Phase 1 solid tumor biotech Aktis Oncology files for a $100 million IPO
January 7, 2026
Aktis Oncology increases proposed IPO deal size by 50% to $300 million, adding a $100 million commitment from partner Eli Lilly
The Boston, MA-based company now plans to raise $300 million by offering 17.7 million shares at a price range of $16 to $18. The company had previously filed to offer 11.8 million shares at the same price range. Partner Eli Lilly has indicated on $100 million worth of shares in the offering （33% of the deal）。 At the revised deal size, Aktis Oncology will raise 50% more in proceeds than previously anticipated and command a market cap of $960 million.
January 5, 2026
Phase 1 solid tumor biotech Aktis Oncology sets terms for $200 million IPO; expected to trade on Friday 1/9 in first sizable IPO of 2026
Aktis Oncology, a Phase 1 biotech developing targeted radiopharmaceuticals to treat solid tumors, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
About the Company
Aktis Oncology is a clinical-stage oncology company developing alpha-emitting radiopharmaceuticals against prevalent solid tumors. Its pipeline features Ac-AKY-1189 for Nectin-4-expressing cancers, now enrolling about 150 patients in a multi-site US Phase 1b trial with preliminary results expected in the first quarter of 2027, and Ac-AKY-2519 targeting B7-H3-expressing tumors with an IND filing planned for 2026. It also manages multiple domestic and international isotope supply partnerships, invests in an internal cGMP facility set to be operational in 2026, and holds a discovery collaboration for additional miniprotein radioconjugate programs.
The Boston, MA-based company was founded in 2020 and booked $6 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol AKTS. J.P. Morgan, BofA Securities, Leerink Partners, and TD Cowen are the joint bookrunners on the deal. No pricing terms were disclosed.
Company News
BOSTON, Sept. 30, 2024 /PRNewswire/ — Aktis Oncology, a clinical-stage biotechnology company pioneering the discovery and development of novel targeted alpha radiopharmaceuticals to treat a broad range of solid tumors, today announced the successful closing of an oversubscribed and upsized $175 million Series B financing. The financing was led by RA Capital Management, and co-led by RTW Investments and Janus Henderson Investors. A select syndicate of additional new investors joined the financing, including funds and accounts advised by T. Rowe Price Associates, Inc., Avidity Partners, and an undisclosed life sciences-focused investment fund. All existing institutional investors participated, as well as existing strategic investors Bristol Myers Squibb, Eli Lilly and Company, and MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., Inc.
Aktis Oncology also announced that three abstracts, including one oral presentation, have been accepted for presentation at the upcoming EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics in Barcelona, Spain, October 23-25, 2024.
“The overwhelming support from high caliber investors underscores the progress we have made on our pipeline, platform, and supply chain capabilities, exemplified by the significant opportunity for AKY-1189, our first-in-class miniprotein alpha radioconjugate targeting Nectin-4 in development for several tumor types,” said Matthew Roden, PhD, President and Chief Executive Officer of Aktis Oncology. “With over $300 million in cash, we are well-positioned to prosecute several opportunities to expand the benefit of this exciting modality into new patient populations.”
In conjunction with the financing, Andrew Levin, MD, PhD, Partner and Managing Director at RA Capital Management, will join the Aktis Oncology Board of Directors. Lauren Lee, PhD, from RTW Investments, and Vish Sridharan, MD, from Janus Henderson Investors, will join as Observers to the Board of Directors.
“Aktis has leveraged its unique technology platform, experienced team, robust supply chain and radiopharmaceutical development capabilities to generate a promising and differentiated pipeline of next-generation radiopharmaceuticals,” said Andrew Levin, MD, PhD, Partner and Managing Director at RA Capital Management. “We are pleased to support Aktis through the next stage of its growth as it seeks to bring new options to patients with cancer.”