Kineta (KANT) 10-K 21 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 18, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Entity Central Index Key	0001445283
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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	7683 SE 27th Street
Entity Address Address Line 2	Suite 481
Entity Address City Or Town	Mercer Island
Entity Address State Or Province	WA
Entity Address Postal Zip Code	98040
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	New York, New York
Entity Public Float			$ 10.3
Entity Common Stock, Shares Outstanding		10,962,460
Document Financial Statement error Correction	false
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2024 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2023 , are incorporated by reference into Part III of this Annual Report on Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 5,783	$ 13,143
Restricted cash	75	0
Prepaid expenses and other current assets	119	457
Total current assets	5,977	13,600
Property and equipment, net	0	249
Operating right-of-use asset	472	1,211
Rights from Private Placement	3,832	2,250
Restricted cash	0	125
Total assets	10,281	17,435
Current liabilities:
Accounts payable	3,694	6,635
Accrued expenses and other current liabilities	2,211	3,527
Deferred revenue	0	442
Notes payable, current portion	620	0
Operating lease liability, current portion	547	843
Finance lease liabilities, current portion	0	40
Total current liabilities	7,072	11,487
Notes payable, net of current portion	150	748
Operating lease liability, net of current portion	0	547
Finance lease liabilities, net of current portion	0	83
Total liabilities	7,222	12,865
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.001 par value; 125,000 shares authorized as of December 31, 2023 and December 31, 2022; 10,397 and 8,318 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	10	8
Additional paid-in capital	168,669	156,106
Accumulated deficit	(165,789)	(151,690)
Total stockholders' equity attributable to Kineta, Inc.	2,890	4,424
Noncontrolling interest	169	146
Total stockholders' equity	3,059	4,570
Total liabilities and stockholders' equity	$ 10,281	$ 17,435

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	10,397,000	8,318,000
Common stock, shares outstanding	10,397,000	8,318,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 5,442	$ 1,953
Operating expenses:
Research and development	9,023	15,928
General and administrative	12,142	8,696
In-process research and development	0	18,860
Total operating expenses	21,165	43,484
Loss from operations	(15,723)	(41,531)
Other (expense) income:
Interest income	325	9
Interest expense (with related parties $0 for the year ended December 31, 2023 and $1,659 for the year ended December 31, 2022)	(337)	(3,737)
Change in fair value of rights from Private Placement	1,582	0
Change in fair value measurement of notes payable	(22)	(15,280)
Warrant expense	0	(3,309)
Gain on extinguishments of debt, net	0	341
Other income, net	99	54
Total other (expense) income, net	1,647	(21,922)
Net loss	(14,076)	(63,453)
Net (loss) income attributable to noncontrolling interest	23	(45)
Net loss attributable to Kineta, Inc.	$ (14,099)	$ (63,408)
Net loss per share, basic	$ (1.28)	$ (12.87)
Net loss per share, diluted	$ (1.28)	$ (12.87)
Weighted-average shares outstanding, basic	11,054	4,926
Weighted-average shares outstanding, diluted	11,054	4,926
Licensing revenues [Member]
Revenues:
Total revenues	$ 5,000	$ 1,041
Grant revenues [Member]
Revenues:
Total revenues	0	912
Collaboration revenue [Member]
Revenues:
Total revenues	$ 442	$ 0

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Interest Expense Related Parties	$ 0	$ 1,659

Consolidated Statements of Shar

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]
Beginning Balance at Dec. 31, 2021	$ (11,949)	$ 5	$ 76,137	$ (88,282)	$ (12,140)	$ 191
Beginning Balance, Shares at Dec. 31, 2021		4,656,000
Issuance of common stock upon extinguishment of notes payable and accrued interest, Shares		1,338,000
Issuance of common stock upon extinguishment of notes payable and accrued interest	37,519	$ 1	37,518		37,519
Issuance of common stock in connection with the Merger, Shares		1,553,000
Issuance of common stock in connection with the Merger	20,551	$ 1	20,550		20,551
Issuance of common stock in connection with Private Placement, net of transaction costs, Shares		649,000
Issuance of common stock in connection with Private Placement, net of transaction costs, Value	7,407	$ 1	7,406		7,407
Issuance of warrants to existing stockholders	3,309		3,309		3,309
Rights from Private Placement	2,250		2,250		2,250
Issuance of warrants in connection with convertible debt amendments	1,639		1,639		1,639
Issuance of common stock and pre-funded warrants, Shares		58,000
Issuance of common stock and pre-funded warrants	1,581		1,581		1,581
Note conversion discount	414		414		414
Issuance of common stock upon exercise of warrants, Shares		53,000
Issuance of common stock upon exercise of warrants	71		71		71
Issuance of warrants for services	62		62		62
Issuance of common stock upon cashless exercise of stock options		11,000
Stock-based compensation	5,169		5,169		5,169
Net loss	(63,453)			(63,408)	(63,408)	(45)
Ending Balance at Dec. 31, 2022	4,570	$ 8	156,106	(151,690)	4,424	146
Ending Balance, Shares at Dec. 31, 2022		8,318,000
Issuance of warrants in connection with convertible debt amendments	0
Issuance of common stock and pre-funded warrants, Shares		1,185,000
Issuance of common stock and pre-funded warrants	8,561	$ 2	8,559		8,561
Issuance of common stock upon exercise of warrants, Shares		696,000
Issuance of common stock upon exercise of warrants	$ 30		30		30
Issuance of common stock upon cashless exercise of stock options	0
Issuance of common stock upon vesting of RSUs	$ (69)		(69)		(69)
Issuance of common stock upon vesting of RSUs, Shares		135,000
Issuance of common stock for services, Shares		63,000
Issuance of common stock for services, Value	189		189		189
Stock-based compensation	3,854		3,854		3,854
Net loss	(14,076)			(14,099)	(14,099)	23
Ending Balance at Dec. 31, 2023	$ 3,059	$ 10	$ 168,669	$ (165,789)	$ 2,890	$ 169
Ending Balance, Shares at Dec. 31, 2023		10,397,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (14,076)	$ (63,453)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in process research and development	0	18,860
Change in fair value of rights from Private Placement	(1,582)	0
Change in fair value of notes payable	22	15,280
Non-cash stock-based compensation	3,854	5,169
Warrant expense	0	3,309
Issuance of warrants in connection with convertible debt amendments	0	1,639
Non-cash operating lease expense	739	661
Depreciation and amortization	9	73
Common stock issued for services	189	62
Gain on extinguishments of debt, net	0	(341)
Gain on disposal of asset	(91)	(62)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	338	(108)
Accounts payable	(2,941)	(34)
Accrued expenses and other current liabilities	(1,385)	1,694
Operating lease liability	(843)	(737)
Deferred revenue	(442)	(1,041)
Net cash used in operating activities	(16,209)	(19,029)
Investing activities:
Cash acquired in connection with reverse merger	0	9,276
Purchases of property and equipment	0	(71)
Proceeds from sale of property and equipment	331	65
Net cash provided by investing activities	331	9,270
Financing activities:
Proceeds from private placement	0	7,407
Proceeds from notes payable	0	6,746
Proceeds from issuance of common stock and pre-funded warrants	8,561	1,581
Proceeds from exercise of warrants	30	71
Repayments of notes payable	0	(4,000)
Repayments of finance lease liabilities	(123)	3
Net cash provided by financing activities	8,468	11,808
Net change in cash and restricted cash	(7,410)	2,049
Cash and restricted cash at beginning of year	13,268	11,219
Cash and restricted cash at end of year	5,858	13,268
Components of cash and restricted cash:
Cash	5,783	13,143
Restricted cash	75	125
Total cash and restricted cash	5,858	13,268
Supplemental disclosure of cash flow information:
Cash paid for interest	48	2,371
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock as non cash consideration for asset acquisition	0	20,551
Issuance of common stock upon extinguishment of notes payable and accrued interest	0	22,239
Net liabilities assumed in connection with asset acquisition	0	1,944
Withholding to cover taxes from RSU vesting	69	0
Rights from Private Placement	0	2,250
Finance lease liabilities arising from obtaining new right-of-use assets	$ 0	$ 40

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,099)	$ (63,408)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Liquidity

