Form 10-Q - Quarterly report [Sections 13 or 15(d)]

KA Kineta Inc

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Share Name	Share Symbol	Market	Type
Kineta Inc	NASDAQ:KA	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	0.5746	0.582	0.595				0	00:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-37695

KINETA, INC.

(Exact name of Registrant as specified in its Charter)


Delaware	20-8436652
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
7683 SE 27th Street, Suite 481 Mercer Island, WA	98040
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (206) 378-0400

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock, par value $0.001 per share

    KA

    The Nasdaq Capital Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of Registrant’s Common Stock outstanding as of August 6, 2024 was 12,261,407.

Table of Contents


		Page
	Special Note Regarding Forward-Looking Statements	1
PART I	FINANCIAL INFORMATION	3

Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Shareholders' Equity (Deficit)	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

PART II	OTHER INFORMATION	32

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	35
Signatures		36

CAUTIONARY STATEMENT

In February 2024, Kineta, Inc. (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, the Company’s Board of Directors (the “Board”) may decide to pursue a liquidation or obtain relief under the US Bankruptcy Code.

Kineta, Inc. cautions that trading in the Company’s securities is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual value realized, if any, by holders of the Company’s securities. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains certain statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” “believe,” “estimate,” “aim,” “project,” “intend,” “should,” “is to be,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from results expressed or implied in this Quarterly Report on Form 10-Q. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements:

•

plans and expectations for the outcome of strategic alternatives, expectations regarding our strategic alternative review process, and the timing and success of such process regarding a potential transaction;

•

beliefs about our available options and financial condition;

•

our ability to fund our planned operations for the next twelve months and our ability to continue as a going concern;

•

expectations that our cash will be sufficient to fund our operating expenses into the future;

•

estimates for our expenses and capital requirements;

•

the timing, progress and results of preclinical studies and clinical trials for our programs and product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs;

•

our ability to recruit and enroll suitable patients in our clinical trials;

•

the potential attributes and benefits of our product candidates;

•

our ability to develop and advance product candidates into, and successfully complete, clinical studies;

•

the timing, scope or likelihood of regulatory filings and approvals;

•

our ability to obtain and maintain regulatory approval for our product candidates, and any related restrictions, limitations or warnings in the label of an approved product candidate;

•

the implementation of our business model and our strategic plans for our business, product candidates, technology and our discovery engine;

•

our commercialization, marketing and manufacturing capabilities and strategy;

•

the pricing and reimbursement of our product candidates, if approved;

•

the rate and degree of market acceptance of our product candidates, if approved;

•

our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;

•

our ability to contract with and rely on third parties to assist in conducting our clinical trials and manufacturing our product candidates;

•

the size and growth potential of the markets for our product candidates, and our ability to serve those markets, either alone or in partnership with others;

•

our ability to obtain funding for our operations, including funding necessary to complete further development, approval and, if approved, commercialization of our product candidates;

•

the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements;

•

the potential for our business development efforts to maximize the potential value of our portfolio;

•

our ability to compete with other companies currently marketing or engaged in the development of treatments for the indications that we are pursuing for our product candidates;

•

our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates;

•

our financial performance;

•

our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals;

•

any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans and the anticipated timing of filings;

•

our expectations related to the use of our cash reserves;

•

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

•

our ability to remediate the material weaknesses in our internal control over financial reporting;

•

the impact of laws and regulations, including without limitation recently enacted tax reform legislation;

•

the impact of global economic and political developments on our business, including rising inflation and capital market disruptions, the current conflict in Ukraine and the conflict in Israel and the Gaza Strip, economic sanctions and economic slowdowns or recessions that may result from such developments, which could harm our research and development efforts as well as the value of our common stock and our ability to access capital markets;

•

the effect of COVID-19 on the foregoing; and

•

other risks and uncertainties, including those listed under the caption “Risk Factors” in Part II, Item 1A.

The forward-looking statements contained in this Quarterly Report on Form 10-Q and the documents incorporated herein by reference are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the caption “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and under similar headings in the documents that are incorporated by reference herein.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

The forward-looking statements made by us in this Quarterly Report on Form 10-Q and the documents incorporated herein by reference speak only as of the date of such statement. Except to the extent required under the federal securities laws and rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, you are advised to consult any additional disclosures we make in the documents that we file with the SEC.

Additional Information

Unless the context otherwise requires, references to the “Company,” “Kineta,” “we,” “our” or “us” in this Quarterly Report on Form 10-Q refer to Kineta, Inc. and its subsidiaries.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

KINETA, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)


	June 30,			December 31,
	2024			2023
Assets
Current assets:
Cash	$	900		$	5,783
Restricted cash		75			75
Prepaid expenses and other current assets		355			119
Total current assets		1,330			5,977
Operating right-of-use asset		69			472
Rights from Private Placement		—			3,832
Total assets	$	1,399		$	10,281
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	7,484		$	3,694
Accrued expenses and other current liabilities		1,184			2,211
Notes payable, current portion		629			620
Operating lease liability, current portion		81			547
Total current liabilities		9,378			7,072
Notes payable, net of current portion		—			150
Total liabilities		9,378			7,222
Commitments and contingencies (Note 6)
Stockholders’ Equity (Deficit):
Common stock, $0.001 par value; 125,000 shares authorized as of June 30, 2024 and December 31, 2023; 12,257 and 10,397 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		12			10
Additional paid-in capital		170,483			168,669
Accumulated deficit		(178,631	)		(165,789	)
Total stockholders’ equity (deficit) attributable to Kineta, Inc.		(8,136	)		2,890
Noncontrolling interest		157			169
Total stockholders’ equity (deficit)		(7,979	)		3,059
Total liabilities and stockholders’ equity (deficit)	$	1,399		$	10,281

See the accompanying notes to the unaudited condensed consolidated financial statements.

KINETA, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Licensing revenues	$	—		$	5,000		$	—		$	5,000
Collaboration revenues		—			161			—			442
Total revenues		—			5,161			—			5,442
Operating expenses:
Research and development		1,001			2,710			3,727			5,553
General and administrative		1,587			3,431			5,267			7,355
Total operating expenses		2,588			6,141			8,994			12,908
Loss from operations		(2,588	)		(980	)		(8,994	)		(7,466	)
Other (expense) income:
Interest income		16			67			64			121
Interest expense		(32	)		(21	)		(74	)		(44	)
Change in fair value of rights from Private Placement		—			1,221			(3,832	)		1,221
Change in fair value measurement of notes payable		—			(7	)		(9	)		(13	)
Other income (expense), net		(1	)		95			(9	)		76
Total other (expense) income, net		(17	)		1,355			(3,860	)		1,361
Net income (loss)	$	(2,605	)	$	375		$	(12,854	)	$	(6,105	)
Net income (loss) attributable to noncontrolling interest		(1	)		(11	)		(12	)		(40	)
Net income (loss) attributable to Kineta, Inc.	$	(2,604	)	$	386		$	(12,842	)	$	(6,065	)
Net income (loss) per share, basic and diluted	$	(0.20	)	$	0.04		$	(1.01	)	$	(0.65	)
Weighted-average shares outstanding, basic and diluted		13,061			9,939			12,723			9,339

See the accompanying notes to the unaudited condensed consolidated financial statements.

KINETA, INC.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands)

(Unaudited)


	Common Stock				Additional Paid-In Capital			Accumulated			Total Shareholders’ Equity (Deficit) Attributable			Noncontrolling			Total Shareholders’
	Shares		Amount		Amount			Deficit			to Kineta			Interest			Equity (Deficit)
Balance as of January 1, 2023		8,318	$	8	$	156,106		$	(151,690	)	$	4,424		$	146		$	4,570
Issuance of common stock		127		1		751		—				752		—				752
Issuance of common stock upon exercise of warrants		51	—			7		—				7			—			7
Issuance of common stock upon vesting of RSUs		23	—			—		—				—			—			—
Issuance of common stock for services		12	—			41		—				41			—			41
Stock-based compensation		—		—		1,054			—			1,054			—			1,054
Net loss		—		—		—			(6,451	)		(6,451	)		(29	)		(6,480	)
Balance as of March 31, 2023		8,531	$	9	$	157,959		$	(158,141	)	$	(173	)	$	117		$	(56	)
Issuance of common stock		948		1		5,478		—				5,479		—				5,479
Issuance of common stock upon exercise of warrants		144	—			10		—				10		—				10
Issuance of common stock upon vesting of RSUs		109	—			(69	)	—				(69	)	—				(69	)
Stock-based compensation		—		—		1,870			—			1,870			—			1,870
Net income (loss)		—		—		—			386			386			(11	)		375
Balance as of June 30, 2023		9,732	$	10	$	165,248		$	(157,755	)	$	7,503		$	106		$	7,609


	Common Stock				Additional Paid-In Capital		Accumulated			Total Stockholders’ Equity (Deficit) Attributable			Noncontrolling			Total Stockholders’
	Shares		Amount		Amount		Deficit			to Kineta			Interest			Equity (Deficit)
Balance as of January 1, 2024		10,397	$	10	$	168,669	$	(165,789	)	$	2,890		$	169		$	3,059
Issuance of common stock upon exercise of warrants		780		1		—	—				1			—			1
Issuance of common stock for services		173	—			469	—				469			—			469
Stock-based compensation		—		—		477	—				477			—			477
Net loss		—		—	—			(10,238	)		(10,238	)		(11	)		(10,249	)
Balance as of March 31, 2024		11,350	$	11	$	169,615	$	(176,027	)	$	(6,401	)	$	158		$	(6,243	)
Issuance of common stock		904		1		499	—				500		—				500
Issuance of common stock upon vesting of RSUs		3		—		—	—				—		—				—
Stock-based compensation		—		—		369	—				369		—				369
Net loss		—		—		—		(2,604	)		(2,604	)		(1	)		(2,605	)
Balance as of June 30, 2024		12,257	$	12	$	170,483	$	(178,631	)	$	(8,136	)	$	157		$	(7,979	)

See the accompanying notes to the unaudited condensed consolidated financial statements.

KINETA, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2024			2023
Operating activities:
Net loss	$	(12,854	)	$	(6,105	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of rights from Private Placement		3,832			(1,221	)
Change in fair value of notes payable		9			13
Non-cash stock-based compensation		846			2,924
Non-cash operating lease expense		403			359
Depreciation and amortization		—			4
Common stock issued for services		469			41
Gain on disposal of asset		—			(92	)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(236	)		206
Accounts payable		3,790			(529	)
Accrued expenses and other current liabilities		(1,027	)		(1,654	)
Operating lease liability		(466	)		(409	)
License receivable		—			(5,000	)
Deferred revenue		—			(442	)
Net cash used in operating activities		(5,234	)		(11,905	)
Investing activities:
Proceeds from sale of property and equipment		—			303
Net cash provided by investing activities		—			303
Financing activities:
Proceeds from private placement		—			5,479
Proceeds from issuance of common stock and pre-funded warrants		500			752
Proceeds from exercise of warrants		1			17
Repayments of notes payable		(150	)		—
Repayments of finance lease liabilities		—			(19	)
Net cash provided by financing activities		351			6,229
Net change in cash and restricted cash		(4,883	)		(5,373	)
Cash and restricted cash at beginning of year		5,858			13,268
Cash and restricted cash at end of year	$	975		$	7,895
Components of cash and restricted cash:
Cash	$	900		$	7,770
Restricted cash		75			125
Total cash and restricted cash	$	975		$	7,895
Supplemental disclosure of cash flow information:
Cash paid for interest	$	19		$	25
Supplemental disclosure of noncash investing and financing activities:
Withholding to cover taxes from RSU vesting	$	—		$	69

See the accompanying notes to the unaudited condensed consolidated financial statements.

KINETA, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Organization and Liquidity

Description of Business

Kineta, Inc. (together with its subsidiaries, “Kineta” or the “Company”) is headquartered in Mercer Island, 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024, the Company owns a majority interest of the outstanding issued equity of KCP.

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 as of June 5, 2022, as amended on December 5, 2022 (the “Merger Agreement”), by and among Yumanity, Private Kineta and Yacht Merger Sub, Inc., a wholly-owned subsidiary of Yumanity (“Merger Sub”), pursuant to which Merger Sub merged with and into Private Kineta, with Private Kineta surviving such merger as a wholly-owned subsidiary of Yumanity (the “Merger”). In connection and concurrently with the execution of the Merger Agreement, the Company entered into a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023 (such financing agreement, as amended, the “Securities Purchase Agreement”), to sell shares of the Company’s common stock in a private placement (the “Private Placement”). The first closing of the Private Placement occurred on December 16, 2022, and the Company issued 649,346 shares of its common stock and received net proceeds of $7.4 million. The second closing of the Private Placement for an aggregate purchase price of $22.5 million was expected to occur on April 15, 2024, however, the investors failed to fulfill their contractual obligation to fund and the second closing did not occur.

Going Concern and Capital Resources

The Company has incurred recurring net losses and negative cash flows from operations since inception and, as of June 30, 2024, had an accumulated deficit of $178.6 million. The net loss attributable to the Company was $12.9 million for the six months ended June 30, 2024. As of June 30, 2024, the Company had unrestricted cash of $900,000, 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 Quarterly Report on Form 10-Q.

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.

On July 3, 2024 (the “Effective Date”), the Company entered into an exclusivity and right of first offer agreement (the “TuHURA Agreement”) by and between the Company and TuHURA Biosciences, Inc., a Delaware corporation (“TuHURA”).

Pursuant to the TuHURA Agreement, among other things, Kineta has granted TuHURA an exclusive right to acquire Kineta’s worldwide patents, patent rights, patent applications, product and development program assets, technical and business information, and other rights and assets associated with and derived from its development program related to KVA12123, the Company’s VISTA blocking immunotherapy, during the period commencing as of the Effective Date and continuing through the first to occur of (a) the execution of any Definitive Agreement (as defined in the TuHURA Agreement) with respect to a Potential Transaction (as defined in the TuHURA Agreement) by TuHURA or one or more of its affiliates and (b) 11:59 PM Eastern Time on October 1, 2024, subject to extension as noted in the following sentence (the “Exclusivity Period”). In the event that the Parties are engaged in good faith discussions regarding a Potential Transaction on the date on which the Exclusivity Period (or any renewal thereof) is scheduled to expire and TuHURA has not yet closed the transactions contemplated by that previously announced agreement and plan of merger by and among TuHURA, Kintara Therapeutics, Inc. (“Kintara”) and Kayak Mergeco, Inc., a wholly-owned subsidiary of Kintara, then on such date, the Exclusivity Period shall automatically renew for an additional ten (10) day period (a “Renewal Period”) (up to a total of two (2) renewal periods for an aggregate of twenty (20) days).

In consideration for Kineta’s compliance with its obligations set forth in the TuHURA Agreement, TuHURA paid to Kineta $5.0 million (the “Exclusivity Payment”) in July 2024. No later than two (2) business days after a Renewal Period has started (to be confirmed in writing by both Parties), TuHURA shall pay an additional $150,000 as an additional Exclusivity Payment, in an amount not to exceed $300,000 for the two (2)

available Renewal Periods. The Exclusivity Payment will be credited against the initial cash consideration that may be payable to Kineta pursuant to any Definitive Agreement (if any) between Kineta and TuHURA and/or its affiliates with respect to a Potential Transaction.

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. As noted above, the investors failed to fulfill their contractual obligation to consummate the Private Placement. The Company is pursuing litigation or seeking other settlements against the investors for the failure to fund. Due to the lack of commitments for future funding or additional capital, 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.

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 Accounting Policies

Unaudited Interim Financial Information

The unaudited condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed consolidated financial statements, as of June 30, 2024 and for the three and six months ended June 30, 2024, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 21, 2024 (the “2023 Annual Report on Form 10-K”). These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2023 included in the 2023 Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2024 and condensed consolidated results of operations and cash flows for the three and six months ended June 30, 2024 and 2023 have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable SEC rules. The condensed consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. All intercompany transactions and balances have been eliminated upon consolidation.

Noncontrolling interest in the accompanying condensed consolidated financial statements represents the proportionate share of equity which is not held by the Company. Net income (loss) of the non-wholly owned consolidated subsidiary is allocated to the Company and the holder(s) of the noncontrolling interests in proportion to their percentage ownership considering any preferences specific to the form of equity of the subsidiaries.

Revenue Recognition

Licensing Revenues

In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement (defined below), which triggered a $5.0 million payment. This collaboration focused on the discovery and development of novel candidates for the treatment of amyotrophic

lateral sclerosis (“ALS”). Merck will continue to advance the research program for the ALS pipeline, one of the two pipeline programs licensed under the Merck Neuromuscular License Agreement. As a result, the Company is eligible to receive up to an additional $255.0 million in development milestones, sales milestones and royalties on net sales. Following this milestone, Merck will assume sole responsibility for all future development and commercialization for the ALS program. The Company recognized licensing revenues of zero for the three and six months ended June 30, 2024.The Company recognized one-time licensing revenue of $5.0 million for the three months ended June 30, 2023.

