Aktis Oncology Q1 2026 results and cash build

Aktis Oncology reported first quarter 2026 results alongside significant clinical and financing progress.

Rhea-AI Filing Summary

Aktis Oncology reported first quarter 2026 results alongside significant clinical and financing progress. Cash, cash equivalents and marketable securities were $538.5 million as of March 31, 2026, up from $226.8 million at year-end, helped by a January IPO of 20,297,500 shares at $18.00 per share for gross proceeds of about $365.4 million. The company expects this cash to fund operations into 2029.

Collaboration revenue rose to $3.2 million from $1.4 million, while research and development expenses increased to $20.0 million and general and administrative expenses to $5.9 million, leading to a net loss of $18.3 million versus $15.0 million a year earlier. Aktis highlighted Fast Track–designated AKY-1189 and B7-H3–targeting AKY-2519, with multiple Phase 1b trials underway or planned and initial data readouts expected in 2027.

Positive

• Strengthened balance sheet and long runway: Cash, cash equivalents and marketable securities increased to $538.5 million as of March 31, 2026, driven by a ~$365.4 million IPO, and are expected to fund operations into 2029.

Negative

• None.

Insights

Biotech equity analyst

Large IPO cash raise extends runway as Aktis ramps early-stage R&D.

Aktis Oncology ended Q1 2026 with $538.5M in cash, cash equivalents and marketable securities, boosted by a January IPO raising about $365.4M gross. This gives ample capital to fund two clinical programs and platform work into 2029.

Quarterly collaboration revenue increased to $3.2M, while R&D and G&A rose to $20.0M and $5.9M, respectively, widening net loss to $18.3M. Higher spending reflects Phase 1b development for AKY-1189 and AKY-2519 and public-company infrastructure rather than a shift in strategy.

Key upcoming catalysts disclosed include preliminary AKY-1189 data in Q1 2027 and AKY-2519 mCRPC data in 2027, plus a Phase 1b basket trial starting in the second half of 2026. Future updates on these milestones in company disclosures will clarify how effectively the enlarged cash position is being deployed.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Cash, cash equivalents and marketable securities: $538.5M Cash, cash equivalents and marketable securities prior period: $226.8M IPO gross proceeds: $365.4M +5 more

8 metrics

Cash, cash equivalents and marketable securities $538.5M As of March 31, 2026

Cash, cash equivalents and marketable securities prior period $226.8M As of December 31, 2025

IPO gross proceeds $365.4M January 2026 IPO at $18.00 per share

Collaboration revenue $3.2M Quarter ended March 31, 2026

Research and development expenses $20.0M Quarter ended March 31, 2026

General and administrative expenses $5.9M Quarter ended March 31, 2026

Net loss $18.3M Quarter ended March 31, 2026

Cash runway Into 2029 Based on cash as of March 31, 2026

Key Terms

Fast Track designation, Phase 1b clinical trial, miniprotein radioconjugate, Investigational New Drug (IND), +1 more

5 terms

Fast Track designation regulatory

"Received Fast Track designation from the U.S. Food and Drug Administration (FDA) for AKY-1189"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

Phase 1b clinical trial medical

"Initiated Phase 1b clinical trial of AKY-2519 in metastatic castration-resistant prostate cancer"

A phase 1b clinical trial is an early-stage human study that follows initial safety tests and checks how a new drug or treatment works at different doses in the target patient group. It matters to investors because it is one of the first steps showing whether a therapy is tolerable and shows any sign of benefit in real patients — like a small proof-of-concept test that can significantly raise or lower a drug’s commercial prospects.

miniprotein radioconjugate medical

"AKY-1189 is a novel, clinical-stage miniprotein radioconjugate designed to selectively deliver actinium-225"

A miniprotein radioconjugate is a tiny, engineered protein attached to a radioactive atom that can either highlight or destroy specific cells in the body, such as tumors. For investors, it matters because this type of targeted tool can improve diagnostic imaging or deliver focused treatments with potentially fewer side effects, which affects a drug developer’s clinical value, manufacturing complexity, regulatory hurdles and commercial potential much like upgrading from a flashlight to a laser-guided pointer.

Investigational New Drug (IND) regulatory

"Received FDA clearance for the Company’s Investigational New Drug (IND) applications to proceed to a Phase 1b clinical trial"

An investigational new drug (IND) is a drug or biologic that is being tested but has not yet been approved for general use; it is the application and formal status that allows a company to begin human clinical trials under regulator oversight. Investors care because an IND marks the transition from lab work to human testing — like getting a permit to run real-world experiments — which creates important milestones, costs, timelines and regulatory risk that drive a development-stage company's value.