Organization and Liquidity	12 Months Ended
	Dec. 31, 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 with a mission to develop next-generation immunotherapies that transform patients’ lives. Kineta has leveraged its expertise in innate immunity and is focused on discovering and developing potentially differentiated immunotherapies that address the mechanisms of cancer immune resistance. 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 December 31, 2022, the Company owned a majority interest of the outstanding issued equity of KCP and all of the outstanding issued equity of KVHF. On November 30, 2023, the Company dissolved KVHF and assumed all of the outstanding issued equity. As of December 31, 2023, the Company owns a majority interest of the outstanding issued equity of KCP. On February 29, 2024, Kineta announced that it had completed a review of its business, including the status of its programs, resources and capabilities. Following this review, Kineta determined that it would implement a significant corporate restructuring to substantially reduce expenses and preserve cash. The restructuring includes a reduction in its workforce by approximately 64 % and the termination of enrollment of new patients in its ongoing VISTA-101 Phase 1/2 clinical trial evaluating KVA12123 in patients with advanced solid tumors. Patients currently enrolled in the trial will be permitted to continue to participate. The Company made this decision, in part, because certain investors have indicated they will not be able to fulfill their contractual obligation to consummate the Private Placement (as defined below). In February 2024, the Company initiated a process to explore a range of strategic alternatives to maximize shareholder value. Potential strategic alternatives that may be evaluated include sale of assets of the Company, a sale of the Company, licensing of assets, a merger, liquidation or other strategic action. There is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms. Additionally, there can be no assurances that any particular course of action, business arrangement or transaction, or series of transactions, will be pursued, successfully consummated, or lead to increased stockholder value. If the strategic process is unsuccessful, our board of directors may decide to pursue a liquidation or obtain relief under the US Bankruptcy Code. Reverse Merger and Private Placement On December 16, 2022, Yumanity Therapeutics, Inc. (“Yumanity”) completed its previously announced merger transaction with Kineta Operating, Inc. (formerly Kineta, Inc.) (“Private Kineta”) in accordance with the terms of the Agreement and Plan of Merger dated June 5, 2022, as amended on December 5, 2022 (the “Merger Agreement”), pursuant to which Yacht Merger Sub, Inc., a wholly-owned subsidiary of Yumanity (“Merger Sub”), merged with and into Private Kineta, with Private Kineta surviving such merger as a wholly-owned subsidiary of Yumanity (the “Merger”). The surviving corporation from the Merger subsequently merged with and into Kineta Operating, LLC, with Kineta Operating, LLC being the surviving corporation. On December 16, 2022, in connection with, and prior to the completion of the Merger, Yumanity effected a 1-for-7 reverse stock split of its common stock (the “Reverse Stock Split”). Immediately following the Merger, Yumanity changed its name to “Kineta, Inc.” and the business conducted by Private Kineta became the primary business conducted by the Company. At the effective time of the Merger, each outstanding share of Private Kineta common stock was converted into the right to receive 0.0688 (the “Exchange Ratio”) shares of common stock of the Company (after giving effect to the Reverse Stock Split). In addition, the Company also assumed all of Private Kineta’s outstanding stock options, warrants, and restricted stock at the Exchange Ratio. Unless otherwise noted herein, references to the Company’s common share and per-share amounts give retroactive effect to the Reverse Stock Split and Exchange Ratio. The Merger has been accounted for as a reverse merger and asset acquisitio n (see Note 3). In connection and concurrently with the execution of the Merger Agreement, on June 5, 2022, the Company entered into a financing agreement, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, 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 was expected to occur on April 15, 2024 (see Notes 9 and 16). However, in February 2024, certain investors indicated they will not be able to consummate the second closing of the Private Placement. Going Concern and Capital Resources The Company has incurred recurring net losses and negative cash flows from operations since inception and, as of December 31, 2023, had an accumulated deficit of $ 165.8 million . The net loss attributable to the Company was $ 14.1 million for the year ended December 31, 2023. As of December 31, 2023, the Company had unrestricted cash of $ 5.8 million , and there is substantial doubt about its ability to continue as a going concern. Based on Kineta’s current operating plans, Kineta does not have sufficient cash and cash equivalents to fund its operating expenses and capital expenditures for at least the next 12 months from the filing date of this Annual Report on Form 10-K. Kineta is exploring strategic alternatives that may include, but are not limited to, sale of assets of the Company, a sale of the Company, licensing of assets, a merger, liquidation or other strategic action. Kineta may seek additional funds through equity or debt financings or through collaborations, licensing transactions or other sources that may be identified through the Company’s strategic process. However, there can be no assurance that Kineta will be able to complete any such transactions on acceptable terms or otherwise. The failure to obtain sufficient funds on commercially acceptable terms when needed would have a material adverse effect on Kineta’s business, results of operations, and financial condition. These factors raise substantial doubt about Kineta’s ability to continue as a going concern. Kineta does not currently have any commitments for future funding or additional capital other than the Private Placement. However, as noted above, certain investors have indicated they will not be able to fulfill their contractual obligation to consummate the Private Placement. As such, Kineta has paused or significantly scaled back the development or commercialization of its future product candidates or other research and development initiatives. If Kineta is unable to complete a strategic transaction or raise additional capital in sufficient amounts, Kineta will not be able to continue its business and the Company may need to file for bankruptcy protection. COVID-19 While the Company continues to monitor the impact of the COVID-19 pandemic on its business, the extent of the impact of the pandemic on its business, operations and clinical development timelines and plans will depend on future developments, including the severity and duration of any resurgence of COVID-19 and its variants. Clinical trial sites in many countries, including those in which the Company operates, in the past have incurred delays due to COVID-19. Certain of the sites in the KCP-506 Phase 1 clinical trial incurred delays due to COVID-19 that resulted in a delay in the results from that study. The pandemic in the past has caused significant disruptions in the financial markets, and in the future may cause such disruptions, which could impact the Company’s ability to raise additional funds to support its operations. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these consolidated financial statements. Geopolitical Developments Geopolitical developments, such as the current conflict in Ukraine and the conflict in Israel and the Gaza Strip 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable SEC rules regarding annual financial reporting. The consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. On November 30, 2023, the Company dissolved KVHF and assumed all of the outstanding issued equity. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling interest in the accompanying 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, accrued research and development expenses, the fair value of notes payable, the fair value of the Company’s common stock prior to the Merger, stock-based compensation, uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates. Foreign Currencies The Company’s subsidiaries are all located in the U.S. with the U.S. dollar as the functional currency. Certain insignificant transactions during the years ended December 31, 2023 and 2022 were denominated in currencies other than the U.S. dollar. Gains and losses from foreign currency transactions, translated using the average exchange rates prevailing during the respective periods, were not material for all periods presented and are reflected in the consolidated statements of operations as a component of other (expense) income, net. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (the “CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s Chief Executive Officer and President collectively serve as the CODM. The Company views its operations and manages its business in one operating segment. Risks and Uncertainties The Company is subject to certain risks and uncertainties associated with companies at a similar stage of development, including, but not limited to: successfully develop, manufacture, and market any approved therapies and products, obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales, new technological innovations, dependence on key personnel, protection of intellectual property, compliance with governmental regulations, uncertainty of market acceptance of any approved therapies and products, competition from companies with greater financial and technical resources, and the need to obtain additional financing. Cash and Restricted Cash Cash includes cash deposited at several financial institutions in operating accounts. Restricted cash relates to a certificate of deposit with a financial institution to secure a letter of credit obtained for the Company’s leased premises. Restricted cash unavailable for a period longer than one year from the consolidated balance sheet date is classified as a noncurrent asset in the consolidated balance sheets. Concentrations of Credit Risk Financial instruments that potentially expose the Company to significant concentrations of credit risk consist primarily of cash deposited in accounts at several financial institutions that may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash to the extent recorded in the consolidated balance sheets. The Company believes it is not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships and has not incurred any such losses to date. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than quoted prices included in Level 1), such as quoted prices in active markets for identical or similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets of liabilities in markets, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument. 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 and reported at fair value on the balance sheet. The fair value is determined using a Monte Carlo simulation based on the contractual funding date at the measurement date, minimum contractual purchase price and historical stock prices. The significant unobservable inputs used in the fair value measurement are volatility, risk-free interest rates and funding probability. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which is five to seven years . Costs of major additions and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the remaining term of the lease. Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is recognized in the consolidated statements of operations. Expenditures for maintenance and repairs are expensed as incurred. Impairment of Long-Lived Assets The Company reviews the carrying amount of its long-lived assets, including property and equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss is recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment charge is determined based upon the excess of the carrying value of the asset over its estimated fair value, with estimated fair value determined based upon an estimate of discounted future cash flows or other appropriate measures of estimated fair value. Estimating discounted cash flows requires the Company to make significant judgments and assumptions. Actual results may vary from the Company’s estimates as of the date of impairment testing and adjustments may occur in future periods. For the years ended December 31, 2023 and 2022 , there were no impairments of long-lived assets. Fair Value Option The Company has elected the fair value option to account for certain of its notes payable (see Note 6). The Company concluded that it was appropriate to apply the fair value option to these certain notes payable because no component of the notes payable were required to be recognized as a component of stockholders’ equity. The Company recorded these notes payable at their estimated fair value with changes in estimated fair value recorded as a component of other (expense) income in the consolidated statement of operations. Under the fair value option, any direct costs and fees related to the notes payable are expensed as incurred. Leases The Company determines at the inception of a contract if such arrangement is or contains a lease by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement as an operating lease or finance lease. The Company recognizes a right-of-use (“ROU”) asset and a lease liability in the consolidated balance sheets for all leases with an initial term of greater than 12 months. Leases with an initial term of 12 months or less are not recognized in the consolidated balance sheets, with payments recognized as expense on a straight-line basis over the lease term. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The present value of future lease payments is determined by using the implicit interest rate in the lease, if readily determinable, otherwise, the Company estimates its incremental borrowing rate at the inception of the lease to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. ROU assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. Lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected to not separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. Variable costs are not included in the measurement of ROU assets and lease liabilities, which are expensed as incurred. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Warrants to Purchase Common Stock The Company has issued warrants to purchase the Company’s common stock in connection with the execution of certain equity and debt financings and other agreements. The fair value of warrants is determined using the Black- Scholes option-pricing model using assumptions regarding volatility of the Company’s common share price, remaining life of the warrant, and risk-free interest rates. The Company classifies warrants indexed to its own equity and meeting the criteria for equity classification within the consolidated statements of stockholders’ equity. Asset Acquisitions Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions, with a cost accumulation model used to determine the cost of the acquisition. Common stock issued as consideration in an acquisition of assets is generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. Intangible assets that are acquired in an asset acquisition for use in research and development activities that have an alternative future use are capitalized as in-process research and development ("IPR&D"). Acquired IPR&D that has no alternative future use is expensed immediately in the consolidated statements of operations. Revenue Recognition Collaboration Revenues The Company recognizes collaboration 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. License Revenues The Company enters into license agreements under which it licenses certain intellectual property rights to its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: nonrefundable upfront fees, payment for research and development services provided by the Company under approved work plans, development, regulatory and commercial milestone payments, and sales-based milestones and royalties on net sales of licensed products. Each of these payments results in license revenues, except for revenues from royalties, which are classified as other revenues. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following five steps: (i) identification of the contract(s) with a customer, (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract, (iii) measurement of the transaction price, including the constraint on any variable consideration, (iv) allocation of the transaction price to the performance obligations in the contract, and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for arrangements containing multiple performance obligations, the Company develops assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company expects to recognize revenue for variable consideration being constrained when it is probable that a significant revenue reversal will not occur. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include development and regulatory milestones, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Upfront payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Grant Revenues Grants received, including cost reimbursement agreements, are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Contributions are recognized as grant revenue when all donor-imposed conditions have been met. Research and Development Expenses Research and development expenses represent costs incurred in connection with the discovery, research, preclinical and clinical development, and manufacture of our product candidates. Research and development costs are expensed as incurred and consist of salaries, benefits, and other personnel related costs, including stock-based compensation, fees paid to other entities to conduct certain research and development activities on the Company’s behalf, materials for preclinical studies, clinical studies and laboratory supplies, licensing agreements and associated costs as well as allocated facility and allocated expenses for rent, insurance and other related costs. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed. Accrued Research and Development Expenses The Company records accrued expenses for estimated costs of its research and development activities conducted by third-party service providers, such as contract research organizations, contract manufacturing and other vendors, which include the conduct of preclinical studies, clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities in the consolidated balance sheets and within research and development expenses in the consolidated statements of operations. The Company records accrued expenses for these costs based on the estimated amount of work completed and in accordance with agreements established with these third parties, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. The Company makes significant judgments and estimates in determining the accrued balance as of each reporting period. As actual costs become known, the Company adjusts its accrued estimates based on the facts and circumstances known at that time. The Company’s accrued research and development expenses are dependent, in part, upon the receipt of timely and accurate reporting from its third-party service providers. To date, there have been no material differences from the Company’s accrued expenses to its actual expenses. General and Administrative Expenses General and administrative expenses consist primarily of employee-related expenses, including salaries, benefits and noncash stock-based compensation for personnel in executive, finance and accounting, and other administrative functions, as well as fees paid for legal, accounting and tax services, consulting fees and facilities costs not otherwise included in research and development expenses. Legal costs include general corporate legal fees and patent costs. General and administrative expenses are expensed as incurred . Stock-Based Compensation The Company measures stock-based compensation related to stock-based awards granted to employees, non-employees and directors based on the estimated grant-date fair value of the awards and recognizes the related expense on a straight-line basis over the requisite service period (generally the vesting period). The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock options. The fair value of restricted stock units (“RSUs”) is estimated based on the fair value of the Company’s common stock at the grant date. For RSUs with performance vesting conditions, the Company evaluates the probability of achieving the performance condition at each reporting date and recognizes expense for such performance awards over the requisite service period using the accelerated attribution method. Forfeitures are recorded as incurred. The Black-Scholes option pricing model requires the Company to make assumptions and judgments about the inputs used in the calculations as follows: Expected Term – The Company’s expected term represents the period that the stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) for employee options. Exercise Price – The Company grants stock-based awards using the current share price of its common stock on the date of the award. Expected Volatility – As the Company has only been a publicly-traded company for one year, the expected volatility is estimated based on the average volatility for a group of comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar industry, size, or stage in the product development life cycle and financial leverage. Risk-Free Interest Rate – The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend – Other than the Distribution, the Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, it uses an expected dividend yield of zero . Other (Expense) Income Interest Income Interest income consists of interest earned on short term money market accounts. Interest Expense Interest expense consists of interest charged on outstanding invoices and outstanding borrowings associated with the Company’s debt arrangements primarily consisting of borrowings under several notes payable agreements. Interest is expensed when incurred. Change in Fair Value of 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. Until settlement, the rights from Private Placement are remeasured at fair value at each reporting period with the changes in fair value recorded in other income (expense) in the Statement of Operations. Change in Fair Value Measurement of Notes Payable Change in fair value of notes payable relates to the remeasurement of the notes payable that the Company elected to account for under the fair value option. Until settlement, these notes payable are remeasured at fair value at each reporting period with the changes in fair value recorded in other income (expense) in the Statement of Operations. Warrant expense Warrant expense relates to warrants issued to current debt holders that converted their debt to equity in 2022. The expense was determined as the fair value of the warrants provided upon issuance. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts or existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company records a valuation allowance to reduce deferred tax assets to an amount expected to be realized. The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based on the merits of the position. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to the Company by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock 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 exercise prices of $ 0.001 and $ 0.14 per share, are reflected in basic net loss per share for all periods, even if antidilutive. Comprehensive Loss Comprehensive loss represents the change in the Company’s stockholders’ equity from all sources other than investments by or distributions to stockholders. The Company has no items of other comprehensive loss, and as such, net loss is the same as comprehensive loss. Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures. This new guidance enhances income tax disclosures related to effective tax rates and cash income taxes paid and aims to enhance transparency and provide investors with better insights into income tax matters. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and can be applied prospectively or retrospectively. The Company has not adopted ASU 2023-09 yet and does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

Reverse Merger

Reverse Merger	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Reverse Merger	Reverse Merger On December 16, 2022, the Company completed the Merger with Private Kineta (see Note 1). The transaction was determined to be a reverse merger primarily based on the fact that, immediately following the Merger: (i) Private Kineta’s shareholders own a majority ( 80 %) of the common stock of the Company, (ii) Private Kineta designated a majority of the members of the initial board of directors of the combined organization and (iii) Private Kineta’s senior management hold all key positions in the senior management of the combined organization. At the closing of the Merger, all shares of Private Kineta common stock were exchanged for an aggregate of 6,115,000 shares the Company’s common stock. The reverse merger was accounted for as an acquisition of assets as substantially all of the fair value was concentrated in cash and IPR&D. In connection with the Merger, the authorized shares of common stock of the Company are 125,000,000 with par value of $ 0.001 . (in thousands) Number of shares owned by Yumanity shareholders (1) 1,553 Multiplied by fair value per share of Yumanity common stock (2) $ 13.23 Fair value of shares of combined organization owned by Yumanity shareholders 20,551 Transaction costs (3) 5,641 Total purchase price $ 26,192 (1) The number of shares represents 1,551,000 shares of Yumanity common stock outstanding as of December 16, 2022 and 2,000 shares of restricted stock units and reflects the impact of the Reverse Stock Split. (2) Based on the closing price of Yumanity common stock on the Nasdaq Capital Market on December 16, 2022, the closing date of the Merger and after giving effect to the Reverse Stock Split. (3) Transaction costs primarily relate to bank fees and professional fees associated with legal counsel. The purchase price for the Merger was allocated to the assets acquired and liabilities on a relative fair value basis as follows (in thousands) Assets: Cash and cash equivalents $ 9,226 Accounts receivable 100 Prepaid expenses and other current assets 176 Property and equipment, net 65 Restricted cash 50 In-process research and development 18,860 Liabilities: Accounts payable ( 296 ) Accrued expenses and other current liabilities ( 1,547 ) Deferred revenue ( 442 ) Total purchase price $ 26,192 The acquired in-process research and development assets relate to three product candidates. Due to the early stages of development of these assets at the date of acquisition, it was not probable that there was future economic benefit from the assets and there was no alternative future use associated with the assets. Accordingly, the acquired IPR&D was expensed in the consolidated statement of operations for the year ended December 31, 2022.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. 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 In connection and concurrently with the execution of the Merger Agreement, on June 5, 2022, the Company entered into a financing agreement, as amended on October 24, 2022, December 5, 2022 and 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 closed 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 was expected to occur on April 15, 2024 . However, in February 2024, certain investors indicated they will not be able to consummate the second closing of the Private Placement. 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 closing on 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 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 at the measurement date, minimum contractual purchase price of $ 3.18 and historical stock prices. The significant unobservable inputs used in the fair value measurement for the year ended December 31, 2023 were as follows: volatility ranging from of 76.0 % to 114.0 % , risk-free interest rates ranging from 4.7 % to 5.5 % and funding probability of 75 %, which resulted in a gain in fair value of $ 1.6 million for the year ended December 31, 2023, which is recorded in other income (expense) in the Statement of Operations. The fair value measurement as of December 31, 2023 was approximately $ 3.8 million . The fair value measurement as of December 31, 2022 was approximately $ 2.3 million and there was no change in fair value for the year ended December 31, 2022. The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs: Years Ended December 31, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Increase from Private Placement — 2,250 Change in fair value of rights from Private Placement 1,582 — Balance at end of period $ 3,832 $ 2,250 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 6), 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 6). 2022 Convertible Notes February 2022 and April 2022 Convertible Notes The 2022 convertible notes issued in February 2022 and April 2022 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 these 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. The significant unobservable inputs used in the fair value measurement of these 2022 convertible notes during 2022 prior to settlement in December 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. August 2022, September 2022 and October 2022 Convertible Notes The Company also issued 2022 convertible notes in August 2022, September 2022 and October 2022 that were issued and accounted for at fair value (see Note 6). The significant unobservable inputs used in the fair value measurement of these 2022 convertible notes from inception prior to settlement in December 2022 were as follows: discount rate of 41.2 %, timing of the repayment scenario based on contractual maturity date of 2.0 years and timing of the automatic conversion scenario of 0.2 years, which resulted in a fair value of these 2022 convertible notes of $ 0.8 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. The significant unobservable inputs used in the fair value measurement of the 2020 convertible notes during 2022 prior to settlement in December 2022 were as follows: discount rates ranging from 13.0 % 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 year, 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. 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 year ended December 31, 2023 were as follows: discount rates ranging from 13.0 % to 15.0 % and contractual payment dates ranging from 0.6 years to 1.3 years, which resulted in a fair value range for the 2020 note of $ 225,000 to $ 241,000 . The significant unobservable inputs used in the fair value measurement of the 2020 notes for the year ended December 31, 2022 were as follows: discount rate ranging from 13.0 % to 41.2 % and contractual payment dates ranging from 0.1 years to 1.8 years, which resulted in a fair value range for the 2020 notes of $ 0.2 million to $ 1.6 million. The following table provides a summary of the changes in the fair value of the Company’s 2022 & 2020 notes payable measured using Level 3 inputs: Years Ended December 31, 2023 2022 (in thousands) Balance at beginning of period $ 219 $ 17,830 Change in fair value of 2022 & 2020 notes payable 22 15,280 Issuance of 2022 convertible notes — 6,746 Change in fair value of debt extinguishment — ( 673 ) Partial settlement of 2020 notes payable — ( 4,000 ) Settlement of 2022 & 2020 notes payable — ( 34,964 ) Balance at end of period $ 241 $ 219