Collaboration Revenues

In connection with the Merger, the Company became the successor in interest to an exclusive license and research collaboration agreement (the “Merck Neuromuscular License Agreement”) with Merck to support research, development and commercialization of products for treatment of neuromuscular diseases, including amyotrophic lateral sclerosis. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recognized as a percentage of actual cost incurred to the estimated costs to complete. The Company recognized collaboration revenues of zero for the three and six months ended June 30, 2024. The Company recognized collaboration revenues of $161,000 for the three months ended June 30, 2023 and $442,000 for the six months ended June 30, 2023. As of June 30, 2023, the Company completed its project services under the Merck Neuromuscular License Agreement.

Net income (loss) per share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding common share equivalents. For the three and six months ended June 30, 2024 and the six months ended June 30, 2023, the Company reported a net loss and the diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the three months ended June 30, 2023, the diluted net income per common share was the same as basic net income per common share, as all potentially dilutive common share equivalents were determined to be anti-dilutive, using the treasury stock method.

Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including cash, restricted cash, and accounts payable, approximate fair value due to the short-term nature of those instruments.

Rights from Private Placement

The Company determined that the rights from Private Placement was a derivative asset, which required the asset to be accounted for at fair value. As of March 31, 2024, the Company did not expect the second closing of the Private Placement to occur and as a result, the Company deemed the fair value of the rights from Private Placement to be zero. The Company recorded a loss in the fair value of Private Placement of zero for the three months ended June 30, 2024 and $3.8 million for the six months ended June 30, 2024, which is recorded in other income (expense) in the Statement of Operations.

The fair value as of June 30, 2023 was determined using a Monte Carlo simulation based on the contractual funding date of July 25, 2023, minimum contractual purchase price of $3.18 and historical stock prices. The significant unobservable inputs used in the fair value measurement as of June 30, 2023 were as follows: volatility of 73%, risk-free interest rate of 5.11% and funding probability of 75%, which resulted in a change in fair value of $1.2 million for the three and six months ended June 30, 2023, which is recorded in other income (expense) in the Statement of Operations. The fair value measurement as of June 30, 2023 was approximately $3.5 million.

The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs:


	Six Months Ended June 30,
	2024			2023
	(in thousands)
Balance at beginning of period	$	3,832		$	2,250
Change in fair value of rights from Private Placement		(3,832	)		1,221
Balance at end of period	$	—		$	3,471

2020 Notes

The Company elected the fair value option to account for the 2020 notes (as defined below) (see Note 5).

During 2024, the Company did not obtain an independent valuation of the 2020 notes as they matured on July 31, 2024 and the fair value approximates the principal amount.

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 notes as of June 30, 2023 were as follows: discount rate of 14.0% and contractual payment date of 1.0 year, which resulted in a fair value for the 2020 notes of $232,000.

The following table provides a summary of the changes in the fair value of the 2020 notes payable measured using Level 3 inputs:


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Balance at beginning of period	$	241	$	219
Change in fair value of 2020 notes		9		13
Balance at end of period	$	250	$	232

Balance Sheet Components

Property and Equipment, Net

There was no property and equipment as of June 30, 2024 or December 31, 2023.

Depreciation and amortization expense was zero for the three and six months ended June 30, 2024. Depreciation and amortization expense was $2,000 for the three months ended June 30, 2023 and $4,000 for the six months ended June 30, 2023. During the three months ended June 30, 2023, the Company disposed of assets with a net carrying value of $36,000 and received proceeds of $17,000. During the six months ended June 30, 2023, the Company disposed of assets with a net carrying value of $211,000 and received proceeds of $303,000. The Company recorded a gain on disposal of fixed assets, which is recorded in other income (expense) in the Statement of Operations.

Rights from Private Placement

In connection and concurrently with the execution of the Merger Agreement, the Company entered into the Securities Purchase Agreement to sell shares of the Company’s common stock in the Private Placement. The first closing of the Private Placement occurred on December 16, 2022, and the Company issued 649,346 shares of its common stock and received net proceeds of $7.4 million. The second closing of the Private Placement for an aggregate purchase price of $22.5 million was expected to occur on April 15, 2024, however, the investors failed to fulfill their contractual obligation to consummate the Private Placement and the second closing did not occur.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the periods presented:


	June 30,		December 31,
	2024		2023
	(in thousands)
Accrued interest	$	471	$	417
Compensation and benefits		419		1,312
Accrued clinical trial and preclinical costs		104		251
Professional services		77		97
Other		113		134
Total accrued expenses and other current liabilities	$	1,184	$	2,211

Notes Payable

Notes payable outstanding consisted of the following as of the periods presented:


	June 30, 2024				December 31, 2023
	Principal		Fair Value		Principal		Fair Value
	(in thousands)
Notes payable:
2020 notes	$	250	$	250	$	250	$	241
Other notes payable		379		379		379		379
Small Business Administration loan		—		—		150		150
Total notes payable	$	629		629	$	779		770
Less: current portion				629				620
Notes payable, net of current portion			$	—			$	150

The Company elected the fair value option for the 2020 notes (see Note 3). The other notes payable and Small Business Administration loan approximate their fair value because interest rates are at prevailing market rates.

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. The interest rate was reduced on the 2020 notes from 16.0% to 6.0% from October 2020 until the earlier of (i) the Company raises at least $25.0 million in a single transaction or series of transactions after October 2020 and (ii) the original maturity dates (that is, various dates in the first quarter of 2022), after which the interest rate increases to 16.0%. The outstanding principal is due upon demand of the majority of the lenders with respect to (i) 50% on or after nine months after the original maturity date (or on or after various dates in the fourth quarter of 2022) and (ii) 50% on or after fifteen months after the original maturity date (or on or after various dates in the second quarter of 2023). The Company may repay the 2020 notes at any time without penalty. Upon bankruptcy the lender can accelerate all amounts due immediately.

In August 2022, the Company settled $1.4 million in outstanding principal and accrued interest by issuing 59,000 shares of the Company’s non-voting common stock at a 15% discount. The Company extended the maturity date for the remaining 2020 notes with a principal balance of $250,000 to July 31, 2024 and reduced the interest rate to 6%, which was accounted for as a modification. As the 2020 notes were valued pursuant to the fair value election, an immaterial gain was recognized upon extinguishment. The 2020 notes matured on July 31, 2024 and are payable anytime after the maturity date upon demand by the holder.

Other Notes Payable

The Company issued several other notes payable in 2019 and early 2020 at a 12.0% interest rate per annum, with the principal amounts due in full at maturity and interest due monthly or quarterly. The other notes payable were due to mature at various dates between December 2020 through early 2022.

The other notes payable were amended in October 2020 to increase the interest rate to 13.0% and extend the maturity date to be on demand by a majority of the holders on or after April 7, 2022, which resulted in a modification of the other notes payable. The Company may prepay the other notes payable at any time without penalty. In April 2022, the Company extended the maturity date for the remaining other notes payable with a principal balance of $379,000 to June 30, 2024 and decreased the interest rate to 6.0% interest, which was accounted for as a modification. As the other notes payable approximated their fair value, no gain or loss was recognized upon extinguishment. The other notes payable matured on June 30, 2024 and are payable anytime after the maturity date upon demand by the holder.

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. The Company repaid the SBA loan and accrued interest in April 2024.

Commitments and Contingencies

Leases

Operating Lease

The Company leased office and laboratory premises in Seattle, Washington pursuant to a lease agreement that commenced in April 2011 and expired on July 31, 2024. This lease was not extended and no other facility lease was entered into as the Company's employees work remotely. The agreement, which required monthly lease payments, was subject to annual rent escalations during the lease term, and contained 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 was required to pay certain operating costs, in addition to rent, such as common area maintenance, taxes and utilities. Such additional charges are considered variable lease costs and are recognized in the period in which they are incurred. Rent expense was $208,000 for the three months ended June 30, 2024 and variable costs were $151,000. Rent expense was $416,000 for the six months ended June 30, 2024 and variable costs were $302,000. Rent expense was $214,000 for the three months ended June 30, 2023 and variable costs were $137,000. Rent expense was $450,000 for the six months ended June 30, 2023 and variable costs were $310,000.

The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature.

Future undiscounted payments due under the operating lease as of June 30, 2024 were as follows:


Years	(in thousands)
2024	$	81
Less: Imputed interest		-
Operating lease liability		81
Less: Operating lease liability, current portion		(81	)
Operating lease liability, net of current portion	$	—

Supplemental information on the Company’s operating leases was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Cash paid for operating lease agreement (in thousands)	$	242		$	235		$	480		$	466
Remaining lease term (in years)		0.1			1.1			0.1			1.1
Incremental borrowing rate		10	%		10	%		10	%		10	%

The Company subleases portions of its premises in Seattle, Washington to third parties. Under the first sublease agreement, which commenced in December 2017, the Company subleases approximately 1,850 square feet. In October 2020 the sublease expiration date was extended from December 2020 to December 2022. In September 2022, the sublease expiration date was extended from December 2022 to December 2023. In December 2023, the sublease expiration date was extended from December 2023 to July 2024. Sublease income is recorded within operating expenses and was $49,000 for the three months ended June 30, 2024 and $97,000 for the six months ended June 30, 2024. Sublease income was $49,000 for the three months ended June 30, 2023 and $97,000 for the six months ended June 30, 2023. As of June 30, 2024, the total minimum rentals to be received under the remaining noncancelable sublease was $10,000.

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 and Separation Agreements

On September 20, 2022, the Company entered into an at-will employment agreement (“Baker Employment Agreement”), which became effective on October 3, 2022, with Keith Baker, its Chief Financial Officer. On September 28, 2022, the Company entered into at-will employment agreements (together with the Baker Employment Agreement, the “Executive Employment Agreements”), which became effective on December 16, 2022 upon the closing of the Merger, with Shawn Iadonato, its former Chief Executive Officer, Craig Philips, its President, and Pauline Kenny, its former

General Counsel. On April 23, 2023, the Company’s board of directors (the “Board”) approved salary increases effective at the next payroll period and bonus increases for fiscal year 2023 to Shawn Iadonato, Craig Philips, Keith Baker, and Pauline Kenny.

As part of the Company’s reduction in workforce plan, the Company terminated the employment of Shawn Iadonato and Pauline Kenny, each effective as of March 1, 2024, without cause. In connection with Dr. Iadonato’s departure, the Company entered into a separation and release agreement with Dr. Iadonato (the “Iadonato Separation Agreement”). Pursuant to the Iadonato Separation Agreement, Dr. Iadonato received payment equal to 80 hours of accrued but unused paid time off and two weeks worth of wages, which, in aggregate, is equal to $38,462. In exchange for the payments and other consideration under the Iadonato Separation Agreement, Dr. Iadonato provided the Company with a release, in favor of the Company, of any and all claims relating to his employment with the Company.

In connection with Ms. Kenny’s departure, the Company entered into a separation and release agreement with Ms. Kenny (the “Kenny Separation Agreement”). Pursuant to the Kenny Separation Agreement, Ms. Kenny received payment equal to 80 hours of accrued but unused paid time off and two weeks worth of wages, which, in aggregate, is equal to $25,000. In exchange for the payments and other consideration under the Kenny Separation Agreement, Ms. Kenny provided the Company with a release, in favor of the Company, of any and all claims relating to her employment with the Company.

The Executive Employment Agreements referenced above 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 (currently estimated at approximately $563,000 in the aggregate), (iii) nine (9) months of COBRA benefits 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

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 zero for the three and six months ended June 30, 2024 and zero for the three and six months ended June 30, 2023.

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 three months ended June 30, 2024 and $430,000 for the six months ended June 30, 2024. License expenses for the CD27 Agreement were zero for the three and six months ended June 30, 2023.

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 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 zero for the three and six months ended June 30, 2024 and $5.0 million for the three and six months ended June 30, 2023 under the Merck Neuromuscular License Agreement and has no further obligations under the Merck Neuromuscular License Agreement.

Stockholders’ Equity

Warrants to Purchase Common Stock

As of June 30, 2024, the Company had issued and outstanding warrants to purchase shares of the Company’s common stock as follows, which all met the condition for equity classification (in thousands):


Year Issued	Expiration Date	Number Outstanding as of December 31, 2023		Issued		Exercised			Cancelled/Expired		Number Outstanding as of June 30, 2024		Range of Exercise Price
2017	March 2025 - June 2025		126		—		—			—		126	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			—		44	$0.14 - $21.80
2022	August 2025 - December 2029		123		—		—			—		123	$0.14 - $168.35
2023	December 2025 - April 2029		3,211		—		(780	)		—		2,431	$3.25 - $5.26
Total number of shares underlying warrants			3,504		—		(780	)		—		2,724

Warrant Exercises

During the six months ended June 30, 2024, the Company issued 780,000 shares of its common stock upon exercise of warrants and received proceeds of $1,000. The exercise price of all shares exercised during the six months ended June 30, 2024 was $0.001.

As of June 30, 2023, the Company had issued and outstanding warrants to purchase shares of the Company’s common stock as follows, which all met the condition for equity classification (in thousands):


Year Issued	Expiration Date	Number Outstanding as of December 31, 2022		Issued		Exercised			Cancelled/Expired			Number Outstanding as of June 30, 2023		Range of Exercise Price
2013	April 2023		12		—		—			(12	)		—
2017	November 2023 - June 2025		131		—		—			—			131	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			(4	)		40	$0.14 - $21.80
2020	October 2023		45		—		—			—			45	$	0.14
2022	August 2025 - December 2029		301		—		(128	)		—			173	$0.14 - $168.35
2023	August 2028 - April 2033		—		1,973		(67	)		—			1,906	$4.08 - $5.26
Total number of shares underlying warrants			533		1,973		(195	)		(16	)		2,295

During the six months ended June 30, 2023, the Company issued 195,000 shares of its common stock upon exercise of warrants and received proceeds of $17,000. The exercise price of all shares exercised during the six months ended June 30, 2023 ranged from $0.001 to $0.14.

Common Stock

As of June 30, 2024, there were 12,256,861 shares of common stock issued and outstanding.

Common stock reserved for future issuance consisted of the following as the period presented:


	June 30, 2024
	(in thousands)
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans		2,456
Shares reserved for future issuance of equity awards		702
Shares reserved for exercise of warrants		2,724
Total		5,882

On April 22, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) by and between the Company and RLB Holdings Connecticut, LLC (“RLB”) to continue RLB’s investment in the Company and to resolve any and all potential claims or causes of action in connection with RLB’s failure to purchase $2.5 million of shares of the Company’s common stock pursuant to a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023.

Pursuant to the Settlement Agreement, on April 23, 2024, the Company received cash proceeds of $500,000 from RLB and on May 1, 2024, the Company issued 903,995 shares of its common stock to RLB.

During the six months ended June 30, 2024, the Company issued 91,000 shares of its common stock for license expenses and recorded $250,000 as license expense within research and development expense.

During the six months ended June 30, 2024, the Company issued 82,000 shares of its common stock for professional services and recorded $219,000 as consulting expense within general and administrative expense.

During the six months ended June 30, 2024, the Company issued 3,000 shares of its common stock upon vesting of restricted stock units.

During the three months ended June 30, 2023, the Company issued 948,000 shares of its common stock and issued pre-funded warrants in connection with the Company’s registered direct offering which took place in April 2023 and received net proceeds of $5.5 million.

During the six months ended June 30, 2023, the Company sold 126,503 shares of its common stock to individual investors under the sales agreement with Jefferies LLC with respect to an at-the-market (“ATM”) offering program and received net proceeds of $0.8 million in connection with the ATM equity offering program.

During the six months ended June 30, 2023, the Company issued 12,000 shares of its common stock for professional services and recorded $41,000 as consulting expense within general and administrative expense.

During the three months ended June 30, 2023, the Company issued 144,000 shares of its common stock upon exercise of warrants and received proceeds of $10,000. During the six months ended June 30, 2023, the Company issued 195,000 shares of its common stock upon exercise of warrants and received proceeds of $17,000. The exercise price of all shares exercised ranged from $0.001 to $0.14.

During the three months ended June 30, 2023, the Company issued 109,000 shares of its common stock upon vesting of restricted stock units, of which 81,000 shares were issued to members of the Company’s executive management, 8,000 shares were issued to directors of the Company and 20,000 were issued to employees, former employees and former Board members. During the six months ended June 30, 2023, the Company issued 132,000 shares of its common stock upon vesting of restricted stock units. 100,000 shares were issued to members of the Company’s executive management, 10,000 shares were issued to directors of the Company and 22,000 were issued to employees, former employees and former Board members.

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. The first closing of the Private Placement occurred on December 16, 2022 and the Company issued 649,346 shares of its common stock and received net proceeds of $7.4 million to investors that are related parties.

In connection with the Private Placement in December 2022, the Company issued 104,000 warrants to purchase shares of the Company’s non-voting common stock to investors in the Private Placement, each at an exercise price of $0.14, with exercise contingent upon the Merger closing and exercisable following the first closing of the Private Placement. The Company determined the contingent exercise provisions were indexed to the Company’s operations and the warrants qualified for equity classification.

