Aktis Oncology (AKTS) Q2 2026 earnings summary

Executive summary

• Focused on developing targeted radiopharmaceuticals for oncology, with a proprietary miniprotein radioconjugate platform and no approved products or product sales to date.

• Completed an IPO in January 2026, raising $334.4 million in net proceeds, converting all outstanding preferred stock to common stock, and significantly strengthening the cash position.

• Collaboration with Eli Lilly generated $6.6 million in revenue for the first half of 2026, with $48.2 million in remaining transaction price expected through 2030.

• Presented first-in-human clinical imaging and dosimetry data for AKY-2519, supporting broad clinical development in B7-H3 expressing solid tumors, including prostate and lung cancers.

• Operationalized internal GMP facility to support clinical supply and pipeline scalability.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $517.3 million as of June 30, 2026, up from $226.8 million at year-end 2025, mainly due to IPO proceeds.

• Collaboration revenue was $3.4 million for Q2 2026 (up from $1.6 million in Q2 2025) and $6.6 million for the first half of 2026 (up from $3.0 million in 2025), driven by the Eli Lilly collaboration.

• Research and development expenses were $25.3 million for Q2 2026 (up from $18.6 million in Q2 2025) and $45.3 million for the first half of 2026 (up from $34.5 million in 2025), reflecting increased clinical activity.

• General and administrative expenses were $7.0 million for Q2 2026 (up from $3.9 million in Q2 2025) and $12.9 million for the first half of 2026 (up from $7.7 million in 2025), mainly due to higher staffing and public company costs.

• Net loss was $24.1 million for Q2 2026 (vs. $18.1 million in Q2 2025) and $42.5 million for the first half of 2026 (vs. $33.1 million in 2025), partially offset by $4.8 million in interest income.

Outlook and guidance

• Existing cash, cash equivalents, and marketable securities are expected to fund operations into 2029.

• Preliminary data from the Phase 1b NECTINIUM-2 trial (AKY-1189) expected in Q1 2027; preliminary mCRPC data for AKY-2519 expected in 2027.

• Two early pipeline programs targeting development candidate nomination and IND-enabling activities in Q1 2027.

• Anticipates continued increases in R&D and G&A expenses as clinical programs advance and public company operations expand.

• Expects to require substantial additional funding before achieving profitability, with future capital needs dependent on clinical progress and market conditions.