Aktis Oncology (AKTS) Registration Filing summary

Company overview and business model

• Clinical-stage oncology company developing targeted radiopharmaceuticals using a proprietary miniprotein radioconjugate platform to address solid tumors beyond current platform technologies.

• Lead program targets Nectin-4, with additional pipeline candidates for B7-H3 and other clinically validated tumor targets.

• Business model includes internal R&D, manufacturing, and strategic collaborations, notably with Eli Lilly for novel radiopharmaceuticals.

• Focus on expanding radiopharmaceuticals into broader oncology settings and building a robust supply chain.

Financial performance and metrics

• No product revenue to date; revenue derived from collaboration agreements, notably a $60M upfront payment from Eli Lilly in 2024.

• Net losses: $44.0M (2024), $28.6M (2023); nine months ended September 30, 2025 net loss: $48.6M.

• Accumulated deficit as of September 30, 2025: $141.4M.

• Cash, cash equivalents, and marketable securities: $246.2M as of September 30, 2025.

• Operating expenses driven by R&D and G&A, with increasing investment in pipeline and manufacturing.

Use of proceeds and capital allocation

• Net proceeds from IPO, combined with existing cash, to fund ongoing Phase 1b trial for Nectin-4 program, advance B7-H3 program into Phase 1b, and for working capital and general corporate purposes.

• May use a portion for in-licensing, acquisitions, or investments in products, technologies, or businesses.

• Proceeds not expected to fund any product candidate through regulatory approval; additional capital will be required.