The second closing of the Private Placement was expected to occur on April 15, 2024, however, the investors failed to fulfill their contractual obligation to fund and the second closing did not occur. Had the second closing of the Private Placement occurred, the Company would have been obligated to issue a number of shares of its common stock based on the aggregate purchase price of $22.5 million divided by the purchase price equal to (a) the VWAP, plus (b) 10% of the VWAP; provided, however, that the share purchase price shall be at least equal to the closing price of the Company’s common stock on March 29, 2023. The Company determined that its obligation to issue additional shares of its common stock in the second closing at a premium to the VWAP was a freestanding financial instrument and a future right, which is subject to fair value. Accordingly, at inception the future right was recorded as an other asset in the Company’s consolidated balance sheet at its fair value equal to 10% of the second closing amount, or $2.3 million. The remaining proceeds from the first closing were allocated to the shares of common stock issued in the first closing and to the warrants as such instruments are equity-classified. The future right was subject to remeasurement at each reporting date and the Company used the Monte Carlo simulation method to determine fair value of approximately $3.8 million as of December 31, 2023 and zero as of June 30, 2024 as at that time, the Company did not expect the second closing to occur. The Company incurred insignificant issuance costs related to the Private Placement.

Nasdaq Bid Price Deficiency Letter

On April 18, 2024, the Company received written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the “Rule”) because the Company has not maintained a minimum closing bid price of the Company’s common stock of at least $1.00 per share for the last 30 consecutive business days. The Notice has no immediate effect on the listing or trading of the Company’s securities.

The Company has 180 calendar days from the date of the Notice, or until October 15, 2024, to regain compliance. If the Company is not deemed in compliance before the expiration of the 180 day compliance period, it will be afforded an additional 180-day compliance period, provided that on the 180th day of the first compliance period it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on The Nasdaq Capital Market (except the bid price requirement) based on the Company's most recent public filings and market information and provides written notice to Nasdaq of its intention to cure this deficiency during the second compliance period.

Compliance can be achieved during any compliance period by meeting the applicable standard for a minimum of 10 consecutive business days during the applicable compliance period, unless Nasdaq exercises its discretion to extend this 10 day period as discussed in Rule 5810(c)(3)(H).

If the Company does not regain compliance with the bid price requirement within the compliance period, the Company’s common stock will be subject to delisting. In the event the Company receives notice that the Company’s common stock is being delisted, Nasdaq’s rules permit the Company to appeal the delisting determination by the Nasdaq staff (the “Staff”) to a hearings panel.

The Company intends to monitor the bid price of the Company’s listed securities and may, if appropriate, consider available options to regain compliance with the bid price requirement.

There can be no assurance that the Company will be able to regain compliance with the bid price requirement.

Nasdaq Stockholders’ Equity Deficiency Letter

On May 23, 2024, the Company received written notice (the “Equity Notice”) from Nasdaq informing the Company that it no longer complies with the requirement under Nasdaq Listing Rule 5550(b)(1) to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing on Nasdaq because the Company reported stockholders’ equity of negative $6,243,000 in its Quarterly Report on Form 10-Q for the period ended March 31, 2024, and, as of the date of the Equity Notice, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations. The Notice has no immediate effect on the listing or trading of the Company’s securities.

The Company timely submitted the compliance plan to the Staff on July 8, 2024. If the plan is accepted, the Staff may grant the Company an extension period of up to 180 calendar days from the date of the Notice to evidence compliance. There can be no assurance that the Company will be able to regain compliance with the continued listing requirements or that the Staff will grant the Company a further extension of time to regain compliance. If the Staff does not accept the Company’s plan or if the Company is unable to regain compliance within any extension period granted by the Staff, the Company’s common stock will be subject to delisting. In the event the Company receives notice that the Company’s common stock is being delisted, Nasdaq’s rules permit the Company to appeal the delisting determination by the Staff to a hearings panel.

Collaboration Agreement

The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands):


	June 30,
	2024		2023
	(in thousands)
Balance as of beginning of period	$	—	$	442
Decrease for provision of research services		—		(442	)
Balance as of end of period	$	—	$	—

Merck

10.

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 86,000 stock options granted prior to the 2008 Plan expiration remain outstanding as of June 30, 2024.

2010 Equity Incentive Plan

The Company’s 2010 Equity Incentive Plan (the “2010 Plan”) provided for the grant of incentive stock option, non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards to employees and non-employee service providers of the Company. Under the 2010 Plan, the exercise price of stock options granted were at 100% of the estimated fair market value of the Company’s common stock on the date of grant and the contractual term of stock options granted did not exceed ten years. Options become vested and, if applicable, exercisable based on terms determined by the Company’s board of directors or other plan administrator on the date of grant, which is continued employment or service as defined in each option agreement. Stock appreciation rights (“SARs”) provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company’s common stock at the date of grant, payable in cash. The rights granted have varying vesting terms, including SARs that vest immediately on the grant date and upon satisfaction of the service-based requirement, typically three to five years. The maximum fair value is limited to four times the exercise price.

In February 2020, the 2010 Plan expired and 102,000 stock options granted prior to the expiration remain outstanding as of June 30, 2024.

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 190,000 stock options and 2,000 RSUs granted prior to the 2020 Plan expiration remain outstanding as of June 30, 2024.

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, 2023		1,975		$	9.00		7.6	$	604
Granted		940		$	0.36
Exercised		—		$	—
Forfeited		(296	)	$	8.83
Expired		(165	)	$	11.39
Outstanding as of June 30, 2024		2,454		$	5.55		8.7	$	160
Exercisable as of June 30, 2024		1,378		$	8.40		8.2	$	63

Annual Stock Awards and Employee Retention Policy

On April 11, 2024, the Compensation Committee of the Board approved and on April 14, 2024, the Board approved and adopted the Annual Stock Awards and Employee Retention Policy (the “Policy”), which will provide retention awards to key employees, including certain of the Company’s named executive officers. Under the Policy, the Company’s former Chief Executive Officer and the Company’s Chair of the Board, Shawn Iadonato, Ph.D., the Company’s President, Craig W. Philips, the Company’s Chief Financial Officer, Keith A. Baker, and the Company’s Chief Scientific Officer, Thierry Guillaudeux, Ph.D., received option awards to purchase 225,000, 225,000, 225,000 and 225,000 shares of the Company’s common stock, respectively. The awards are subject to three-part vesting: (i) 25% of the shares will vest upon award; (ii) 50% of shares will vest in the event of a Transaction or a Qualified Transaction, as such terms are defined in the Policy; and (iii) 25% of the shares will vest and become exercisable over the 36-month period following the award on the one-month anniversary of the vesting commencement date, subject to the optionee’s continued service through each vesting date.

Fair Value of Stock Options

The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:


	Six Months Ended June 30,
	2024	2023
Expected volatility	121.8%	110.3% - 111.6%
Expected term (years)	1.0	6.5
Risk-free interest rate	5.07%	3.4% - 3.4%
Expected dividend yield	0% - 0%	0% - 0%

Restricted Stock

The Company has granted restricted stock units (“RSUs”) under its equity incentive plans with both service-based and performance-based vesting conditions. As of June 30, 2024, the Company’s outstanding RSUs are time-based and have a grant date fair value of $63,000.

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

Outstanding and unvested as of December 31, 2023		7,516		$	27.14
Exercised/Released		(4,191	)	$	27.20
Cancelled/Forfeited		(1,032	)	$	26.16
Outstanding and unvested as of June 30, 2024		2,293		$	27.47

Stock-Based Compensation

The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development	$	84	$	348	$	158	$	425
General and administrative		285		1,522		688		2,499
Total stock-based compensation	$	369	$	1,870	$	846	$	2,924

As of June 30, 2024, there was $1.4 million of unrecognized stock-based compensation related to stock options and RSUs outstanding, which is expected to be recognized over a weighted-average remaining service period of 1.4 years.

11.

Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
	(in thousands, excepts per share amounts)
Numerator:
Net loss attributable to Kineta, Inc.	$	(2,604	)	$	386	$	(12,842	)	$	(6,065	)
Denominator:
Weighted-average common shares outstanding, basic and diluted(1)		13,061			9,939		12,723			9,339
Net loss per share, basic and diluted	$	(0.20	)	$	0.04	$	(1.01	)	$	(0.65	)

(1) Included in the denominator were 163,000 and 415,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2024, respectively, with an exercise price of $0.14. Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $0.001 to $0.14.

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share as of the periods presented because including them would have been antidilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Warrants to purchase common stock		2,560		1,631		2,560		1,631
Common stock options		2,454		1,959		2,454		1,959
Vested restricted stock subject to recall		56		56		56		56
Unvested restricted stock subject to repurchase		2,293		10		2,293		10
Total		7,363		3,656		7,363		3,656

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 $9,000 for the three months ended June 30, 2024 and $32,000 for the six months ended June 30, 2024. The Company provided matching contributions of $29,000 for the three months ended June 30, 2023 and $69,000 for the six months ended June 30, 2023.

12.

Related Party Transactions

Annual Stock Awards and Employee Retention Policy

On April 11, 2024, the Compensation Committee of the Board approved and on April 14, 2024, the Board approved and adopted the Policy, which will provide retention awards to key employees, including certain of the Company’s named executive officers. Under the Policy, the Company’s former Chief Executive Officer and the Company’s Chair of the Board, Shawn Iadonato, Ph.D., the Company’s President, Craig W. Philips, the Company’s Chief Financial Officer, Keith A. Baker, and the Company’s Chief Scientific Officer, Thierry Guillaudeux, Ph.D., received option awards to purchase 225,000, 225,000, 225,000 and 225,000 shares of the Company’s common stock, respectively. The awards are subject to three-part vesting: (i) 25% of the shares will vest upon award; (ii) 50% of shares will vest in the event of a Transaction or a Qualified Transaction, as such terms are defined in the Policy; and (iii) 25% of the shares will vest and become exercisable over the 36-month period following the award on the one-month anniversary of the vesting commencement date, subject to the optionee’s continued service through each vesting date.

RSU Vesting

During the three months ended June 30, 2023, the Company issued 89,000 shares of its common stock upon vesting of restricted stock units. 81,000 shares were issued to members of the Company’s executive management and 8,000 shares were issued to directors of the Company.

Warrant Exercises

During the three months ended June 30, 2023, the Company issued 63,000 shares of its common stock upon exercise of outstanding warrants, 3,000 shares were issued to members of the Company’s executive management and 60,000 shares were issued to a director of the Company.

Stock Purchases

On April 22, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) by and between the Company and RLB Holdings Connecticut, LLC (“RLB”), where Raymond Bartoszek, a member of the Board, serves as the Managing Member, to continue RLB’s investment in the Company and to resolve any and all potential claims or causes of action in connection with RLB’s failure to purchase $2.5 million of shares of the Company’s common stock pursuant to a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023. Pursuant to the Settlement Agreement, on April 23, 2024, the Company received cash proceeds of $500,000 from RLB and on May 1, 2024, the Company issued 903,995 shares of its common stock to RLB.

During the three months ended June 30, 2023, one member of the Company’s executive management purchased 5,000 shares of the Company’s common stock on the open market.

13.

Subsequent Events

The Company evaluated subsequent events through the date these consolidated financial statements were issued.

On July 3, 2024, the Company entered into an exclusivity and right of first offer agreement by and between the Company and TuHURA.

Pursuant to the TuHURA Agreement, among other things, Kineta has granted TuHURA an exclusive right to acquire Kineta’s worldwide patents, patent rights, patent applications, product and development program assets, technical and business information, and other rights and assets associated with and derived from its development program related to KVA12123, the Company’s VISTA blocking immunotherapy, during the period commencing as of the Effective Date and continuing through the first to occur of (a) the execution of any Definitive Agreement (as defined in the TuHURA Agreement) with respect to a Potential Transaction (as defined in the TuHURA Agreement) by TuHURA or one or more of its affiliates and (b) 11:59 PM Eastern Time on October 1, 2024, subject to extension as noted in the following sentence. In the event that the Parties are engaged in good faith discussions regarding a Potential Transaction on the date on which the Exclusivity Period (or any renewal thereof) is scheduled to expire and TuHURA has not yet closed the transactions contemplated by that previously announced agreement and plan of merger by and among TuHURA, Kintara and Kayak Mergeco, Inc., a wholly-owned subsidiary of Kintara, then on such date, the Exclusivity Period shall automatically renew for an additional ten (10) day period (up to a total of two (2) renewal periods for an aggregate of twenty (20) days).

In consideration for Kineta’s compliance with its obligations set forth in the TuHURA Agreement, TuHURA paid to Kineta $5.0 million in July 2024. No later than two (2) business days after a Renewal Period has started (to be confirmed in writing by both Parties), TuHURA shall pay an additional $150,000 as an additional Exclusivity Payment, in an amount not to exceed $300,000 for the two (2) available Renewal Periods. The Exclusivity Payment will be credited against the initial cash consideration that may be payable to Kineta pursuant to any Definitive Agreement (if any) between Kineta and TuHURA and/or its affiliates with respect to a Potential Transaction.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.

Overview

On February 29, 2024, we announced that we had completed a review of our business, including the status of our programs, resources and

capabilities. Following this review, we implemented a significant corporate restructuring to substantially reduce expenses and preserve cash. The restructuring included a reduction in our workforce by approximately 64% and the termination of enrollment of new patients in our 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. We have 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).

Due to the fact that we are unable to consummate the Private Placement, management and the Board has determined that it was in the best interests of the stockholders to seek a strategic alternative so that we could continue to operate. If the strategic process is unsuccessful, the Board may decide to pursue a liquidation or obtain relief under the US Bankruptcy Code.

On July 3, 2024, we announced that we entered into an exclusivity and right of first offer agreement (the “TuHURA Agreement”) by and between us and TuHURA Biosciences, Inc., a Delaware corporation (“TuHURA”).

Pursuant to the TuHURA Agreement, among other things, we have granted TuHURA an exclusive right to acquire our worldwide patents, patent rights, patent applications, product and development program assets, technical and business information, and other rights and assets associated with and derived from our development program related to KVA12123, our VISTA blocking immunotherapy, during the period commencing as of the Effective Date and continuing through the first to occur of (a) the execution of any Definitive Agreement (as defined in the TuHURA Agreement) with respect to a Potential Transaction (as defined in the TuHURA Agreement) by TuHURA or one or more of its affiliates and (b) 11:59 PM Eastern Time on October 1, 2024, subject to extension as noted in the following sentence (the “Exclusivity Period”). In the event that the Parties are engaged in good faith discussions regarding a Potential Transaction on the date on which the Exclusivity Period (or any renewal thereof) is scheduled to expire and TuHURA has not yet closed the transactions contemplated by that previously announced agreement and plan of merger by and among TuHURA, Kintara Therapeutics, Inc. (“Kintara”) and Kayak Mergeco, Inc., a wholly-owned subsidiary of Kintara, then on such date, the Exclusivity Period shall automatically renew for an additional ten (10) day period (a “Renewal Period”) (up to a total of two (2) renewal periods for an aggregate of twenty (20) days).

In consideration for our compliance with our obligations set forth in the TuHURA Agreement, TuHURA paid to us $5.0 million (the “Exclusivity Payment”), of which $2.5 million was paid on July 3, 2024 and the remaining $2.5 million was paid on July 15, 2024. No later than two (2) business days after a Renewal Period has started (to be confirmed in writing by both Parties), TuHURA shall pay an additional $150,000 as an additional Exclusivity Payment, in an amount not to exceed $300,000 for the two (2) available Renewal Periods. The Exclusivity Payment will be credited against the initial cash consideration that may be payable to Kineta pursuant to any Definitive Agreement (if any) between Kineta and TuHURA and/or its affiliates with respect to a Potential Transaction.

The Company cautions that trading in the Company’s securities is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual value realized, if any, by holders of the Company’s securities. In the event of liquidation, bankruptcy or other wind-down event, holders of our securities will likely suffer a total loss of their investment. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

We are a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies that transform patients’ lives. We have leveraged our expertise in innate immunity and are focused on discovering and developing potentially differentiated immunotherapies that address the mechanisms of cancer immune resistance:

•

Immunosuppression;

•

Exhausted T cells; and

•

Poor tumor immunogenicity

Our pipeline of assets and research interests includes (i) KVA12123, a monoclonal antibody (“mAb”) immunotherapy targeting VISTA (V-domain Ig suppressor of T cell activation) and (ii) an anti-CD27 agonist mAb immunotherapy. These immunotherapies have the potential to address disease areas with unmet medical needs and significant commercial potential.

KVA12123 is a VISTA blocking immunotherapy in development as an intravenous infusion dosed every two weeks. We dosed the first patient in a Phase 1/2 clinical trial of KVA12123 in the United States in April 2023. The ongoing Phase 1/2 clinical study is designed to evaluate KVA12123 as a monotherapy and in combination with the immune checkpoint inhibitor pembrolizumab in patients with advanced solid tumors. Initial monotherapy

safety, pharmacokinetic and biomarker data were presented at the Society for Immunotherapy of Cancer’s (SITC) annual meeting in November 2023. KVA12123 was designed to be a differentiated VISTA blocking immunotherapy to address the problem of immunosuppression in the TME. It is a fully human engineered IgG1 monoclonal antibody that binds to VISTA through a unique epitope and across neutral and acidic pHs. KVA12123 may be an effective immunotherapy for many types of cancer, including non-small cell lung cancer (“NSCLC”), colorectal cancer (“CRC”), ovarian cancer (“OC”), renal cell carcinoma (“RCC”) and head and neck squamous cell carcinoma (“HNSCC”). These indications represent a significant unmet medical need with a large worldwide commercial opportunity for KVA12123.

