Kineta (KANT) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 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	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		10,393,567

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 7,562	$ 13,143
Prepaid expenses and other current assets	281	457
Total current assets	7,843	13,600
Property and equipment, net	3	249
Operating right-of-use asset	664	1,211
Rights from Private Placement	2,070	2,250
Restricted cash	125	125
Total assets	10,705	17,435
Current liabilities:
Accounts payable	4,333	6,635
Accrued expenses and other current liabilities	1,857	3,527
Deferred revenue	0	442
Notes payable, current portion	615	0
Operating lease liability, current portion	767	843
Finance lease liabilities, current portion	43	40
Total current liabilities	7,615	11,487
Notes payable	150	748
Operating lease liability, net of current portion	0	547
Finance lease liabilities, net of current portion	51	83
Total liabilities	7,816	12,865
Commitments and contingencies (Note 6)
Shareholders' equity (deficit):
Common stock, $0.001 par value; 125,000 shares authorized as of September 30, 2023 and December 31, 2022; 10,215 and 8,318 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	10	8
Additional paid-in capital	165,839	156,106
Accumulated deficit	(163,135)	(151,690)
Total stockholders equity attributable to Kineta, Inc.	2,714	4,424
Noncontrolling interest	175	146
Total stockholders' equity	2,889	4,570
Total liabilities and stockholders' equity	$ 10,705	$ 17,435

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	10,215,000	8,318,000
Common stock, shares outstanding	10,215,000	8,318,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues		$ 0	$ 200	$ 5,442	$ 1,466
Operating expenses:
Research and development		1,909	2,605	7,462	10,507
General and administrative		2,077	2,046	9,432	5,480
Total operating expenses		3,986	4,651	16,894	15,987
Loss from operations		(3,986)	(4,451)	(11,452)	(14,521)
Other (expense) income:
Interest expense (with related parties $0 for the three and nine months ended September 30, 2023 and $465 and $1,366 for the three and nine months ended September 30, 2022, respectively)		(21)	(559)	(65)	(1,699)
Change in fair value of rights from Private Placement		(1,401)	0	(180)	0
Change in fair value measurement of notes payable		(4)	(418)	(17)	(542)
(Loss) gain on extinguishments of debt, net		0	(236)	0	259
Other (expense) income, net		101	(3)	298	(17)
Total other (expense) income, net		(1,325)	(1,216)	36	(1,999)
Net income (loss)		(5,311)	(5,667)	(11,416)	(16,520)
Net (loss) income attributable to noncontrolling interest		69	(82)	29	(81)
Net income (loss) attributable to Kineta, Inc.		$ (5,380)	$ (5,585)	$ (11,445)	$ (16,439)
Net loss per share, basic		$ (0.46)	$ (1.14)	$ (1.09)	$ (3.42)
Net loss per share, diluted		$ (0.46)	$ (1.14)	$ (1.09)	$ (3.42)
Weighted-average shares outstanding, basic	[1]	11,738	4,891	10,505	4,808
Weighted-average shares outstanding, diluted	[1]	11,738	4,891	10,505	4,808
Collaboration revenue [Member]
Revenues:
Total revenues		$ 0	$ 0	$ 442	$ 0
Licensing revenues [Member]
Revenues:
Total revenues		0	0	5,000	965
Grant revenues [Member]
Revenues:
Total revenues		$ 0	$ 200	$ 0	$ 501
[1] Included in the denominator were 577,000 and 530,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2023, respectively, with an exercise price of $ 0.14 . Included in the denominator were 155,000 and 153,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2022 , respectively, with an exercise price of $ 0.14 .

Condensed Condensed Consolidate

Condensed Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Interest Expense Related Parties	$ 0	$ 465	$ 0	$ 1,366

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	114,000
Stock-based compensation	$ 1,517
Net income (loss)	(16,520)
Balance at Sep. 30, 2022	(22,122)	$ 5	82,484	(104,721)	(22,232)	110
Balance, Shares at Sep. 30, 2022		4,884,000
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		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
Issuance of common stock	$ 553		553		553
Issuance of common stock, Shares	59,000	20,000
Issuance of common stock upon extinguishment of notes payable and accrued interest	$ 1,622		1,622		1,622
Issuance of common stock upon extinguishment of notes payable and accrued interest, Shares		59,000
Issuance of common stock upon exercise of warrants	63		63		63
Issuance Of Warrants For Services	62		62		62
Issuance of Warrants in Connection with Notes Payable	47		47		47
Issuance of common stock upon exercise of warrants, Shares		3,000
Issuance of common stock upon cashless exercise of stock options		10,000
Stock-based compensation	477		477		477
Net income (loss)	(5,667)			(5,585)	(5,585)	(82)
Balance at Sep. 30, 2022	(22,122)	$ 5	82,484	(104,721)	(22,232)	110
Balance, Shares at Sep. 30, 2022		4,884,000
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 vesting of RSUs, Shares		23,000
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 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	3,398
Net income (loss)	(11,416)
Balance at Sep. 30, 2023	2,889	$ 10	165,839	(163,135)	2,714	175
Balance, Shares at Sep. 30, 2023		10,215,000
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 vesting of RSUs, Shares		109,000
Issuance of common stock upon exercise of warrants	10		10		10
Issuance of common stock upon exercise of warrants, Shares		144,000
Stock-based compensation			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
Issuance of common stock upon exercise of warrants	3		3		3
Issuance of common stock upon exercise of warrants, Shares		432,000
Issuance of common stock for services	114		114		114
Issuance of common stock for services, Shares		51,000
Stock-based compensation	474		474		474
Net income (loss)	(5,311)			(5,380)	(5,380)	69
Balance at Sep. 30, 2023	$ 2,889	$ 10	$ 165,839	$ (163,135)	$ 2,714	$ 175
Balance, Shares at Sep. 30, 2023		10,215,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (11,416)	$ (16,520)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of rights from Private Placement	180	0
Change in fair value of notes payable	17	542
Non-cash stock-based compensation	3,398	1,517
Non-cash operating lease expense	547	489
Depreciation and amortization	5	39
Common stock issued for services	155	62
Gain on extinguishments of debt, net	0	(259)
Non-cash interest expense	0	47
Gain on disposal of asset	(90)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	176	(2,030)
Accounts payable	(2,302)	5,206
Accrued expenses and other current liabilities	(1,739)	881
Operating lease liability	(623)	(545)
Deferred revenue	(442)	(965)
Net cash used in operating activities	(12,134)	(11,536)
Investing activities:
Purchases of property and equipment	0	(15)
Proceeds from sale of property and equipment	331	0
Net cash provided by (used in) investing activities	331	(15)
Financing activities:
Proceeds from private placement	5,479	0
Proceeds from notes payable	0	5,620
Proceeds from issuance of common stock	752	1,556
Proceeds from exercise of warrants	20	70
Repayments of notes payable	0	(4,000)
Repayments of finance lease liabilities	(29)	(29)
Net cash provided by (used in) financing activities	6,222	3,217
Net change in cash and restricted cash	(5,581)	(8,334)
Cash and restricted cash at beginning of year	13,268	11,219
Cash and restricted cash at end of year	7,687	2,885
Components of cash and restricted cash:
Cash	7,562	2,810
Restricted cash	125	75
Total cash and restricted cash	7,687	2,885
Supplemental disclosure of cash flow information:
Cash paid for interest	36	1,007
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock upon extinguishment of notes payable and accrued interest	0	3,095
Withholding to cover taxes from RSU vesting	69	0
Finance lease liabilities arising from obtaining new right-of-use assets	0	41
Issuance of warrants to purchase common stock in connection with notes payable	$ 0	$ 47