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Statement of Financial Position [Abstract]
Balance Sheet Components	5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following: December 31, 2023 2022 (in thousands) Laboratory equipment $ — $ 779 Computer and software — 73 Leasehold improvements — 14 Total property and equipment — 866 Less: Accumulated depreciation and amortization — 617 Total property and equipment, net $ — $ 249 Depreciation and amortization expense was $ 9,000 for the year ended December 31, 2023 and $ 73,000 for the year ended December 31, 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 December 31, 2023 and $ 123,000 as of December 31, 2022, net of accumulated depreciation. During the year ended December 31, 2023, the Company disposed of assets with a net carrying value of $ 240,000 and received proceeds of $ 331,000 . During the year ended December 31, 2022, the Company disposed of assets with a net carrying value of $ 3,000 and received proceeds of $ 65,000 . The Company recorded a gain on disposal of fixed assets, which is recorded in other income (expense) in the Statement of Operations. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the periods presented: December 31, 2023 2022 (in thousands) Compensation and benefits $ 1,312 $ 745 Accrued interest 417 132 Accrued clinical trial and preclinical costs 251 404 Professional services 97 2,176 Other 134 70 Total accrued expenses and other current liabilities $ 2,211 $ 3,527

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Note Payable	6. Notes Payable Notes payable outstanding consisted of the following as of the periods presented: December 31, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 241 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 770 $ 779 748 Less: current portion 620 — Notes payable, net of current portion $ 150 $ 748 The Company elected the fair value option for the 2020 notes (see Note 4). The other notes payable 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 December 31, 2023 were as follows: Total (in thousands) Years 2024 $ 629 2025 — 2026 — 2027 2 2028 3 Thereafter 145 Total notes payable $ 779 Less: current portion 620 Notes payable, net of current portion $ 159 2022 Convertible Notes In February 2022 and April 2022, the Company raised $ 4.8 million in total from two investors, including one investor that was previously a related party at the time of investment, pursuant to convertible notes purchase agreements (see Note 16). These 2022 convertible notes purchase agreements provided that the notes mature upon demand of the holder at any time 24 months after the date of issuance and pay a 6 % interest. Additionally, these 2022 convertible notes automatically would convert into the Company’s non-voting common stock at 85 % of the then current share price on the earlier of (i) the date that is 12 months from the date of issuance, or (ii) at a public market event such as an initial public offering or merger. These 2022 convertible notes also allowed for optional conversion at any time during the 12-month period after issuance and could be repaid at any time without penalty. The use of proceeds could be used to repay other debt obligations and for general corporate use. In August 2022, September 2022 and October 2022, the Company raised $ 1.9 million in total from several investors, pursuant to convertible notes purchase agreements, which were issued at fair value. Three investors were also issued 5,000 warrants to purchase shares of the Company’s non-voting common stock (see Note 9) with a fair value of $ 146,000 upon issuance that qualified for equity classification and were accounted for as interest expense. These convertible notes purchase agreements provide that the 2022 convertible notes mature upon demand of the holder at any time 24 months after the date of issuance and pay a 6 % interest. Additionally, these 2022 convertible notes would automatically convert into the Company’s non-voting common stock at the lesser of (a) $ 1.61 per share or (b) 85 % of the then current share price on the earlier of (i) the date that is 12 months from the date of issuance, or (ii) a change of control event such as a merger, consolidation or other capital reorganization or business combination. These 2022 convertible notes also allowed for optional conversion at any time during the 12-month period after issuance and could be repaid at any time without penalty. The use of proceeds could be used to repay other debt obligations and for general corporate use. In October 2022 and December 2022, the 2022 convertible notes were amended to provide (i) that the conversion price would be equal to the conversion amount divided by $ 0.995 upon automatic conversion and (ii) for the issuance of 55,000 warrants to purchase shares of the Company’s non-voting common stock (see Note 9), with exercise contingent upon the Merger closing, including to one investor that was previously a related party (see Note 16), with a fair value of $ 1.5 million upon issuance. The Company determined the contingent exercise provision was indexed to the Company’s operations and the warrants qualified for equity classification. As the 2022 convertible notes were accounted for under the fair value option, all lender fees, including the cost of the warrants, were expensed as incurred. Upon the closing of the Merger, the outstanding principal and accrued interest under the 2022 convertible notes was $ 6.8 million, with a fair value of $ 13.0 million, and was settled by issuing 471,000 shares of the Company’s non-voting common stock. The 2022 convertible notes were fair valued immediately prior to settlement based on the Company’s market stock price of the shares issued on the date the Merger closed, such that there was no gain or loss recognized upon extinguishment. 2020 Convertible Notes In October 2020, the Company refinanced certain convertible notes payable, or the 2020 convertible notes, with an aggregate principal amount of $ 13.8 million with various investors that are related parties (see Note 13). The interest rate was reduced on the 2020 convertible notes from 16.0 % to 6.0 % from October 2020 to 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 date of December 31, 2021, after which the interest rate increases 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, September 30, 2022 , and (ii) 50% on or after fifteen months after the original maturity date, March 31, 2023 . The Company may prepay the 2020 convertible notes at any time without penalty. Upon default the lenders may apply a default interest rate of 20 % and accelerate all amounts due upon bankruptcy. Repayment of the principal amount is required on a pro rata basis should the Company receive excess proceeds from (i) commercial revenues exceeding $ 3.0 million in any 12-month period and (ii) the Company receives any funding proceeds from a capital financing transaction. The holders may at any time convert the 2020 convertible notes into shares of the Company’s non-voting common stock at a conversion price equal to 85 % of the then-fair value of non-voting common stock but not less than $ 0.50 per share. In February 2022, the Company made a $ 4.0 million cash payment of principal to one of its creditors that is a related party (see Note 15) as a partial repayment for a note issued pursuant to the 2020 convertible notes and recognized a $ 0.7 million gain on extinguishment. In December 2022, the 2020 convertible notes were amended to provide for automatic conversion upon a merger at a conversion price equal to the conversion amount divided by $0.995. Upon the closing of the Merger, the outstanding principal and accrued interest under the 2020 convertible notes was $ 10.9 million, with a fair value of $ 21.8 million, and was settled by issuing 754,000 shares of the Company’s non-voting common stock, including with related parties (see Note 15). The 2020 convertible notes were fair valued immediately prior to settlement based on the Company’s market stock price of the shares issued on the date the Merger closed, such that there was no gain or loss recognized upon extinguishment. 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 13). 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 2021 and September 2021, outstanding principal and accrued interest under the 2020 notes with a fair value of $ 0.9 million was settled by issuing 33,000 shares of the Company’s non-voting common stock at fair value (based on a recent valuation) to the holders. As the 2020 notes were valued pursuant to the fair value election, an immaterial gain was recognized upon extinguishment. In August 2022, the Company settled $ 1.4 million in outstanding principal and accrued interest, including with a person that was a related party at the time of conversion (see Note 15) by issuing 59,000 shares of the Company’s non-voting common stock at a 15 % discount, recognizing a $ 0.2 million loss upon extinguishment. The Company extended the maturity date for the remaining 2020 Notes with a principal balance of $ 0.25 million to July 31, 2024 and reduced the interest rate to 6 %, which was accounted for as a modification. Other Notes Payable The Company issued several other notes payable in 2019 and early 2020 at a 12.0 % interest rate per annum, with the principal amounts due in full at maturity and interest due monthly or quarterly. The other notes payable were due to mature at various dates between December 2020 through early 2022. The other notes payable were amended in October 2020 to increase the interest rate to 13.0 % and extend the maturity date to be on demand by a majority of the holders on or after April 7, 2022, which resulted in a modification of the other notes payable. The Company may prepay the other notes payable at any time without penalty. In June 2021 and July 2021, outstanding principal and accrued interest under the other notes payable of $ 1.4 million was settled by issuing 52,000 shares of the Company’s non-voting common stock at fair value (based on a recent valuation) to the holders. As the other notes payable approximated to their fair value, no gain or loss was recognized upon extinguishment. In February 2022 and April 2022, outstanding principal and accrued interest under the other notes payable of $ 0.3 million was settled by issuing 2,400 shares of the Company’s voting common stock and 8,500 shares of the Company’s non-voting common stock at fair value (based on a recent valuation) to the holders. As the other notes payable approximated to their fair value, no gain or loss was recognized upon extinguishment. In June 2022, the Company settled $ 1.0 million in outstanding principal and accrued interest by issuing 43,000 shares of the Company’s non-voting common stock at a 15 % discount, recognizing a $ 0.2 million loss on extinguishment. The Company extended the maturity date for the remaining other notes payable with a principal balance of $ 0.4 million to June 30, 2024 and decreased the interest rate to 6.0 % interest, which was accounted for as a modification. Small Business Administration Loan In August 2020, the Company received a U.S. Small Business Administration (“SBA”) 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	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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 $ 866,000 for the year ended December 31, 2023 and variable costs were $ 597,000 . Rent expense was $ 889,000 for the year ended December 31, 2022 and variable costs were $ 511,000 . 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 December 31, 2023 were as follows: Years (in thousands) 2024 $ 561 Less: Imputed interest ( 14 ) Operating lease liability 547 Less: Operating lease liability, current portion ( 547 ) Operating lease liability, net of current portion $ — Supplemental information on the Company's operating leases was as follows: Years Ended December 31, 2023 2022 Cash paid for operating lease agreement (in thousands) $ 936 $ 909 Remaining lease term (in years) 0.6 1.6 Incremental borrowing rate 10 % 10 % The Company subleases portions of its premises in Seattle 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. In December 2023, the sublease expiration date was extended from December 2023 to July 2024. Sublease income was $ 194,000 for the year ended December 31, 2023 and $ 188,000 for the year ended December 31, 2022 and was recorded within operating expenses. As of December 31, 2023, the total minimum rentals to be received under the remaining noncancelable sublease was $ 70,000 . Finance Leases During the year ended December 31, 2023, the Company paid off the remaining finance leases and has no finance lease liabilities as of December 31, 2023. Supplemental information on the Company’s financing leases was as follows (cash paid for finance lease agreements was not material): December 31, 2023 2022 Weighted average remaining lease term (in years) - 3.2 Incremental borrowing rate 0.0 % 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 Effective September 20, 2022, the Company entered into an at-will employment agreement (“Baker Employment Agreement”) with Keith Baker, its Chief Financial Officer; and effective September 28, 2022, the Company entered into at-will employment agreements (together with the Baker Employment Agreement, the “Executive Employment Agreements”) with Shawn Iadonato, its Chief Executive Officer, Craig Philips, its President and Pauline Kenny, its General Counsel. 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	12 Months Ended
	Dec. 31, 2023
License Agreements Disclosure [Abstract]
Strategic License Agreements	8. Strategic License Agreements Anti-VISTA Antibody Program In-License Agreement In August 2020, Kineta entered into an Option and License Agreement with GigaGen, Inc. (“GigaGen”), which was amended in November 2020 and further amended in May 2023 (such agreement, as amended, the “VISTA Agreement”) to in-license certain intellectual property and antibodies for the VISTA/KVA12123 drug program. Pursuant to the terms of the VISTA Agreement, GigaGen granted Kineta an exclusive (even as to GigaGen) world-wide license, with the right to grant sublicenses to research, develop, make, have made, use, have used, offer for sale, sell, have sold, distribute, import, have imported, export and have exported and otherwise exploit the licensed antibodies and licensed products. License expenses for the VISTA Agreement were $ 250,000 for the year ended December 31, 2023 and $ 250,000 for the year ended December 31, 2022. Under the VISTA Agreement, GigaGen is eligible to receive approximately $ 20.4 million in development and regulatory milestone payments and up to $ 11.0 million in sales milestone payments. In addition, GigaGen is eligible to receive low single-digit royalty percentages based on net sales. Kineta is responsible (with input from GigaGen) for the preparation, filing, prosecution and maintenance of all patents and patent applications, and all associated costs. The VISTA Agreement shall remain in effect on a licensed product-by-licensed product and country-by-country basis, until the expiration of the royalty term for a licensed product in a country, which, based on the expiration of the last-to-expire valid claim of the two current patent applications (without any patent term adjustment or extensions) would be February 2042 and March 2044, respectively. Kineta may terminate the VISTA Agreement with 30 days’ written notice to GigaGen. Either party has the right to terminate the VISTA Agreement upon a material breach of the other party that is not cured within 90 days after the breaching party receives written notice of such breach from the non-breaching party. Anti-CD27 Agonist Antibody Program In-License Agreement In June 2021, Kineta entered into an Option and License Agreement with GigaGen, as amended in July 2022, December 2022, May 2023 and December 2023 (such agreement, as amended, the “CD27 Agreement”) to in-license certain intellectual property rights and antibodies for the CD27 drug program. Pursuant to the terms of the CD27 Agreement, GigaGen granted Kineta an exclusive (even as to GigaGen) world-wide license, with the right to grant sublicenses to research, develop, make, have made, use, have used, offer for sale, sell, have sold, distribute, import, have imported, export and have exported and otherwise exploit the licensed antibodies and licensed products. License expenses for the CD27 Agreement were zero for the year ended December 31, 2023 and zero for the year ended December 31, 2022. Under the CD27 Agreement, GigaGen is eligible to receive approximately $ 20.4 million in development and regulatory milestone payments and up to $ 11.0 million in sales milestone payments. In addition, GigaGen is eligible to receive low single-digit royalty percentages based on net sales. Kineta is responsible (with input from GigaGen) for the preparation, filing, prosecution and maintenance of all patents and patent applications, and all associated costs. The CD27 Agreement shall remain in effect on a licensed product-by-licensed product and country-by-country basis, until the expiration of the royalty term for a licensed product in a country, which, based on the expiration of the last-to-expire valid claim of the current provisional patent application (without any patent term adjustment or extensions) would be September 2044. Kineta may terminate the CD27 Agreement with 30 days’ written notice to GigaGen. Either party has the right to terminate the CD27 Agreement upon a material breach of the other party that is not cured within 90 days after the breaching party receives written notice of such breach from the non-breaching party. Merck Neuromuscular License Agreement 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. In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement, which triggered a $ 5.0 million payment. 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. The Company recognized licensing revenues of $ 5.0 million for the year ended December 31, 2023 and zero for the year ended December 31, 2022 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement. Genentech In connection with the Merger, Kineta became the successor in interest to an exclusive technology transfer and license agreement with Genentech, Inc. to support research, development and commercialization of a small molecule product with an undisclosed target (the “Genentech Small Molecule License Agreement ” ). The Company did not earn revenues under the Genentech Small Molecule License Agreement for the years ended December 31, 2023 and 2022. FAIR Therapeutics In connection with the Merger, Kineta became the successor in interest to an exclusive license agreement with FAIR Therapeutics, B.V. to support research, development and commercialization of products for the treatment of cystic fibrosis (the “FAIR License Agreement”). The Company did not earn revenues under the FAIR License Agreement for the years ended December 31, 2023 and 2022.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Shareholders' Equity	9. Stockholders’ Equity Warrants to Purchase Common Stock As of December 31, 2023, the Company has 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 December 31, 2023 Range of 2013 12 — — ( 12 ) — 2017 March 2025 - June 2025 131 — — ( 5 ) 126 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — — 44 $ 0.14 - $ 21.80 2020 45 — ( 41 ) ( 4 ) — 2022 August 2025 - December 2029 301 — ( 178 ) — 123 $ 0.14 - $ 168.35 2023 April 2028 - October 2033 — 3,688 ( 477 ) — 3,211 $ 0.001 - $ 5.26 Total number of shares 533 3,688 ( 696 ) ( 21 ) 3,504 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 year ended December 31, 2023, the Company issued 696,000 shares of its common stock upon exercise of warrants and received proceeds of $ 30,000 . The exercise price of all shares exercised during the year ended December 31, 2023 ranged from $ 0.001 to $ 0.14 . In August 2022, the Company issued 2,000 warrants with a fair value of $ 62,000 to purchase share of its common stock for professional services that was recorded as compensation within general and administrative expense. In September 2022 and October 2022, the Company issued 5,000 warrants to purchase shares of its common stock in connection with the issuance of its 2022 convertible notes and in October 2022 and December 2022, the Company issued 55,000 warrants to purchase shares of its common stock in connection with amendments to its 2022 convertible notes (see Note 6). The Company recorded non cash interest expense of $ 1.6 million on the statement of operations. In October 2022, the Company issued 415,000 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. These warrants were subsequently cancelled in December 2022 upon amendment of the Securities Purchase Agreement. In December 2022, the Company issued 121,000 warrants to purchase shares of its common stock to existing stockholders, each at an exercise price of $ 0.14 , with exercise contingent upon the Merger closing. The Company determined that the contingent exercise provision was indexed to the Company’s operations and the warrants qualified for equity classification. As the warrants issued to the certain existing stockholders results in value being transferred, the Company recorded warrant expense of $ 3.3 million within other income and (expense) on the statement of operations. In December 2022, the Company issued 104,000 warrants to purchase shares of its common stock in connection with the Private Placement (see below). Upon completion of the Merger in December 2022, the Company issued 14,000 warrants to purchase shares of its common stock to former Yumanity warrant holders. During the year ended December 31, 2022 , the Company issued 53,000 shares of its common stock upon exercise of warrants and received proceeds of $ 71,000 . The exercise price of all shares exercised during the year ended December 31, 2022 ranged from $ 0.14 to $ 26.88 . Common Stock Upon completion of the Merger in December 2022, the number of authorized shares of common stock of the Company was adjusted to 125,000,000 with a par value of $ 0.001 and all non-voting shares became voting shares. As of December 31, 2023, there were 10,396,614 shares issued and outstanding. Common stock reserved for future issuance consisted of the following as the period presented: December 31, (in thousands) Shares reserved for stock options and restricted stock units to purchase 1,983 Shares reserved for future issuance of equity awards 932 Shares reserved for exercise of warrants 3,504 Total 6,419 For the year ended December 31, 2023, the Company issued 1.2 million shares of its common stock and issued pre-funded warrants exercisable for up to 1,257,387 shares of our common stock to institutional and individual investors, raising net proceeds of $ 8.6 million . For the year ended December 31, 2022, the Company issued 58,000 shares of its common stock to individual investors, raising net proceeds of $ 1.6 million, excluding the Private Placement (see below). 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 was expected to occur on April 15, 2024 . However, in February 2024, certain investors indicated they will not be able to consummate the second closing of 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 to investors that are related parties (see Note 16). 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 was expected to occur on April 15, 2024. However, in February 2024, certain investors indicated they will not be able to consummate the second closing of the Private Placement. If the second closing of the Private Placement were to occur, the Company would 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 volume-weighted average price of Company common stock for the five trading days prior to April 15, 2024 (“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, however, as the fair value will always equal 10% of the value of the future second closing until settlement, no changes in fair value are expected to be recorded in the Company’s consolidated statements of operations. The Company incurred insignificant issuance costs related to the Private Placement.