We are also developing an anti-CD27 agonist mAb immunotherapy to address the problem of exhausted T cells. The nominated lead candidate is a fully human mAb that demonstrates nanomolar (“nM”) binding affinity to CD27 in humans. In preclinical studies, our lead anti-CD27 candidate demonstrated antitumor efficacy as a single agent and in combination with other immunotherapies in multiple solid and hematological preclinical tumor models. CD27 is a clinically validated target that may be an effective immunotherapy for advanced solid tumors including RCC, CRC and OC. We continue to conduct preclinical studies to optimize its lead anti-CD27 agonist mAb clinical candidate and to evaluate it in combination with other checkpoint inhibitors.

According to Market Data Forecast, the immuno-oncology market generated sales of approximately $111 billion in 2023 and is forecast to reach $201 billion in 2028. If we successfully complete the clinical trial program for KVA12123 and if we subsequently obtain regulatory approval for KVA12123, we will focus on initial target indications in NSCLC, CRC and OC. Initially, the clinical development of KVA12123 will be as a second-line therapy in these indications. These three cancer therapy segments represent a forecasted $48 billion market opportunity in 2027 according to GlobalData.

We are a leader in the field of innate immunity and are focused on developing potentially differentiated immunotherapies. With KVA12123 in clinical development and the lead anti-CD27 agonist mAb in preclinical development, we believe we are positioned to achieve multiple value-driving catalysts. We have assembled an experienced management team, a seasoned research and clinical team, an immuno-oncology focused scientific advisory board, and a leading intellectual property position to advance our pipeline of potential novel immunotherapies for cancer patients.

Since our inception in 2007, we have devoted substantially all of our resources to raising capital, licensing certain technology and intellectual property rights, identifying and developing potential product candidates, conducting research and development activities, including preclinical studies and clinical trials, organizing and staffing operations and providing general and administrative support for these operations.

We have no products approved for commercial sale and have not generated any revenue from product sales. To date, revenue has been generated from the out-licensing of certain rights to third parties, providing research services under licensing and collaboration agreements as well as revenue from government grants.

We have never been profitable and have incurred operating losses in each period since inception. Our net losses were $12.9 million for the six months ended June 30, 2024 and $6.1 million for the six months ended June 30, 2023. As of June 30, 2024, we had an accumulated deficit of $178.6 million.

We expect to incur significant expenses and continued operating losses for at least the next several years as we initiate and continue the clinical development of, and seek regulatory approval for, our product candidates and add personnel necessary to advance our pipeline of clinical-stage product candidates. In addition, operating as a publicly-traded company will involve the hiring of additional financial and other personnel, and the incurrence of substantial other costs associated with operating as a public company. We expect that our operating losses will fluctuate significantly from quarter to quarter and year to year due to timing of clinical development programs and efforts to achieve regulatory approval.

From inception to June 30, 2024, we have raised cash from sales and issuances of common stock and borrowings under notes payable. As of June 30, 2024, we had cash of $900,000, and there is substantial doubt about our ability to continue as a going concern. For more information, see the risk factor in Item 1A. of this Quarterly Report on Form 10-Q entitled, “Kineta identified conditions and events that raise substantial doubt about its ability to continue as a going concern, Kineta needs substantial additional funding, and if Kineta is unable to raise capital when needed or on favorable terms, its business, financial condition, and results of operation could be materially and adversely affected.”

Private Placement

In connection and concurrently with the execution of the Merger Agreement (as defined above), we entered into a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023 (such financing agreement, as amended, the “Securities Purchase Agreement”) with certain investors to sell shares of our common stock to such investors in a private placement (the “Private Placement”). We and the investors entered into an amendment to the Securities Purchase Agreement on October 13, 2023 to, among other things, extend the date of the second closing from October 31, 2023 to April 15, 2024.

The first closing of the Private Placement occurred on December 16, 2022 and we issued 649,346 shares of our 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, the investors failed to fulfill their contractual obligation to fund and the second closing did not occur. We have reached a settlement with one investor and have initiated litigation against the other investors which failed to fund their obligations.

Geopolitical Developments

Geopolitical developments, such as the Russian invasion of Ukraine, 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 our operations and weaken our financial results. Certain political developments may also lead to uncertainty to regulations and rules that may materially affect our business.

Nasdaq Bid Price Deficiency Letter

The Company intends to monitor the bid price of the Company’s listed securities and may, if appropriate, consider available options to regain compliance with the bid price requirement.

There can be no assurance that the Company will be able to regain compliance with the bid price requirement.

Nasdaq Stockholders' Equity Deficiency Letter

Financial Operations Overview

Revenues

To date, we have not generated any revenue from product sales and do not expect to generate any revenue from product sales in the near future. Our revenues have been primarily derived from our collaboration, research and license agreements as well as grants awarded by government agencies.

We have completed research and development services under the grant agreements and do not expect to recognize any revenue during 2024.

Operating 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. We recognize all research and development costs as they are incurred. Research and development expenses consist primarily of the following:

•

salaries, bonuses, benefits, stock-based compensation, research and consulting arrangements and other related costs for individuals

involved in research and development activities;

•

external research and development expenses incurred under agreements with contract research organizations, investigative sites and other scientific development services;

•

costs incurred under agreements with contracted research and manufacturing organizations for developing and manufacturing materials for preclinical studies, clinical trials and laboratory supplies;

•

licensing agreements and associated costs;

•

costs related to compliance with regulatory requirements;

•

facilities and other allocated expenses for rent and insurance; and

•

other expenses incurred to advance research and development activities including manufacturing costs associated with production, scale up, testing and optimization of methods associated with the production of materials.

Subject to receiving adequate funding, we expect our research and development expenses to increase in the future as we advance our product candidates into and through clinical trials and pursue regulatory approvals, which will require a significant investment in costs of clinical trials, regulatory support and contract manufacturing. In addition, we continue to evaluate opportunities to acquire or in-license other product candidates and technologies, which may result in higher research and development expenses due to license fee and/or milestone payments, as well as added clinical development costs.

As we are working on multiple research and development programs at any one time, we track our external expenses by the stage of program, clinical or preclinical. However, our internal expenses, including unallocated costs, personnel costs and infrastructure costs, are not directly related to any one program and are deployed across multiple programs. As such, we do not track internal expenses on a specific program basis.

The process of conducting clinical trials necessary to obtain regulatory approval is costly and time consuming. We may never succeed in timely developing and achieving regulatory approval for our product candidates. The probability of success of our product candidates may be affected by numerous factors, including clinical data, competition, manufacturing capability and commercial viability. As a result, we are unable to determine the duration and completion costs of our development projects or when and to what extent we will generate revenue from the commercialization and sale of any of our future product candidates.

General and Administrative Expenses

General and administrative expenses consist primarily of employee-related expenses, including salaries, benefits and 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. We also incur expenses to operate as a public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq, additional insurance, investor relations and other administrative expenses and professional services. Subject to receiving adequate funding, we expect our general and administrative expenses to be lower in 2024 as a result of the corporate restructuring announced in February 2024.

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 under several notes payable agreements.

Change in Fair Value Measurement of Rights from Private Placement

Change in fair value of other asset relates to the remeasurement of the rights from Private Placement that we determined was a derivative, which required the asset to be accounted for at fair value. Until settlement, the rights from Private Placement is remeasured at fair value at each reporting period with the changes in fair value recorded in the statement of operations. As of June 30, 2024, the rights from Private Placement was deemed to have no value as the second closing of the Private Placement was not expected to occur, and therefore the rights from Private Placement was written off and recorded 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 we 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 the statement of operations.

Other (Expense) Income, Net

Other (expense) income, net consists of interest income and other items that are of a non-recurring nature and primarily relate to items that are immaterial.

Net (Loss) Income Attributable to Noncontrolling Interest

Net (loss) income attributable to noncontrolling interest reflects investors’ share of net (loss) income in our majority owned subsidiary.

Results of Operations

Comparison of the three and six months ended June 30, 2024 to the three and six months ended June 30, 2023

The following table summarizes our results of operations for the periods presented:


	Three Months Ended June 30,									Six Months Ended June 30,
	2024			2023			Change			2024			2023			Change
	(in thousands)									(in thousands)
Revenues:
Licensing revenues	$	—		$	5,000		$	(5,000	)	$	—		$	5,000		$	(5,000	)
Collaboration revenues		—			161			(161	)		—			442			(442	)
Total revenues		—			5,161			(5,161	)		—			5,442			(5,442	)
Operating expenses:
Research and development		1,001			2,710			(1,709	)		3,727			5,553			(1,826	)
General and administrative		1,587			3,431			(1,844	)		5,267			7,355			(2,088	)
Total operating expenses		2,588			6,141			(3,553	)		8,994			12,908			(3,914	)
Loss from operations		(2,588	)		(980	)		(1,608	)		(8,994	)		(7,466	)		(1,528	)
Other (expense) income:
Interest income		16			67			(51	)	64			121				(57	)
Interest expense		(32	)		(21	)		(11	)		(74	)		(44	)		(30	)
Change in fair value of rights from Private Placement		—			1,221			(1,221	)		(3,832	)		1,221			(5,053	)
Change in fair value of measurement of notes payable		—			(7	)		7			(9	)		(13	)		4
Other income (expense), net		(1	)		95			(96	)		(9	)		76			(85	)
Total other (expense) income, net		(17	)		1,355			(1,372	)		(3,860	)		1,361			(5,221	)
Net income (loss)		(2,605	)		375			(2,980	)		(12,854	)		(6,105	)		(6,749	)
Net income (loss) attributable to noncontrolling interest		(1	)		(11	)		10			(12	)		(40	)		28
Net income (loss) attributable to Kineta, Inc.	$	(2,604	)	$	386		$	(2,990	)	$	(12,842	)	$	(6,065	)	$	(6,777	)

Revenues

Licensing revenues were zero for the three and six months ended June 30, 2024 and $5.0 million for the three and six months ended June 30, 2023. The licensing revenues in 2023 were due to the achievement of a development milestone pursuant to the Merck Neuromuscular License Agreement.

Collaboration revenues were zero for the three months ended June 30, 2024 and $161,000 for the three months ended June 30, 2023 and were zero for the six months ended June 30, 2024 and $442,000 for the six months ended June 30, 2023 as a result of research services provided in 2023 under the Merck Neuromuscular License Agreement pursuant to which the Company became a successor in interest in connection with the Merger. Upon completion of the Merger, we had $442,000 in deferred revenue under the Merck Neuromuscular License Agreement. As of December 31, 2023, we have completed the project services and had zero in deferred revenue under the Merck Neuromuscular License Agreement. We do not expect to earn any revenue from this license in 2024.

Research and Development Expenses

The following table summarizes our research and development expenses by program and category for the periods presented:


	Three Months Ended June 30,							Six Months Ended June 30,
	2024		2023		Change			2024		2023		Change
	(in thousands)							(in thousands)
Direct external program expenses:
KVA12123 program	$	716	$	1,647	$	(931	)	$	2,554	$	3,431	$	(877	)
ALS target program		—		84		(84	)		—		282		(282	)
CD27 program		—		89		(89	)		430		162		268
KCP-506 program		7		7		—			30		111		(81	)
Internal and unallocated expenses:
Personnel-related costs		212		573		(361	)		560		922		(362	)
Facilities and related costs		40		244		(204	)		80		544		(464	)
Other costs		26		66		(40	)		73		101		(28	)
Total research and development expenses	$	1,001	$	2,710	$	(1,709	)	$	3,727	$	5,553	$	(1,826	)

Research and development expenses were $1.0 million for the three months ended June 30, 2024 and $2.7 million for the three months ended June 30, 2023 and decreased by $1.7 million, or 63%. The decrease in direct external program expenses of $1.1 million was primarily due to lower activities for KVA12123, our lead product candidate, as we curtailed the clinical trial due to failure to receive funding in April 2024 as expected. The decrease in our internal and unallocated research and development expenses of $605,000 was primarily due to lower personnel-related costs due to lower headcount and lower facilities allocations expense as we transitioned to clinical trials in 2023 and ceased using our laboratory space.

Research and development expenses were $3.7 million for the six months ended June 30, 2024 and $5.6 million for the six months ended June 30, 2023 and decreased by $1.8 million, or 33%. The decrease in direct external program expenses of $972,000 was primarily due to lower activities for KVA12123, our lead product candidate, and ALS program expenses incurred to complete project services in 2023 under the Merck Neuromuscular License Agreement, partially offset by higher costs for CD27 due to licensing costs. The decrease in our internal and unallocated research and development expenses of $854,000 was primarily due to lower facilities allocations expense as we transitioned to clinical trials in 2023 and ceased using our laboratory space and lower personnel-related costs due to lower headcount. Subject to receiving adequate funding, we expect our direct external program expenses to increase for the remainder of 2024 as we enroll additional patients in our clinical trials of KVA12123.

General and Administrative Expenses

General and administrative expenses were $1.6 million for the three months ended June 30, 2024 and $3.4 million for the three months ended June 30, 2023 and decreased by $1.8 million, or 54%. This decrease was primarily due to a decrease in personnel costs of $1.8 million and other administrative expenses of $71,000. Personnel costs decreased primarily due to lower stock-based compensation of $1.2 million as the result of stock-based compensation expense related to RSUs with performance conditions for the three months June 30, 2023 and lower salaries and benefits of $536,000 due to lower headcount in 2024 as compared to 2023.

General and administrative expenses were $5.3 million for the six months ended June 30, 2024 and $7.4 million for the six months ended June 30, 2023 and decreased by $2.1 million, or 28%. This decrease was primarily due to a decrease in personnel costs of $2.3 million, partially offset by an increase in other administrative expenses of $224,000. Personnel costs decreased primarily due to lower stock-based compensation of $1.8 million as the result of stock-compensation expense related to RSUs with performance conditions for the six months ended June 30, 2023 and lower salaries and benefits of $501,000 due to lower headcount in 2024 as compared to 2023. We expect our general and administrative expenses to continue to be lower than 2023 as the result of lower headcount as compared to 2023 and other cost-reduction measures implemented to preserve cash.

Other Income and expense, net

Interest Income

Interest income was $16,000 for the three months ended June 30, 2024 and $67,000 for the three months ended June 30, 2023 and decreased by $51,000. Interest income was $64,000 for the six months ended June 30, 2024 and $121,000 for the six months ended June 30, 2023 and decreased by $57,000. Interest income decreased due to lower balances in interest-bearing accounts during 2024.

Interest Expense

Interest expense was $32,000 for the three months ended June 30, 2024 and $21,000 for the three months ended June 30, 2023 and increased by $11,000. Interest expense was $74,000 for the six months ended June 30, 2024 and $44,000 for the six months ended June 30, 2023 and increased by $30,000. Interest expense increased primarily due to interest on outstanding vendor invoices.

Change in Fair Value Measurement of Private Placement

Change in fair value of other asset was zero for the three months ended June 30, 2024 and a gain of $1.2 million for the three months ended June 30, 2023. Change in fair value of other asset was a loss of $3.8 million for the six months ended June 30, 2024 and a gain of $1.2 million for the six months ended June 30, 2023. We determined the fair value of the rights from Private Placement to be zero as of March 31, 2024 as the second closing of the Private Placement did not occur in April 2024 as expected. As a result, we wrote off the balance of the rights from Private Placement during the three months ended March 31, 2024.

Going Concern and Capital Resources

Exploring Strategic Alternatives

We require substantial additional capital to sustain our operations and pursue our growth strategy, including the development of our product candidates. We are 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. If a strategic process is unsuccessful, the Board may decide to pursue a liquidation or obtain relief under the US Bankruptcy Code. These factors raise substantial doubt about our ability to continue as a going concern.

Sources of Liquidity

Since our inception through June 30, 2024, our operations have been financed primarily by net cash proceeds from the sale and issuance of our common stock and borrowings under notes payable. We have also received upfront and milestone payments from our license agreements. As of June 30, 2024, we had $900,000 in cash and an accumulated deficit of $178.6 million. Subject to receiving adequate funding, we expect that our operating expenses will increase, and, as a result, anticipate that we will continue to incur increasing losses for the foreseeable future. Therefore, we will need to raise additional capital to fund our operations, which may be through the issuance of additional equity or through borrowings.

In July 2024, we received a $5.0 million Exclusivity Payment from TuHURA in connection with the TuHURA Agreement and are negotiating a Potential Transaction (as defined in the TuHURA Agreement) with TuHURA.

Future Funding Requirements

Our revenues to date have been primarily derived from our collaboration, research and license agreements as well as grants awarded by government agencies. We, however, have not generated any revenue from product sales, and do not know when, or if, we will generate any revenue from product sales. We do not expect to generate any revenue from product sales unless and until we obtain regulatory approval of and commercialize any of our product candidates. At the same time, we expect our expenses to increase in connection with our ongoing development activities, particularly as we continue the research, development and clinical trials of, and seeks regulatory approval for, our product candidates. In addition, subject to obtaining regulatory approval of any of our product candidates, we anticipate that we will need substantial additional funding in connection with our continuing operations. We plan to continue to fund our operations and capital requirements through equity and/or debt financing, but there are no assurances that we will be able to raise sufficient amounts of funding in the future on acceptable terms, or at all.