Organization and Liquidity

Organization and Liquidity	9 Months Ended
	Sep. 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 September 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, the Company entered into a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 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 April 15, 2024. 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 September 30, 2023, had an accumulated deficit of $ 163.1 million . The net loss attributable to the Company was $ 5.3 million for the three months ended September 30, 2023 and $ 11.4 million for the nine months ended September 30, 2023. As of September 30, 2023, the Company had unrestricted cash of $ 7.6 million . The Company’s cash as of September 30, 2023 , together with the $ 2.7 million net proceeds received in October 2023 from the registered direct offering plus 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	9 Months Ended
	Sep. 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 September 30, 2023 and for the three and nine months ended September 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 September 30, 2023 and condensed consolidated results of operations and cash flows for the three and nine months ended September 30, 2023 and 2022 have been made. The results of operations for the three and nine months ended September 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 zero for the three months ended September 30, 2023 and $ 442,000 for the nine months ended September 30, 2023. As of June 30, 2023, the Company completed its project services 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 zero for the three months ended September 30, 2023 and $ 5.0 million for the nine months ended September 30, 2023 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement. Net loss per share Basic net loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per common share is computed by dividing net 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. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. In computing basic net loss per share, nominal issuances of common stock, including warrants to purchase the Company’s common stock with an exercise price of $ 0.14 per share, are reflected in basic net loss per share for all periods, even if antidilutive.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2023 were as follows: volatility of 86 %, risk-free interest rate of 5.40 % and funding probability of 75 %, which resulted in a loss in fair value of $ 1.4 million for the three months ended September 30, 2023 and a loss of $ 0.2 million for the nine months ended September 30, 2023, which is recorded in other income (expense) in the Statement of Operations. The fair value measurement as of September 30, 2023 was approximately $ 2.1 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: Nine Months Ended September 30, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Change in fair value of rights from Private Placement ( 180 ) — Balance at end of period $ 2,070 $ — 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 September 30, 2023 were as follows: discount rate of 14.0 % and contractual payment date of 0.8 year, which resulted in a fair value for the 2020 note of $ 236,000 . The significant unobservable inputs used in the fair value measurement of the 2020 notes for the three months ended September 30, 2022 were as follows: discount rate ranging from 11.3 % to 11.7 % and contractual payment dates ranging from 0.1 years to 2.4 years, which resulted in a fair value of the 2020 notes ranging from $ 1.6 million to $ 2.9 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 September 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 September 30, 2022 were as follows: discount rate ranging from 11.3 % to 41.2 %, timing of the qualified financing ranging from 0.2 years to 0.75 years, timing of the repayment scenarios based on contractual maturity dates ranging from 0.25 years to 1.25 years, probability of a qualified financing ranging from 80 % to 90 % and probability of repayment ranging from 10 % to 20 %, which resulted in a fair value range for the 2020 convertible notes of $ 11.3 million to $ 16.2 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 September 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 September 30, 2022 were as follows: discount rate ranging from 33.6 % to 41.2 %, timing of the qualified financing ranging from 0.2 years to 0.6 years, timing of the automatic conversion scenario ranging from 0.4 years to 1.0 year, probability of a qualified financing ranging from 80 % to 90 % and probability of automatic conversion ranging from 10 % to 20 %, which resulted in a fair value of these 2022 convertible notes ranging from $ 4.8 million to $ 5.3 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: Nine Months Ended September 30, 2023 2022 (in thousands) Balance at beginning of period $ 219 $ 17,830 Issuance of 2022 convertible notes — 5,620 Change in fair value of 2022 & 2020 notes payable 17 542 Partial settlement of 2020 notes payable — ( 5,973 ) Balance at end of period $ 236 $ 18,019

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 (in thousands) Laboratory equipment $ — $ 779 Computer and software 67 73 Leasehold improvements 14 14 Total property and equipment 81 866 Less: Accumulated depreciation and amortization 78 617 Total property and equipment, net $ 3 $ 249 Depreciation and amortization expense was $ 1,000 for the three months ended September 30, 2023 and $ 5,000 for the nine months ended September 30, 2023. Depreciation and amortization expense was $ 15,000 for the three months ended September 30, 2022 and $ 39,000 for the nine months ended September 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 September 30, 2023 and $ 125,000 as of December 31, 2022, net of accumulated depreciation. During the three months ended September 30, 2023 , the Company disposed of assets with a net carrying value of $ 29,000 and received proceeds of $ 28,000 . During the nine months ended September 30, 2023 , the Company disposed of assets with a net carrying value of $ 241,000 and received proceeds of $ 331,000 .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, the Company entered into the Securities Purchase Agreement 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 April 15, 2024 . 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 April 15, 2024 (“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 $ 2.1 million rights from Private Placement asset as of September 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: September 30, 2023 December 31, 2022 (in thousands) Compensation and benefits $ 980 $ 745 Accrued clinical trial and preclinical costs 304 404 Accrued interest 158 132 Professional services 64 2,176 Other 351 70 Total accrued expenses and other current liabilities $ 1,857 $ 3,527