Good Manufacturing Practices (GMP) regulatory

"In-house Good Manufacturing Practices (GMP) facility expected to be operational in the second half of 2026"

Good manufacturing practices (GMP) are the set of rules and controls that ensure drugs, medical devices, and related products are made cleanly, consistently, and to the quality claimed on the label. For investors, GMP matters because meeting these standards reduces the chance of product recalls, production shutdowns, fines, or lost approvals—similar to a restaurant that follows strict recipes and hygiene to avoid food poisoning and keep customers coming back.

Earnings Snapshot

Collaboration revenue: $3.2M

Q1 2026

Collaboration revenue $3.2M

Research and development expenses $20.0M

General and administrative expenses $5.9M

Net loss $18.3M

Cash, cash equivalents and marketable securities $538.5M

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Aktis Oncology (AKTS) Q1 2026 revenues and net loss?

Aktis Oncology reported Q1 2026 collaboration revenue of $3.2 million and a net loss of $18.3 million. The loss increased from $15.0 million a year earlier as the company expanded clinical development and public-company operations.

How much cash does Aktis Oncology (AKTS) have after its IPO?

Aktis Oncology held $538.5 million in cash, cash equivalents and marketable securities as of March 31, 2026. This reflects net proceeds from a January 2026 IPO and is expected to fund operations into 2029, supporting multiple clinical and manufacturing initiatives.

What were the key details of Aktis Oncology (AKTS) January 2026 IPO?

In January 2026, Aktis Oncology completed an IPO of 20,297,500 shares at $18.00 per share. The offering, including the underwriters’ option, generated approximately $365.4 million in gross proceeds before underwriting discounts, commissions and offering expenses.

How are Aktis Oncology (AKTS) R&D and G&A expenses trending?

For Q1 2026, research and development expenses were $20.0 million and general and administrative expenses were $5.9 million. Both rose versus the prior-year period, primarily due to advancing Phase 1b trials, IND-enabling work, and increased hiring and public-company costs.

What clinical milestones did Aktis Oncology (AKTS) highlight for AKY-1189 and AKY-2519?

Aktis expects preliminary data from its AKY-1189 Phase 1b trial in Q1 2027 and from the AKY-2519 mCRPC Phase 1b trial in 2027. A Phase 1b basket trial of AKY-2519 in various B7-H3 expressing solid tumors is planned for the second half of 2026.

What regulatory designations and clearances has Aktis Oncology (AKTS) received for its programs?

AKY-1189 received Fast Track designation from the U.S. FDA for certain urothelial cancer patients. For AKY-2519, the FDA cleared Investigational New Drug applications covering both imaging and therapeutic forms, allowing progress into Phase 1b clinical trials.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 04:04 PM Learn about SEC filing dates

0002035832false00020358322026-05-112026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

Aktis Oncology, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-43047		85-2584233
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

17 Drydock Avenue, Suite 17-401

Boston, Massachusetts 02210

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (617) 461-4023

N/A

(Former name, or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		AKTS		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On May 11, 2026, Aktis Oncology, Inc. issued a press release announcing its financial results and business highlights for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1*		Press Release, dated May 11, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				AKTIS ONCOLOGY, INC.
Date: May 11, 2026				By:		/s/ Kyle Kuvalanka
						Kyle Kuvalanka
						Chief Financial Officer

Exhibit 99.1

Aktis Oncology Reports Financial Results and Business Highlights For First Quarter 2026

•Announced two-trial clinical development strategy for AKY-2519 enabling evaluation in multiple patient segments

•Initiated Phase 1b clinical trial of AKY-2519 in metastatic castration-resistant prostate cancer (mCRPC); expect preliminary data in 2027

•Announced AKY-2519 clinical imaging and dosimetry data presentation at upcoming 2026 ASCO Annual Meeting

•Enrolling patients with Nectin-4 expressing tumors in ongoing Phase 1b clinical trial of AKY-1189; expect preliminary data in first quarter 2027

BOSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Aktis Oncology, Inc. (NASDAQ:AKTS) (Aktis or the Company), a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large populations, including those not addressed by existing platform technologies, today reported financial results and business highlights for the first quarter ended March 31, 2026.

"We continue to build momentum toward delivering a new class of radiopharmaceuticals targeting tumor types with large patient populations, leveraging our differentiated miniprotein radioconjugate platform and patient-first end-to-end supply chain,” said Matthew Roden, Ph.D., President and Chief Executive Officer of Aktis Oncology. “Last week, we announced the initiation of our Phase 1b clinical trial of AKY-2519 in patients with mCRPC. This is the first of two trials in our clinical development strategy designed to expand the breadth of tumors studied and augment speed to data, with preliminary data from the mCRPC trial anticipated in 2027. We plan to initiate a second Phase 1b basket trial of AKY-2519 in additional solid tumors in the second half of this year. We also look forward to presenting our first AKY-2519 clinical imaging and dosimetry data for AKY-2519 at ASCO, which informed our clinical development strategy.”