Our future funding requirements will depend on many factors, including:

•

the progress, timing, scope, results and costs of the clinical trials of VISTA and preclinical studies or clinical trials of other potential product candidates we may choose to pursue in the future, including the ability to enroll patients in a timely manner for our clinical trials;

•

the costs and timing of obtaining clinical and commercial supplies and validating the commercial manufacturing process for VISTA and any other product candidates we may identify and develop;

•

the cost, timing and outcomes of regulatory approvals;

•

the timing and amount of any milestone, royalty or other payments we are required to make pursuant to current or any future collaboration or license agreements;

•

costs of acquiring or in-licensing other product candidates and technologies;

•

the terms and timing of establishing and maintaining collaborations, licenses and other similar arrangements;

•

the costs associated with attracting, hiring and retaining existing and additional qualified personnel as our business grows;

•

efforts to enhance operational systems and hire additional personnel to satisfy our obligations as a public company, including enhanced internal controls over financial reporting; and

•

the cost of preparing, filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights.

As of June 30, 2024, we had cash of $900,000, and there is substantial doubt about our ability to continue as a going concern. Based on our current operating plans, we do not have sufficient cash and cash equivalents to fund our operating expenses and capital expenditures for at least the next 12 months from the filing date of this Quarterly Report on Form 10-Q.

We are 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.

We may seek additional funds through equity or debt financings or through collaborations, licensing transactions or other sources that may be identified through our strategic process. However, there can be no assurance that we 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 our business, results of operations, and financial condition. These factors raise substantial doubt about our ability to continue as a going concern.

We do not currently have any commitments for future funding or additional capital. As noted above, the investors failed to fulfill their contractual obligation to consummate the Private Placement. We are pursuing litigation or seeking other settlements against the investors for the failure to fund. Due to the lack of commitments for future funding or additional capital, we have paused or significantly scaled back the development or commercialization of our future product candidates or other research and development initiatives. If we are unable to complete a strategic transaction or raise additional capital in sufficient amounts, we will not be able to continue our business and we may need to file for bankruptcy protection.

Cash Flows

The following table summarizes our cash flows for the periods indicated:


	Six Months Ended June 30,
	2024			2023
	(in thousands)
Net cash provided by (used in):
Operating activities	$	(5,234	)	$	(11,905	)
Investing activities		—			303
Financing activities		351			6,229
Net change in cash and cash equivalents	$	(4,883	)	$	(5,373	)

Operating Activities

Cash used in operating activities for the six months ended June 30, 2024 was $5.2 million, consisting of a net loss of $12.9 million, partially offset by noncash charges of $5.6 million and a change in other net operating assets and liabilities of $2.1 million. The noncash charges primarily consisted of a $3.8 million change in fair value of rights from Private Placement, $846,000 in stock-based compensation, $469,000 in common stock issued for services and $403,000 noncash operating lease expense. Our change in net operating assets and liabilities primarily resulted from an increase in accounts payable and accrued liabilities of $2.8 million and prepaid expenses and other current assets of $236,000, partially offset by a decrease in operating lease liability of $466,000.

Cash used in operating activities for the six months ended June 30, 2023 was $11.9 million, consisting of a net loss of $6.1 million and a change in other net operating assets and liabilities of $7.8 million, partially offset by noncash charges of $2.0 million. Our change in net operating assets and liabilities primarily resulted from a $5.0 million increase in license receivable and decreases in accrued expenses and other current liabilities of $1.6 million, accounts payable of $0.5 million, deferred revenue of $0.4 million, operating lease liability of $0.4 million and prepaid expenses and other current assets of $0.2 million. The noncash charges primarily consisted of $2.9 million in stock-based compensation and $0.4 million noncash operating lease expense, partially offset by a $1.2 million change in fair value of other asset and $0.1 million gain on disposal of fixed assets.

Investing Activities

Cash provided by investing activities was zero for the six months ended June 30, 2024 and $303,000 for the six months ended June 30, 2023 consisting of cash received from the sale of certain property and equipment.

Financing Activities

Cash provided by financing activities was $351,000 for the six months ended June 30, 2024 primarily related to proceeds of $500,000 from the issuance of our common stock, partially offset by repayment of a note payable of $150,000.

Cash provided by financing activities for the six months ended June 30, 2023 was $6.2 million, primarily related to net proceeds of $5.5 million from the Company’s registered direct offering which took place in April 2023 and $0.8 million from the issuance of our common stock to investors pursuant to the Open Market Sale AgreementSM, dated February 10, 2023, by and between the Company and Jefferies LLC.

Debt Obligations

Notes Payable

As of June 30, 2024, we had outstanding notes payable in an aggregate principal amount of $629,000 at an interest rate of 6%. Notes payable of $379,000 matured, but were not paid, as of June 30, 2024. The remaining note payable of $250,000 matures on July 31, 2024.

See Note 5 to our consolidated financial statements included in this Quarterly Report for additional information regarding our notes payable.

Other Contractual Obligations and Commitments

Our cash requirements greater than 12 months are related to other contractual obligations and commitments related to license agreements.

We have entered into a number of strategic license agreements pursuant to which we have acquired rights to specific assets, technology and intellectual property. In accordance with these agreements, we are obligated to pay, among other items, future contingent payments that are dependent upon future events such as our achievement of certain development, regulatory and commercial milestones royalties, and sublicensing revenue in the future, as applicable. As of June 30, 2024, the timing and likelihood of achieving the milestones and generating future product sales, and therefore payments that may become payable to these third parties, are uncertain.

We leased office and laboratory space for our corporate headquarters in Seattle, Washington under a lease agreement that expired on July 31, 2024. This lease was not renewed and no other facility lease was entered into as the Company employees are working remotely. As of June 30, 2024, undiscounted future minimum lease payments of $81,000 remain pursuant to the lease agreement.

In addition, we enter into agreements in the normal course of business with various third parties for preclinical research studies, clinical trials, testing and other research and development services. Such agreements generally provide for termination upon notice, although obligate us to reimburse vendors for any time or costs incurred through the date of termination.

Critical Accounting Estimates

Our management’s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses, and related disclosures. Our estimates are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. Our critical accounting estimates used in the preparation of our financial statements for the three and six months ended June 30, 2024 were consistent with those in Part II, Item 7 of our Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company, as defined in Rule 12b-2 under the Exchange Act, for this reporting period and are not required to provide the information required under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Prior to completion of the Merger, we were a private company and had limited accounting and financial reporting personnel and other resources with which to address our internal controls and related procedures. In connection with the audit of our financial statements for the years ended December 31, 2023 and 2022, our management and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and by the Public Company Accounting Oversight Board (United States), such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses for the year ended December 31, 2023 relate to accounting for complex financial instruments related to the derivative asset, accounting for offering costs and accounting for allocated facilities costs. The material weakness for the year ended December 31, 2022 relates to accounting for complex financial instruments related to warrants issued to certain existing stockholders. The material weaknesses are still present and have not been remediated.

Our management, with the participation of our President and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the fiscal quarter ended June 30, 2024. Based on this evaluation and for the reasons set forth above, our President and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2024.

We are in the process of implementing measures designed to improve our internal control over financial reporting to remediate the material weaknesses. For example, we began to address the material weaknesses by implementing certain Sarbanes-Oxley controls during the first half of 2022. In October 2022, we hired a Chief Financial Officer to enhance internal controls and address the material weaknesses and other control deficiencies identified during the 2021 audit of the financial statements. We have designed and implemented improved processes and internal controls, including ongoing senior management review and audit committee oversight. We have also implemented and upgraded accounting and reporting systems to improve accounting and financial reporting processes. Additionally, we have enhanced, developed and implemented formal

policies, processes and documentation procedures relating to our financial processes, including the oversight of third-party service providers. Our actions are subject to ongoing executive management review and will also be subject to audit committee oversight.

Notwithstanding the material weaknesses in internal control over financial reporting described above, our management has concluded that our consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly stated in all material respects in accordance with accounting principles generally accepted in the United States of America.

Changes in Internal Control over Financial Reporting

Except as disclosed above, there has been no change in our internal control over financial reporting that occurred during the second quarter of 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over current or future financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

On March 20, 2024, Kineta filed a complaint in the Court of Chancery of the State of Delaware against Growth & Value Development Inc. (“GVDI”), alleging breach of contract in connection with GVDI’s recent repudiation of its obligation to provide a substantial tranche of funding for Kineta as required under the Securities Purchase Agreement. The complaint provides that Kineta will seek specific performance of GVDI’s obligations under the Securities Purchase Agreement and damages equal to the amount of the unpaid funding and any damages resulting from GVDI’s breach.

On May 30, 2024, Kineta filed a complaint in the Court of Chancery of the State of Delaware against Myron Wolff, alleging breach of contract in connection with Myron Wolff’s recent repudiation of its obligation to provide a substantial tranche of funding for Kineta as required under the Securities Purchase Agreement. The complaint provides that Kineta will seek specific performance of Myron Wolff’s obligations under the Securities Purchase Agreement and damages equal to the amount of the unpaid funding and any damages resulting from Myron Wolff’s breach.

Except as disclosed in the preceding paragraphs, Kineta is currently not a party to any other material legal proceedings. From time to time, however, Kineta may be a party to litigation or subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, Kineta currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on Kineta’s business. Regardless of the outcome, litigation can have an adverse impact on Kineta because of defense and settlement costs, diversion of management resources and other factors.

Item 1A. Risk Factors.

Except as set forth below, there have been no material changes to our risk factors included in our 2023 Annual Report on Form 10-K. The following risk factor, together with the risks and uncertainties referenced above, should be considered carefully before making an investment decision. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. We may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

The second closing of the Private Placement did not close as anticipated, and Kineta currently does not have any commitments for future funding or additional capital.

As previously disclosed, we entered into the Securities Purchase Agreement with certain investors to sell shares of our common stock to such investors in the Private Placement. The first closing of the Private Placement occurred on December 16, 2022 and we issued 649,346 shares of our 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 scheduled to occur on April 15, 2024, however, the investors failed to fulfill their contractual obligation to fund and the second closing did not occur. Kineta does not have any commitments for future funding or additional capital. Kineta is pursuing litigation or seeking other settlements against the investors for the failure to fund. Due to the lack of commitments for future funding or additional capital, 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.

Kineta identified conditions and events that raise substantial doubt about its ability to continue as a going concern, Kineta needs substantial additional funding, and if Kineta is unable to raise capital when needed or on favorable terms, its business, financial condition, and results of operation could be materially and adversely affected.

Kineta may be forced to wind-down its operations if it is unable to consummate a strategic transaction and/or obtain sufficient funding.

As of June 30, 2024, Kineta had $900,000 in cash, and there is substantial doubt about its ability to continue as a going concern. In July 2024, Kineta received cash proceeds of $5.0 million from TuHURA, however, 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 Quarterly Report on Form 10-Q.

for the failure to fund. Due to the lack of commitments for future funding or additional capital, 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.

We are currently not in compliance with Nasdaq’s continued listing requirements. If we are unable to comply with Nasdaq’s continued listing requirements, our common stock could be delisted, which could affect the price of our common stock and liquidity and reduce our ability to raise capital.

Nasdaq Bid Price Deficiency Letter

Our common stock is currently listed on The Nasdaq Capital Market. The Nasdaq Capital Market has established certain quantitative criteria and qualitative standards that companies must meet to remain listed for trading on this market.

On April 18, 2024, the Company received the Notice from the Listing Qualifications Department of Nasdaq stating that Kineta was not in compliance with Nasdaq Listing Rule 5550(b)(2) because Kineta did not maintain a minimum closing bid price of the Company’s common stock of at least $1.00 per share for the last 30 consecutive business days. The Notice has no immediate effect on the listing or trading of the Company’s securities.

The Company has 180 calendar days from the date of the Notice, or until October 15, 2024, to regain compliance. If the Company is not deemed in compliance before the expiration of the 180 day compliance period, it will be afforded an additional 180 day compliance period, or until April 13, 2025, provided that on the 180th day of the first compliance period it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on The Nasdaq Capital Market (except the bid price requirement) based on the Company’s most recent public filings and market information and provides written notice to Nasdaq of its intention to cure this deficiency during the second compliance period.

The Company intends to monitor the bid price of the Company’s listed securities and may, if appropriate, consider available options to regain compliance with the bid price requirement. There can be no assurance that the Company will be able to regain compliance with the bid price requirement.

Any delisting of our common stock could adversely affect the market liquidity of our common stock and the market price of our common stock could decrease. In addition, delisting of our common stock could result in the loss of confidence by investors and adversely affect our ability to raise capital on terms acceptable to us, or at all.

Nasdaq Stockholders’ Equity Deficiency Letter

On May 23, 2024, the Company received the Notice from the Staff informing the Company that it no longer complies with the requirement under Nasdaq Listing Rule 5550(b)(1) to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing on Nasdaq because the Company reported stockholders’ equity of negative $6,243,000 in its Quarterly Report on Form 10-Q for the period ended March 31, 2024, and, as of the date of the Notice, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations. The Notice has no immediate effect on the listing or trading of the Company’s securities.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the three months ended June 30, 2024, none of our directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Item 6. Exhibits.


Exhibit Number		Description
2.1++		Agreement and Plan of Merger, dated June 5, 2022, by and among the Company, Kineta Operating, Inc. and Yacht Merger Sub, Inc. (filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on June 6, 2022 and incorporated herein by reference).
2.2		Form of Amendment No. 1 to the Agreement and Plan of Merger, dated as of December 5, 2022, by and among the Company, Kineta Operating, Inc. and Yacht Merger Sub, Inc. (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 5, 2022 and incorporated herein by reference).
3.1		Fifth Amended and Restated Certificate of Incorporation of the Company (filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-3 (File No. 333-228529) as filed with the SEC on November 23, 2018 and incorporated herein by reference).
3.2		Certificate of Amendment of Fifth Amended and Restated Certificate of Incorporation of the Company, dated December 22, 2020 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 30, 2020 and incorporated herein by reference).
3.3		Certificate of Amendment of Fifth Amended and Restated Certificate of Incorporation of the Company, dated December 22, 2020 (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 30, 2020 and incorporated herein by reference).
3.4		Certificate of Amendment of Fifth Amended and Restated Certificate of Incorporation of the Company, dated December 16, 2022 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 22, 2022 and incorporated herein by reference).
3.5		Certificate of Amendment of Fifth Amended and Restated Certificate of Incorporation of the Company, dated December 16, 2022 (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 22, 2022 and incorporated herein by reference).
3.6		Fourth Amended and Restated By-laws of the Company, dated December 16, 2022 (filed as Exhibit 3.3 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on December 22, 2022 and incorporated herein by reference).
4.1		Form of Pre-Funded Warrant (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on October 5, 2023 and incorporated herein by reference).
4.2		Form of Common Warrant (filed as Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on October 5, 2023 and incorporated herein by reference).
4.3		Form of Wainwright Warrant (filed as Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on October 5, 2023 and incorporated herein by reference).
10.1		Settlement Agreement and Mutual Release, dated as of April 22, 2024, by and between Kineta, Inc. and RLB Holdings, Connecticut, LLC (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-37695) as filed with the SEC on April 24, 2024 and incorporated herein by reference).
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Furnished herewith.

++ Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Kineta, Inc.

Date: August 8, 2024	By:	/s/ Craig Philips
		Craig Philips
		President
		(Principal Executive Officer)

Date: August 8, 2024	By:	/s/ Keith A. Baker
		Keith A. Baker
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Craig Philips, certify that:

(1)

I have reviewed this Quarterly Report on Form 10-Q of Kineta, Inc.;

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 8, 2024			/s/ Craig Philips
			Craig Philips
			President (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Keith A. Baker, certify that:

(1)

I have reviewed this Quarterly Report on Form 10-Q of Kineta, Inc.;

(2)

(3)

(4)

(a)

(b)

(c)

(d)

(5)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 8, 2024			/s/ Keith A. Baker
			Keith A. Baker
			Chief Financial Officer (Principal Financial Officer)

August 8, 2024

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Kineta, Inc. (the “Company”) for the three months ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 8, 2024			/s/ Craig Philips
			Craig Philips
			President

Date: August 8, 2024			/s/ Keith A. Baker
			Keith A. Baker
			Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0001445283
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-37695
Entity Registrant Name	KINETA, INC./DE
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	20-8436652
Entity Address Address Line1	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,261,407

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 900,000	$ 5,783,000
Restricted cash	75,000	75,000
Prepaid expenses and other current assets	355,000	119,000
Total current assets	1,330,000	5,977,000
Operating right-of-use asset	69,000	472,000
Rights from Private Placement	0	3,832,000
Total assets	1,399,000	10,281,000
Current liabilities:
Accounts payable	7,484,000	3,694,000
Accrued expenses and other current liabilities	1,184,000	2,211,000
Notes payable, current portion	629,000	620,000
Operating lease liability, current portion	81,000	547,000
Total current liabilities	9,378,000	7,072,000
Notes payable, net of current portion	0	150,000
Total liabilities	9,378,000	7,222,000
Commitments and contingencies (Note 6)
Stockholders' Equity (Deficit):
Common stock, $0.001 par value; 125,000 shares authorized as of June 30, 2024 and December 31, 2023; 12,257 and 10,397 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	12,000	10,000
Additional paid-in capital	170,483,000	168,669,000
Accumulated deficit	(178,631,000)	(165,789,000)
Total stockholders' equity (deficit) attributable to Kineta, Inc.	(8,136,000)	2,890,000
Noncontrolling interest	157,000	169,000
Total stockholders' equity (deficit)	(7,979,000)	3,059,000
Total liabilities and stockholders' equity (deficit)	$ 1,399,000	$ 10,281,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	12,256,861	10,397,000
Common stock, shares outstanding	12,256,861	10,397,000

Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues:

Total revenues

$ 0

$ 5,161

$ 0

$ 5,442

Operating expenses:

Research and development

1,001

2,710

3,727

5,553

General and administrative

1,587

3,431

5,267

7,355

Total operating expenses

2,588

6,141

8,994

12,908

Loss from operations

(2,588)

(980)

(8,994)

(7,466)

Other (expense) income:

Interest income

121

Interest expense

(32)

(21)

(74)

(44)

Change in fair value of rights from Private Placement

1,221

(3,832)

1,221

Change in fair value measurement of notes payable

(7)

(9)

(13)

Other income (expense), net

(1)

(9)

Total other (expense) income, net

(17)

1,355

(3,860)

1,361

Net income (loss)

(2,605)

375

(12,854)

(6,105)

Net income (loss) attributable to noncontrolling interest

(1)

(11)

(12)

(40)

Net loss attributable to Kineta, Inc.

