Aktis Oncology (AKTS) Registration Filing summary

Company overview and business model

• Clinical-stage oncology company developing targeted radiopharmaceuticals for solid tumors using a proprietary miniprotein radioconjugate platform.

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

• Platform designed for high tumor penetration, selectivity, and rapid clearance to minimize toxicity.

• Strategic collaboration with Eli Lilly for novel radiopharmaceuticals, retaining rights to core pipeline.

• Building integrated supply chain and cGMP manufacturing to support clinical and future commercial needs.

Financial performance and metrics

• No product revenue to date; revenue derived from Eli Lilly collaboration ($60M upfront, $1M milestone in 2025).

• Net loss of $48.6M for the nine months ended September 30, 2025; $44.0M net loss for 2024.

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

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

• Research and development expenses were $51.0M for the nine months ended September 30, 2025.

Use of proceeds and capital allocation

• Estimated net proceeds of $274.5M from IPO (at $17/share midpoint), or $316.4M if underwriters' option exercised.

• Proceeds to fund Phase 1b trial of lead candidate, advance B7-H3 program, and for working capital and public company costs.

• Funds expected to support operations into 2029, but not through regulatory approval of any product candidate.