SEATTLE, April 24, 2023 — Kineta, Inc. (Nasdaq: KA) (the “Company” or “Kineta”), a clinical-stage biotechnology company focused on the development of novel immunotherapies in oncology that address cancer immune resistance, announced today that it has closed its previously announced registered direct offering for the purchase and sale of 1,425,179 shares of the Company’s common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.21 per share of common stock (or pre-funded warrant in lieu thereof) priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 1,425,179 shares of common stock with an exercise price of $4.08 per share which are immediately exercisable for a period of five and one-half years following issuance.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, were approximately $6 million. The Company intends to use the net proceeds from this offering for working capital purposes.

The shares of common stock, pre-funded warrants and shares of common stock underlying the pre-funded warrants (but not the warrants or the shares of common stock underlying the warrants) described above were offered pursuant to a “shelf” registration statement on Form S-3 (File No. 333-269340), previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective on January 30, 2023. The offering of the shares of common stock and pre-funded warrants was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. Electronic copies of the prospectus supplement may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.