Grants Agreements

Grants Agreements	12 Months Ended
	Dec. 31, 2023
Research and Development [Abstract]
Grant Agreements	10. Grant Agreements 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 from this grant of zero for the year ended December 31, 2023 , and $ 912,000 for the year ended December 31, 2022 .

Licensing Revenue Agreement

Licensing Revenue Agreement	12 Months Ended
	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Licensing Revenue Agreement	11. Licensing Revenue Agreement The following table shows the activity for the Company’s licensing revenue agreements and deferred revenue (in thousands): December 31, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 1,041 ) Balance as of end of period $ — $ — 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 year ended December 31, 2023 and zero or the year ended December 31, 2022 under the Merck Neuromuscular License Agreement. 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 KCP506 License 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 KCP506 License Agreement. The Company recognized license revenue of zero for the year ended December 31, 2023 and $ 1.0 million for the year ended December 31, 2022. There was no deferred revenue related to this license as of December 31, 2023 as the Genentech KCP506 License Agreement was terminated in December 2022.

Collaboration Agreement

Collaboration Agreement	12 Months Ended
	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Collaboration Agreement	12. Collaboration Agreement The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands): December 31, 2023 2022 (in thousands) Balance as of beginning of period $ 442 $ — Increase due to acquisition — 442 Decrease for provision of research services ( 442 ) — Balance as of end of period $ — $ 442 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 collaboration revenue of $ 442,000 for the year ended December 31, 2023, due to completion of research and development services provided by us, and zero for the year ended December 31, 2022. As of December 31, 2023, the Company had zero in deferred revenue under the Merck Neuromuscular License Agreement.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	13. 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 209,000 stock options granted prior to the 2008 Plan expiration remain outstanding as of December 31, 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. During October 2022, three employees exercised 5,000 SARs and received cash payments of $ 47,000 . In February 2020, the 2010 Plan expired and 181,000 stock options granted prior to the expiration remain outstanding as of December 31, 2023. 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 201,000 stock options granted prior to the 2020 Plan expiration remain outstanding as of December 31, 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 ( 99 ) $ 25.82 Expired ( 43 ) $ 16.54 Outstanding as of December 31, 2023 1,975 $ 9.00 7.6 $ 604 Exercisable as of December 31, 2023 1,072 $ 12.80 6.5 $ 186 Nonrecourse Promissory Notes for Stock Options Exercised In March 2021, an employee exercised 56,000 vested stock options and entered into a nonrecourse promissory note in the amount of $ 0.4 million with the Company. The promissory note provides for a fixed interest rate of 2.0 % and payment is required upon the earlier of (i) the sale of the Company, (ii) the borrower’s sale of any of the shares, (iii) five years from the date the promissory note agreement was executed , and (iv) material breach by borrower of any written agreements with the Company, including but not limited to the employment agreement and Company policies. Payment may also be triggered in other specified circumstances. The promissory note remains outstanding as of December 31, 2023. 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: Years Ended December 31, 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 RSUs under its equity incentive plans with both service-based and performance-based vesting conditions. As of December 31, 2023, the Company’s outstanding RSUs all related to RSUs with service-based conditions that vest over time, with a grant date fair value of $ 204,000 . 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 ( 159 ) $ 26.90 Cancelled/Forfeited ( 8 ) $ 26.48 Outstanding and unvested as of December 31, 2023 8 $ 27.14 Stock-Based Compensation The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations: Years Ended December 31, 2023 2022 (in thousands) Research and development $ 608 $ 2,957 General and administrative 3,246 2,231 Total stock-based compensation $ 3,854 $ 5,188 In October 2022, three employees exercised 5,000 SARs and the Company paid $ 19,000 in cash to the employees and recognized cash-based stock compensation expense. As of December 31, 2023, there was $ 2.9 million of unrecognized stock-based compensation related to stock options outstanding, which is expected to be recognized over a weighted-average remaining service period of 1.8 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company had no income tax expense for the years ended December 31, 2023 and 2022 due to its history of operating losses. The components of income tax expense (benefit) are as follows: Years Ended December 31, 2023 2022 (in thousands) Deferred $ ( 2,000 ) $ ( 6,923 ) Change in valuation allowance 2,000 6,923 Total $ — $ — A reconciliation of the Company’s federal income tax rate and effective income tax rate is as follows: Years Ended December 31, 2023 2022 Federal income taxes 21.0 % 21.0 % Research and development tax credits 2.7 % 0.8 % Debt fair value adjustment 2.3 % ( 4.9 )% Change in valuation allowance ( 14.2 )% ( 10.9 )% Stock based compensation ( 6.7 )% ( 0.1 )% Deferred reconciliation adjustments ( 2.4 )% 1.5 % Expiration of capital loss carryforward ( 2.1 )% 0.0 % Transaction costs ( 0.4 )% ( 1.9 )% In-process research and development 0.0 % ( 4.4 )% Other, net ( 0.2 )% ( 1.1 )% Effective income tax rate 0.0 % 0.0 % Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for tax purposes. Significant components of the Company’s deferred tax assets and liabilities are summarized as follows: Years Ended December 31, 2023 2022 (in thousand) Deferred tax assets: Net operating losses $ 145,232 $ 144,729 Research and development credits 22,899 22,384 Capitalized research and development expenses 4,409 3,586 Stock-based compensation 1,807 1,353 Operating lease liability 115 318 Capital loss carryforward 19 316 Accrued expenses 214 103 Intangibles 57 61 Total deferred tax assets 174,752 172,850 Less: Valuation allowance ( 174,637 ) ( 172,637 ) Total deferred tax assets less valuation allowance 115 213 Deferred tax liabilities: Partnership basis deferred ( 15 ) 85 Right-of-use asset ( 100 ) ( 280 ) Fixed assets — ( 18 ) Total deferred tax liabilities ( 115 ) ( 213 ) Net deferred tax assets $ — $ — The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Due to the Company’s recent history of operating losses, the Company believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance on its deferred tax assets. The valuation allowance increased by $ 2.0 million for the year ended December 31, 2023 and $ 158.5 million for the year ended December 31, 2022 . During the year ended December 31, 2022, $ 151.6 million of the increase in valuation allowance relates to the Merger. As of December 31, 2023 , the Company has federal net operating loss carryforwards of approximately $ 549.6 million of which approximately $ 304.2 million begins to expire in 2027 . The remaining balance can be carried forward indefinitely with utilization limited to 80 % of future taxable income. The Company has general business credit carryforwards of $ 23.9 million as of December 31, 2023 , which will begin to expire in 2027 . As of December 31, 2023 , the Company has state net operating loss carryforwards of $ 489.9 million, which will begin to expire in 2030 . Utilization of U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 ("Section 382"), and corresponding provisions of state law, due to ownership changes that may have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. The Company continues to evaluate whether a change of control has occurred for previous mergers and other shareholder events. We have recorded a full valuation allowance against our net deferred tax assets at each balance sheet date. The Tax Cuts and Jobs Act contained a provision which requires the capitalization of Section 174 costs incurred in years beginning on or after January 1, 2022. Section 174 costs are expenditures which represent research and development costs that are incident to the development or improvement of a product, process, formula, invention, computer software, or technique. This provision changes the treatment of Section 174 costs such that the expenditures are no longer allowed as an immediate deduction but rather must be capitalized and amortized. The Company has included the impact of this provision, which results in a deferred tax asset of approximately $ 4.4 million as of December 31, 2023 and approximately $ 3.6 million as of December 31, 2022. On August 16, 2022, the Inflation Reduction Act ("IRA") was enacted into US law. Effective for tax years beginning after December 31, 2022, the IRA imposes a 15 % corporate minimum tax, a 1 % excise tax on share repurchases, and creates and extends certain tax-related energy incentives. Management does not expect the tax-related provisions of the IRA to have a material impact on the Company's consolidated financial statements. Unrecognized Tax Benefits The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate assuming the Company continues to maintain a full valuation allowance position. As of December 31, 2023 , no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months. Years Ended December 31, 2023 2022 (in thousands) Beginning balance of unrecognized tax benefits $ 828 $ 630 Gross increases based on tax positions related to current year 172 198 Ending balance of unrecognized tax benefits $ 1,000 $ 828 Interest and penalties related to the Company’s unrecognized tax benefits accrued as of December 31, 2023 were not material. The Company does not expect its uncertain tax positions to have material impact on its consolidated financial statements within the next twelve months. All of the unrecognized tax benefits as of December 31, 2023 are accounted for as a reduction in the Company’s deferred tax assets. The Company files federal and state income tax returns subject to varying statutes of limitations. Due to net operating loss carryforwards, the Company’s income tax returns generally remain subject to examination by federal and state tax authorities.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	15. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share: Years Ended December 31, 2023 2022 (in thousands, excepts per share amounts) Numerator: Net loss attributable to Kineta, Inc. $ ( 14,099 ) $ ( 63,408 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 11,054 4,926 Net loss per share, basic and diluted $ ( 1.28 ) $ ( 12.87 ) 1. Included in the denominator for the years ended December 31, 2023 and 2022, were 628,000 and 260,000 weighted-average shares of common stock warrants, respectively, with exercise prices of $ 0.001 and $ 0.14 issued for nominal consideration. 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: Years Ended December 31, 2023 2022 (in thousands) Warrants to purchase common stock 2,560 533 Common stock options 1,975 733 Vested restricted stock subject to recall 56 56 Unvested restricted stock subject to repurchase 8 175 Total 4,599 1,497 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 $ 115,000 for the year ended December 31, 2023 and $ 129,000 for the year ended December 31, 2022 .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions Stock Purchases During the year ended December 31, 2023, five members of the Company’s executive management purchased 43,000 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 year ended December 31, 2023, the Company issued 123,000 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 year ended December 31, 2023, the Company issued 3,000 shares of its common stock to members of the Company’s executive management and 64,000 shares to a director of the Company, upon exercise of outstanding warrants. During the year ended December 31, 202 2 , the Company issued 43,000 shares of its common stock to a director of the Company, upon exercise of outstanding warrants. Private Placement In December 2022, the Company issued 415,000 shares of its common stock for an aggregate purchase price of $ 4.8 million to four related parties and issued 66,000 warrants to purchase shares of the Company’s non-voting common stock to the same related parties in connection with such Private Placement (see Note 9). Two of the related parties are members of the Company’s board of directors and two are members of the Company’s senior management team. 2022 Convertible Notes In December 2022, upon the closing of the Merger, the Company settled $ 4.8 million in outstanding principal and accrued interest, held by three entities affiliated with a previous member of the Company’s board of directors, by issuing 335,000 shares of the Company’s non-voting common stock at the conversion price of $ 0.995 (see Note 6). As of December 31, 2023 and 2022, the Company had no outstanding principal for its 2022 convertible notes with related parties. 2020 Convertible Notes In December 2022, upon the closing of the Merger, the Company settled $ 2.0 million in outstanding principal and accrued interest, held by two members of the Company’s board of directors, by issuing 139,000 shares of the Company’s non-voting common stock at the conversion price of $ 0.995 (see Note 6). As of December 31, 2023 and 2022, the Company had no outstanding principal for its 2020 convertible notes with related parties. 2020 Notes In August 2022, the Company settled $ 0.5 million in outstanding principal and accrued interest with the related party by issuing 23,000 shares of the Company’s non-voting common stock at a 15 % discount, recognizing a $ 0.1 million loss upon extinguishment (see Note 6). As of December 31, 2023 and 2022, the Company had no outstanding principal for its 2020 notes with related parties.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events	17. Subsequent Events The Company evaluated subsequent events through the date these consolidated financial statements were issued to determine if they must be reported. The management of the Company determined there were no reportable subsequent events other than as described below. As described above, the Company initiated a process to explore a range of strategic alternatives to maximize stockholder value and has engaged professional advisors. Management can make no assurances that any particular course of action, business arrangement or transaction, or series of transactions, will be pursued, successfully consummated or lead to increased stockholder value. If the strategic process is unsuccessful, the Company’s board of directors may decide to pursue a liquidation or obtain relief under the US Bankruptcy Code. In connection with the Company’s decision to explore strategic alternatives, the Company implemented a workforce reduction of the Company’s workforce by seven full-time employees, or approximately 64 % of the Company’s then-current employee base. The workforce reduction includes Kineta’s Chief Executive Officer, Shawn Iadonato, Ph.D., who will continue to serve on the Company’s Board of Directors, and Kineta’s General Counsel and Secretary, Pauline Kenny. Each of Dr. Iadonato and Ms. Kenny will continue to support the Company in a consulting capacity until December 31, 2024. In connection with this workforce reduction, the affected employees will be provided severance benefits, including cash severance payments. Each affected employee’s eligibility for these severance benefits is contingent upon such employee’s entering into an effective separation agreement, which includes a general release of claims against the Company. The reduction of workforce is expected to result in approximately $ 246,000 in severance costs. The incremental costs are expected to be incurred in the first quarter of 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable SEC rules regarding annual financial reporting. The consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. On November 30, 2023, the Company dissolved KVHF and assumed all of the outstanding issued equity. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling interest in the accompanying 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting periods. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, revenue recognition, accrued research and development expenses, the fair value of notes payable, the fair value of the Company’s common stock prior to the Merger, stock-based compensation, uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.
