance (Details) shares in Thousands	Jun. 30, 2023 shares
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	5,311
Stock Options And Restricted Stock Units
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	1,969
Equity Securities
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	1,047
Warrant
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	2,295

Collaboration Agreement - Summa

Collaboration Agreement - Summary of collaboration revenue agreement and deferred revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of beginning of period	$ 442	$ 0
Decrease for provision of researchs services	(442)	0
Balance as of end of period	$ 0	$ 0

Collaboration Agreement (Additi

Collaboration Agreement (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 0	$ 0	$ 0	$ 0	$ 442,000	$ 0
Revenue	161,000		442,000
Merck Co Inc [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	0		0		$ 442,000
Revenue	$ 161,000	$ 0	$ 442,000	$ 0

Grant Agreement - Additional In

Grant Agreement - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Recognized grant revenue from federal agencies	$ 0	$ 224,000	$ 0	$ 299,000
National Institutes Of Health | Grant revenues [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant Received for Research And Development					$ 1,100,000

Licensing Revenue Agreement - S

Licensing Revenue Agreement - Summary Of Licensing Revenue Agreements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of December 31, 2022	$ 0	$ 1,041
Decrease for provision of research services	0	(967)
Balance as of March 31, 2023	$ 0	$ 74

Licensing Revenue Agreement - A

Licensing Revenue Agreement - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
License revenue recognized		$ 161,000		$ 442,000
Deferred revenue		0	$ 0	0	$ 0	$ 442,000	$ 0
Genentech,Inc.
Deferred Revenue Arrangement [Line Items]
Deferred revenue		0		0
Genentech,Inc. | License And Research Collaboration Agreement
Deferred Revenue Arrangement [Line Items]
License revenue recognized		0	$ 609,000	0	$ 967,000
Merck Neuromuscular License Agreement
Deferred Revenue Arrangement [Line Items]
License revenue recognized		$ 5,000,000
Milestone payments				5,000,000
Milestones and royalties on net sales				$ 255,000,000
Merck Neuromuscular License Agreement | Forecast [Member]
Deferred Revenue Arrangement [Line Items]
Revenue recognition milestone method revenue recognized	$ 5,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020	Dec. 31, 2010	Dec. 31, 2008
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted					1,268,000
Expense recognized	$ 1,870,000	$ 1,054,000	$ 755,000	$ 285,000	$ 2,924,000	$ 1,040,000
Amount of cost not yet recognized	$ 3,800,000				$ 3,800,000
Compensation cost not yet recognized, period for recognition					2 years 1 month 6 days
2008 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage									100%
2010 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage								100%
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage							100%
Incentive stock options granted, description							However, the exercise price of incentive stock options granted to a 10% stockholder shall not be less than 110% of the fair market value of the common stock on the date of grant and the contractual term shall not exceed ten years.
2020 Equity Incentive Plan [Member] | Voting Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted					206,000
2020 Equity Incentive Plan [Member] | Nonvoting Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted					206,000
2022 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage	100%				100%
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 267,000				$ 267,000
Stock Appreciation Rights (SARs) | 2010 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Outstanding	0				0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding as of June 30, 2023 | shares	734
Outstanding Stock Options, Granted | shares	1,268
Outstanding Stock Options, Forfeited | shares	(34)
Outstanding Stock Options, Expired | shares	(9)
Outstanding Stock Options as of March 31, 2023 | shares	1,959	734
Outstanding Stock Options, Exercisable as of June 30, 2023 | shares	982
Weighted- Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 22.67
Weighted- Average Exercise Price Per Share, Granted | $ / shares	3.28
Weighted- Average Exercise Price Per Share, Forfeited | $ / shares	26.85
Weighted- Average Exercise Price Per Share, Expired | $ / shares	10.9
Weighted- Average Exercise Price Per Share, Ending Balance | $ / shares	10.1	$ 22.67
Weighted- Average Exercise Price Per Share, Exercisable as of June 30, 2023 | $ / shares	$ 8.53
Weighted Average Remaining Contractual Term, Outstanding	8 years 1 month 6 days	5 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable as of June 30, 2023	6 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 0	$ 0
Aggregate Intrinsic Value, Exercisable as of June 30, 2023 | $	$ 0

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	110.30%	84.20%
Expected term (years)	6 years 6 months	5 years 9 months 18 days
Risk-free interest rate	3.40%	1.60%
Expected dividend yield	0%	0%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	111.60%	84.70%
Expected term (years)		6 years 7 months 6 days
Risk-free interest rate	3.40%	2.20%
Expected dividend yield	0%	0%

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Companies Restricted Stock Activity (Detail)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Restricted Stock, Beginning Balance | shares	175,000
Number of Restricted Stock, Released | shares	(132,000)
Number of Restricted Stock, Forfeited | shares	(33,000)
Number of Restricted Stock, ending Balance | shares	10,000
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 26.89
Weighted-Average Grant Date Fair Value Per Share, Released | $ / shares	26.89
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	26.48
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 27.22

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Total Stock-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 1,870	$ 1,054	$ 755	$ 285	$ 2,924	$ 1,040
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	348		438		425	603
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 1,522		$ 317		$ 2,499	$ 437

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to Kineta, Inc.		$ 386	$ (5,878)	$ (6,065)	$ (10,854)
Denominator:
Weighted-average shares outstanding, basic	[1]	9,939	4,795	9,339	4,766
Weighted-average shares outstanding, diluted	[1]	9,939	4,795	9,339	4,766
Net income (loss) per share, basic		$ 0.04	$ (1.23)	$ (0.65)	$ (2.28)
Net income (loss) per share, diluted		$ 0.04	$ (1.23)	$ (0.65)	$ (2.28)
[1] Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $ 0.001 to $ 0.14 . Included in the denominator were 146,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2022 with an exercise price of $ 0.14 .

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Basic and Diluted Net Loss per Share (Parenthetical) (Details) - Common Stock [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares, Contingently Issuable	640,000	146,000	506,000	146,000
Share price		$ 0.14		$ 0.14
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share price	$ 0.001		$ 0.001
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share price	$ 0.14		$ 0.14

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	3,656	1,685	3,656	1,685
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,959	737	1,959	737
Unvested restricted stock subject to repurchase [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	10	170	10	170
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,631	128	1,631	128
Vested restricted stock subject to recall [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	56	56	56	56
Convertible Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	594	0	594

Net Loss Per Share (Additional

Net Loss Per Share (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Defined contribution plan	$ 29,000	$ 26,000	$ 69,000	$ 67,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
(Loss) gain on extinguishments of debt, net	$ 0	$ (174)	$ 0	$ 495
Executive management
Related Party Transaction [Line Items]
Issuance of warrants	3,000
Number of shares issued	81,000		81,000
Directors
Related Party Transaction [Line Items]
Issuance of warrants	60,000
Number of shares issued	8,000		8,000
2020 Convertible Notes
Related Party Transaction [Line Items]
Convertible notes principal balance outstanding				9,800
Convertible notes				$ 1,800
Common Stock [Member]
Related Party Transaction [Line Items]
Conversion Price		$ 0.14		$ 0.14
Issuance of warrants	63,000
Executive management purchased Shares	5,000
Number of shares issued	89,000		89,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Jul. 01, 2023
Kimberlee Drapkin And Scott Dylla
Subsequent Event [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number			20,000
Subsequent Event
Subsequent Event [Line Items]
Stock vested, description		These stock option grants were issued under the 2022 Plan and vest in equal quarterly installments over three years.
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Payments for private placement	$ 22.5