$ (2,604)

$ 386

$ (12,842)

$ (6,065)

Net loss per share, basic

$ (0.2)

$ 0.04

$ (1.01)

$ (0.65)

Net loss per share, diluted

$ (0.2)

$ 0.04

$ (1.01)

$ (0.65)

Weighted-average shares outstanding, basic

^[1]

13,061

9,939

12,723

9,339

Weighted-average shares outstanding, diluted

^[1]

13,061

9,939

12,723

9,339

Licensing revenues [Member]

Revenues:

Total revenues

$ 0

$ 5,000

$ 0

$ 5,000

Collaboration revenue [Member]

Revenues:

Total revenues

$ 0

$ 161

$ 0

$ 442

[1]

Included in the denominator were 163,000 and 415,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2024, respectively, with an exercise price of $0.14. Included in the denominator were 640,000 and 506,000 weighted-average shares of common stock warrants for the three and six months ended June 30, 2023, respectively, with exercise prices that ranged from $0.001 to $0.14

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares 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, 2022	$ 4,570,000	$ 8,000	$ 156,106,000	$ (151,690,000)	$ 4,424,000	$ 146,000
Beginning balance, shares at Dec. 31, 2022		8,318
Issuance of common stock	752,000	$ 1,000	751,000		752,000
Issuance of common stock, shares		127
Issuance of common stock upon exercise of warrants	7,000		7,000		7,000
Issuance of common stock upon exercise of warrants, shares		51
Issuance of common stock upon vesting of RSUs, shares		23
Issuance of common stock for services	41,000		41,000		41,000
Issuance of common stock for services, shares		12
Stock-based compensation	1,054,000		1,054,000		1,054,000
Net loss	(6,480,000)			(6,451,000)	(6,451,000)	(29,000)
Ending balance at Mar. 31, 2023	(56,000)	$ 9,000	157,959,000	(158,141,000)	(173,000)	117,000
Ending balance, shares at Mar. 31, 2023		8,531
Beginning balance at Dec. 31, 2022	4,570,000	$ 8,000	156,106,000	(151,690,000)	4,424,000	146,000
Beginning balance, shares at Dec. 31, 2022		8,318
Stock-based compensation	2,924,000
Net loss	(6,105,000)
Ending balance at Jun. 30, 2023	7,609,000	$ 10,000	165,248,000	(157,755,000)	7,503,000	106,000
Ending balance, shares at Jun. 30, 2023		9,732
Beginning balance at Mar. 31, 2023	(56,000)	$ 9,000	157,959,000	(158,141,000)	(173,000)	117,000
Beginning balance, shares at Mar. 31, 2023		8,531
Issuance of common stock	5,479,000	$ 1,000	5,478,000		5,479,000
Issuance of common stock, shares		948
Issuance of common stock upon exercise of warrants	10,000		10,000		10,000
Issuance of common stock upon exercise of warrants, shares		144
Issuance of common stock upon vesting of RSUs	(69,000)		(69,000)		(69,000)
Issuance of common stock upon vesting of RSUs, shares		109
Issuance of common stock for services					1,870,000
Stock-based compensation	1,870,000		1,870,000
Net loss	375,000			386,000	386,000	(11,000)
Ending balance at Jun. 30, 2023	7,609,000	$ 10,000	165,248,000	(157,755,000)	7,503,000	106,000
Ending balance, shares at Jun. 30, 2023		9,732
Beginning balance at Dec. 31, 2023	3,059,000	$ 10,000	168,669,000	(165,789,000)	2,890,000	169,000
Beginning balance, shares at Dec. 31, 2023		10,397
Issuance of common stock upon exercise of warrants	1,000	$ 1,000			1,000
Issuance of common stock upon exercise of warrants, shares		780
Issuance of common stock for services	469,000		469,000		469,000
Issuance of common stock for services, shares		173
Stock-based compensation	477,000		477,000		477,000
Net loss	(10,249,000)			(10,238,000)	(10,238,000)	(11,000)
Ending balance at Mar. 31, 2024	(6,243,000)	$ 11,000	169,615,000	(176,027,000)	(6,401,000)	158,000
Ending balance, shares at Mar. 31, 2024		11,350
Beginning balance at Dec. 31, 2023	3,059,000	$ 10,000	168,669,000	(165,789,000)	2,890,000	169,000
Beginning balance, shares at Dec. 31, 2023		10,397
Stock-based compensation	846,000
Net loss	(12,854,000)
Ending balance at Jun. 30, 2024	(7,979,000)	$ 12,000	170,483,000	(178,631,000)	(8,136,000)	157,000
Ending balance, shares at Jun. 30, 2024		12,257
Beginning balance at Mar. 31, 2024	(6,243,000)	$ 11,000	169,615,000	(176,027,000)	(6,401,000)	158,000
Beginning balance, shares at Mar. 31, 2024		11,350
Issuance of common stock	500,000	$ 1,000	499,000		500,000
Issuance of common stock, shares		904
Issuance of common stock upon vesting of RSUs, shares		3
Stock-based compensation	369,000		369,000		369,000
Net loss	(2,605,000)			(2,604,000)	(2,604,000)	(1,000)
Ending balance at Jun. 30, 2024	$ (7,979,000)	$ 12,000	$ 170,483,000	$ (178,631,000)	$ (8,136,000)	$ 157,000
Ending balance, shares at Jun. 30, 2024		12,257

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (12,854,000)	$ (6,105,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of rights from Private Placement	3,832,000	(1,221,000)
Change in fair value of notes payable	9,000	13,000
Non-cash stock-based compensation	846,000	2,924,000
Non-cash operating lease expense	403,000	359,000
Depreciation and amortization	0	4,000
Common stock issued for services	469,000	41,000
Gain on disposal of asset	0	(92,000)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(236,000)	206,000
Accounts payable	3,790,000	(529,000)
Accrued expenses and other current liabilities	(1,027,000)	(1,654,000)
Operating lease liability	(466,000)	(409,000)
License receivable	0	(5,000,000)
Deferred revenue	0	(442,000)
Net cash used in operating activities	(5,234,000)	(11,905,000)
Investing activities:
Proceeds from sale of property and equipment	0	303,000
Net cash provided by investing activities	0	303,000
Financing activities:
Proceeds from private placement	0	5,479,000
Proceeds from issuance of common stock and pre-funded warrants	500,000	752,000
Proceeds from exercise of warrants	1,000	17,000
Repayments of notes payable	(150,000)	0
Repayments of finance lease liabilities	0	(19,000)
Net cash provided by financing activities	351,000	6,229,000
Net change in cash and restricted cash	(4,883,000)	(5,373,000)
Cash and restricted cash at beginning of year	5,858,000	13,268,000
Cash and restricted cash at end of year	975,000	7,895,000
Components of cash and restricted cash:
Cash	900,000	7,770,000
Restricted cash	75,000	125,000
Total cash and restricted cash	975,000	7,895,000
Supplemental disclosure of cash flow information:
Cash paid for interest	19,000	25,000
Supplemental disclosure of noncash investing and financing activities:
Withholding to cover taxes from RSU vesting	$ 0	$ 69,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,604)	$ 386	$ (12,842)	$ (6,065)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Organization and Liquidity

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Liquidity

Description of Business

Kineta, Inc. (together with its subsidiaries, “Kineta” or the “Company”) is headquartered in Mercer Island, Washington.

Private Placement

Going Concern and Capital Resources

Geopolitical Developments

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Unaudited Interim Financial Information

Basis of Presentation and Consolidation

Revenue Recognition

Licensing Revenues

Collaboration Revenues

Net income (loss) per share

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including cash, restricted cash, and accounts payable, approximate fair value due to the short-term nature of those instruments.

Rights from Private Placement

The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs:


	Six Months Ended June 30,
	2024			2023
	(in thousands)
Balance at beginning of period	$	3,832		$	2,250
Change in fair value of rights from Private Placement		(3,832	)		1,221
Balance at end of period	$	—		$	3,471

2020 Notes

The Company elected the fair value option to account for the 2020 notes (as defined below) (see Note 5).

During 2024, the Company did not obtain an independent valuation of the 2020 notes as they matured on July 31, 2024 and the fair value approximates the principal amount.

The following table provides a summary of the changes in the fair value of the 2020 notes payable measured using Level 3 inputs:


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Balance at beginning of period	$	241	$	219
Change in fair value of 2020 notes		9		13
Balance at end of period	$	250	$	232

Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Statement of Financial Position [Abstract]

Balance Sheet Components

Property and Equipment, Net

There was no property and equipment as of June 30, 2024 or December 31, 2023.

Rights from Private Placement

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the periods presented:


	June 30,		December 31,
	2024		2023
	(in thousands)
Accrued interest	$	471	$	417
Compensation and benefits		419		1,312
Accrued clinical trial and preclinical costs		104		251
Professional services		77		97
Other		113		134
Total accrued expenses and other current liabilities	$	1,184	$	2,211

Notes Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Note Payable

Notes Payable

Notes payable outstanding consisted of the following as of the periods presented:


	June 30, 2024				December 31, 2023
	Principal		Fair Value		Principal		Fair Value
	(in thousands)
Notes payable:
2020 notes	$	250	$	250	$	250	$	241
Other notes payable		379		379		379		379
Small Business Administration loan		—		—		150		150
Total notes payable	$	629		629	$	779		770
Less: current portion				629				620
Notes payable, net of current portion			$	—			$	150

2020 Notes

Other Notes Payable

Small Business Administration Loan

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

Operating Lease

The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature.

Future undiscounted payments due under the operating lease as of June 30, 2024 were as follows:


Years	(in thousands)
2024	$	81
Less: Imputed interest		-
Operating lease liability		81
Less: Operating lease liability, current portion		(81	)
Operating lease liability, net of current portion	$	—

Supplemental information on the Company’s operating leases was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Cash paid for operating lease agreement (in thousands)	$	242		$	235		$	480		$	466
Remaining lease term (in years)		0.1			1.1			0.1			1.1
Incremental borrowing rate		10	%		10	%		10	%		10	%

Indemnification

Other Commitments

Executive Employment and Separation Agreements

Strategic License Agreements

6 Months Ended

Jun. 30, 2024

License Agreements Disclosure [Abstract]

Strategic License Agreements

Anti-VISTA Antibody Program In-License Agreement

Anti-CD27 Agonist Antibody Program In-License Agreement

Merck Neuromuscular License Agreement

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Warrants to Purchase Common Stock


Year Issued	Expiration Date	Number Outstanding as of December 31, 2023		Issued		Exercised			Cancelled/Expired		Number Outstanding as of June 30, 2024		Range of Exercise Price
2017	March 2025 - June 2025		126		—		—			—		126	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			—		44	$0.14 - $21.80
2022	August 2025 - December 2029		123		—		—			—		123	$0.14 - $168.35
2023	December 2025 - April 2029		3,211		—		(780	)		—		2,431	$3.25 - $5.26
Total number of shares underlying warrants			3,504		—		(780	)		—		2,724

Warrant Exercises


Year Issued	Expiration Date	Number Outstanding as of December 31, 2022		Issued		Exercised			Cancelled/Expired			Number Outstanding as of June 30, 2023		Range of Exercise Price
2013	April 2023		12		—		—			(12	)		—
2017	November 2023 - June 2025		131		—		—			—			131	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			(4	)		40	$0.14 - $21.80
2020	October 2023		45		—		—			—			45	$	0.14
2022	August 2025 - December 2029		301		—		(128	)		—			173	$0.14 - $168.35
2023	August 2028 - April 2033		—		1,973		(67	)		—			1,906	$4.08 - $5.26
Total number of shares underlying warrants			533		1,973		(195	)		(16	)		2,295

Common Stock

As of June 30, 2024, there were 12,256,861 shares of common stock issued and outstanding.

Common stock reserved for future issuance consisted of the following as the period presented:


	June 30, 2024
	(in thousands)
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans		2,456
Shares reserved for future issuance of equity awards		702
Shares reserved for exercise of warrants		2,724
Total		5,882

On April 22, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) by and between the Company and RLB Holdings Connecticut, LLC (“RLB”) to continue RLB’s investment in the Company and to resolve any and all potential claims or causes of action in connection with RLB’s failure to purchase $2.5 million of shares of the Company’s common stock pursuant to a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023.

Pursuant to the Settlement Agreement, on April 23, 2024, the Company received cash proceeds of $500,000 from RLB and on May 1, 2024, the Company issued 903,995 shares of its common stock to RLB.

During the six months ended June 30, 2024, the Company issued 91,000 shares of its common stock for license expenses and recorded $250,000 as license expense within research and development expense.

During the six months ended June 30, 2024, the Company issued 3,000 shares of its common stock upon vesting of restricted stock units.

Private Placement

Nasdaq Bid Price Deficiency Letter

The Company intends to monitor the bid price of the Company’s listed securities and may, if appropriate, consider available options to regain compliance with the bid price requirement.

There can be no assurance that the Company will be able to regain compliance with the bid price requirement.

Nasdaq Stockholders’ Equity Deficiency Letter

Collaboration Agreement

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Collaboration Agreement

The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands):


	June 30,
	2024		2023
	(in thousands)
Balance as of beginning of period	$	—	$	442
Decrease for provision of research services		—		(442	)
Balance as of end of period	$	—	$	—

Merck

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

2008 Equity Incentive Plan

In 2018, the 2008 Plan expired and 86,000 stock options granted prior to the 2008 Plan expiration remain outstanding as of June 30, 2024.

2010 Equity Incentive Plan

In February 2020, the 2010 Plan expired and 102,000 stock options granted prior to the expiration remain outstanding as of June 30, 2024.

2020 Equity Incentive Plan

In December 2022, the 2020 Plan expired and 190,000 stock options and 2,000 RSUs granted prior to the 2020 Plan expiration remain outstanding as of June 30, 2024.

2022 Equity Incentive Plan

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, 2023		1,975		$	9.00		7.6	$	604
Granted		940		$	0.36
Exercised		—		$	—
Forfeited		(296	)	$	8.83
Expired		(165	)	$	11.39
Outstanding as of June 30, 2024		2,454		$	5.55		8.7	$	160
Exercisable as of June 30, 2024		1,378		$	8.40		8.2	$	63

Annual Stock Awards and Employee Retention Policy

Fair Value of Stock Options

The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:


	Six Months Ended June 30,
	2024	2023
Expected volatility	121.8%	110.3% - 111.6%
Expected term (years)	1.0	6.5
Risk-free interest rate	5.07%	3.4% - 3.4%
Expected dividend yield	0% - 0%	0% - 0%

Restricted Stock

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

Outstanding and unvested as of December 31, 2023		7,516		$	27.14
Exercised/Released		(4,191	)	$	27.20
Cancelled/Forfeited		(1,032	)	$	26.16
Outstanding and unvested as of June 30, 2024		2,293		$	27.47

Stock-Based Compensation

The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development	$	84	$	348	$	158	$	425
General and administrative		285		1,522		688		2,499
Total stock-based compensation	$	369	$	1,870	$	846	$	2,924

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

11.

Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
	(in thousands, excepts per share amounts)
Numerator:
Net loss attributable to Kineta, Inc.	$	(2,604	)	$	386	$	(12,842	)	$	(6,065	)
Denominator:
Weighted-average common shares outstanding, basic and diluted(1)		13,061			9,939		12,723			9,339
Net loss per share, basic and diluted	$	(0.20	)	$	0.04	$	(1.01	)	$	(0.65	)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Warrants to purchase common stock		2,560		1,631		2,560		1,631
Common stock options		2,454		1,959		2,454		1,959
Vested restricted stock subject to recall		56		56		56		56
Unvested restricted stock subject to repurchase		2,293		10		2,293		10
Total		7,363		3,656		7,363		3,656

Defined Contribution Plan

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

12.