Foreign Currencies	Foreign Currencies The Company’s subsidiaries are all located in the U.S. with the U.S. dollar as the functional currency. Certain insignificant transactions during the years ended December 31, 2023 and 2022 were denominated in currencies other than the U.S. dollar. Gains and losses from foreign currency transactions, translated using the average exchange rates prevailing during the respective periods, were not material for all periods presented and are reflected in the consolidated statements of operations as a component of other (expense) income, net.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (the “CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s Chief Executive Officer and President collectively serve as the CODM. The Company views its operations and manages its business in one operating segment.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to certain risks and uncertainties associated with companies at a similar stage of development, including, but not limited to: successfully develop, manufacture, and market any approved therapies and products, obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to commercial sales, new technological innovations, dependence on key personnel, protection of intellectual property, compliance with governmental regulations, uncertainty of market acceptance of any approved therapies and products, competition from companies with greater financial and technical resources, and the need to obtain additional financing.
Cash and Restricted Cash	Cash and Restricted Cash Cash includes cash deposited at several financial institutions in operating accounts. Restricted cash relates to a certificate of deposit with a financial institution to secure a letter of credit obtained for the Company’s leased premises. Restricted cash unavailable for a period longer than one year from the consolidated balance sheet date is classified as a noncurrent asset in the consolidated balance sheets.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially expose the Company to significant concentrations of credit risk consist primarily of cash deposited in accounts at several financial institutions that may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash to the extent recorded in the consolidated balance sheets. The Company believes it is not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships and has not incurred any such losses to date.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than quoted prices included in Level 1), such as quoted prices in active markets for identical or similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets of liabilities in markets, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.
Rights from Private Placement	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 and reported at fair value on the balance sheet. The fair value is determined using a Monte Carlo simulation based on the contractual funding date at the measurement date, minimum contractual purchase price and historical stock prices. The significant unobservable inputs used in the fair value measurement are volatility, risk-free interest rates and funding probability.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which is five to seven years . Costs of major additions and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or the remaining term of the lease. Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is recognized in the consolidated statements of operations. Expenditures for maintenance and repairs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews the carrying amount of its long-lived assets, including property and equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss is recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment charge is determined based upon the excess of the carrying value of the asset over its estimated fair value, with estimated fair value determined based upon an estimate of discounted future cash flows or other appropriate measures of estimated fair value. Estimating discounted cash flows requires the Company to make significant judgments and assumptions. Actual results may vary from the Company’s estimates as of the date of impairment testing and adjustments may occur in future periods. For the years ended December 31, 2023 and 2022 , there were no impairments of long-lived assets.
Fair Value Option	Fair Value Option The Company has elected the fair value option to account for certain of its notes payable (see Note 6). The Company concluded that it was appropriate to apply the fair value option to these certain notes payable because no component of the notes payable were required to be recognized as a component of stockholders’ equity. The Company recorded these notes payable at their estimated fair value with changes in estimated fair value recorded as a component of other (expense) income in the consolidated statement of operations. Under the fair value option, any direct costs and fees related to the notes payable are expensed as incurred.
Leases	Leases The Company determines at the inception of a contract if such arrangement is or contains a lease by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement as an operating lease or finance lease. The Company recognizes a right-of-use (“ROU”) asset and a lease liability in the consolidated balance sheets for all leases with an initial term of greater than 12 months. Leases with an initial term of 12 months or less are not recognized in the consolidated balance sheets, with payments recognized as expense on a straight-line basis over the lease term. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The present value of future lease payments is determined by using the implicit interest rate in the lease, if readily determinable, otherwise, the Company estimates its incremental borrowing rate at the inception of the lease to discount lease payments. The incremental borrowing rate reflects the estimated interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. ROU assets are determined based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. The ROU asset also includes impairment charges if the Company determines the ROU asset is impaired. Lease expenses are recognized, and the ROU assets are amortized on a straight-line basis over the lease term. The Company has elected to not separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. Variable costs are not included in the measurement of ROU assets and lease liabilities, which are expensed as incurred. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract.
Warrants to Purchase Common Stock	Warrants to Purchase Common Stock The Company has issued warrants to purchase the Company’s common stock in connection with the execution of certain equity and debt financings and other agreements. The fair value of warrants is determined using the Black- Scholes option-pricing model using assumptions regarding volatility of the Company’s common share price, remaining life of the warrant, and risk-free interest rates. The Company classifies warrants indexed to its own equity and meeting the criteria for equity classification within the consolidated statements of stockholders’ equity.
Asset Acquisitions	Asset Acquisitions Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions, with a cost accumulation model used to determine the cost of the acquisition. Common stock issued as consideration in an acquisition of assets is generally measured based on the acquisition date fair value of the equity interests issued. Direct transaction costs are recognized as part of the cost of an acquisition of assets. Intangible assets that are acquired in an asset acquisition for use in research and development activities that have an alternative future use are capitalized as in-process research and development ("IPR&D"). Acquired IPR&D that has no alternative future use is expensed immediately in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition Collaboration Revenues The Company recognizes collaboration 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. License Revenues The Company enters into license agreements under which it licenses certain intellectual property rights to its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: nonrefundable upfront fees, payment for research and development services provided by the Company under approved work plans, development, regulatory and commercial milestone payments, and sales-based milestones and royalties on net sales of licensed products. Each of these payments results in license revenues, except for revenues from royalties, which are classified as other revenues. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following five steps: (i) identification of the contract(s) with a customer, (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract, (iii) measurement of the transaction price, including the constraint on any variable consideration, (iv) allocation of the transaction price to the performance obligations in the contract, and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for arrangements containing multiple performance obligations, the Company develops assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company expects to recognize revenue for variable consideration being constrained when it is probable that a significant revenue reversal will not occur. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include development and regulatory milestones, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Upfront payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Grant Revenues Grants received, including cost reimbursement agreements, are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Contributions are recognized as grant revenue when all donor-imposed conditions have been met.
Research and Development Expenses	Research and Development Expenses Research and development expenses represent costs incurred in connection with the discovery, research, preclinical and clinical development, and manufacture of our product candidates. Research and development costs are expensed as incurred and consist of salaries, benefits, and other personnel related costs, including stock-based compensation, fees paid to other entities to conduct certain research and development activities on the Company’s behalf, materials for preclinical studies, clinical studies and laboratory supplies, licensing agreements and associated costs as well as allocated facility and allocated expenses for rent, insurance and other related costs. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.
Accrued Research and Development Expenses	Accrued Research and Development Expenses The Company records accrued expenses for estimated costs of its research and development activities conducted by third-party service providers, such as contract research organizations, contract manufacturing and other vendors, which include the conduct of preclinical studies, clinical trials and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other current liabilities in the consolidated balance sheets and within research and development expenses in the consolidated statements of operations. The Company records accrued expenses for these costs based on the estimated amount of work completed and in accordance with agreements established with these third parties, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. The Company makes significant judgments and estimates in determining the accrued balance as of each reporting period. As actual costs become known, the Company adjusts its accrued estimates based on the facts and circumstances known at that time. The Company’s accrued research and development expenses are dependent, in part, upon the receipt of timely and accurate reporting from its third-party service providers. To date, there have been no material differences from the Company’s accrued expenses to its actual expenses.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of employee-related expenses, including salaries, benefits and noncash stock-based compensation for personnel in executive, finance and accounting, and other administrative functions, as well as fees paid for legal, accounting and tax services, consulting fees and facilities costs not otherwise included in research and development expenses. Legal costs include general corporate legal fees and patent costs. General and administrative expenses are expensed as incurred
Stock-Based Compensation	Stock-Based Compensation The Company measures stock-based compensation related to stock-based awards granted to employees, non-employees and directors based on the estimated grant-date fair value of the awards and recognizes the related expense on a straight-line basis over the requisite service period (generally the vesting period). The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock options. The fair value of restricted stock units (“RSUs”) is estimated based on the fair value of the Company’s common stock at the grant date. For RSUs with performance vesting conditions, the Company evaluates the probability of achieving the performance condition at each reporting date and recognizes expense for such performance awards over the requisite service period using the accelerated attribution method. Forfeitures are recorded as incurred. The Black-Scholes option pricing model requires the Company to make assumptions and judgments about the inputs used in the calculations as follows: Expected Term – The Company’s expected term represents the period that the stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) for employee options. Exercise Price – The Company grants stock-based awards using the current share price of its common stock on the date of the award. Expected Volatility – As the Company has only been a publicly-traded company for one year, the expected volatility is estimated based on the average volatility for a group of comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar industry, size, or stage in the product development life cycle and financial leverage. Risk-Free Interest Rate – The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend – Other than the Distribution, the Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, it uses an expected dividend yield of zero .
Other (Expense) Income	Other (Expense) Income Interest Income Interest income consists of interest earned on short term money market accounts. Interest Expense Interest expense consists of interest charged on outstanding invoices and outstanding borrowings associated with the Company’s debt arrangements primarily consisting of borrowings under several notes payable agreements. Interest is expensed when incurred. Change in Fair Value of 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. Until settlement, the rights from Private Placement are remeasured at fair value at each reporting period with the changes in fair value recorded in other income (expense) in the Statement of Operations. Change in Fair Value Measurement of Notes Payable Change in fair value of notes payable relates to the remeasurement of the notes payable that the Company elected to account for under the fair value option. Until settlement, these notes payable are remeasured at fair value at each reporting period with the changes in fair value recorded in other income (expense) in the Statement of Operations. Warrant expense Warrant expense relates to warrants issued to current debt holders that converted their debt to equity in 2022. The expense was determined as the fair value of the warrants provided upon issuance.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts or existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company records a valuation allowance to reduce deferred tax assets to an amount expected to be realized. The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based on the merits of the position. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to the Company by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock 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 exercise prices of $ 0.001 and $ 0.14 per share, are reflected in basic net loss per share for all periods, even if antidilutive.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents the change in the Company’s stockholders’ equity from all sources other than investments by or distributions to stockholders. The Company has no items of other comprehensive loss, and as such, net loss is the same as comprehensive loss.
Accounting Pronouncements	Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures. This new guidance enhances income tax disclosures related to effective tax rates and cash income taxes paid and aims to enhance transparency and provide investors with better insights into income tax matters. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and can be applied prospectively or retrospectively. The Company has not adopted ASU 2023-09 yet and does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

