Aktis Oncology (AKTS) stock price is $16.62, up 2.09% on the day, as of Nov 13, 2026. It has a market cap of $895.95Mn, and is classified in the Biotechnology industry (Healthcare sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap895.95 Mn
P/E-10.56
FCF (Yr)-54.54 Mn
ROA (Yr)-21.59
EV to EBIT-3.24
Net Income (Yr)-63.73 Mn
Enterprise Value335.72 Mn
Add ratio to table…
About
Aktis Oncology, Inc. is a clinical stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations including those not addressed by existing platform technologies. The company has built a proprietary miniprotein radioconjugate platform designed to selectively deliver tumor killing radioisotopes to targeted tumors with high tumor penetration and prolonged tumor retention while being rapidly cleared from…
Aktis Oncology, Inc. is a clinical stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations including those not addressed by existing platform technologies. The company has built a proprietary miniprotein radioconjugate platform designed to selectively deliver tumor killing radioisotopes to targeted tumors with high tumor penetration and prolonged tumor retention while being rapidly cleared from normal organs and tissues to minimize systemic radiation exposure. Its lead product candidate is [225 Ac]Ac-AKY 1189 which targets Nectin 4 expressing solid tumors such as locally advanced or metastatic urothelial cancer, breast cancer, non small cell lung cancer, colorectal cancer, and cervical cancer. A second program is [225 Ac]Ac-AKY 2519 targeting B7 H3 expressing solid tumors including prostate, lung, and breast cancers. The platform aims to broaden the number of tumor targets addressable by radiopharmaceuticals beyond the traditional targets such as prostate specific membrane antigen and somatostatin 2 receptor. By doing so Aktis Oncology seeks to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting into the broader clinical oncology setting.
As a clinical stage company Aktis Oncology has not yet generated product sales revenue. Revenue is derived primarily from collaboration agreements license arrangements and milestone payments. The collaboration with Eli Lilly provides an up front cash payment of $60 million, an equity investment, and the potential to receive up to $1.2 billion upon achievement of preclinical, clinical, regulatory, and commercial milestones as well as tiered royalties on net sales. Additional license agreements with the Institute for Protein Innovation, TRIUMF, and the University of Minnesota provide up front fees, milestone payments, and low single digit royalties on net sales. No product sales have been reported to date.
Aktis Oncology operates in the radiopharmaceuticals segment of the oncology market which includes approved products such as Pluvicto, Lutathera, and Xofigo. Key competitors developing targeted alpha emitting radiopharmaceuticals include Actinium Pharmaceuticals, Fusion Pharmaceuticals, Point Biopharma, RayzeBio, Telix Pharmaceuticals, and several others. The company differentiates itself through its proprietary miniprotein platform which enables high affinity binding to a broad range of tumor targets, rapid clearance from normal tissues, and reduced kidney exposure compared to peptide based radioconjugates. The integration of artificial intelligence and machine learning into target selection and miniprotein design further enhances the speed and precision of candidate discovery. Internal manufacturing capabilities including a planned cGMP facility and partnerships with multiple domestic and international isotope suppliers provide supply chain redundancy and flexibility. These advantages position Aktis Oncology to capture a share of the growing radiopharmaceuticals market which is projected to exceed 26 billion dollars in sales by 2032.
The company's current customers consist of collaboration partners such as Eli Lilly, isotope suppliers including NorthStar Medical Technologies, TerraPower Isotopes, and Niovave, and contract manufacturing organizations that support clinical trial material production. Clinical trial sites including hospitals and cancer centers in the United States and abroad receive the investigational drug for studies in patients with urothelial, breast, lung, colorectal, and cervical cancers. Patients participating in these trials represent the end users of the investigational product. Upon commercial approval Aktis Oncology expects to serve hospitals, oncology clinics, and other healthcare providers that administer radiopharmaceutical therapies to cancer patients.