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Note Payable	5. Notes Payable Notes payable outstanding consisted of the following as of the periods presented: September 30, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 236 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 765 $ 779 748 Less: current portion 615 — Notes payable, net of current portion $ 150 $ 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 September 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 615 Notes payable, net of current portion $ 164 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. As the 2020 notes were valued pursuant to the fair value election, an immaterial gain was recognized upon extinguishment. 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. As the other notes payable approximated their fair value, no gain or loss was recognized upon extinguishment. 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	9 Months Ended
	Sep. 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 and utilities. Such additional charges are considered variable lease costs and are recognized in the period in which they are incurred. Rent expense was $ 208,000 for the three months ended September 30, 2023 and variable costs were $ 137,000 . Rent expense was $ 658,000 for the nine months ended September 30, 2023 and variable costs were $ 447,000 . Rent expense was $ 208,000 for the three months ended September 30, 2022 and variable costs were $ 124,000 . Rent expense was $ 624,000 for the nine months ended September 30, 2022 and variable costs were $ 386,000 . 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 September 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 235 2024 561 Total undiscounted lease payments 796 Less: Imputed interest ( 29 ) Operating lease liability 767 Less: Operating lease liability, current portion ( 767 ) Operating lease liability, net of current portion $ — Supplemental information on the Company’s operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash paid for operating lease agreement (in thousands) $ 235 $ 228 $ 701 $ 681 Remaining lease term (in years) 0.8 1.8 0.8 1.8 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 September 30, 2023 and $ 146,000 for the nine months ended September 30, 2023 . Sublease income was $ 47,000 for the three months ended September 30, 2022 and $ 141,000 for the nine months ended September 30, 2022. As of September 30, 2023, the total minimum rentals to be received under the remaining noncancelable sublease was $ 30,000 . Finance Leases Future undiscounted payments due under finance lease liabilities as of September 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 12 2024 50 2025 32 2026 10 Total undiscounted lease payments 104 Less: Imputed interest ( 10 ) Financing lease liabilities 94 Less: Financing lease liabilities, current portion ( 43 ) Financing lease liabilities, net of current portion $ 51 Supplemental information on the Company’s financing leases was as follows (cash paid for finance lease agreements was not material): September 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 2.3 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	9 Months Ended
	Sep. 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 September 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 September 30, 2023 , no ne of the milestones have been achieved and no royalties were due under the agreement.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	8. Stockholders’ Equity Warrants to Purchase Common Stock As of September 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 September 30, 2023 Range of 2013 12 — — ( 12 ) — 2017 November 2023 - June 2025 131 — — — 131 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — — 44 $ 0.14 - $ 21.80 2020 October 2023 45 — ( 1 ) ( 4 ) 40 $ 0.14 2022 August 2025 - December 2029 301 — ( 149 ) — 152 $ 0.14 - $ 168.35 2023 April 2028 - October 2028 — 1,973 ( 477 ) — 1,496 $ 4.08 - $ 5.26 Total number of shares 533 1,973 ( 627 ) ( 16 ) 1,863 Equity Raises - Registered Direct Offering April 2023 On April 20, 2023, the Company entered into a Securities Purchase Agreement (the “April 2023 Purchase Agreement”) with an institutional investor (the “April 2023 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 “April 2023 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 “April 2023 Pre-Funded Warrants”) to the April 2023 Investor at a purchase price of $ 4.209 per April 2023 Pre-Funded Warrant, for aggregate gross proceeds from the April 2023 Registered Offering of approximately $ 6.0 million before deducting the placement agent fee (as described in greater detail below) and related offering expenses. Each April 2023 Pre-Funded Warrant represents the right to purchase one share of common stock at an exercise price of $ 0.001 per share. The April 2023 Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the April 2023 Pre-Funded Warrants are exercised in full. In a concurrent private placement (the “April 2023 Private Placement” and, together with the April 2023 Registered Offering, the “April 2023 Offering”), the Company issued to the April 2023 Investor warrants to purchase up to 1,425,179 shares of common stock (the “April 2023 Common Warrants”) at an exercise price of $ 4.08 per share. The April 2023 Common Warrants are exercisable immediately and will expire five and one-half years from the initial exercise date. In connection with the April 2023 Offering, the Company entered into an 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 April 2023 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 “April 2023 Wainwright Warrants”). The April 2023 Wainwright Warrants have a term of five years from the commencement of sales in the April 2023 Offering, and have an exercise price of $ 5.2625 per share. October 2023 On October 3, 2023, the Company, entered into a Securities Purchase Agreement (the “October 2023 Purchase Agreement”) with an institutional investor (the “October 2023 Investor”) pursuant to which the Company issued and sold, in a registered direct offering priced at-the-market under the rules of Nasdaq (such offering, the “October 2023 Registered Offering”), (i) an aggregate of 110,000 shares of its common stock, at a purchase price of $ 3.37 per share, and (ii) pre-funded warrants exercisable for up to 780,208 shares of its common stock (the “October 2023 Pre-Funded Warrants”) to the October 2023 Investor at a purchase price of $ 3.369 per October 2023 Pre-Funded Warrant, for aggregate gross proceeds from the October 2023 Registered Offering of approximately $ 3.0 million before deducting the placement agent fee (as described in greater detail below) and related offering expenses. Each October 2023 Pre-Funded Warrant represents the right to purchase one share of common stock at an exercise price of $ 0.001 per share. The October 2023 Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the October 2023 Pre-Funded Warrants are exercised in full. In a concurrent private placement (the “October 2023 Private Placement” and, together with the October 2023 Registered Offering, the “October 2023 Offering”), the Company issued to the October 2023 Investor warrants to purchase up to 890,208 shares of common stock (the “October 2023 Common Warrants”) at an exercise price of $ 3.25 per share. The October 2023 Common Warrants are exercisable immediately and will expire five and one-half years from the initial exercise date. In connection with the October 2023 Offering, the Company entered into an engagement letter with 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 October 2023 Purchase Agreement. As compensation for such placement agent services, the Company paid Wainwright an aggregate cash fee equal to $ 210,000 , 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 $ 310,000 , which resulted in net proceeds to the Company of $ 2.7 million. On October 5, 2023, the Company also issued to Wainwright or its designees warrants to purchase 44,510 shares of common stock (the “October 2023 Wainwright Warrants”). The October 2023 Wainwright Warrants have a term of five years from the commencement of sales in the October 2023 Offering, and have an exercise price of $ 4.2125 per share. Warrant Exercises During the three months ended September 30, 2023 , the Company issued 432,000 shares of its common stock upon exercise of warrants and received proceeds of $ 3,000 . During the nine months ended September 30, 2023 , the Company issued 627,000 shares of its common stock upon exercise of warrants and received proceeds of $ 20,000 . The exercise price of all shares exercised during the nine months ended September 30, 2023 ranged from $ 0.001 to $ 0.14 . As of September 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 September 30, 2022 Range of 2013 April 2023 12 — — — 12 $ 10.17 2017 December 2022 - June 2025 203 — ( 20 ) ( 35 ) 148 $ 0.14 - $ 23.25 2019 October 2022 - April 2027 50 — ( 5 ) ( 1 ) 44 $ 0.14 - $ 21.80 2020 February 2023 - October 2023 73 — ( 23 ) — 50 $ 0.14 - $ 26.88 2022 August 2025 - September 2025 — 4 — — 4 $ 0.14 Total number of shares 338 4 ( 48 ) ( 36 ) 258 During the three months ended September 30, 2022 , the Company issued 3,000 shares of its common stock upon exercise of warrants and received proceeds of $ 63,000 . During the nine months ended September 30, 2022 , the Company issued 48,000 shares of its common stock upon exercise of warrants and received proceeds of $ 70,000 . The exercise price of all shares exercised during the nine months ended September 30, 2022 ranged from $ 0.14 to $ 26.88 . Common Stock As of September 30, 2023, there were 10,214,945 shares of common stock issued and outstanding. Common stock reserved for future issuance consisted of the following as the period presented: September 30, (in thousands) Shares reserved for stock options and restricted stock units to purchase 2,020 Shares reserved for future issuance of equity awards 932 Shares reserved for exercise of warrants 1,863 Total 4,815 During the three months ended September 30, 2023, the Company issued 51,000 shares of its common stock for professional services and recorded $ 114,000 as consulting expense within general and administrative expense. During the nine months ended September 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 nine months ended September 30, 2023 , the Company issued 63,000 shares of its common stock for professional services and recorded $ 155,000 as consulting expense within general and administrative expense. During the three months ended September 30, 2023 , the Company issued 432,000 shares of its common stock upon exercise of warrants and received proceeds of $ 3,000 . During the nine months ended September 30, 2023 , the Company issued 627,000 shares of its common stock upon exercise of warrants and received proceeds of $ 20,000 . The exercise price of all shares exercised ranged from $ 0.001 to $ 0.14 . During the nine months ended September 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, 10,000 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 September 30, 2022 , the Company sold 20,000 shares of its common stock to individual investors and received net proceeds of $ 553,000 . During the nine months ended September 30, 2022 , the Company sold 56,000 shares of its common stock to individual investors and received net proceeds of $ 1.6 million. During the three months ended September 30, 2022 , outstanding principal and accrued interest under the other notes payable of $ 1.6 million was settled by issuing 59,000 shares of the Company’s common stock at fair value (based on a recent valuation) to the holders. During the nine months ended September 30, 2022 , outstanding principal and accrued interest under the other notes payable of $ 2.9 million was settled by issuing 114,000 shares of the Company’s common stock at fair value (based on a recent valuation) to the holders. During the three months ended September 30, 2022 , the Company issued 3,000 shares of its common stock upon exercise of warrants and received proceeds of $ 63,000 . During the nine months ended September 30, 2022 , the Company issued 48,000 shares of its common stock upon exercise of warrants and received proceeds of $ 70,000 . The exercise price of all shares exercised ranged from $ 0.14 to $ 26.88 . 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 April 15, 2024 . 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 April 15, 2024 , 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 $ 2.1 million as of September 30, 2023 . The Company incurred insignificant issuance costs related to the Private Placement.

