Aktis Oncology, Inc. (AKTS) - Q1 2026 10-Q Summary
Business Context and Reporting Period
This report covers the quarterly period ended March 31, 2026. Aktis Oncology, Inc. is a clinical-stage oncology company developing targeted radiopharmaceuticals using a proprietary miniprotein radioconjugate platform. The company focuses on expanding the scope of tumor targets for alpha-emitting radioisotopes. Key product candidates include [225Ac]Ac-AKY-1189 (Nectin-4 expressing tumors) and [225Ac]Ac-AKY-2519 (B7-H3 expressing tumors).
During the quarter, the company completed its Initial Public Offering (IPO) in January 2026, selling 20,297,500 shares at $18.00 per share. All outstanding redeemable convertible preferred stock was converted to common stock upon the IPO closing.
Key Financial Metrics
| Metric (in thousands) | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | $3,227 | $1,447 |
| Net Loss | $(18,325) | $(14,985) |
| Net Loss Per Share (Basic/Diluted) | $(0.38) | $(18.60) |
| Operating Expenses | $25,933 | $19,590 |
| Cash, Cash Equivalents & Marketable Securities | $538,484 | $226,787 |
| Accumulated Deficit | $(174,889) | $(107,818) |
Note: Cash and marketable securities figures are derived from the Balance Sheet (Cash: $371,630; Marketable Securities: $166,854).
Material Changes vs. Prior Period
- Liquidity Transformation: Cash and cash equivalents increased from $37.8 million at year-end 2025 to $371.6 million at March 31, 2026, driven by net IPO proceeds of approximately $334.4 million.
- Revenue Growth: Collaboration revenue increased 123% to $3.2 million, primarily due to the recognition of revenue from the Eli Lilly Collaboration Agreement.
- Expense Increase: Total operating expenses rose 32% to $25.9 million. Research and Development (R&D) expenses increased by $4.2 million, driven by the advancement of [225Ac]Ac-AKY-2519 and increased headcount. General and Administrative (G&A) expenses increased by $2.2 million due to public company costs and higher personnel expenses.
- Capital Structure: The company transitioned from a private entity with multiple series of preferred stock to a public company with only common and Class A common stock outstanding.
Guidance, Outlook, and Risks
- Outlook: Management expects to incur substantial losses for the foreseeable future. Based on current operating plans, the company believes its cash, cash equivalents, and marketable securities of $538.5 million are sufficient to fund operations into 2029.
- Strategic Focus: The company plans to advance [225Ac]Ac-AKY-1189 through clinical trials, commence trials for [225Ac]Ac-AKY-2519, and scale up the supply of Actinium-225 (225Ac).
- Risks: Key risks include the uncertainty of clinical trial outcomes, the ability to secure adequate supply of radioisotopes, regulatory approval timelines, and the need for additional capital if burn rates exceed expectations. The company has no products approved for commercial sale.
- Collaboration: The company has a collaboration with Eli Lilly with $51.6 million in remaining transaction price expected to be recognized through 2030.
Investor Verification Checklist
- Runway Validation: Verify the $538.5 million cash position against the projected burn rate to confirm the "into 2029" liquidity estimate.
- Revenue Recognition: Review the terms of the Eli Lilly Collaboration Agreement to understand the timing and certainty of the remaining $51.6 million in deferred revenue.
- Radioisotope Supply: Assess the company's strategy and contracts for securing Actinium-225, a critical and potentially scarce input for their product candidates.
- Clinical Milestones: Monitor the progress of the Phase 1b trial for [225Ac]Ac-AKY-1189 and the IND-enabling studies for [225Ac]Ac-AKY-2519.
- Dilution: Note the significant increase in share count (from ~0.9M to ~55.3M shares) following the IPO and reverse stock split.