Sector:HealthcareSector rationaleAktis Oncology is a clinical-stage biotechnology company developing targeted radiopharmaceuticals for cancer treatment, specifically targeting Nectin 4 and B7-H3 expressing tumors. Its revenue model is based on collaboration agreements, license arrangements, and milestone payments from pharmaceutical partners like Eli Lilly, which is characteristic of the Biotechnology and Pharmaceuticals industries within the Healthcare sector.Industry:BiotechnologyBiotechnologyPrimaryAktis Oncology is a clinical-stage biotechnology company developing therapies derived from biological science, specifically a proprietary miniprotein radioconjugate platform. Its revenue is currently derived from collaboration agreements, license arrangements, and milestone payments from partners like Eli Lilly.Classified using BQ-MICSCIK: 0002035832
Bull & bear
Investment Thesis
▲ Bull case
Aktis Oncology possesses a differentiated and scientifically validated alpha-radiopharmaceutical platform centered on miniprotein-targeted therapies, which offers a potential advantage over conventional antibody-drug conjugates in terms of tumor penetration, rapid clearance, and reduced off-target toxicity, positioning the company to address solid tumors with high unmet need where current radiopharmaceutical approaches have limitations. The lead candidate AKY-1189, targeting Nectin-4–expressing tumors, and AKY-2519, targeting B7-H3–expressing tumors, are grounded in preclinical data showing potent alpha-particle emissions capable of inducing double-strand DNA damage in cancer cells, a mechanism less susceptible to resistance compared to beta-emitting therapies, which could translate into durable clinical responses in indications such as bladder, breast, and lung cancers. The strategic collaboration with Eli Lilly, valued at up to $1.2 billion, not only provides substantial non-dilutive funding and validates the scientific merit of Aktis’ platform but also grants access to Lilly’s extensive oncology development infrastructure, global commercialization capabilities, and expertise in navigating regulatory pathways for radiopharmaceuticals—factors that are likely underappreciated by the market given the company’s recent IPO and early-stage status. The involvement of Vida Ventures as a founding investor and active board participant, with deep operational and scientific expertise in building life sciences companies, suggests that Aktis benefits from superior governance, talent acquisition, and strategic de-risking beyond what is typical for early-stage biotechs, increasing the probability of successful clinical progression and partnership expansion. With $318 million raised in the IPO and a pro forma cash runway extending into 2027 based on current burn rates, Aktis has sufficient capital to advance multiple pipeline candidates through Phase 1/2 trials without near-term financing pressure, allowing management to focus on executing clinical milestones rather than fundraising, which could unlock value through data readouts that re-rate the valuation multiple relative to peers in the targeted alpha-therapy space.
Aktis Oncology possesses a differentiated and scientifically validated alpha-radiopharmaceutical platform centered on miniprotein-targeted therapies, which offers a potential advantage over conventional antibody-drug conjugates in terms of tumor penetration, rapid clearance, and reduced off-target toxicity, positioning the company to address solid tumors with high unmet need where current radiopharmaceutical approaches have limitations. The lead candidate AKY-1189, targeting Nectin-4–expressing tumors, and AKY-2519, targeting B7-H3–expressing tumors, are grounded in preclinical data showing potent alpha-particle emissions capable of inducing double-strand DNA damage in cancer cells, a mechanism less susceptible to resistance compared to beta-emitting therapies, which could translate into durable clinical responses in indications such as bladder, breast, and lung cancers. The strategic collaboration with Eli Lilly, valued at up to $1.2 billion, not only provides substantial non-dilutive funding and validates the scientific merit of Aktis’ platform but also grants access to Lilly’s extensive oncology development infrastructure, global commercialization capabilities, and expertise in navigating regulatory pathways for radiopharmaceuticals—factors that are likely underappreciated by the market given the company’s recent IPO and early-stage status. The involvement of Vida Ventures as a founding investor and active board participant, with deep operational and scientific expertise in building life sciences companies, suggests that Aktis benefits from superior governance, talent acquisition, and strategic de-risking beyond what is typical for early-stage biotechs, increasing the probability of successful clinical progression and partnership expansion. With $318 million raised in the IPO and a pro forma cash runway extending into 2027 based on current burn rates, Aktis has sufficient capital to advance multiple pipeline candidates through Phase 1/2 trials without near-term financing pressure, allowing management to focus on executing clinical milestones rather than fundraising, which could unlock value through data readouts that re-rate the valuation multiple relative to peers in the targeted alpha-therapy space.
