Aktis Oncology (AKTS) Q1 2026 earnings summary

Executive summary

• Advanced two clinical-stage programs, AKY-1189 and AKY-2519, targeting Nectin-4 and B7-H3 expressing tumors, with ongoing and planned Phase 1b trials and Fast Track designation for AKY-1189 in metastatic urothelial cancer.

• Completed IPO in January 2026, raising $334.4 million in net proceeds and $365.4 million in gross proceeds, with all outstanding preferred stock converting to common and Class A shares.

• Collaboration with Eli Lilly continues to drive revenue, with $3.2 million recognized in Q1 2026 and a remaining $51.6 million to be recognized through 2030.

• Cash, cash equivalents, and marketable securities totaled $538.5 million as of March 31, 2026, expected to fund operations into 2029.

Financial highlights

• Q1 2026 net loss was $18.3 million, compared to $15.0 million in Q1 2025, primarily due to higher R&D and G&A expenses.

• Collaboration revenue increased to $3.2 million from $1.4 million year-over-year, driven by the Eli Lilly collaboration.

• Operating expenses rose to $25.9 million from $19.6 million year-over-year, reflecting increased clinical trial, personnel, and public company costs.

• Other income, primarily interest, increased to $4.4 million from $3.2 million year-over-year.

• Total assets were $576.8 million and total liabilities $70.7 million as of March 31, 2026.

Outlook and guidance

• Existing cash and investments expected to fund operations into 2029, based on current operating plans.

• Preliminary data from the Phase 1b trial of AKY-1189 expected in Q1 2027; AKY-2519 mCRPC trial data anticipated in 2027, with a basket trial to begin in H2 2026.

• Early pipeline programs on track for candidate nomination and IND-enabling activities in Q1 2027.

• In-house GMP facility expected to be operational in H2 2026 to support clinical supply.

• No revenue from product sales expected in the near term; future funding may be required for expanded operations.