Collaboration Agreement

Collaboration Agreement	9 Months Ended
	Sep. 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): September 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 zero in revenue for the three months ended September 30, 2023 and $ 442,000 for the nine months ended September 30, 2023 . The Company recognized revenue of zero for the three and nine months ended September 30, 2022. As of September 30, 2023 , the Company had zero in deferred revenue under the Merck Neuromuscular License Agreement.

Grants Agreement

Grants Agreement	9 Months Ended
	Sep. 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 nine months ended September 30, 2023. The Company recognized grant revenue of $ 200,000 for the three months ended September 30, 2022 and $ 501,000 for the nine months ended September 30, 2022 .

Licensing Revenue Agreement

Licensing Revenue Agreement	9 Months Ended
	Sep. 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): September 30, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 965 ) Balance as of end of period $ — $ 76 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 nine months ended September 30, 2023 . The Company recognized license revenue of zero for the three months ended September 30, 2022 and $ 965,000 for the nine months ended September 30, 2022 . There was no deferred revenue related to this license as of September 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 one-time 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	9 Months Ended
	Sep. 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 225,041 stock options granted prior to the 2008 Plan expiration remain outstanding as of September 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 199,103 stock options granted prior to the expiration remain outstanding as of September 30, 2023. As of September 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 201,919 stock options and 9,809 RSUs granted prior to the 2020 Plan expiration remain outstanding as of September 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 1,383 $ 3.19 Exercised — $ — Forfeited ( 98 ) $ 25.82 Expired ( 9 ) $ 10.90 Outstanding as of September 30, 2023 2,010 $ 9.16 8.0 $ 286 Exercisable as of September 30, 2023 1,008 $ 13.79 6.5 $ 51 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: Nine Months Ended September 30, 2023 2022 Expected volatility 111.1 % - 113.1 % 84.2 % - 86.0 % Expected term (years) 5.35 - 6.08 3.0 - 7.0 Risk-free interest rate 3.4 % - 4.4 % 1.6 % - 2.9 % 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 September 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 ( 157 ) $ 26.89 Cancelled/Forfeited ( 8 ) $ 26.48 Outstanding and unvested as of September 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Research and development $ 91 $ 292 $ 516 $ 895 General and administrative 383 185 2,882 622 Total stock-based compensation $ 474 $ 477 $ 3,398 $ 1,517 As of September 30, 2023 , there was $ 3.4 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 2.0 years.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, excepts per share amounts) Numerator: Net loss attributable to Kineta, Inc. $ ( 5,380 ) $ ( 5,585 ) $ ( 11,445 ) $ ( 16,439 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 11,738 4,891 10,505 4,808 Net loss per share, basic and diluted $ ( 0.46 ) $ ( 1.14 ) $ ( 1.09 ) $ ( 3.42 ) (1) Included in the denominator were 577,000 and 530,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2023, respectively, with an exercise price of $ 0.14 . Included in the denominator were 155,000 and 153,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2022 , respectively, with an exercise price of $ 0.14 . The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share as of the periods presented because including them would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Common stock options 2,010 721 2,010 721 Unvested restricted stock subject to repurchase 10 170 10 170 Warrants to purchase common stock 1,630 154 1,630 154 Vested restricted stock subject to recall 56 56 56 56 Convertible notes, if converted — 660 — 660 Total 3,706 1,761 3,706 1,761 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 $ 24,000 for the three months ended September 30, 2023 and $ 93,000 for the nine months ended September 30, 2023 . The Company provided matching contributions of $ 30,000 for the three months ended September 30, 2022 and $ 97,000 for the nine months ended September 30, 2022 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions Stock Purchases During the three months ended September 30, 2023 , five members of the Company’s executive management purchased 30,000 shares of the Company’s common stock on the open market and one director of the Company purchased 5,000 shares of the Company’s common stock on the open market. During the nine months ended September 30, 2023 , five members of the Company’s executive management purchased 35,000 shares of the Company’s common stock on the open market and one director of the Company purchased 5,000 shares of the Company’s common stock on the open market. RSU Vesting During the nine months ended September 30, 2023 , the Company issued 100,000 shares of its common stock to members of the Company’s executive management and 10,000 shares to directors of the Company, upon vesting of restricted stock units. Warrant Exercises During the nine months ended September 30, 2023 , the Company issued 3,000 shares of its common stock to members of the Company’s executive management and 60,000 shares to a director of the Company, upon exercise of outstanding warrants. 2020 Convertible Notes As of September 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	9 Months Ended
	Sep. 30, 2023
Subsequent Events	15. Subsequent Events The Company evaluated subsequent events through the date these consolidated financial statements were issued. Equity Raise - Registered Direct Offering On October 3, 2023, the Company, entered into a Securities Purchase Agreement (the “October 2023 Purchase Agreement”) with an institutional investor (the “October 2023 Investor”) pursuant to which the Company issued and sold, in a registered direct offering priced at-the-market under the rules of Nasdaq (such offering, the “October 2023 Registered Offering”), (i) an aggregate of 110,000 shares of its common stock at a purchase price of $ 3.37 per share, and (ii) pre-funded warrants exercisable for up to 780,208 shares of its common stock (the “October 2023 Pre-Funded Warrants”) to the October 2023 Investor at a purchase price of $ 3.369 per October 2023 Pre-Funded Warrant, for aggregate gross proceeds from the October 2023 Registered Offering of approximately $ 3.0 million before deducting the placement agent fee (as described in greater detail below) and related offering expenses. Each October 2023 Pre-Funded Warrant represents the right to purchase one share of common stock at an exercise price of $ 0.001 per share. The October 2023 Pre-Funded Warrants are exercisable immediately and may be exercised at any time until the October 2023 Pre-Funded Warrants are exercised in full. In a concurrent private placement (the “October 2023 Private Placement” and, together with the October 2023 Registered Offering, the “October 2023 Offering”), the Company issued to the October 2023 Investor warrants to purchase up to 890,208 shares of common stock (the “October 2023 Common Warrants”) at an exercise price of $ 3.25 per share. The October 2023 Common Warrants are exercisable immediately and will expire five and one-half years from the initial exercise date. In connection with the October 2023 Offering, the Company entered into an 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 October 2023 Purchase Agreement. As compensation for such placement agent services, the Company paid Wainwright an aggregate cash fee equal to $ 210,000 , 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 $ 310,000 , which resulted in net proceeds to the Company of $ 2.7 million. On October 5, 2023, the Company also issued to Wainwright or its designees warrants to purchase 44,510 shares of common stock (the “October 2023 Wainwright Warrants”). The October 2023 Wainwright Warrants have a term of five years from the commencement of sales in the October 2023 Offering, and have an exercise price of $ 4.2125 per share. Amendment No. 6 to the Securities Purchase Agreement In connection and concurrently with the execution of the Merger Agreement, 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 an amendment to the Securities Purchase Agreement on October 13, 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 April 15, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 zero for the three months ended September 30, 2023 and $ 442,000 for the nine months ended September 30, 2023. As of June 30, 2023, the Company completed its project services 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 zero for the three months ended September 30, 2023 and $ 5.0 million for the nine months ended September 30, 2023 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement. Net loss per share Basic net loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per common share is computed by dividing net 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. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. In computing basic net loss per share, nominal issuances of common stock, including warrants to purchase the Company’s common stock with an exercise price of $ 0.14 per share, are reflected in basic net loss per share for all periods, even if antidilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Change in fair value of rights from Private Placement ( 180 ) — Balance at end of period $ 2,070 $ —
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: Nine Months Ended September 30, 2023 2022 (in thousands) Balance at beginning of period $ 219 $ 17,830 Issuance of 2022 convertible notes — 5,620 Change in fair value of 2022 & 2020 notes payable 17 542 Partial settlement of 2020 notes payable — ( 5,973 ) Balance at end of period $ 236 $ 18,019