Reverse Merger (Tables)

Reverse Merger (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Summary of Purchase Price Paid in Merger	In connection with the Merger, the authorized shares of common stock of the Company are 125,000,000 with par value of $ 0.001 . (in thousands) Number of shares owned by Yumanity shareholders (1) 1,553 Multiplied by fair value per share of Yumanity common stock (2) $ 13.23 Fair value of shares of combined organization owned by Yumanity shareholders 20,551 Transaction costs (3) 5,641 Total purchase price $ 26,192 (1) The number of shares represents 1,551,000 shares of Yumanity common stock outstanding as of December 16, 2022 and 2,000 shares of restricted stock units and reflects the impact of the Reverse Stock Split. (2) Based on the closing price of Yumanity common stock on the Nasdaq Capital Market on December 16, 2022, the closing date of the Merger and after giving effect to the Reverse Stock Split. (3) Transaction costs primarily relate to bank fees and professional fees associated with legal counsel.
Summary of Allocation of Purchase Price to Net Tangible and Intangible Assets	The purchase price for the Merger was allocated to the assets acquired and liabilities on a relative fair value basis as follows (in thousands) Assets: Cash and cash equivalents $ 9,226 Accounts receivable 100 Prepaid expenses and other current assets 176 Property and equipment, net 65 Restricted cash 50 In-process research and development 18,860 Liabilities: Accounts payable ( 296 ) Accrued expenses and other current liabilities ( 1,547 ) Deferred revenue ( 442 ) Total purchase price $ 26,192

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
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: Years Ended December 31, 2023 2022 (in thousands) Balance at beginning of period $ 219 $ 17,830 Change in fair value of 2022 & 2020 notes payable 22 15,280 Issuance of 2022 convertible notes — 6,746 Change in fair value of debt extinguishment — ( 673 ) Partial settlement of 2020 notes payable — ( 4,000 ) Settlement of 2022 & 2020 notes payable — ( 34,964 ) Balance at end of period $ 241 $ 219
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: Years Ended December 31, 2023 2022 (in thousands) Balance at beginning of period $ 2,250 $ — Increase from Private Placement — 2,250 Change in fair value of rights from Private Placement 1,582 — Balance at end of period $ 3,832 $ 2,250

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Statement of Financial Position [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: December 31, 2023 2022 (in thousands) Laboratory equipment $ — $ 779 Computer and software — 73 Leasehold improvements — 14 Total property and equipment — 866 Less: Accumulated depreciation and amortization — 617 Total property and equipment, net $ — $ 249
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following as of the periods presented: December 31, 2023 2022 (in thousands) Compensation and benefits $ 1,312 $ 745 Accrued interest 417 132 Accrued clinical trial and preclinical costs 251 404 Professional services 97 2,176 Other 134 70 Total accrued expenses and other current liabilities $ 2,211 $ 3,527

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable outstanding consisted of the following as of the periods presented: December 31, 2023 December 31, 2022 Principal Fair Value Principal Fair Value (in thousands) Notes payable: 2020 notes $ 250 $ 241 $ 250 $ 219 Other notes payable 379 379 379 379 Small Business Administration loan 150 150 150 150 Total notes payable $ 779 770 $ 779 748 Less: current portion 620 — 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 December 31, 2023 were as follows: Total (in thousands) Years 2024 $ 629 2025 — 2026 — 2027 2 2028 3 Thereafter 145 Total notes payable $ 779 Less: current portion 620 Notes payable, net of current portion $ 159

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Future Undiscounted Payments	Future undiscounted payments due under the operating lease as of December 31, 2023 were as follows: Years (in thousands) 2024 $ 561 Less: Imputed interest ( 14 ) Operating lease liability 547 Less: Operating lease liability, current portion ( 547 ) Operating lease liability, net of current portion $ —
Schedule of Operating Leases Supplemental Information	Supplemental information on the Company's operating leases was as follows: Years Ended December 31, 2023 2022 Cash paid for operating lease agreement (in thousands) $ 936 $ 909 Remaining lease term (in years) 0.6 1.6 Incremental borrowing rate 10 % 10 %
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): December 31, 2023 2022 Weighted average remaining lease term (in years) - 3.2 Incremental borrowing rate 0.0 % 9.3 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Warrants to Purchase	As of December 31, 2023, the Company has 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 December 31, 2023 Range of 2013 12 — — ( 12 ) — 2017 March 2025 - June 2025 131 — — ( 5 ) 126 $ 0.14 - $ 21.80 2019 March 2025 - April 2027 44 — — — 44 $ 0.14 - $ 21.80 2020 45 — ( 41 ) ( 4 ) — 2022 August 2025 - December 2029 301 — ( 178 ) — 123 $ 0.14 - $ 168.35 2023 April 2028 - October 2033 — 3,688 ( 477 ) — 3,211 $ 0.001 - $ 5.26 Total number of shares 533 3,688 ( 696 ) ( 21 ) 3,504
Schedule of Common Stock for Future Issuance	Common stock reserved for future issuance consisted of the following as the period presented: December 31, (in thousands) Shares reserved for stock options and restricted stock units to purchase 1,983 Shares reserved for future issuance of equity awards 932 Shares reserved for exercise of warrants 3,504 Total 6,419

Licensing Revenue Agreement - (

Licensing Revenue Agreement - (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 2022 (in thousands) Balance as of beginning of period $ — $ 1,041 Decrease for provision of research services — ( 1,041 ) Balance as of end of period $ — $ —

Collaboration Agreement (Tables

Collaboration Agreement (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 2022 (in thousands) Balance as of beginning of period $ 442 $ — Increase due to acquisition — 442 Decrease for provision of research services ( 442 ) — Balance as of end of period $ — $ 442

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 ( 99 ) $ 25.82 Expired ( 43 ) $ 16.54 Outstanding as of December 31, 2023 1,975 $ 9.00 7.6 $ 604 Exercisable as of December 31, 2023 1,072 $ 12.80 6.5 $ 186
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: Years Ended December 31, 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 ( 159 ) $ 26.90 Cancelled/Forfeited ( 8 ) $ 26.48 Outstanding and unvested as of December 31, 2023 8 $ 27.14
Summary of Total Stock-Based Compensation	The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations: Years Ended December 31, 2023 2022 (in thousands) Research and development $ 608 $ 2,957 General and administrative 3,246 2,231 Total stock-based compensation $ 3,854 $ 5,188

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense Benefit	The Company had no income tax expense for the years ended December 31, 2023 and 2022 due to its history of operating losses. The components of income tax expense (benefit) are as follows: Years Ended December 31, 2023 2022 (in thousands) Deferred $ ( 2,000 ) $ ( 6,923 ) Change in valuation allowance 2,000 6,923 Total $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the Company’s federal income tax rate and effective income tax rate is as follows: Years Ended December 31, 2023 2022 Federal income taxes 21.0 % 21.0 % Research and development tax credits 2.7 % 0.8 % Debt fair value adjustment 2.3 % ( 4.9 )% Change in valuation allowance ( 14.2 )% ( 10.9 )% Stock based compensation ( 6.7 )% ( 0.1 )% Deferred reconciliation adjustments ( 2.4 )% 1.5 % Expiration of capital loss carryforward ( 2.1 )% 0.0 % Transaction costs ( 0.4 )% ( 1.9 )% In-process research and development 0.0 % ( 4.4 )% Other, net ( 0.2 )% ( 1.1 )% Effective income tax rate 0.0 % 0.0 %
Schedule of Net Deferred Tax Assets (liabilities)	Significant components of the Company’s deferred tax assets and liabilities are summarized as follows: Years Ended December 31, 2023 2022 (in thousand) Deferred tax assets: Net operating losses $ 145,232 $ 144,729 Research and development credits 22,899 22,384 Capitalized research and development expenses 4,409 3,586 Stock-based compensation 1,807 1,353 Operating lease liability 115 318 Capital loss carryforward 19 316 Accrued expenses 214 103 Intangibles 57 61 Total deferred tax assets 174,752 172,850 Less: Valuation allowance ( 174,637 ) ( 172,637 ) Total deferred tax assets less valuation allowance 115 213 Deferred tax liabilities: Partnership basis deferred ( 15 ) 85 Right-of-use asset ( 100 ) ( 280 ) Fixed assets — ( 18 ) Total deferred tax liabilities ( 115 ) ( 213 ) Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	As of December 31, 2023 , no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months. Years Ended December 31, 2023 2022 (in thousands) Beginning balance of unrecognized tax benefits $ 828 $ 630 Gross increases based on tax positions related to current year 172 198 Ending balance of unrecognized tax benefits $ 1,000 $ 828

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 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: Years Ended December 31, 2023 2022 (in thousands, excepts per share amounts) Numerator: Net loss attributable to Kineta, Inc. $ ( 14,099 ) $ ( 63,408 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 11,054 4,926 Net loss per share, basic and diluted $ ( 1.28 ) $ ( 12.87 ) 1. Included in the denominator for the years ended December 31, 2023 and 2022, were 628,000 and 260,000 weighted-average shares of common stock warrants, respectively, with exercise prices of $ 0.001 and $ 0.14 issued for nominal consideration.
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: Years Ended December 31, 2023 2022 (in thousands) Warrants to purchase common stock 2,560 533 Common stock options 1,975 733 Vested restricted stock subject to recall 56 56 Unvested restricted stock subject to repurchase 8 175 Total 4,599 1,497

Organization and Liquidity - Ad

Organization and Liquidity - Additional Information (Details) $ in Thousands		12 Months Ended
	Dec. 16, 2022 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 29, 2024
Organization And Liquidity [Line Items]
Percentage of workforce reduction		64%
Proceeds from issuance of common stock		$ 8,561	$ 1,581
Rights from Private Placement		0	2,250
Accumulated deficit		165,789	151,690
Net loss		(14,076)	(63,453)
Cash		$ 5,783	$ 13,143
Subsequent Event
Organization And Liquidity [Line Items]
Percentage of workforce reduction				64%
Private Kinetas Shareholders
Organization And Liquidity [Line Items]
Merger agreement exchange ratio		0.0688
Merger Agreement
Organization And Liquidity [Line Items]
Issuance of common stock, Shares | shares	649,346
Proceeds from issuance of common stock	$ 7,400
Rights from Private Placement		$ 22,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment $ / shares	Dec. 31, 2022 USD ($) $ / shares
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | Segment	1
Impairments of long-lived assets	$ 0	$ 0
Expected dividend	0
Unrecognized tax benefits, penalties and interest expense	$ 0
Common stock, par value | $ / shares	$ 0.001	$ 0.001
Warrants exercise price | $ / shares	$ 0.14
Accounting Standards Update 2021-04
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle accounting standards update, adopted	true
Change in accounting principle accounting standards update, immaterial effect	true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	7 years

Reverse Merger (Additional Info

Reverse Merger (Additional Information) (Details) - $ / shares	Dec. 16, 2022	Dec. 31, 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		10,397,000	8,318,000
Common Stock [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Outstanding	1,551,000
Restricted Stock Units (RSUs) [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Outstanding	2,000
Private Kinetas Shareholders [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, Conversion of Units	6,115,000
Common Stock, Shares Authorized	125,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001
Private Kinetas Shareholders [Member] | Immediately Following Merger [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	80%

Reverse Merger - Summary of Pur

Reverse Merger - Summary of Purchase Price Paid in Merger (Details) - Yumanity $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Number of shares owned by Yumanity shareholders | shares	1,553,000	[1]
Multiplied by fair value per share of Yumanity common stock | $ / shares	$ 13.23	[2]
Fair value of shares of combined organization owned by Yumanity shareholders	$ 20,551
Transaction costs	5,641	[3]
Total purchase price	$ 26,192
[1] The number of shares represents 1,551,000 shares of Yumanity common stock outstanding as of December 16, 2022 and 2,000 shares of restricted stock units and reflects the impact of the Reverse Stock Split. Based on the closing price of Yumanity common stock on the Nasdaq Capital Market on December 16, 2022, the closing date of the Merger and after giving effect to the Reverse Stock Split. Transaction costs primarily relate to bank fees and professional fees associated with legal counsel.

