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.

• Collaboration with Eli Lilly for novel radiopharmaceuticals, with $60M upfront and up to $1.2B in milestones and royalties.

• Building internal and external manufacturing and supply chain capabilities, including a cGMP facility expected to be operational in 2H 2026.

Financial performance and metrics

• No product revenue to date; collaboration revenue of $4.6M for the nine months ended September 30, 2025, and $1.5M for 2024.

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

• Pro forma net loss per share for the nine months ended September 30, 2025: $(1.27); for 2024: $(1.39).

• Raised $346M from leading life sciences investors; expects IPO net proceeds of $181.7M at $17.00/share midpoint.

Use of proceeds and capital allocation

• Net proceeds of ~$181.7M (or $209.6M if underwriters' option exercised) to fund: (i) Phase 1b trial of lead Nectin-4 program, (ii) Phase 1b trial of B7-H3 program, and (iii) working capital and public company costs.

• Funds expected to support operations into the first half of 2028; additional capital will be needed to complete development and commercialization.