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Schedule of Property and Equipment, Net		Property and equipment, net consisted of the following: September 30, 2023 December 31, 2022 (in thousands) Laboratory equipment $ — $ 779 Computer and software 67 73 Leasehold improvements 14 14 Total property and equipment 81 866 Less: Accumulated depreciation and amortization 78 617 Total property and equipment, net $ 3 $ 249
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following as of the periods presented: September 30, 2023 December 31, 2022 (in thousands) Compensation and benefits $ 980 $ 745 Accrued clinical trial and preclinical costs 304 404 Accrued interest 158 132 Professional services 64 2,176 Other 351 70 Total accrued expenses and other current liabilities $ 1,857 $ 3,527

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable outstanding consisted of the following as of the periods presented: September 30, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 236 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 765 $ 779 748 Less: current portion 615 — Notes payable, net of current portion $ 150 $ 748
Schedule of Expected Future Minimum Principal	Expected future minimum principal payments under the Company’s notes payables as of September 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 615 Notes payable, net of current portion $ 164

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Future Undiscounted Payments	Future undiscounted payments due under the operating lease as of September 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 235 2024 561 Total undiscounted lease payments 796 Less: Imputed interest ( 29 ) Operating lease liability 767 Less: Operating lease liability, current portion ( 767 ) Operating lease liability, net of current portion $ —
Schedule of Operating Leases Supplemental Information	Supplemental information on the Company’s operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash paid for operating lease agreement (in thousands) $ 235 $ 228 $ 701 $ 681 Remaining lease term (in years) 0.8 1.8 0.8 1.8 Incremental borrowing rate 10 % 10 % 10 % 10 %
Schedule of Finance Lease Future Undiscounted Payments	Future undiscounted payments due under finance lease liabilities as of September 30, 2023 were as follows: Years (in thousands) Remainder of 2023 $ 12 2024 50 2025 32 2026 10 Total undiscounted lease payments 104 Less: Imputed interest ( 10 ) Financing lease liabilities 94 Less: Financing lease liabilities, current portion ( 43 ) Financing lease liabilities, net of current portion $ 51
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): September 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 2.3 3.2 Incremental borrowing rate 9.3 % 9.3 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Warrants to Purchase	As of September 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 September 30, 2023 Range of 2013 12 — — ( 12 ) — 2017 November 2023 - June 2025 131 — — — 131 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — — 44 $ 0.14 - $ 21.80 2020 October 2023 45 — ( 1 ) ( 4 ) 40 $ 0.14 2022 August 2025 - December 2029 301 — ( 149 ) — 152 $ 0.14 - $ 168.35 2023 April 2028 - October 2028 — 1,973 ( 477 ) — 1,496 $ 4.08 - $ 5.26 Total number of shares 533 1,973 ( 627 ) ( 16 ) 1,863 Year Expiration Number Outstanding as of December 31, 2021 Issued Exercised Cancelled/Expired Number Outstanding as of September 30, 2022 Range of 2013 April 2023 12 — — — 12 $ 10.17 2017 December 2022 - June 2025 203 — ( 20 ) ( 35 ) 148 $ 0.14 - $ 23.25 2019 October 2022 - April 2027 50 — ( 5 ) ( 1 ) 44 $ 0.14 - $ 21.80 2020 February 2023 - October 2023 73 — ( 23 ) — 50 $ 0.14 - $ 26.88 2022 August 2025 - September 2025 — 4 — — 4 $ 0.14 Total number of shares 338 4 ( 48 ) ( 36 ) 258
Schedule of Common Stock for Future Issuance	Common stock reserved for future issuance consisted of the following as the period presented: September 30, (in thousands) Shares reserved for stock options and restricted stock units to purchase 2,020 Shares reserved for future issuance of equity awards 932 Shares reserved for exercise of warrants 1,863 Total 4,815

Collaboration Agreement (Tables

Collaboration Agreement (Tables)	9 Months Ended
	Sep. 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): September 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)	9 Months Ended
	Sep. 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): September 30, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 965 ) Balance as of end of period $ — $ 76

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 1,383 $ 3.19 Exercised — $ — Forfeited ( 98 ) $ 25.82 Expired ( 9 ) $ 10.90 Outstanding as of September 30, 2023 2,010 $ 9.16 8.0 $ 286 Exercisable as of September 30, 2023 1,008 $ 13.79 6.5 $ 51
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: Nine Months Ended September 30, 2023 2022 Expected volatility 111.1 % - 113.1 % 84.2 % - 86.0 % Expected term (years) 5.35 - 6.08 3.0 - 7.0 Risk-free interest rate 3.4 % - 4.4 % 1.6 % - 2.9 % 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 ( 157 ) $ 26.89 Cancelled/Forfeited ( 8 ) $ 26.48 Outstanding and unvested as of September 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Research and development $ 91 $ 292 $ 516 $ 895 General and administrative 383 185 2,882 622 Total stock-based compensation $ 474 $ 477 $ 3,398 $ 1,517