Related Party Transactions

Annual Stock Awards and Employee Retention Policy

RSU Vesting

Warrant Exercises

Stock Purchases

On April 22, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) by and between the Company and RLB Holdings Connecticut, LLC (“RLB”), where Raymond Bartoszek, a member of the Board, serves as the Managing Member, to continue RLB’s investment in the Company and to resolve any and all potential claims or causes of action in connection with RLB’s failure to purchase $2.5 million of shares of the Company’s common stock pursuant to a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023. Pursuant to the Settlement Agreement, on April 23, 2024, the Company received cash proceeds of $500,000 from RLB and on May 1, 2024, the Company issued 903,995 shares of its common stock to RLB.

During the three months ended June 30, 2023, one member of the Company’s executive management purchased 5,000 shares of the Company’s common stock on the open market.

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

13.

Subsequent Events

The Company evaluated subsequent events through the date these consolidated financial statements were issued.

On July 3, 2024, the Company entered into an exclusivity and right of first offer agreement by and between the Company and TuHURA.

Pursuant to the TuHURA Agreement, among other things, Kineta has granted TuHURA an exclusive right to acquire Kineta’s worldwide patents, patent rights, patent applications, product and development program assets, technical and business information, and other rights and assets associated with and derived from its development program related to KVA12123, the Company’s VISTA blocking immunotherapy, during the period commencing as of the Effective Date and continuing through the first to occur of (a) the execution of any Definitive Agreement (as defined in the TuHURA Agreement) with respect to a Potential Transaction (as defined in the TuHURA Agreement) by TuHURA or one or more of its affiliates and (b) 11:59 PM Eastern Time on October 1, 2024, subject to extension as noted in the following sentence. In the event that the Parties are engaged in good faith discussions regarding a Potential Transaction on the date on which the Exclusivity Period (or any renewal thereof) is scheduled to expire and TuHURA has not yet closed the transactions contemplated by that previously announced agreement and plan of merger by and among TuHURA, Kintara and Kayak Mergeco, Inc., a wholly-owned subsidiary of Kintara, then on such date, the Exclusivity Period shall automatically renew for an additional ten (10) day period (up to a total of two (2) renewal periods for an aggregate of twenty (20) days).

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable SEC rules. The condensed consolidated financial statements include all accounts of the Company, its majority owned subsidiary KCP, and its wholly owned subsidiary, KVHF. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling interest in the accompanying condensed consolidated financial statements represents the proportionate share of equity which is not held by the Company. Net income (loss) of the non-wholly owned consolidated subsidiary is allocated to the Company and the holder(s) of the noncontrolling interests in proportion to their percentage ownership considering any preferences specific to the form of equity of the subsidiaries.
Revenue Recognition	Revenue Recognition Licensing Revenues In June 2023, the Company achieved a development milestone pursuant to the Merck Neuromuscular License Agreement (defined below), which triggered a $5.0 million payment. This collaboration focused on the discovery and development of novel candidates for the treatment of amyotrophic lateral sclerosis (“ALS”). Merck will continue to advance the research program for the ALS pipeline, one of the two pipeline programs licensed under the Merck Neuromuscular License Agreement. As a result, the Company is eligible to receive up to an additional $255.0 million in development milestones, sales milestones and royalties on net sales. Following this milestone, Merck will assume sole responsibility for all future development and commercialization for the ALS program. The Company recognized licensing revenues of zero for the three and six months ended June 30, 2024.The Company recognized one-time licensing revenue of $5.0 million for the three months ended June 30, 2023. Collaboration Revenues In connection with the Merger, the Company became the successor in interest to an exclusive license and research collaboration agreement (the “Merck Neuromuscular License Agreement”) with Merck to support research, development and commercialization of products for treatment of neuromuscular diseases, including amyotrophic lateral sclerosis. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recognized as a percentage of actual cost incurred to the estimated costs to complete. The Company recognized collaboration revenues of zero for the three and six months ended June 30, 2024. The Company recognized collaboration revenues of $161,000 for the three months ended June 30, 2023 and $442,000 for the six months ended June 30, 2023. As of June 30, 2023, the Company completed its project services under the Merck Neuromuscular License Agreement.
Net income (loss) per share	Net income (loss) per share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding common share equivalents. For the three and six months ended June 30, 2024 and the six months ended June 30, 2023, the Company reported a net loss and the diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the three months ended June 30, 2023, the diluted net income per common share was the same as basic net income per common share, as all potentially dilutive common share equivalents were determined to be anti-dilutive, using the treasury stock method.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Changes in the Fair Value of the Rights from Private Placement

The following table provides a summary of the changes in the fair value of the rights from Private Placement measured using Level 3 inputs:


	Six Months Ended June 30,
	2024			2023
	(in thousands)
Balance at beginning of period	$	3,832		$	2,250
Change in fair value of rights from Private Placement		(3,832	)		1,221
Balance at end of period	$	—		$	3,471

Summary of Changes in Fair Value of 2020 Notes Payable Measured Using Level 3 Inputs

The following table provides a summary of the changes in the fair value of the 2020 notes payable measured using Level 3 inputs:


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Balance at beginning of period	$	241	$	219
Change in fair value of 2020 notes		9		13
Balance at end of period	$	250	$	232

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2024

Statement of Financial Position [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the periods presented:


	June 30,		December 31,
	2024		2023
	(in thousands)
Accrued interest	$	471	$	417
Compensation and benefits		419		1,312
Accrued clinical trial and preclinical costs		104		251
Professional services		77		97
Other		113		134
Total accrued expenses and other current liabilities	$	1,184	$	2,211

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable outstanding consisted of the following as of the periods presented:


	June 30, 2024				December 31, 2023
	Principal		Fair Value		Principal		Fair Value
	(in thousands)
Notes payable:
2020 notes	$	250	$	250	$	250	$	241
Other notes payable		379		379		379		379
Small Business Administration loan		—		—		150		150
Total notes payable	$	629		629	$	779		770
Less: current portion				629				620
Notes payable, net of current portion			$	—			$	150

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Future Undiscounted Payments

Future undiscounted payments due under the operating lease as of June 30, 2024 were as follows:


Years	(in thousands)
2024	$	81
Less: Imputed interest		-
Operating lease liability		81
Less: Operating lease liability, current portion		(81	)
Operating lease liability, net of current portion	$	—

Schedule of Operating Leases Supplemental Information

Supplemental information on the Company’s operating leases was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Cash paid for operating lease agreement (in thousands)	$	242		$	235		$	480		$	466
Remaining lease term (in years)		0.1			1.1			0.1			1.1
Incremental borrowing rate		10	%		10	%		10	%		10	%

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Issued and Outstanding Warrants to Purchase Shares of the Company's Common Stock


Year Issued	Expiration Date	Number Outstanding as of December 31, 2023		Issued		Exercised			Cancelled/Expired		Number Outstanding as of June 30, 2024		Range of Exercise Price
2017	March 2025 - June 2025		126		—		—			—		126	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			—		44	$0.14 - $21.80
2022	August 2025 - December 2029		123		—		—			—		123	$0.14 - $168.35
2023	December 2025 - April 2029		3,211		—		(780	)		—		2,431	$3.25 - $5.26
Total number of shares underlying warrants			3,504		—		(780	)		—		2,724


Year Issued	Expiration Date	Number Outstanding as of December 31, 2022		Issued		Exercised			Cancelled/Expired			Number Outstanding as of June 30, 2023		Range of Exercise Price
2013	April 2023		12		—		—			(12	)		—
2017	November 2023 - June 2025		131		—		—			—			131	$0.14 - $21.80
2019	March 2025 - April 2027		44		—		—			(4	)		40	$0.14 - $21.80
2020	October 2023		45		—		—			—			45	$	0.14
2022	August 2025 - December 2029		301		—		(128	)		—			173	$0.14 - $168.35
2023	August 2028 - April 2033		—		1,973		(67	)		—			1,906	$4.08 - $5.26
Total number of shares underlying warrants			533		1,973		(195	)		(16	)		2,295

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following as the period presented:


	June 30, 2024
	(in thousands)
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans		2,456
Shares reserved for future issuance of equity awards		702
Shares reserved for exercise of warrants		2,724
Total		5,882

Collaboration Agreement (Tables)

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Summary of Collaboration Revenue Agreement and Deferred Revenue

The following table shows the activity for the Company’s collaboration revenue agreement and deferred revenue (in thousands):


	June 30,
	2024		2023
	(in thousands)
Balance as of beginning of period	$	—	$	442
Decrease for provision of research services		—		(442	)
Balance as of end of period	$	—	$	—

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023		1,975		$	9.00		7.6	$	604
Granted		940		$	0.36
Exercised		—		$	—
Forfeited		(296	)	$	8.83
Expired		(165	)	$	11.39
Outstanding as of June 30, 2024		2,454		$	5.55		8.7	$	160
Exercisable as of June 30, 2024		1,378		$	8.40		8.2	$	63

Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards

The fair value of stock options granted for employee and non-employee awards was estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:


	Six Months Ended June 30,
	2024	2023
Expected volatility	121.8%	110.3% - 111.6%
Expected term (years)	1.0	6.5
Risk-free interest rate	5.07%	3.4% - 3.4%
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

Outstanding and unvested as of December 31, 2023		7,516		$	27.14
Exercised/Released		(4,191	)	$	27.20
Cancelled/Forfeited		(1,032	)	$	26.16
Outstanding and unvested as of June 30, 2024		2,293		$	27.47

Summary of Total Stock-Based Compensation

The following table summarizes total stock-based compensation included in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development	$	84	$	348	$	158	$	425
General and administrative		285		1,522		688		2,499
Total stock-based compensation	$	369	$	1,870	$	846	$	2,924

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
	(in thousands, excepts per share amounts)
Numerator:
Net loss attributable to Kineta, Inc.	$	(2,604	)	$	386	$	(12,842	)	$	(6,065	)
Denominator:
Weighted-average common shares outstanding, basic and diluted(1)		13,061			9,939		12,723			9,339
Net loss per share, basic and diluted	$	(0.20	)	$	0.04	$	(1.01	)	$	(0.65	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Warrants to purchase common stock		2,560		1,631		2,560		1,631
Common stock options		2,454		1,959		2,454		1,959
Vested restricted stock subject to recall		56		56		56		56
Unvested restricted stock subject to repurchase		2,293		10		2,293		10
Total		7,363		3,656		7,363		3,656

Organization and Liquidity - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 16, 2022	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Organization And Liquidity [Line Items]
Proceeds from issuance of common stock and pre-funded warrants							$ 500,000	$ 752,000
Accumulated deficit			$ 178,631,000				178,631,000		$ 165,789,000
Net loss			(2,605,000)	$ (10,249,000)	$ 375,000	$ (6,480,000)	(12,854,000)	(6,105,000)
Cash			$ 900,000		7,770,000		900,000	7,770,000	$ 5,783,000
Proceeds From Sale Of Other Assets 1					$ 17,000			$ 303,000
TuHURA Agreement
Organization And Liquidity [Line Items]
Payment received with consideration of agreement		$ 5,000,000
Additional payment received with consideration of agreement		150,000
TuHURA Agreement \| Subsequent Event
Organization And Liquidity [Line Items]
Payment received with consideration of agreement		5,000,000
Additional payment received with consideration of agreement		150,000
TuHURA Agreement \| Maximum [Member]
Organization And Liquidity [Line Items]
Additional payment received with consideration of agreement		300,000
TuHURA Agreement \| Maximum [Member] \| Subsequent Event
Organization And Liquidity [Line Items]
Additional payment received with consideration of agreement		$ 300,000
Private Placement [Member]
Organization And Liquidity [Line Items]
Proceeds from issuance of common stock and pre-funded warrants	$ 7,400,000
Merger Agreement
Organization And Liquidity [Line Items]
Issuance of common stock, shares	649,346
Proceeds from issuance of common stock and pre-funded warrants	$ 7,400,000
Rights from Private Placement							$ 22,500,000

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
License revenue recognized	$ 0	$ 161,000	$ 0	$ 442,000
Accounting Standards Update 2021-04
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle accounting standards update, immaterial effect	true		true
Merck Neuromuscular License Agreement
Summary Of Significant Accounting Policies [Line Items]
License revenue recognized	$ 0	$ 5,000,000	$ 0	5,000,000
Milestone payments				$ 5,000,000

Reverse Merger (Additional Information) (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	12,256,861	10,397,000

Fair Value Measurements - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) Rate $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) Rate $ / shares	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 629		$ 629		$ 770
Expected volatility			121.80%
Risk-free interest rate			5.07%
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration]			Nonoperating Income (Expense)	Nonoperating Income (Expense)
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility				110.30%
Risk-free interest rate				3.40%
Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected volatility				111.60%
Risk-free interest rate				3.40%
2020 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, term		1 year		1 year
Convertible debt		$ 232,000		$ 232,000
Private Placement [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Minimum purchase price \| $ / shares		$ 3.18		$ 3.18
Expected volatility				73.00%
Risk-free interest rate				5.11%
Funding probability				75.00%
Change in fair value of rights from Private Placement	$ 0	$ 1,200	$ 3,800	$ 1,200
Fair value measurement		$ 3,500		$ 3,500
Discount Rate \| 2020 Notes \| Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term debt, measurement input \| Rate		0.14		0.14

Fair Value Measurements - Summary of Changes in the Fair Value of the Rights from Private Placement (Details) - Private Placement [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Servicing Assets at Fair Value [Line Items]
Change in fair value of rights from Private Placement	$ 0	$ 1,200	$ 3,800	$ 1,200
Level 3
Servicing Assets at Fair Value [Line Items]
Balance at beginning of period			3,832	2,250
Change in fair value of rights from Private Placement			(3,832)	1,221
Balance at end of period	$ 0	$ 3,471	$ 0	$ 3,471

Fair Value Measurements - Summary of Changes in Fair Value of 2020 Notes Payable Measured Using Level 3 Inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 241	$ 219
Change in fair value of 2020 notes	9	13
Balance at end of period	$ 250	$ 232

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Line Items]
Total property and equipment, net	$ 0	$ 0

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Accrued interest	$ 471	$ 417
Compensation and benefits	419	1,312
Accrued clinical trial and preclinical costs	104	251
Professional services	77	97
Other	113	134
Total accured expense and other current liabilities	$ 1,184	$ 2,211

Balance Sheet Components (Additional Information) (Details) - USD ($)				3 Months Ended		6 Months Ended
	Apr. 15, 2024	May 31, 2023	Dec. 16, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Balance Sheet Components [Line Items]
Property and equipment, net				$ 0		$ 0		$ 0
Proceeds from disposal of assets					$ 36,000		$ 211,000
Proceeds From Sale Of Other Assets 1					17,000		303,000
Depreciation and amortization expense				$ 0	$ 2,000	$ 0	4,000
Common stock, shares issued				12,256,861		12,256,861		10,397,000
Proceeds from Issuance of Common Stock						$ 500,000	$ 752,000
Private Placement [Member]
Balance Sheet Components [Line Items]
aggregate purchase price		$ 22,500,000
Future Right Recorded as Other Asset	$ 2,300,000
Common stock, shares issued			649,346
Proceeds from Issuance of Common Stock			$ 7,400,000

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total notes payable	$ 629	$ 779
Fair Value	629	770
Less: current portion	629	620
Notes payable, net of current portion	0	150
2020 Notes Payable
Debt Instrument [Line Items]
Total notes payable	250	250
Fair Value	250	241
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	0	150
Fair Value	$ 0	$ 150

Notes Payable - Schedule of Expected Future Minimum Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instruments [Abstract]
Less: current portion	$ 629	$ 620

Notes Payable - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended	6 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	Oct. 31, 2020	Aug. 31, 2020	Jun. 30, 2024	Jun. 30, 2024	Aug. 10, 2020
2020 Notes
Debt Instrument [Line Items]
Refinanced notes payable			$ 3,000,000
Debt instrument, interest rate, effective percentage			16.00%				50.00%
Debt instrument revised interest rate			6.00%		50.00%
Convertible debt			$ 25,000,000
Debt instrument, interest rate, increase (decrease)			16.00%
2020 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	6.00%
Debt instrument, outstanding principal and accrued interest	$ 1,400,000
Non-voting common stock percentage	15.00%
Long-term debt, gross	$ 250,000
Non-voting common, shares, issued	59,000
Debt instrument, maturity date						Jul. 31, 2024
Other Notes Payable
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)		6.00%	13.00%
Long-term debt, gross		$ 379,000
Fixed interest rate					12.00%	12.00%
Small Business Administration Loan
Debt Instrument [Line Items]
Fixed interest rate				3.75%
Loan proceeds				$ 150,000
Debt instrument, maturity date				Aug. 31, 2050

Commitments and Contingencies (Additional Information) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	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			contained two five-year options to extend the lease term.
Area of land \| ft²					14,870	22,064
Lease expiration date			Jul. 31, 2024
Payments for rent	$ 208,000	$ 214,000	$ 416,000	$ 450,000
Variable lease, cost	151,000	137,000	302,000	310,000
Accrued compensation	563,000		$ 563,000
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	49,000,000	$ 49,000,000	$ 97,000,000	$ 97,000,000
Proceeds from rent			10,000,000
Iadonato Separation Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Accrued Payment	38,462		38,462
Kenny Separation Agreement [Member]
Long-Term Purchase Commitment [Line Items]
Accrued Payment	$ 25,000		$ 25,000