Aktis Oncology operates in a highly competitive and capital-intensive niche of targeted alpha-therapy, where clinical success remains unproven at scale despite promising preclinical data, and the company faces significant hurdles in demonstrating therapeutic index advantages over emerging competitors such as Bayer’s radiopharmaceutical portfolio or Novartis’ Lutathera Pluvicto, particularly given the complexity of actinium-225 production, supply chain constraints, and the need for specialized handling and administration infrastructure that may limit broad clinical adoption even if efficacy is shown. The reliance on miniprotein scaffolds, while offering theoretical benefits in tumor penetration and clearance, introduces uncertainty regarding immunogenicity, potential for anti-drug antibody formation, and long-term safety profiles that have not yet been evaluated in humans, representing a key risk factor that management did not emphasize during the IPO roadshow but could surface in early clinical trials and impact dosing or patient eligibility. Although the Eli Lilly collaboration provides validation and funding, the up to $1.2 billion deal structure is heavily milestone-driven, with significant portions contingent on preclinical and clinical achievements that may not be met on timelines, leaving Aktis vulnerable to reduced financial support if early trials fail to demonstrate sufficient potency or safety, and the company may lack the bargaining power to negotiate favorable terms in future partnerships given its dependency on a single major collaborator. The IPO pricing at $18 per share, valuing the company at up to $945.4 million, reflects optimistic assumptions about pipeline progression and market share in a radiopharmaceutical sector that is still nascent and subject to reimbursement uncertainties, regulatory scrutiny over radiation safety, and hospital adoption barriers, meaning that any delay in clinical milestones or failure to differentiate from existing therapies could trigger a sharp re-rating downward. Despite the strong backing from Vida Ventures, the absence of a recent earnings call transcript limits transparency into operational execution, cash burn details, and management’s discussion of risks, making it difficult for investors to assess whether the company is progressing as planned or facing hidden challenges in CMC development, patient recruitment, or regulatory engagement that are not evident from the public news flow.
Aktis Oncology operates in a highly competitive and capital-intensive niche of targeted alpha-therapy, where clinical success remains unproven at scale despite promising preclinical data, and the company faces significant hurdles in demonstrating therapeutic index advantages over emerging competitors such as Bayer’s radiopharmaceutical portfolio or Novartis’ Lutathera Pluvicto, particularly given the complexity of actinium-225 production, supply chain constraints, and the need for specialized handling and administration infrastructure that may limit broad clinical adoption even if efficacy is shown. The reliance on miniprotein scaffolds, while offering theoretical benefits in tumor penetration and clearance, introduces uncertainty regarding immunogenicity, potential for anti-drug antibody formation, and long-term safety profiles that have not yet been evaluated in humans, representing a key risk factor that management did not emphasize during the IPO roadshow but could surface in early clinical trials and impact dosing or patient eligibility. Although the Eli Lilly collaboration provides validation and funding, the up to $1.2 billion deal structure is heavily milestone-driven, with significant portions contingent on preclinical and clinical achievements that may not be met on timelines, leaving Aktis vulnerable to reduced financial support if early trials fail to demonstrate sufficient potency or safety, and the company may lack the bargaining power to negotiate favorable terms in future partnerships given its dependency on a single major collaborator. The IPO pricing at $18 per share, valuing the company at up to $945.4 million, reflects optimistic assumptions about pipeline progression and market share in a radiopharmaceutical sector that is still nascent and subject to reimbursement uncertainties, regulatory scrutiny over radiation safety, and hospital adoption barriers, meaning that any delay in clinical milestones or failure to differentiate from existing therapies could trigger a sharp re-rating downward. Despite the strong backing from Vida Ventures, the absence of a recent earnings call transcript limits transparency into operational execution, cash burn details, and management’s discussion of risks, making it difficult for investors to assess whether the company is progressing as planned or facing hidden challenges in CMC development, patient recruitment, or regulatory engagement that are not evident from the public news flow.