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 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 loss per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, excepts per share amounts) Numerator: Net loss attributable to Kineta, Inc. $ ( 5,380 ) $ ( 5,585 ) $ ( 11,445 ) $ ( 16,439 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 11,738 4,891 10,505 4,808 Net loss per share, basic and diluted $ ( 0.46 ) $ ( 1.14 ) $ ( 1.09 ) $ ( 3.42 ) (1) Included in the denominator were 577,000 and 530,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2023, respectively, with an exercise price of $ 0.14 . Included in the denominator were 155,000 and 153,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2022 , respectively, 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 loss per share as of the periods presented because including them would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Common stock options 2,010 721 2,010 721 Unvested restricted stock subject to repurchase 10 170 10 170 Warrants to purchase common stock 1,630 154 1,630 154 Vested restricted stock subject to recall 56 56 56 56 Convertible notes, if converted — 660 — 660 Total 3,706 1,761 3,706 1,761

Organization and Liquidity - Ad

Organization and Liquidity - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended						9 Months Ended
	Apr. 15, 2024	Dec. 16, 2022	Apr. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization And Liquidity [Line Items]
Issuance of common stock, Shares							59,000				114,000
Proceeds from issuance of common stock										$ 752,000	$ 1,556,000
Accumulated deficit				$ 163,135,000						163,135,000		$ 151,690,000
Net loss				(5,311,000)	$ 375,000	$ (6,480,000)	$ (5,667,000)	$ (5,878,000)	$ (4,975,000)	(11,416,000)	(16,520,000)
Cash				7,562,000			$ 2,810,000			7,562,000	$ 2,810,000	$ 13,143,000
Proceeds From Sale Of Other Assets 1				$ 28,000						331,000
Private Placement [Member]
Organization And Liquidity [Line Items]
Proceeds from issuance of common stock		$ 7,400,000								2,700,000
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 ($)	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Jul. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
License revenue recognized		$ 0			$ 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		$ 0	$ 5,000,000		$ 5,000,000
Milestone payments	$ 5,000,000			$ 5,000,000
Milestones and royalties on net sales				$ 255,000,000
Maximum
Summary Of Significant Accounting Policies [Line Items]
Warrants exercise price		$ 0.14			$ 0.14

Reverse Merger (Additional Info

Reverse Merger (Additional Information) (Details) - $ / shares	Sep. 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	10,215,000	8,318,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) Rate	Sep. 30, 2023 USD ($) Rate	Sep. 30, 2022 USD ($) Rate	Jul. 25, 2023 $ / shares	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable | $	$ 765,000	$ 765,000			$ 748,000
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility		111.10%	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		113.10%	86%
Risk-free interest rate		4.40%	2.90%
2022 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			2 months 12 days
Convertible debt | $			$ 4,800,000
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 | $			$ 5,300,000
2020 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			2 months 12 days
Convertible debt | $			$ 11,300,000
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
Convertible debt | $			$ 16,200,000
2020 Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			1 month 6 days
Convertible debt | $			$ 1,600
2020 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	9 months 18 days	2 years 4 months 24 days
Convertible debt | $	$ 236,000,000	$ 236,000,000	$ 2,900
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		86%
Risk-free interest rate		5.40%
Funding probability		75%
Change in fair value of rights from Private Placement | $	1,400,000	$ 200,000
Fair value measurement | $	$ 2,100,000	$ 2,100,000
Discount Rate | 2022 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.336
Discount Rate | 2022 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.412
Discount Rate | 2020 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.113
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			0.412
Discount Rate | 2020 Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.113
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	0.117
Maturity Dates | 2022 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			4 months 24 days
Maturity Dates | 2022 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			1 year
Maturity Dates | 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
Maturity Dates | 2020 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term			1 year 3 months
Financing Range | 2022 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.80
Financing Range | 2022 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.90
Financing Range | 2020 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.80
Financing Range | 2020 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.90
Repayment Range | 2022 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.10
Repayment Range | 2022 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.20
Repayment Range | 2020 Convertible Notes | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.10
Repayment Range | 2020 Convertible Notes | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input			0.20

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Servicing Assets at Fair Value [Line Items]
Change in fair value of rights from Private Placement	$ 1,400	$ 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		(180)	0
Balance at end of period	$ 2,070	$ 2,070	$ 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 219	$ 17,830
Issuance of 2022 convertible notes	0	5,620
Change in fair value of 2022 & 2020 notes payable	17	542
Partial settelement of 2020 notes payable	0	(5,973)
Balance at end of period	$ 236	$ 18,019

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Components [Line Items]
Total property and equipment	$ 81	$ 866
Less: Accumulated depreciation and amortization	78	617
Total property and equipment, net	3	249
Laboratory Equipment
Balance Sheet Components [Line Items]
Total property and equipment	0	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	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Components [Abstract]
Compensation and benefits		$ 980	$ 745
Professional services		64	2,176
Accrued interest		158	132
Accrued clinical trial and preclinical costs		304	404
Other		351	70
Total accured expense and other current liabilities	$ 1,857	$ 1,857	$ 3,527

Balance Sheet Components (Addit

Balance Sheet Components (Additional Information) (Details) - USD ($)				3 Months Ended		9 Months Ended
	Apr. 15, 2024	May 31, 2023	Dec. 16, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Balance Sheet Components [Line Items]
Property and equipment, net				$ 3,000		$ 3,000		$ 249,000
Proceeds from disposal of assets				29,000		241,000
Proceeds From Sale Of Other Assets 1				28,000		331,000
Depreciation and amortization expense				$ 1,000	$ 15,000	$ 5,000	$ 39,000
Common stock, shares issued				10,215,000		10,215,000		8,318,000
Proceeds from Issuance of Common Stock						$ 752,000	$ 1,556,000
Private Placement
Balance Sheet Components [Line Items]
aggregate purchase price		$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000					$ 2,100,000
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 April 15, 2024 (“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			$ 2,700,000
Equipment [Member]
Balance Sheet Components [Line Items]
Property and equipment, net								$ 125,000

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total notes payable	$ 779	$ 779
Fair Value	765	748
Less: current portion	615	0
Notes payable, net of current portion	150	748
2020 Notes Payable
Debt Instrument [Line Items]
Total notes payable	250	250
Fair Value	236	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	Sep. 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	615	$ 0
Notes payable, net of current portion	$ 164

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended			9 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	Oct. 31, 2020	Aug. 31, 2020	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Aug. 10, 2020
Debt Instrument [Line Items]
(Loss) gain on extinguishments of debt, net					$ 0		$ (236,000)	$ 0	$ 259,000
Commercial revenues					$ 0		$ 200,000	$ 5,442,000	$ 1,466,000
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
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		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	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	$ 208,000	$ 208,000	$ 658,000	$ 624,000
Variable lease, cost	137,000	124,000	$ 447,000	386,000
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	$ 49,000,000	$ 47,000	$ 146,000,000	$ 141,000
Proceeds from rent			$ 30,000,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Operating Lease Future Undiscounted Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Lease [Abstract]
Remainder of 2023	$ 235
2024	561
Total undiscounted lease payments	796
Less: Imputed interest	(29)
Operating lease liability	767
Less: Operating lease liability, current portion	(767)	$ (843)
Operating lease liability, net of current portion	$ 0	$ 547

