Aktis Oncology, Inc. (AKTS)

Price$27.05Cached quoteAs of 2026-09-05 06:17 UTC

AI: Overvalued

Price checkThe shares look expensive because investors pay heavily for treatments still lacking efficacy proof.

Using roughly 55.6 million economically equivalent shares, the observed quote implies an equity value near $1.30 billion. June cash and marketable securities of $517.3 million less $11.2 million of debt leave about $506 million net cash, so investors assign roughly $790 million to the operating pipeline. That equals about 2.6 times net cash despite no approved products or product sales. With only imaging evidence and early Phase 1 trials, that premium supports an overvalued verdict unless clinical success is assumed.

Big pictureAktis spends cash quickly and has no drug-sales engine to replace it.

Aktis recorded $6.6 million of collaboration revenue in the first half of 2026 but lost $42.5 million, while research spending rose 31% to $45.3 million. Operating cash outflow was $44.8 million; after $3.1 million of equipment spending, free cash flow—cash left after running and investing in the business—was negative by about $47.9 million. Spending will likely rise as trials expand. This business is driven by clinical readouts and financing conditions, not ordinary economic cycles, so cash durability remains event-dependent.

Business strengthA large cash reserve and two clinical programs reduce near-term financing pressure.

June cash and securities of $517.3 million exceeded $72.8 million of total liabilities, and management expects funding into 2029, giving both Phase 1 programs time to reach 2027 readouts. The Lilly collaboration offers up to $1.2 billion of potential milestones plus royalties, but only $1 million of milestones had been earned. January’s offering added 20.3 million shares, expanding the economic share count by roughly 58%; 7.7 million options and 2.2 million reserved plan shares leave further meaningful dilution possible.

What could change the storyReal patient responses in 2027 must justify the large value placed on early science.

The strongest upside test is whether 2027 preliminary results show meaningful tumor shrinkage and tolerable side effects for AKY-1189 and AKY-2519; imaging alone cannot establish benefit. Starting the additional lung and solid-tumor trial would broaden the opportunity, while Lilly milestones could offset spending. The strongest downside is weak safety or response data, which could erase much of the roughly $790 million pipeline value. Today’s valuation therefore requires several programs to survive early testing and eventually support large markets, not merely hit administrative milestones.

AI: News

Cash runway reaffirmedCash runway remained long, but spending accelerated as three early trials moved forward.

On August 13, Aktis reported $517.3 million of cash and marketable securities, enough under its plan to operate into 2029. Second-quarter research spending increased to $25.3 million from $18.6 million, and the net loss widened to $24.1 million from $18.1 million. The company was enrolling both lead studies and had cleared regulatory review for another AKY-2519 trial. The update reduced near-term financing concern but confirmed that advancing three trials will consume more cash.

First human imaging dataEarly scans reached tumors while sparing normal tissue, supporting broader testing but not proving treatment benefit.

On May 21, Aktis reported imaging studies in 16 men with advanced prostate cancer and 18 patients with several solid tumors. AKY-2519 showed tumor uptake, six-day retention in one assessment, and limited exposure in normal tissue; 12 patients supplied enough data for therapeutic-dose estimates. Those findings supported Phase 1b testing and broadened the possible market. However, the doses used were imaging surrogates, not therapeutic proof, so no tumor response or survival benefit was shown.

Second program enters trialsRegulatory clearance and a trial launch moved the second drug candidate toward testing patient outcomes.

The Food and Drug Administration cleared AKY-2519’s imaging and therapeutic applications on March 30, and Aktis announced the prostate-cancer Phase 1b launch on May 4. It also planned a second Phase 1b study across lung and other solid tumors, with prostate preliminary results expected in 2027. This converted AKY-2519 into the company’s second clinical-stage program and created another major readout path. The value impact still depends on future safety and tumor-response data, not clearance itself.

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Revenue

2022

2023

2024

2025

Net income

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2023

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$6.5M	$1.5M	$0	$0
Research & development	$67.5M	$41.0M	$25.9M	$14.3M
Operating expenses	$81.2M	$53.5M	$34.8M	$19.8M
Operating income	−$74.7M	−$52.0M	−$34.8M	−$19.8M
Operating margin	−1,149.52%	−3,500.34%	—	—
EBITDA	−$72.4M	−$50.5M	−$33.7M	−$19.3M
EBITDA margin	−1,113.67%	−3,394.42%	—	—
Net income	−$63.7M	−$44.0M	−$28.6M	−$17.9M
Net profit margin	−980.93%	−2,957.63%	—	—
Basic EPSper basic share	-$1.21	-$1.26	-$0.82	-$0.51
Diluted EPSper diluted share	-$1.21	-$237.49	-$177.03	-$0.51

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AKTS
Holder	Shares held
GADICKE ANSBERT / MPM ASSET MANAGEMENT LLC / Oncology Impact Private Investment Fund 2, L.P.	10.26M
MPM ONCOLOGY INNOVATIONS FUND LP / MPM BioVentures 2018 GP LLC / EVNIN LUKE / MPM Oncology Innovations Fund GP LLC / MPM ASSET MANAGEMENT INVESTORS BV2018 LLC / MPM BIOVENTURES 2018, L.P. / MPM BioVentures 2018 LLC / MPM BIOVENTURES 2018 (B), L.P.	10.26M
ELI LILLY & Co	6.34M
Kim Helen Susan	5.83M
VIDA VENTURES II-A, LLC / Vida Ventures II, LLC	5.83M
MPM BIOIMPACT LLC	4.84M
EcoR1 Capital, LLC	4.82M
Foley Todd	4.24M
Blue Owl Capital Holdings LP	3.07M
BlackRock, Inc.	2.28M
T. Rowe Price Investment Management, Inc.	2.05M
WELLINGTON MANAGEMENT GROUP LLP	1.97M
RTW INVESTMENTS, LP	1.59M
RA CAPITAL MANAGEMENT, L.P.	1.31M
Jupiter Topco LLC	1.31M
BAKER BROS. ADVISORS LP	996.35K
Octagon Capital Advisors LP	960.85K
Merck & Co., Inc.	952.84K
VANGUARD CAPITAL MANAGEMENT LLC	817.08K
PRICE T ROWE ASSOCIATES INC /MD/	763.5K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$114.31M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 12, 2026Form 4	Foley ToddDirector,TenPercentOwner	BuyCommon Stock · indirect	232.9K	$18.00	$4.19M	4.24M
Jan 12, 2026Form 4	MPM ONCOLOGY INNOVATIONS FUND LP +7TenPercentOwner	BuyCommon Stock · indirect	1.11M	$18.00	$20.03M	10.26M
Jan 12, 2026Form 4	GADICKE ANSBERT +2TenPercentOwner	BuyCommon Stock · indirect	1.11M	$18.00	$20.03M	10.26M
Jan 12, 2026Form 4	VIDA VENTURES II-A, LLC +1TenPercentOwner	BuyCommon Stock · indirect	22.5K	$18.00	$405.8K	157.4K
Jan 12, 2026Form 4	VIDA VENTURES II-A, LLC +1TenPercentOwner	BuyCommon Stock · indirect	812.5K	$18.00	$14.62M	5.67M

Review ownership filings at SEC.gov ↗

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Aktis Oncology, Inc. (AKTS)

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