Dr. Roden continued, “AKY-2519 marks the second program we have advanced from our proprietary miniprotein radioconjugate platform to the clinic in the last twelve months. In parallel, we continue to enroll patients in our ongoing Phase 1b trial of AKY-1189 targeting Nectin-4 expressing tumors, with preliminary data expected in the first quarter of 2027. We remain focused on generating clinical data intended to support advancement of both programs and maximizing the potential clinical benefit for patients.”

Q1 and recent business highlights

AKY-1189 highlights

AKY-1189 is a novel, clinical-stage miniprotein radioconjugate designed to selectively deliver actinium-225 (225Ac) to Nectin-4 expressing tumors.

•Received Fast Track designation from the U.S. Food and Drug Administration (FDA) for AKY-1189 for the treatment of adult patients with locally advanced or metastatic urothelial cancer (mUC) who have progressed on or after prior systemic therapies.

•Enrolling patients in the ongoing Phase 1b clinical trial of AKY-1189 in patients with locally advanced or mUC, breast cancer, non-small cell lung cancer, colorectal cancer, cervical cancer, and head and neck cancer.

•Expect to report preliminary data from the Phase 1b trial in the first quarter of 2027.

1

AKY-2519 highlights

AKY-2519 is a novel, clinical-stage miniprotein radioconjugate designed to selectively deliver 225Ac to B7-H3 expressing tumors, including prostate, lung, and other solid tumors.

•Received FDA clearance for the Company’s Investigational New Drug (IND) applications to proceed to a Phase 1b clinical trial with AKY-25191.

•Announced two-trial clinical development strategy for AKY-2519, which was informed by insights from the Company’s clinical advisory boards and reflects the distinct treatment patterns and clinical needs of patients with mCRPC compared to other solid tumor patients. This strategy is designed to enable the broad evaluation of AKY-2519 in multiple patient segments while efficiently generating indication-relevant data.

•Initiated Phase 1b, multicenter, open label clinical trial of AKY-2519 in PLUVICTO®-naïve and PLUVICTO-experienced patients with mCRPC.

•Plan to initiate a Phase 1b basket trial in patients with lung, colorectal, and other B7-H3 expressing solid tumors in the second half of 2026. The protocol for this trial has been finalized and is currently under regulatory review.

•Announced clinical imaging and dosimetry data for AKY-2519 has been accepted for presentation at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting being held May 29 – June 2, 2026, in Chicago. The data facilitate initial understanding of AKY-2519 biodistribution and predicted absorbed doses in tumors and normal tissues in patients with B7-H3 expressing solid tumors.

General corporate highlights

•Appointed industry veteran Glenn Gormley, MD, PhD as an independent director to the Company’s Board of Directors (Board) and as co-chair of the Board’s newly established Science and Technology Committee.

•In January 2026, completed an initial public offering of 20,297,500 shares of common stock, including the exercise in full by the underwriters of their option to purchase an additional 2,647,500 shares of common stock, at $18.00 per share, resulting in gross proceeds of approximately $365.4 million, before deducting underwriting discounts and commissions and other offering expenses.

Anticipated pipeline and corporate milestones for the next 12 months

•AKY-1189: Expect preliminary data from the ongoing Phase 1b clinical trial in the first quarter of 2027.

•AKY-2519:

-Will present clinical imaging and dosimetry data of AKY-2519 in patients with mCRPC and various solid tumors at the upcoming ASCO Annual Meeting.

-Expect to commence Phase 1b basket trial in lung, colorectal, and other solid tumor cancers in the second half of 2026.

-Expect preliminary data from the Phase 1b mCRPC clinical trial in 2027.

1 IND applications were cleared for [64Cu]Cu-AKY-2519 for imaging and [225Ac]Ac-AKY-2519 for therapeutic use.

2

•Early pipeline: Two programs are tracking toward development candidate nomination and commencement of IND-enabling activities in the first quarter of 2027.

•Corporate: In-house Good Manufacturing Practices (GMP) facility expected to be operational in the second half of 2026 as part of the Company’s hybrid manufacturing strategy to expand capabilities and support clinical supply demand.

First quarter 2026 financial results

•Cash position: Cash, cash equivalents and marketable securities were $538.5 million as of March 31, 2026, compared to $226.8 million as of December 31, 2025. The increase of $311.7 million primarily reflects net proceeds from the Company’s initial public offering in January 2026, primarily offset by cash used in operations. The Company’s cash, cash equivalents and marketable securities as of March 31, 2026 are expected to fund its operations into 2029.