Reverse Merger - Summary of All

Reverse Merger - Summary of Allocation of Purchase Price to Net Tangible and Intangible Assets (Details) - Yumanity $ in Thousands	Dec. 31, 2023 USD ($)
Assets:
Cash and cash equivalents	$ 9,226
Accounts receivable	100
Prepaid expenses and other current assets	176
Property and equipment, net	65
Restricted cash	50
In-process research and development	18,860
Liabilities:
Accounts payable	(296)
Accrued expenses and other current liabilities	(1,547)
Deferred revenue	(442)
Total purchase price	$ 26,192

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)			12 Months Ended
	May 31, 2023 USD ($)	Dec. 16, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable			$ 770,000	$ 748,000
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration]			Nonoperating Income (Expense)
Common stock, shares issued | shares			10,397,000	8,318,000
Proceeds from issuance of common stock			$ 8,561,000	$ 1,581,000
Private Placement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Minimum purchase price | $ / shares			$ 3.18
Funding probability			75%
Change in fair value of rights from Private Placement			$ 1,600,000
Fair value measurement			$ 3,800,000	$ 2,300,000
Common stock, shares issued | shares		649,346
Proceeds from issuance of common stock		$ 7,400,000
Aggregate purchase price	$ 22,500,000
Sell and purchase of its common stock, description			However, in February 2024, certain investors indicated they will not be able to consummate the second closing of the Private Placement. 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 closing on 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
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%
Minimum | Private Placement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility			76%
Risk-free interest rate			4.70%
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%
Maximum | Private Placement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility			114%
Risk-free interest rate			5.50%
2022 Convertible Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Convertible debt				$ 800,000
2022 Convertible Notes | Automatic Conversion Scenario
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term				2 months 12 days
2022 Convertible Notes | Repayment Scenario
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term				2 years
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
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, measurement input				0.20
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			7 months 6 days	1 month 6 days
Convertible debt			$ 225,000
2020 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 18 days	1 year 9 months 18 days
Convertible debt			$ 241,000	$ 1,600,000
Discount Rate | 2022 Convertible Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input				0.412
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				0.13
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			0.13	0.13
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			0.15	0.412
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 | 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 - Summa

Fair Value Measurements - Summary of Changes in Fair Value of 2022 & 2020 Notes Payable Measured Using Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 219	$ 17,830
Change in fair value of 2022 & 2020 notes payable	22	15,280
Issuance of 2022 convertible notes	0	6,746
Change in fair value of debt extinguishment	0	(673)
Partial settelement of 2020 notes payable	0	(4,000)
Conversion of 2022 & 2020 notes payable	0	(34,964)
Balance at end of period	$ 241	$ 219

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Changes In The Fair Value Of The Rights (Details) - Private Placement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of rights from Private Placement	$ 1,600
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	2,250	$ 0
Increase from Private Placement	0	2,250
Change in fair value of rights from Private Placement	1,582	0
Balance at end of period	$ 3,832	$ 2,250

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Components [Line Items]
Total property and equipment	$ 0	$ 866
Less: Accumulated depreciation and amortization	0	617
Total property and equipment, net	0	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	0	73
Leasehold Improvements
Balance Sheet Components [Line Items]
Total property and equipment	$ 0	$ 14

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Rights from Private Placement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Components [Abstract]
Balance at beginning of period	$ 2,250
Change in fair value of rights from Private Placement	1,582	$ 0
Balance at beginning of period	$ 3,832	$ 2,250

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Components [Abstract]
Compensation and benefits	$ 1,312	$ 745
Accrued interest	417	132
Accrued clinical trial and preclinical costs	251	404
Professional services	97	2,176
Other	134	70
Total accured expense and other current liabilities	$ 2,211	$ 3,527

Balance Sheet Components (Addit

Balance Sheet Components (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Components [Line Items]
Property and equipment, net	$ 0	$ 249,000
Proceeds from disposal of assets	240,000	3,000
Depreciation and amortization expense	9,000	73,000
Proceeds From Sale Of Other Assets 1	331,000	65,000
Equipment
Balance Sheet Components [Line Items]
Property and equipment, net	$ 0	$ 123,000

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total notes payable	$ 779	$ 779
Fair Value	770	748
Less: current portion	620	0
Notes payable, net of current portion	150	748
2020 Notes Payable
Debt Instrument [Line Items]
Total notes payable	250	250
Fair Value	241	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	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
2024	$ 629
2025	0
2026	0
2027	2
2028	3
Thereafter	145
Total notes payable	779
Less: current portion	620	$ 0
Notes payable, net of current portion	$ 159

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)			1 Months Ended					12 Months Ended
	Oct. 31, 2022	Aug. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Feb. 28, 2022	Oct. 31, 2020	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Aug. 10, 2020
Debt Instrument [Line Items]
Debt Conversion, Description								In October 2022 and December 2022, the 2022 convertible notes were amended to provide (i) that the conversion price would be equal to the conversion amount divided by $0.995 upon automatic conversion and (ii) for the issuance of 55,000 warrants to purchase shares of the Company’s non-voting common stock (see Note 9), with exercise contingent upon the Merger closing, including to one investor that was previously a related party (see Note 16), with a fair value of $1.5 million upon issuance.
Fair value of warrants issued									$ 21,800,000
Gain on extinguishments of debt, net								$ 0	$ 341,000
Cash payment					$ 4,000,000
Non-voting common, shares, issued									754,000
License Revenue Recognized Value						$ 3,000,000		$ 5,442,000	$ 1,953,000
2020 Notes
Debt Instrument [Line Items]
Convertible debt						$ 25,000,000
Debt Instrument Outstanding Principal And Accrued Interest										$ 900,000	$ 900,000
Debt instrument, interest rate, effective percentage						16%							50%
Refinanced notes payable						$ 3,000,000
Debt instrument revised interest rate						6%		50%
Debt instrument,outstanding principal and accrued interest										$ 900,000	$ 900,000
Non-voting common, shares, issued										33,000	33,000
Debt instrument, interest rate, increase (decrease)						16%
2020 Convertible Notes
Debt Instrument [Line Items]
Convertible debt						$ 25,000,000			$ 10,900,000
Debt instrument, interest rate, effective percentage				6%
Non-voting common stock percentage				85%		85%
Warrant issued shares purchase								55,000
Share price									$ 0.995
Refinanced notes payable						$ 13,800,000
Fixed interest rate						16%
Debt instrument default interest rate						20%
Debt instrument revised interest rate						6%
Non-Voting Common Stock Per share						$ 0.5
Gain on extinguishments of debt, net					700,000
Debt instrument, interest rate, increase (decrease)						16%
2020 Convertible Notes | Maturity Date Member
Debt Instrument [Line Items]
Debt instrument, maturity date						Sep. 30, 2022
2020 Convertible Notes | Maturity Date One Member
Debt Instrument [Line Items]
Debt instrument, maturity date						Mar. 31, 2023
2022 Convertible Notes
Debt Instrument [Line Items]
Convertible debt	$ 1,900,000			$ 4,800,000
Debt instrument, interest rate, effective percentage	6%
Non-voting common stock percentage	85%
Debt Instrument, Convertible, Conversion Ratio	0.995
Warrant issued shares purchase	5,000
Convertible Debt, Fair Value Disclosures									$ 800,000
Fair value of warrants issued	$ 146,000,000
Share price	$ 1.61
2022 Convertible Notes | Merger [Member]
Debt Instrument [Line Items]
Debt Instrument Outstanding Principal And Accrued Interest								$ 6,800,000
Fair value convertible debt								$ 13,000,000
Non voting common stock								471,000
Convertible Debt, Fair Value Disclosures	$ 1,500,000
Debt instrument,outstanding principal and accrued interest								$ 6,800,000
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
Gain on extinguishments of debt, net		200,000
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]
Debt Instrument Outstanding Principal And Accrued Interest			$ 1,000,000	300,000	300,000							$ 1,400,000
Non-voting common stock percentage			15%
Long-term debt, gross			$ 400,000
Fixed interest rate									12%
Gain on extinguishments of debt, net			200,000
Debt instrument,outstanding principal and accrued interest			$ 1,000,000	$ 300,000	$ 300,000							$ 1,400,000
Non-voting common, shares, issued			43,000	8,500	8,500							52,000
Debt instrument, interest rate, increase (decrease)			6%			13%
Common stock, voting rights				2,400	2,400
Small Business Administration Loan
Debt Instrument [Line Items]
Fixed interest rate							3.75%
Loan proceeds							$ 150,000
Debt instrument, maturity date							Aug. 30, 2050

Commitments and Contingencies_2

Commitments and Contingencies (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2020 ft²	May 31, 2020 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	$ 866,000	$ 889,000
Variable lease, cost	597,000	511,000
Accrued Compensation	$ 1,300,000
Sublease Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Area of land | ft²					1,850
Lease term extend, description	In October 2020 the sublease expiration date was extended from December 2020 to December 2022.
Sublease income	$ 194,000	$ 188,000
Proceeds from rent	$ 70,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Operating Lease Future Undiscounted Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease [Abstract]
2024	$ 561
Less: Imputed interest	(14)
Operating lease liability	547
Less: Operating lease liability, current portion	(547)	$ (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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Lease:
Cash paid for operating lease agreement (in thousands)	$ 936	$ 909
Remaining lease term (in years)	7 months 6 days	1 year 7 months 6 days
Incremental borrowing rate	10%	10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Finance Leases Supplemental Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Finance Leases:
Weighted average remaining lease term (in years)	0 years	3 years 2 months 12 days
Incremental borrowing rate	0%	9.30%

Strategic License Agreements -

Strategic License Agreements - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended			12 Months Ended
	Jun. 30, 2021	Jun. 30, 2023	Oct. 31, 2020	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
License Agreements Disclosure [Line Items]
License Revenue Recognized Value			$ 3,000		$ 5,442	$ 1,953
Option and License Agreement
License Agreements Disclosure [Line Items]
LicenseRightsExcerciseExpense					250,000	250,000
Option and License Agreement | Gigagen, Inc
License Agreements Disclosure [Line Items]
Development and regulatory milestones, aggregate amount payable	$ 20,400			$ 20,400
Sales milestone, aggregate amount payable	$ 11,000			$ 11,000
Option and License Agreement | Merck Neuromuscular License Agreement
License Agreements Disclosure [Line Items]
Development and regulatory milestones, aggregate amount payable		$ 5,000
License Revenue Recognized Value					$ 5,000	$ 0

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Warrants to Purchase (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Class Of Warrant Or Right [Line Items]
Number Outstanding as of December 31, 2022	533
Issued	3,688
Exercised	(696)
Cancelled/Expired	(21)
Number Outstanding as of December 31, 2023	3,504
Range of Exercise Price | $ / shares	$ 0.14
2013
Class Of Warrant Or Right [Line Items]
Number Outstanding as of December 31, 2022	12
Cancelled/Expired	(12)
2017
Class Of Warrant Or Right [Line Items]
Expiration Date	2025-03
Expiration Date	2025-06
Number Outstanding as of December 31, 2022	131
Cancelled/Expired	(5)
Number Outstanding as of December 31, 2023	126
2017 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 0.14
2017 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 21.8
2019
Class Of Warrant Or Right [Line Items]
Expiration Date	2025-03
Expiration Date	2027-04
Number Outstanding as of December 31, 2022	44
Number Outstanding as of December 31, 2023	44
2019 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 0.14
2019 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 21.8
2020
Class Of Warrant Or Right [Line Items]
Number Outstanding as of December 31, 2022	45
Exercised	(41)
Cancelled/Expired	(4)
Number Outstanding as of December 31, 2023	3,211
2023
Class Of Warrant Or Right [Line Items]
Expiration Date	2028-04
Expiration Date	2033-10
Issued	3,688
Exercised	(477)
2023 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 0.001
2023 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 5.26
2022
Class Of Warrant Or Right [Line Items]
Expiration Date	2025-08
Expiration Date	2029-12
Number Outstanding as of December 31, 2022	301
Exercised	(178)
Number Outstanding as of December 31, 2023	123
2022 | Minimum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 0.14
2022 | Maximum
Class Of Warrant Or Right [Line Items]
Range of Exercise Price | $ / shares	$ 168.35