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Leases Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease:
Cash paid for operating lease agreement (in thousands)	$ 235	$ 228	$ 701	$ 681
Remaining lease term (in years)	9 months 18 days	1 year 9 months 18 days	9 months 18 days	1 year 9 months 18 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	Sep. 30, 2023	Dec. 31, 2022
Finance Lease [Abstract]
Remainder of 2023	$ 12
2024	50
2025	32
2026	10
Total undiscounted lease payments	104
Less: Imputed interest	(10)
Financing lease liabilities	94
Less: Financing lease liabilities, current portion	(43)	$ (40)
Finance lease liabilities, net of current portion	$ 51	$ 83

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Finance Leases Supplemental Information (Details)	Sep. 30, 2023	Dec. 31, 2022
Finance Leases:
Weighted average remaining lease term (in years)	2 years 3 months 18 days	3 years 2 months 12 days
Incremental borrowing rate	9.30%	9.30%

Strategic License Agreements -

Strategic License Agreements - Additional Information (Details) - USD ($)			9 Months Ended	50 Months Ended
	Jun. 09, 2021	Aug. 10, 2020	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
License Agreements Disclosure [Line Items]
Aggregate fair market value			$ 10,000	$ 10,000	$ 8,000
Number of shares issued			10,215,000	10,215,000	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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class Of Warrant Or Right [Line Items]
Number Outstanding	533	338
Issued	1,973	4
Exercised	(627)	(48)
Cancelled/Expired	(16)	(36)
Number Outstanding	1,863	258
Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14
2013
Class Of Warrant Or Right [Line Items]
Expiration Date		2023-04
Number Outstanding	12	12
Cancelled/Expired	(12)
Number Outstanding		12
Range of Exercise Price		$ 10.17
2017
Class Of Warrant Or Right [Line Items]
Expiration Date	2023-11	2022-12
Expiration Date	2025-06	2025-06
Number Outstanding	131	203
Exercised		(20)
Cancelled/Expired		(35)
Number Outstanding	131	148
2017 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14
2017 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 21.8	$ 23.25
2019
Class Of Warrant Or Right [Line Items]
Expiration Date	2025-03	2022-10
Expiration Date	2027-04	2027-04
Number Outstanding	44	50
Exercised		(5)
Cancelled/Expired		(1)
Number Outstanding	44	44
2019 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14
2019 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 21.8	$ 21.8
2020
Class Of Warrant Or Right [Line Items]
Expiration Date	2023-10	2023-02
Expiration Date		2023-10
Number Outstanding	45	73
Exercised	(1)	(23)
Cancelled/Expired	(4)
Number Outstanding	40	50
Range of Exercise Price	$ 0.14
2020 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 0.14
2020 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price		$ 26.88
2022
Class Of Warrant Or Right [Line Items]
Expiration Date	2025-08	2025-08
Expiration Date	2029-12	2025-09
Number Outstanding	301
Issued		4
Exercised	(149)
Number Outstanding	152	4
Range of Exercise Price		$ 0.14
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	2028-10
Issued	1,973
Exercised	(477)
Number Outstanding	1,496
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			9 Months Ended		12 Months Ended
	Apr. 15, 2024	Oct. 03, 2023	Apr. 20, 2023	Dec. 16, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Proceeds from exercise of warrants								$ 20,000	$ 70,000
Proceeds from issuance of common stock								$ 752,000	1,556,000
Common stock, shares issued					10,215,000			10,215,000		8,318,000
Common stock issued for services					$ 114,000	$ 41,000
outstanding principal and accrued interest under the other notes payable							$ 1,600,000		$ 2,900,000
Shares issued, shares							59,000		114,000
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					$ 2,100,000			$ 2,100,000
Common stock, shares outstanding					10,215,000			10,215,000		8,318,000
Securities Purchase Agreement
Warrants exercise price		$ 0.001	$ 0.001
Shares issued, shares		110,000	948,000
Share price		$ 3.37	$ 4.21
Merger [Member]
Common stock, shares issued					10,214,945			10,214,945
Common stock, shares outstanding					10,214,945			10,214,945
Investors | Securities Purchase Agreement
Share price		$ 3.369	$ 4.209
Gross proceeds from offerings		$ 3,000,000	$ 6,000,000
Private Placement
Common stock purchase price	$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000							$ 2,100,000
Proceeds from issuance of common stock				$ 7,400,000				$ 2,700,000
Common stock, shares issued				649,346
Total offering-related fees		310,000	520,000
Net proceeds		$ 2,700,000	$ 5,500,000
Private Placement | Securities Purchase Agreement
Share price		$ 3.25	$ 4.08
Warrants to purchase shares of common stock		890,208	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								132,000
Individual Investors Member
Proceeds from issuance of common stock							$ 553,000	$ 800,000
Share sold							20,000	126,503	56,000
Net proceeds									$ 1,600,000
Wainwright & Co., LLC [Member]
Warrants exercise price		$ 4.2125	$ 5.2625
Warrant term		5 years	5 years
Wainwright & Co., LLC [Member] | Private Placement | Securities Purchase Agreement
Warrants to purchase shares of common stock		44,510	71,259
Payments to related party		$ 210,000	$ 420,000
Non-accountable expense		35,000	35,000
Legal fees		$ 50,000	$ 50,000
professional services[Member]
Number Of shares issued for service								63,000
Common stock issued for services					$ 114,000			$ 155,000
Share sold					51,000
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								100,000
Director [Member]
Common stock upon conversion of restricated stock units								10,000
Other Employees [Member]
Common stock upon conversion of restricated stock units								22,000
Warrant [Member]
Common stock upon exercise of warrants							3,000		48,000
Proceeds from exercise of warrants					$ 3,000		$ 63,000	$ 20,000	$ 70,000
Shares issued, shares					432,000			627,000
Warrant [Member] | Securities Purchase Agreement
Common stock upon exercise of warrants					432,000			627,000
Proceeds from exercise of warrants					$ 3,000			$ 20,000
Warrant [Member] | Common Stock [Member]
Common stock upon exercise of warrants									48,000
Proceeds from exercise of warrants							$ 63,000		$ 70,000
Shares issued, shares							3,000
Minimum [Member] | Warrant [Member]
Warrants exercise price							$ 0.14		$ 0.14
Share price					$ 0.001			$ 0.001
Minimum [Member] | Warrant [Member] | Securities Purchase Agreement
Warrants exercise price					0.001			0.001
Minimum [Member] | Warrant [Member] | Common Stock [Member]
Warrants exercise price							0.14		0.14
Maximum [Member]
Warrants exercise price					0.14			0.14
Maximum [Member] | Securities Purchase Agreement
Warrants exercisable		780,208	477,179
Maximum [Member] | Warrant [Member]
Warrants exercise price							26.88		26.88
Share price					0.14			0.14
Maximum [Member] | Warrant [Member] | Securities Purchase Agreement
Warrants exercise price					$ 0.14			$ 0.14
Maximum [Member] | Warrant [Member] | Common Stock [Member]
Warrants exercise price							$ 26.88		$ 26.88

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Common Stock for Future Issuance (Details) shares in Thousands	Sep. 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	4,815
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	2,020
Equity Securities
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	932
Warrant
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	1,863

Collaboration Agreement - Summa

Collaboration Agreement - Summary of collaboration revenue agreement and deferred revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 0	$ 0	$ 0	$ 0		$ 442,000	$ 0
Revenue	0		442,000
Merck Co Inc [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue					$ 0	$ 442,000
Revenue	$ 0	$ 0	$ 442,000	$ 0