•Collaboration revenue: Collaboration revenue was $3.2 million for the quarter ended March 31, 2026, compared to $1.4 million for the comparable prior year period. The increase of $1.8 million was attributable to continued advancement of the Company’s research collaboration with Eli Lilly and Company, with revenue recognized over time using the cost incurred input method.

•R&D expenses: Research and development expenses were $20.0 million for the quarter ended March 31, 2026, compared to $15.9 million for the comparable prior year period. The increase of $4.1 million was primarily driven by Phase 1b clinical trial expenses for AKY-1189, which initiated in the second quarter of 2025, increased expenses with advancing AKY-2519 through IND-enabling studies, and increased employee-related costs (including stock-based compensation) associated with increased hiring to support the advancing clinical pipeline.

•G&A expenses: General and administrative expenses were $5.9 million for the quarter ended March 31, 2026, compared to $3.7 million for the comparable prior year period. The increase of $2.2 million was primarily due to higher employee-related costs (including stock-based compensation) related to increased hiring to support the Company’s growth, and increased expenses associated with operating as a public company.

•Net loss: Net loss was $18.3 million for the quarter ended March 31, 2026, compared to $15.0 million for the comparable prior year period. The increase in net loss of $3.3 million was primarily driven by increased operating expenses.

About Aktis’ miniprotein radioconjugate platform

Aktis has developed a proprietary, isotope-agnostic miniprotein radioconjugate platform to selectively deliver the tumor-killing properties of radioisotopes to targeted tumors. Aktis’ therapeutic miniprotein radioconjugates are designed to maximize anti-cancer activity through high tumor penetration coupled with internalization and retention in cancer cells, while rapidly clearing from normal organs and tissues. The Aktis platform further enables clinicians to visualize and verify target engagement with imaging isotopes prior to exposure to therapeutic radioisotopes. Leveraging this platform, and its patient-first end-to-end supply chain, Aktis is advancing a pipeline of next-generation targeted radiopharmaceuticals to address the unmet needs of patients across a broad spectrum of solid tumors.

About Aktis Oncology

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. Aktis’ most advanced clinical-stage pipeline program, AKY-1189, is a

3

miniprotein radioconjugate targeting Nectin-4, with multi-indication potential across multiple tumor types, including locally advanced or metastatic urothelial cancer, breast cancer, non-small cell lung cancer, colorectal cancer, cervical cancer, and head and neck cancer. Aktis’ second clinical-stage pipeline program, AKY-2519, is a miniprotein radioconjugate targeting B7-H3 expressing tumors, including prostate, lung, colorectal, and other solid tumors. Aktis has a discovery collaboration with Eli Lilly and Company to leverage Aktis’ miniprotein platform to develop novel radioconjugates outside of its proprietary pipeline. For more information, please visit www.aktisoncology.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations about the timing of ongoing and planned clinical trials and regulatory filings, goals to develop and commercialize its product candidates, its liquidity and capital resources, and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond the Company’s control, and which could cause actual results to differ materially from those contemplated in such forward-looking statements. These factors include risks related to the Company’s limited operating history, its ability to obtain necessary funding, its ability to generate positive clinical trial results for its product candidates and other risks inherent in clinical development, the timing and scope of regulatory approvals, changes in laws and regulations to which the Company is subject, competitive pressures, its ability to identify additional product candidates, risks relating to business interruptions, and other risks set forth under the heading “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings with the Securities and Exchange Commission. The Company’s actual results could differ materially from the results described in or implied by such forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update or revise these forward-looking statements.

4

AKTIS ONCOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except shares and par value data)

(Unaudited)

		Three Months Ended March 31,
		2026				2025
Revenue:
Collaboration revenue		$	3,227			$	1,447
Operating expenses:
Research and development			20,036				15,863
General and administrative			5,897				3,727
Total operating expenses			25,933				19,590
Loss from operations			(22,706	)			(18,143	)
Other income (expense):
Interest income			4,384				3,171
Other expense, net			(3	)			(13	)
Total other income, net			4,381				3,158
Net loss		$	(18,325	)		$	(14,985	)

5

AKTIS ONCOLOGY, INC.

BALANCE SHEET DATA

(In thousands, except shares and par value data)

(Unaudited)

		March 31,				December 31,
		2026				2025
Cash, cash equivalents and marketable securities		$	538,484			$	226,787
Total assets			576,801				264,885
Total liabilities			70,693				77,625
Total stockholders' equity (deficit) and redeemable convertible preferred stock		$	506,108			$	187,260

Media contact:
Melone Communications, LLC
Liz Melone

617-256-6622

liz@melonecomm.com

Investor contact:
Precision AQ

Alex Lobo

212-698-8802

Alex.lobo@precisionaq.com

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