Commitments and Contingencies - Schedule of Operating Lease Future Undiscounted Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Lease [Abstract]
2024	$ 81
Less: Imputed interest	0
Operating lease liability	81
Less: Operating lease liability, current portion	(81)	$ (547)
Operating lease liability, net of current portion	$ 0

Commitments and Contingencies - Schedule of Operating Leases Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Lease:
Cash paid for operating lease agreement (in thousands)	$ 242	$ 235	$ 480	$ 466
Remaining lease term (in years)	1 month 6 days	1 year 1 month 6 days	1 month 6 days	1 year 1 month 6 days
Incremental borrowing rate	10.00%	10.00%	10.00%	10.00%

Strategic License Agreements - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2023	Aug. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
License Agreements Disclosure [Line Items]
Total revenues				$ 0	$ 5,161,000	$ 0	$ 5,442,000
Option and License Agreement
License Agreements Disclosure [Line Items]
License rights excercise expense				0	0	0	0
Option and License Agreement \| Gigagen, Inc
License Agreements Disclosure [Line Items]
License rights excercise expense				0	0	430,000	0
Development and regulatory milestones, aggregate amount payable	$ 20,400,000		$ 20,400,000
Sales milestone, aggregate amount payable	$ 11,000,000		$ 11,000,000
Option and License Agreement \| Merck Neuromuscular License Agreement
License Agreements Disclosure [Line Items]
Development and regulatory milestones, aggregate amount payable		$ 5,000,000
Total revenues				$ 0	$ 5,000,000	$ 0	$ 5,000,000

Stockholders' Equity - Schedule of Issued and Outstanding Warrants to Purchase Shares of the Company's Common Stock (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class Of Warrant Or Right [Line Items]
Number Outstanding, Beginning	3,504	533
Issued		1,973
Exercised	(780)	(195)
Cancelled/Expired		(16)
Number Outstanding, Ending	2,724	2,295
2013
Class Of Warrant Or Right [Line Items]
Expiration Date, Start		2023-04
Number Outstanding, Beginning		12
Cancelled/Expired		(12)
2017
Class Of Warrant Or Right [Line Items]
Expiration Date, Start	2025-03	2023-11
Expiration Date, End	2025-06	2025-06
Number Outstanding, Beginning	126	131
Number Outstanding, Ending	126	131
2017 \| Minimum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14
2017 \| Maximum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 21.8	$ 21.8
2019
Class Of Warrant Or Right [Line Items]
Expiration Date, Start	2025-03	2025-03
Expiration Date, End	2027-04	2027-04
Number Outstanding, Beginning	44	44
Cancelled/Expired		(4)
Number Outstanding, Ending	44	40
2019 \| Minimum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14
2019 \| Maximum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 21.8	$ 21.8
2020
Class Of Warrant Or Right [Line Items]
Expiration Date, End		2023-10
Number Outstanding, Beginning		45
Number Outstanding, Ending		45
Range of Exercise Price		$ 0.14
2022
Class Of Warrant Or Right [Line Items]
Expiration Date, Start	2025-08	2025-08
Expiration Date, End	2029-12	2029-12
Number Outstanding, Beginning	123	301
Exercised		(128)
Number Outstanding, Ending	123	173
2022 \| Minimum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 0.14	$ 0.14
2022 \| Maximum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 168.35	$ 168.35
2023
Class Of Warrant Or Right [Line Items]
Expiration Date, Start	2025-12	2028-08
Expiration Date, End	2029-04	2033-04
Number Outstanding, Beginning	3,211
Issued		1,973
Exercised	(780)	(67)
Number Outstanding, Ending	2,431	1,906
2023 \| Minimum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 3.25	$ 4.08
2023 \| Maximum [Member]
Class Of Warrant Or Right [Line Items]
Range of Exercise Price	$ 5.26	$ 5.26

Stockholders' Equity - Additional Information (Details) - USD ($)						3 Months Ended				6 Months Ended		12 Months Ended
	May 01, 2024	Apr. 22, 2024	Apr. 18, 2024	Apr. 15, 2024	Dec. 16, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	May 23, 2024	Apr. 23, 2024	Dec. 31, 2023
Common stock issued upon exercise of warrants										0
Proceeds from exercise of warrants										$ 1,000	$ 17,000
Common stock, shares issued						12,256,861				12,256,861					10,397,000
Common stock, shares outstanding						12,256,861				12,256,861					10,397,000
Issuance of common stock						$ 500,000		$ 5,479,000	$ 752,000
Issuance of common stock for services							$ 469,000		41,000
Proceeds from issuance of common stock										$ 500,000	752,000
Fair value						$ 0				$ 0					$ 3,800,000
Common Stock Per Share Value						$ 0.001				$ 0.001					$ 0.001
Number of business days			10 days
Total stockholders' equity (deficit)						$ (7,979,000)	$ (6,243,000)	$ 7,609,000	$ (56,000)	$ (7,979,000)	$ 7,609,000	$ 4,570,000			$ 3,059,000
Minimum maintainence of Stockholders Equity													$ 2,500,000
RLB Holdings Connecticut, LLC
Issuance of common stock, shares		2,500,000
Issuance of common stock		$ 2,500,000
Cash Proceeds Received														$ 500,000
The Nasdaq Stock Market LLC
Common Stock Per Share Value			$ 1
Number of business days			30 days
Investors [Member]
Common stock, shares issued								948,000			948,000
Proceeds from issuance of common stock											$ 5,500,000
Private Placement [Member]
Common stock, shares issued					649,346
Proceeds from issuance of common stock					$ 7,400,000
Common stock purchase price				$ 22,500,000
Future right recorded as other asset				$ 2,300,000
Private Placement [Member] \| Investors [Member]
Common stock, shares issued					649,346
Proceeds from issuance of common stock					$ 7,400,000
Restricted Stock Units (RSUs) [Member]
Common stock upon conversion of restricted stock units								109,000		3,000	132,000
License Expenses [Member]
Issuance of common stock, shares										91,000
Issuance of common stock										$ 250,000
Professional Services [Member]
Issuance of common stock for services, shares										82,000
Issuance of common stock for services										$ 219,000
Individual Investors [Member]
Share sold											126,503
Proceeds from issuance of common stock											$ 800,000
Professional Services 1 [Member]
Issuance of common stock for services, shares											12,000
Issuance of common stock for services											$ 41,000
Non-voting Common Stock \| Private Placement [Member]
Warrants exercise price												$ 0.14
Common stock warrants issued												104,000
Executive Officer [Member]
Common stock upon conversion of restricted stock units								81,000			100,000
Director [Member]
Common stock upon conversion of restricted stock units								8,000			10,000
Other Employees [Member]
Common stock upon conversion of restricted stock units								20,000			22,000
Maximum [Member] \| The Nasdaq Stock Market LLC
Complaice regain date			Oct. 15, 2024
Minimum [Member] \| The Nasdaq Stock Market LLC
Number of business days			10 days
Warrant [Member]
Proceeds from exercise of warrants										$ 1,000
Issuance of common stock, shares										780,000
Share price						$ 0.001				$ 0.001
Warrant [Member] \| Securities Purchase Agreement [Member]
Common stock issued upon exercise of warrants								144,000		780,000	195,000
Proceeds from exercise of warrants								$ 10,000		$ 1,000	$ 17,000
Warrants exercise price						$ 0.001				$ 0.001
Warrant [Member] \| Maximum [Member] \| Securities Purchase Agreement [Member]
Warrants exercise price								$ 0.14			$ 0.14
Warrant [Member] \| Minimum [Member] \| Securities Purchase Agreement [Member]
Warrants exercise price								$ 0.001			$ 0.001
Common Stock [Member]
Issuance of common stock, shares						904,000		948,000	127,000
Share price						$ 0.14				$ 0.14
Issuance of common stock						$ 1,000		$ 1,000	$ 1,000
Issuance of common stock for services, shares							173,000		12,000
Total stockholders' equity (deficit)						$ 12,000	$ 11,000	$ 10,000	$ 9,000	$ 12,000	$ 10,000	$ 8,000			$ 10,000
Common Stock [Member] \| RLB Holdings Connecticut, LLC
Issuance of common stock, shares	903,995
Common Stock [Member] \| Maximum [Member]
Share price								$ 0.14			$ 0.14
Common Stock [Member] \| Minimum [Member]
Share price								$ 0.001			$ 0.001

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Jun. 30, 2024 shares
Class of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	5,882
Stock Options and Restricted Stock Units
Class of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	2,456
Equity Securities
Class of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	702
Warrants
Class of Stock [Line Items]
Shares reserved for stock options and restricted stock units to purchase common stock under equity incentive plans	2,724

Collaboration Agreement - Summary of collaboration revenue agreement and deferred revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Balance as of beginning of period	$ 0	$ 442
Decrease for provision of researchs services	0	(442)
Balance as of end of period	$ 0	$ 0

Collaboration Agreement (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 0	$ 0	$ 0	$ 0	$ 0	$ 442,000
Revenue	0	161,000	0	442,000
Merck Co Inc [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	0		0
Revenue	$ 0	$ 161,000	$ 0	$ 442,000

Licensing Revenue Agreement - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
License revenue recognized	$ 0	$ 161,000	$ 0	$ 442,000
Deferred revenue	0	0	0	0	$ 0	$ 442,000
Merck Neuromuscular License Agreement
Deferred Revenue Arrangement [Line Items]
License revenue recognized	$ 0	$ 5,000,000	$ 0	5,000,000
Milestone payments				$ 5,000,000

Stock-Based Compensation - Additional Information (Details) - USD ($)		6 Months Ended	12 Months Ended
	Apr. 11, 2024	Jun. 30, 2024	Dec. 31, 2020	Dec. 31, 2010	Dec. 31, 2008
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted		940,000
Amount of cost not yet recognized		$ 1,400,000
Compensation cost not yet recognized, period for recognition		1 year 4 months 24 days
2008 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage					100.00%
Options granted		86,000
2010 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage				100.00%
Options granted		102,000
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, percentage			100.00%
Options granted		190,000
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] \| Non-voting 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		100.00%
Annual Stock Awards and Employee Retention Policy [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vesting, description		The awards are subject to three-part vesting: (i) 25% of the shares will vest upon award; (ii) 50% of shares will vest in the event of a Transaction or a Qualified Transaction, as such terms are defined in the Policy; and (iii) 25% of the shares will vest and become exercisable over the 36-month period following the award on the one-month anniversary of the vesting commencement date, subject to the optionee’s continued service through each vesting date.
Annual Stock Awards and Employee Retention Policy [Member] \| Options Vesting, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vesting, percentage		25.00%
Annual Stock Awards and Employee Retention Policy [Member] \| Options Vesting, Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vesting, percentage		50.00%
Annual Stock Awards and Employee Retention Policy [Member] \| Options Vesting, Tranche Three [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vesting, percentage		25.00%
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value		$ 63,000
Restricted Stock [Member] \| 2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted		2,000
Former Chief Executive Officer and Chair of the Board [Member] \| Annual Stock Awards and Employee Retention Policy [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted during period	225,000,000
President [Member] \| Annual Stock Awards and Employee Retention Policy [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted during period	225,000,000
Chief Financial Officer [Member] \| Annual Stock Awards and Employee Retention Policy [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted during period	225,000,000
Chief Scientific Officer [Member] \| Annual Stock Awards and Employee Retention Policy [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted during period	225,000,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding as of December 31, 2023	1,975
Outstanding Stock Options, Granted	940
Outstanding Stock Options, Exercised	0
Outstanding Stock Options, Forfeited	(296)
Outstanding Stock Options, Expired	(165)
Outstanding Stock Options as ofJune 30, 2024	2,454	1,975
Outstanding Stock Options, Exercisable as of June 30, 2024	1,378
Weighted- Average Exercise Price Per Share, Beginning Balance	$ 9
Weighted- Average Exercise Price Per Share, Granted	0.36
Weighted- Average Exercise Price Per Share, Exercised	0
Weighted- Average Exercise Price Per Share, Forfeited	8.83
Weighted- Average Exercise Price Per Share, Expired	11.39
Weighted- Average Exercise Price Per Share, Ending Balance	5.55	$ 9
Weighted- Average Exercise Price Per Share, Exercisable as of June 30, 2024	$ 8.4
Weighted Average Remaining Contractual Term, Outstanding	8 years 8 months 12 days	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable as of June 30, 2024	8 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 160	$ 604
Aggregate Intrinsic Value, Exercisable as of June 30, 2024	$ 63

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted for Employee and Non-Employee Awards (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	121.80%
Expected term (years)	1 year	6 years 6 months
Risk-free interest rate	5.07%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		110.30%
Risk-free interest rate		3.40%
Expected dividend yield	0.00%	0.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		111.60%
Risk-free interest rate		3.40%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Summary of Companies Restricted Stock Activity (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Restricted Stock, Beginning Balance \| shares	7,516
Number of Restricted Stock, Exercised/Released \| shares	(4,191)
Number of Restricted Stock, Cancelled/Forfeited \| shares	(1,032)
Number of Restricted Stock, Ending Balance \| shares	2,293
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 27.14
Weighted-Average Grant Date Fair Value Per Share, Exercised/Released \| $ / shares	27.2
Weighted-Average Grant Date Fair Value Per Share, Cancelled/Forfeited \| $ / shares	26.16
Weighted-Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 27.47

Stock-Based Compensation - Summary of Total Stock-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 369	$ 477	$ 1,870	$ 1,054	$ 846	$ 2,924
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	84		348		158	425
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 285		$ 1,522		$ 688	$ 2,499

Net Loss Per Share - Summary of Basic and Diluted Net Loss per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Numerator:

Net Income (Loss)

$ (2,604)

$ 386

$ (12,842)

$ (6,065)

Denominator:

Weighted-average shares outstanding, basic

^[1]

13,061

9,939

12,723

9,339

Weighted-average shares outstanding, diluted

^[1]

13,061

9,939

12,723

9,339

Net loss per share, basic

$ (0.2)

$ 0.04

$ (1.01)

$ (0.65)

Net loss per share, diluted

$ (0.2)

$ 0.04

$ (1.01)

$ (0.65)

[1]

Net Loss Per Share - Summary of Basic and Diluted Net Loss per Share (Parenthetical) (Details) - Common Stock [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares, Contingently Issuable	163,000	640,000	415,000	506,000
Share price	$ 0.14		$ 0.14
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share price		$ 0.001		$ 0.001
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share price		$ 0.14		$ 0.14

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	7,363	3,656	7,363	3,656
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,560	1,631	2,560	1,631
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,454	1,959	2,454	1,959
Vested restricted stock subject to recall [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	56	56	56	56
Unvested restricted stock subject to repurchase [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	2,293	10	2,293	10

Net Loss Per Share (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Defined contribution plan	$ 9,000	$ 29,000	$ 32,000	$ 69,000

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended
	May 01, 2024	Apr. 22, 2024	Apr. 11, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Apr. 23, 2024
Executive management
Related Party Transaction [Line Items]
Issuance of warrants					3,000
Number of shares issued					81,000
Directors
Related Party Transaction [Line Items]
Issuance of warrants					60,000
Number of shares issued					8,000
Exercisable Award
Related Party Transaction [Line Items]
Percentage of share will vest upon award			25.00%
Vesting Upon Award
Related Party Transaction [Line Items]
Percentage of share will vest upon award			25.00%
Policy Award
Related Party Transaction [Line Items]
Percentage of share will vest upon award			50.00%
RLB Holdings Connecticut, LLC
Related Party Transaction [Line Items]
Cash Proceeds Received							$ 500,000
Shares issued, shares		2,500,000
Common Stock [Member]
Related Party Transaction [Line Items]
Conversion Price				$ 0.14
Issuance of warrants					63,000
Shares issued, shares				904,000	948,000	127,000
Executive management purchased Shares					5,000
Common Stock [Member] \| Restricted Stock
Related Party Transaction [Line Items]
Number of shares issued					89,000
Common Stock [Member] \| Board of Directors \| Shawn Iadonato [Member]
Related Party Transaction [Line Items]
Shares granted, shares			225,000
Common Stock [Member] \| Chief Financial Officer [Member] \| Keith A. Baker [Member]
Related Party Transaction [Line Items]
Shares granted, shares			225,000,000
Common Stock [Member] \| President [Member] \| Craig W. Philips [Member]
Related Party Transaction [Line Items]
Shares granted, shares			225,000
Common Stock [Member] \| Chief Scientific Officer [Member] \| Thierry Guillaudeux [Member]
Related Party Transaction [Line Items]
Shares granted, shares			225,000
Common Stock [Member] \| RLB Holdings Connecticut, LLC
Related Party Transaction [Line Items]
Shares issued, shares	903,995

Subsequent Events - Additional Information (Details) - TuHURA Agreement	1 Months Ended
	Jul. 31, 2024 USD ($)
Subsequent Event [Line Items]
Payment received with consideration of agreement	$ 5,000,000
Additional payment received with consideration of agreement	150,000
Maximum [Member]
Subsequent Event [Line Items]
Additional payment received with consideration of agreement	300,000
Subsequent Event
Subsequent Event [Line Items]
Payment received with consideration of agreement	5,000,000
Additional payment received with consideration of agreement	150,000
Subsequent Event \| Maximum [Member]
Subsequent Event [Line Items]
Additional payment received with consideration of agreement	$ 300,000

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company