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)								12 Months Ended
	Apr. 15, 2024	Oct. 03, 2023	Apr. 20, 2023	Dec. 16, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Common stock warrants issued							2,000
Proceeds from Issuance of Private Placement		$ 2,700,000						$ 0	$ 7,407,000
Warrants exercise price								$ 0.14
Common stock purchased for professional services							62,000
Common stock upon exercise of warrants								0
Proceeds from exercise of warrants								$ 30,000	71,000
Proceeds from issuance of common stock								$ 8,561,000	$ 1,581,000
Common stock, shares issued								10,397,000	8,318,000
Common stock, shares authorized								125,000,000	125,000,000
Common stock, par value								$ 0.001	$ 0.001
Warrant expense								$ 0	$ 3,309,000
Common stock, shares outstanding								10,397,000	8,318,000
Securities Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues		110,000	948,000
Share Price		$ 3.37	$ 4.21
Warrants exercise price		0.001	$ 0.001
Merger [Member]
Common stock warrants issued									121,000
Warrants exercise price									$ 0.14
Common stock, shares issued								10,396,614
Common stock, shares authorized									125,000,000
Common stock, par value									$ 0.001
Common stock, shares outstanding								10,396,614
Convertible Debt [Member]
Common stock warrants issued					5,000	5,000			55,000
Non cash interest expense on the statement of operations									$ 1,600,000
Investors
Proceeds from issuance of common stock								$ 8,600,000	$ 1,600,000
Common stock, shares issued								1,200,000	58,000
Investors | Securities Purchase Agreement [Member]
Share Price		$ 3.369
Gross Proceeds from Offerings		$ 3,000,000	$ 6,000,000
Yumanity | Merger [Member]
Common stock warrants issued									14,000
Wainwright & Co., LLC [Member]
Warrants and Rights Outstanding, Term			5 years
Warrants exercise price		$ 4.2125	$ 5.2625
Private Placement
Common stock warrants issued									104,000
Proceeds from Issuance of Private Placement			$ 5,500,000
Total offering related fee		$ 310,000	$ 520,000
Proceeds from issuance of common stock				$ 7,400,000
Common stock, shares issued				649,346
Private Placement | Securities Purchase Agreement [Member]
Share Price		$ 3.25	$ 4.08
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		890,208	1,425,179
Private Placement | Investors
Proceeds from issuance of common stock				$ 7,400,000
Common stock, shares issued									649,346
Private Placement | Wainwright & Co., LLC [Member] | Securities Purchase Agreement [Member]
Legal Fees		$ 50,000	$ 50,000
Non-accountable Expense		35,000	35,000
Repayments of Related Party Debt		$ 210,000	$ 420,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		44,510	71,259
Forecast [Member] | Private Placement
Common stock purchase price	$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000
Non-voting Common Stock | Private Placement
Common stock warrants issued									104,000
Warrants exercise price									$ 0.14
Non-voting Common Stock | Private Placement | Investors
Common stock warrants issued					415,000
Warrants exercise price					$ 0.14
Warrant [Member]
Common stock upon exercise of warrants									53,000
Proceeds from exercise of warrants									$ 71,000
Warrant [Member] | Securities Purchase Agreement [Member]
Common stock upon exercise of warrants								696,000
Proceeds from exercise of warrants								$ 30,000
Minimum [Member] | Warrant [Member]
Warrants exercise price									$ 0.14
Minimum [Member] | Warrant [Member] | Securities Purchase Agreement [Member]
Warrants exercise price								$ 0.001
Maximum [Member] | Securities Purchase Agreement [Member]
Share Price			$ 4.209
Warrants Exercisable		780,208	477,179
Maximum [Member] | Warrant [Member]
Warrants exercise price									$ 26.88
Maximum [Member] | Warrant [Member] | Securities Purchase Agreement [Member]
Warrants exercise price								$ 0.14
Maximum [Member] | Warrant [Member] | Investors
Warrants Exercisable								1,257,387

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Common Stock for Future Issuance (Details) shares in Thousands	Dec. 31, 2023 $ / shares shares
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	6,419
Warrants exercise price | $ / shares	$ 0.14
Stock Options And Restricted Stock Units
Class Of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	1,983
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	3,504

Grant Agreements - Additional I

Grant Agreements - Additional Information (Details) - National Institutes Of Health - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Recognized grant revenue from federal agencies	$ 0	$ 912,000
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of beginning of period	$ 0	$ 1,041
Decrease for provision of research services	0	(1,041)
Balance as of end of period	$ 0	$ 0

Licensing Revenue Agreement - A

Licensing Revenue Agreement - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue		$ 0	$ 442	$ 0
Merck Neuromuscular License Agreement
Deferred Revenue Arrangement [Line Items]
License revenue recognized		5,000	0
Milestone payments	$ 5,000
Milestones and royalties on net sales	$ 255,000
Genentech,Inc.
Deferred Revenue Arrangement [Line Items]
License revenue recognized		0	$ 1,000
Deferred revenue		$ 0

Collaboration Agreement (Additi

Collaboration Agreement (Additional Information) (Details) - Merck Co Inc [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 442,000	$ 442,000
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0

Collaboration Agreement - Summa

Collaboration Agreement - Summary of collaboration revenue agreement and deferred revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of beginning of period	$ 442	$ 0
Increase due to acquisition	0	442
Decrease for provision of research services	(442)	0
Balance as of end of period	$ 0	$ 442

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)				1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Oct. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($) shares	Oct. 31, 2022 USD ($) Employee shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	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 | $		$ 19,000			$ 3,854,000	$ 5,169,000
Amount of cost not yet recognized | $	$ 2,900,000				$ 2,900,000
Compensation cost not yet recognized, period for recognition					1 year 9 months 18 days
2008 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage									100%
Options granted					209,000
2010 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage								100%
Options granted					181,000
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage							100%
Options granted	201,000
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 | $	$ 204,000				$ 204,000
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SARs excercised		5,000
Stock Appreciation Rights (SARs) | 2010 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SARs excercised				5,000
Employees | Employee				3
Cash payments Received | $				$ 47,000
Nonrecourse Promissory Note
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested stock options exercised			56,000
Note payable, principal | $			$ 400,000
Fixed interest rate			2%
Promissory note payment, Description			five years from the date the promissory note agreement was executed

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding Stock Options as of December 31, 2022 | shares	734
Outstanding Stock Options, Granted | shares	1,383
Outstanding Stock Options, Exercised | shares	0
Outstanding Stock Options, Forfeited | shares	(99)
Outstanding Stock Options, Expired | shares	(43)
Outstanding Stock Options as of December 31, 2023 | shares	1,975	734
Outstanding Stock Options, Exercisable as of December 31, 2023 | shares	1,072
Weighted- Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 22.67
Weighted- Average Exercise Price Per Share, Granted | $ / shares	3.19
Weighted- Average Exercise Price Per Share, Exercised | $ / shares	0
Weighted- Average Exercise Price Per Share, Forfeited | $ / shares	25.82
Weighted- Average Exercise Price Per Share, Expired | $ / shares	16.54
Weighted- Average Exercise Price Per Share, Ending Balance | $ / shares	9	$ 22.67
Weighted- Average Exercise Price Per Share, Exercisable as of December 31, 2023 | $ / shares	$ 12.8
Weighted Average Remaining Contractual Term, Outstanding	7 years 7 months 6 days	5 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable as of December 31, 2023	6 years 6 months
Aggregate Intrinsic Value, Outstanding | $	$ 604	$ 0
Aggregate Intrinsic Value, Exercisable as of December 31, 2023 | $	$ 186

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 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) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Restricted Stock, Beginning Balance | shares	175
Number of Restricted Stock, Released | shares	(159)
Number of Restricted Stock, Forfeited | shares	(8)
Number of Restricted Stock, Ending Balance | shares	8
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 26.89
Weighted-Average Grant Date Fair Value Per Share, Released | $ / shares	26.9
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	26.48
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 27.14

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Total Stock-Based Compensation (Detail) - USD ($)		12 Months Ended
	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 19,000	$ 3,854,000	$ 5,169,000
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		608,000	2,957,000
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		3,246,000	2,231,000
Stock-Based Compensation [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		$ 3,854,000	$ 5,188,000

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred	$ (2,000)	$ (6,923)
Change in valuation allowance	2,000	6,923
Total	$ 0	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal income taxes		21%	21%
Research and development tax credits		2.70%	0.80%
Debt fair value adjustment		2.30%	(4.90%)
Change in valuation allowance		(14.20%)	(10.90%)
Stock based compensation		(6.70%)	(0.10%)
Deferred reconciliation adjustments		(2.40%)	1.50%
Expiration of Capital Loss Carryforward		(2.10%)	0%
Transaction costs		(0.40%)	(1.90%)
In-process research and development		0%	(4.40%)
Other, net		(0.20%)	(1.10%)
Effective income tax rate	1%	0%	0%

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Tax Assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 145,232	$ 144,729
Research and development credits	22,899	22,384
Capitalized research and development expenses	4,409	3,586
Stock-based compensation	1,807	1,353
Operating lease liability	115	318
Capital loss carryforward	19	316
Accrued expenses	214	103
Intangibles	57	61
Total deferred tax assets	174,752	172,850
Less: Valuation allowance	(174,637)	(172,637)
Total deferred tax assets less valuation allowance	115	213
Deferred tax liabilities:
Partnership basis deferred	(15)	(85)
Right-of-use asset	(100)	(280)
Fixed assets	0	(18)
Total deferred tax liabilities	(115)	(213)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance of unrecognized tax benefits	$ 828	$ 630
Gross increases based on tax positions related to current year	172	198
Ending balance of unrecognized tax benefits	$ 1,000	$ 828

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Amount of increase (decrease) in the valuation allowance		$ 2,000	$ 158,500
Operating loss carryforwards expiration amount		$ 304,200
Corporate minimum tax	15%
Effective income tax rate	1%	0%	0%
Tax credit carryforward, amount		$ 23,900
Tax carryforward, limitations on use		expire in 2027
Increases or decreases in unrecognized tax benefits		$ 0
Net deferred tax assets		4,400	$ 3,600
Reverse Merger [Member]
Income Tax Disclosure [Line Items]
Amount of increase (decrease) in the valuation allowance			$ 151,600
Federal [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards		$ 549,600
Operating loss carryforwards, limitations on use		expire in 2027
Operating loss carryforward limit, percentage		80%
State [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards		$ 489,900
Operating loss carryforwards, limitations on use		expire in 2030

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to Kineta, Inc.	$ (14,099)	$ (63,408)
Denominator:
Weighted-average shares outstanding, basic	11,054	4,926
Weighted-average shares outstanding, diluted	11,054	4,926
Net loss per share, basic	$ (1.28)	$ (12.87)
Net loss per share, diluted	$ (1.28)	$ (12.87)

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted Average Number of Shares, Contingently Issuable	628,000	260,000
Share price	$ 0.001	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,599	1,497
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,560	533
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,975	733
Vested Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	56	56
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	8	175

Net Loss Per Share (Additional

Net Loss Per Share (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Defined contribution plan	$ 115,000	$ 129,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Segment $ / shares shares	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Oct. 31, 2022 $ / shares
Related Party Transaction [Line Items]
Gain on extinguishments of debt, net | $				$ 0	$ 341
Common Stock [Member]
Related Party Transaction [Line Items]
Issuance of warrants				3,000
Number of shares issued				5,000
Executive management purchased Shares				43,000
Directors [Member]
Related Party Transaction [Line Items]
Issuance of warrants				64,000	43,000
Restricted Stock [Member] | Directors [Member]
Related Party Transaction [Line Items]
Number of shares issued				10,000
Restricted Stock [Member] | Directors [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Number of shares issued				123,000
Private Placement
Related Party Transaction [Line Items]
Number of related parties | Segment		4
Aggregate purchase price | $		$ 4,800
Issuance of warrants		66,000
Number of shares issued		415,000			415,000
Private Placement | Member of Board of Directors
Related Party Transaction [Line Items]
Number of related parties | Segment		2
Private Placement | Senior Management Team
Related Party Transaction [Line Items]
Number of related parties | Segment		2
2022 Convertible Notes
Related Party Transaction [Line Items]
Conversion Price | $ / shares						$ 1.61
Outstanding principal and accrued interest, amount settled | $		$ 4,800
2022 Convertible Notes | Non-voting Common Stock
Related Party Transaction [Line Items]
Conversion Price | $ / shares		$ 0.995			$ 0.995
Number of shares issued		335,000			335,000
2022 Convertible Notes | Affiliated with Board of Directors
Related Party Transaction [Line Items]
Number of related parties | Segment		3
2020 Convertible Notes
Related Party Transaction [Line Items]
Conversion Price | $ / shares		$ 0.995			$ 0.995
Outstanding principal and accrued interest, amount settled | $		$ 2,000
Gain on extinguishments of debt, net | $			$ 700
2020 Convertible Notes | Non-voting Common Stock
Related Party Transaction [Line Items]
Number of shares issued		139,000			139,000
2020 Notes
Related Party Transaction [Line Items]
Outstanding principal and accrued interest, amount settled | $				$ 0	$ 0
Debt Conversion, Converted Instrument, Principal and accrued interest | $	$ 500
2020 Notes | Non-voting Common Stock
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Shares Issued					23,000
Percentage of discount on common stock	15%
Gain on extinguishments of debt, net | $	$ 100

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024
Subsequent Event [Line Items]
Percentage Of Workforce Reduction Of Employee	64%
Reduction of workforce expected result in severance cost	$ 246,000
Subsequent Event
Subsequent Event [Line Items]
Percentage Of Workforce Reduction Of Employee		64%