Grant Agreement - Additional In

Grant Agreement - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Recognized grant revenue from federal agencies	$ 0	$ 200,000	$ 0	$ 501,000
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of December 31, 2022	$ 0	$ 1,041
Decrease for provision of research services	0	(965)
Balance as of March 31, 2023	$ 0	$ 76

Licensing Revenue Agreement - A

Licensing Revenue Agreement - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended
	Jul. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
License revenue recognized		$ 0				$ 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		$ 0		0	$ 965,000
Merck Neuromuscular License Agreement
Deferred Revenue Arrangement [Line Items]
License revenue recognized		$ 0	$ 5,000,000			$ 5,000,000
Milestone payments	$ 5,000,000				$ 5,000,000
Milestones and royalties on net sales					$ 255,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2020

Dec. 31, 2010

Dec. 31, 2008

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Options granted

1,383,000

Expense recognized

$ 474,000

$ 1,054,000

$ 477,000

$ 755,000

$ 285,000

$ 3,398,000

$ 1,517,000

Amount of cost not yet recognized

$ 3,400,000

$ 3,400,000

Compensation cost not yet recognized, period for recognition

2 years

2008 Equity Incentive Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Options granted, percentage

100%

Options granted

225,041

2010 Equity Incentive Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Options granted, percentage

100%

Options granted

199,103

2020 Equity Incentive Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Options granted, percentage

100%

Options granted

201,919

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

Restricted Stock [Member] | 2020 Equity Incentive Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Options granted

9,809

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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Outstanding as of June 30, 2023	734
Outstanding Stock Options, Granted	1,383
Outstanding Stock Options, Forfeited	(98)
Outstanding Stock Options, Expired	(9)
Outstanding Stock Options as of March 31, 2023	2,010	734
Outstanding Stock Options, Exercisable as of June 30, 2023	1,008
Weighted- Average Exercise Price Per Share, Beginning Balance	$ 22.67
Weighted- Average Exercise Price Per Share, Granted	3.19
Weighted- Average Exercise Price Per Share, Forfeited	25.82
Weighted- Average Exercise Price Per Share, Expired	10.9
Weighted- Average Exercise Price Per Share, Ending Balance	9.16	$ 22.67
Weighted- Average Exercise Price Per Share, Exercisable as of June 30, 2023	$ 13.79
Weighted Average Remaining Contractual Term, Outstanding	8 years	5 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable as of June 30, 2023	6 years 6 months
Aggregate Intrinsic Value, Outstanding	$ 286	$ 0
Aggregate Intrinsic Value, Exercisable as of June 30, 2023	$ 51

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	111.10%	84.20%
Expected term (years)	5 years 4 months 6 days	3 years
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	113.10%	86%
Expected term (years)	6 years 29 days	7 years
Risk-free interest rate	4.40%	2.90%
Expected dividend yield	0%	0%

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Companies Restricted Stock Activity (Detail)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Restricted Stock, Beginning Balance | shares	175,000
Number of Restricted Stock, Released | shares	(157,000)
Number of Restricted Stock, Forfeited | shares	(8,000)
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					9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 474	$ 1,054	$ 477	$ 755	$ 285	$ 3,398	$ 1,517
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	91		292			516	895
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 383		$ 185			$ 2,882	$ 622

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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to Kineta, Inc.		$ (5,380)	$ (5,585)	$ (11,445)	$ (16,439)
Denominator:
Weighted-average shares outstanding, basic	[1]	11,738	4,891	10,505	4,808
Weighted-average shares outstanding, diluted	[1]	11,738	4,891	10,505	4,808
Net loss per share, basic		$ (0.46)	$ (1.14)	$ (1.09)	$ (3.42)
Net loss per share, diluted		$ (0.46)	$ (1.14)	$ (1.09)	$ (3.42)
[1] Included in the denominator were 577,000 and 530,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2023, respectively, with an exercise price of $ 0.14 . Included in the denominator were 155,000 and 153,000 weighted-average shares of common stock warrants for the three and nine months ended September 30, 2022 , respectively, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares, Contingently Issuable	577,000	155,000	530,000	153,000
Share price		$ 0.14		$ 0.14
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	3,706	1,761	3,706	1,761
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,010	721	2,010	721
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	1,630	154	1,630	154
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	660	0	660

Net Loss Per Share (Additional

Net Loss Per Share (Additional Information) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Defined contribution plan	$ 24,000	$ 30,000	$ 93,000	$ 97,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
(Loss) gain on extinguishments of debt, net	$ 0		$ (236)	$ 0	$ 259
Directors
Related Party Transaction [Line Items]
Issuance of warrants				60,000
Number of shares issued	10,000			10,000
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				3,000
Executive management purchased Shares		30,000		35,000
Number of shares issued	5,000			5,000
Common Stock [Member] | Directors
Related Party Transaction [Line Items]
Number of shares issued	100,000			100,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)					3 Months Ended						9 Months Ended
	Apr. 15, 2024	Oct. 31, 2023	Oct. 03, 2023	Apr. 20, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Shares issued, shares								59,000				114,000
Net proceeds											$ 5,479,000	$ 0
Private Placement
Subsequent Event [Line Items]
Total offering-related fees			$ 310,000	$ 520,000
Net proceeds			$ 2,700,000	$ 5,500,000
Common Stock
Subsequent Event [Line Items]
Shares issued, shares						948,000	127,000	20,000	33,000	3,000
Share price								$ 0.14				$ 0.14
Warrant
Subsequent Event [Line Items]
Shares issued, shares					432,000						627,000
Securities Purchase Agreement
Subsequent Event [Line Items]
Shares issued, shares			110,000	948,000
Share price			$ 3.37	$ 4.21
Warrants exercise price			0.001	0.001
Securities Purchase Agreement | Private Placement
Subsequent Event [Line Items]
Share price			$ 3.25	$ 4.08
Warrants to purchase shares of common stock			890,208	1,425,179
Investors | Securities Purchase Agreement
Subsequent Event [Line Items]
Share price			$ 3.369	$ 4.209
Gross proceeds from offerings			$ 3,000,000	$ 6,000,000
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Total offering-related fees		$ 310,000
Net proceeds		$ 2,700,000
Payments for private placement	$ 22,500,000
Subsequent Event | Securities Purchase Agreement
Subsequent Event [Line Items]
Shares issued, shares		110,000
Share price		$ 3.37
Warrants exercisable		780,208
Warrants exercise price		$ 0.001
Subsequent Event | Securities Purchase Agreement | Private Placement
Subsequent Event [Line Items]
Warrants exercise price		$ 3.25
Warrants to purchase shares of common stock		890,208
Subsequent Event | Securities Purchase Agreement | Private Placement | Wainwright & Co., LLC
Subsequent Event [Line Items]
Warrants exercise price		$ 4.2125
Warrants to purchase shares of common stock		44,510
Payments to related party		$ 210,000
Non-accountable expense		35,000
Legal fees		$ 50,000
Warrant term		5 years
Subsequent Event | Investors | Securities Purchase Agreement
Subsequent Event [Line Items]
Share price		$ 3.369
Gross proceeds from offerings		$ 3,000,000