Aktis Oncology, Inc.

What they do

Aktis is developing targeted radiopharmaceuticals built on a proprietary miniprotein radioconjugate platform designed to deliver alpha-emitting radioisotopes to tumors while clearing quickly from normal tissue. Its lead program, AKY-1189, targets Nectin-4 and is in a Phase 1b trial (NECTINIUM-2) in locally advanced or metastatic urothelial cancer, breast cancer and other Nectin-4 expressing tumors. A second candidate, AKY-2519, targets B7-H3 and is in Phase 1b testing (BActinium-1) in metastatic castration-resistant prostate cancer, with a second basket trial (BActinium-2) cleared to begin in other B7-H3 expressing tumors. The company is also building end-to-end supply, including an in-house GMP facility and external vendors, to support radioisotope and clinical supply needs.

Revenue drivers

• Product sales — None. The company states it has no products approved for commercial sale and has not generated any revenues from product sales.
• Eli Lilly collaboration — The company received $60.0 million in upfront payments under a Research and Collaboration Agreement with Eli Lilly and $1.0 million upon achieving the first development milestone; reported quarterly revenue was $3.2M in Q1 2026 and $3.4M in Q2 2026.
• Equity financing — Operations have been funded primarily by redeemable convertible preferred stock ($345.5 million aggregate net proceeds) and the January 2026 IPO ($334.4 million net proceeds), not by operating cash flow.

Recent performance

For the quarter ended June 30, 2026, Aktis reported revenue of $3.4 million, up from $1.6 million in the quarter ended June 30, 2025, and $3.2 million in the quarter ended March 31, 2026. Net losses were $42.5 million for the six months ended June 30, 2026, compared with $33.1 million for the six months ended June 30, 2025. As of June 30, 2026, the company reported total assets of $557.6 million, total liabilities of $72.8 million, shareholder equity of $484.8 million, cash and equivalents of $82.5 million, and an accumulated deficit of $199.0 million. The company has incurred significant operating losses in every year since inception in August 2020.

Strategy

Management is prioritizing clinical execution across three Phase 1b trials: NECTINIUM-2 for AKY-1189 and BActinium-1 and BActinium-2 for AKY-2519. It plans to advance two early programs toward development candidate nomination and IND-enabling activities in the first quarter of 2027. The company is also investing in an in-house GMP facility, expected operational in the second half of 2026, as part of a hybrid manufacturing strategy, and in scaling supply of actinium-225 and other radioisotopes through internal capabilities and third-party vendors. It also intends to acquire or in-license additional product candidates, targeting molecules and technologies.

Risks

• No approved products or product revenue — Aktis has no products approved for commercial sale and has not generated product revenue, so profitability depends entirely on successful development and eventual commercialization.
• Clinical and regulatory uncertainty — The lead candidates AKY-1189 and AKY-2519 are in Phase 1b testing, and preliminary data readouts for both are not expected until 2027.
• Radioisotope supply and manufacturing — The company depends on scaling supply of actinium-225 and other radioisotopes and on third parties to manufacture its lead product candidate, alongside an in-house GMP facility not yet operational.
• Mounting operating losses — Aktis reported an accumulated deficit of $199.0 million as of June 30, 2026, and expects expenses and operating losses to increase substantially as its trials and manufacturing build-out progress.

Outlook

Management expects preliminary data from the Phase 1b NECTINIUM-2 trial of AKY-1189 in the first quarter of 2027 and preliminary data from the Phase 1b mCRPC trial of AKY-2519 in 2027. It expects to commence the Phase 1b BActinium-2 basket trial of AKY-2519 in lung and other B7-H3 expressing solid tumors in the second half of 2026. The company also targets development candidate nomination and the start of IND-enabling activities for two early programs in the first quarter of 2027, and expects its in-house GMP facility to be operational in the second half of 2026.