Aktis Oncology, Inc. (AKTS) Q2 2026 Earnings: Revenue $3.4M (+111.4%)
AKTS — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop
Aktis Oncology's Q2 2026 net loss widened to $24.1M as trial spending on AKY-1189 and AKY-2519 rose; $517.3M in cash funds operations into 2029, with first human efficacy data due in 2027.
Revenue
$3.4M
+111.4% YoY
Net income
-$24M
-33.6% YoY
Diluted EPS
$-0.44
This period vs a year ago
Same period last year
This period
Revenue▲+111.4%
≈$1.6M
$3.4M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Overview
Aktis Oncology, a Boston clinical-stage cancer-drug developer that went public in January 2026, reported a Q2 2026 net loss of $24.1 million, up from $18.1 million a year earlier, as spending on its two human trials rose. Aktis has no product on the market. Its only revenue, $3.4 million this quarter, comes from a research partnership with Eli Lilly. The company makes radiopharmaceuticals: drugs that carry a radioactive particle (here actinium-225, an "alpha emitter" whose radiation travels only a few cell widths) to tumors that display a specific protein. It ended June with $517.3 million in cash and investments and still expects that to fund operations "into 2029." At this stage the quarter mostly tells you how fast that money is being spent and whether the trials are on schedule.
At a glance
$517.3 million in cash, cash equivalents and marketable securities (down from $538.5 million at March 31). The $21.2 million drop is roughly what one quarter of operations costs right now.
R&D spending of $25.3 million, up 36%. Most of the increase went to the two clinical programs: +$3.6 million for AKY-1189 and +$2.5 million for AKY-2519.
First human data now due in 2027. Preliminary results from the AKY-1189 trial are expected in Q1 2027 and from the AKY-2519 prostate-cancer trial during 2027. Nothing reported this quarter tests whether the drugs actually work.
Key metrics
Metric
Q2 2026
Q2 2025
YoY Change
Collaboration revenue (Eli Lilly)
$3.4M
$1.6M
+111.4%
Research & development expense
$25.3M
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Source: Form 10-Q for the quarter ended June 30, 2026. Dollar figures are rounded from the filing's thousands.
Takeaway: Aktis is spending about $21–22 million of net cash a quarter against a $517 million balance. On the filing's own numbers, money is not the near-term risk. What decides the stock is the 2027 trial data. Until then, the useful thing to track each quarter is whether trial spending keeps rising in step with enrollment, and whether the "into 2029" runway estimate holds.
Where the money went
Research and development (R&D) is almost all of what Aktis spends. The 10-Q breaks it down by program:
R&D line (Q2)
Q2 2026
Q2 2025
Change
AKY-1189 (Nectin-4 target)
$6.5M
$2.9M
+$3.6M
AKY-2519 (B7-H3 target)
$4.3M
$1.8M
+$2.5M
Earlier-stage discovery & development
$2.6M
$4.5M
-$1.9M
Employee costs (incl. stock-based pay)
$7.6M
$5.6M
+$2.0M
Facility, lab & depreciation
$3.7M
$3.2M
+$0.5M
Other
$0.6M
$0.6M
—
Total R&D
$25.3M
$18.6M
+$6.7M
The mix is shifting the way you would expect for a company whose drugs have just entered human testing. Spending on the two clinical candidates more than doubled, from $4.7 million to $10.8 million. Spending on earlier-stage research fell by $1.9 million. The filing says that drop came partly because AKY-2519 moved out of the discovery stage and "into clinical trials," so some of its costs now sit on its own line rather than an actual cut in research. For the first half, R&D was $45.3 million versus $34.5 million.
General and administrative costs (G&A: executives, finance, legal and other overhead) rose 78% to $7.0 million. The filing attributes this to more staff, higher professional and consulting fees, and director-and-officer insurance "associated with operating as a public company." That is the expected step-up after an IPO and should level off rather than keep growing at this rate.
The pipeline: what's running and what's next
Both drugs use Aktis's "miniprotein" design. These are small engineered proteins that latch onto a tumor protein and carry actinium-225 into the cancer cell. The company argues their small size helps them get into tumors and clear quickly from healthy organs. Per the Q2 earnings release (8-K Exhibit 99.1, Aug 13, 2026):
AKY-1189 (targets Nectin-4): Nectin-4 is a protein found on bladder (urothelial), breast and other tumors. The drug is enrolling patients in the Phase 1b NECTINIUM-2 trial in advanced or metastatic urothelial cancer, breast cancer and other Nectin-4 tumors. A Phase 1b trial is an early study focused mainly on safety and dose, with first signs of whether the drug works. Preliminary data are expected in Q1 2027.
AKY-2519 (targets B7-H3): B7-H3 is a protein on prostate, lung and other solid tumors. Aktis presented first-in-human imaging and dosimetry data at ASCO in May 2026. Dosimetry measures how much radiation lands in the tumor versus healthy organs. The company reported strong tumor uptake, limited exposure of normal tissue and no reported adverse events or infusion reactions. These were imaging doses, though, not treatment doses, so they show where the drug goes, not whether it shrinks tumors. The BActinium-1 Phase 1b trial in metastatic castration-resistant prostate cancer is enrolling, including patients who have already received PLUVICTO (Novartis's approved radiopharmaceutical for that disease). A second trial, BActinium-2, in lung and other B7-H3 tumors, has regulatory clearance and is expected to start in the second half of 2026. Preliminary prostate data are expected in 2027.
Early pipeline: two programs are expected to reach development-candidate nomination and start IND-enabling work in Q1 2027. IND-enabling means the lab and animal studies needed before applying to start human trials.
Manufacturing: an in-house GMP facility (a plant that meets regulators' Good Manufacturing Practice standards) is expected to be operational in the second half of 2026. Supply of actinium-225 is limited across the industry. The 10-Q lists "the cost and availability of sufficient supply of 225Ac" among the factors that will set future capital needs.
What the headline numbers hide
Revenue is not new cash. The Lilly collaboration revenue is booked "over time using the cost incurred input method." In practice, Aktis is recognizing an upfront payment it already received ($60 million at signing, plus a $1 million milestone) as it does the work. Deferred revenue, meaning cash received but not yet earned, fell from $54.8 million at December 31 to $48.2 million at June 30. That $6.6 million decline matches the $6.6 million of first-half revenue. The doubling in revenue reflects more work done for Lilly, not more money coming in.
Cash burn ran slightly ahead of the accounting loss. Operating cash outflow for the first half was $44.8 million against a net loss of $42.5 million. Non-cash charges of $6.2 million (accretion of investment discounts, stock-based compensation, depreciation) were more than offset by $8.6 million of working-capital outflows, which include running down the deferred Lilly revenue. Expect cash use to stay at or above the reported loss while that balance keeps shrinking.
Interest income is cushioning the loss. Other income of $4.8 million, mostly interest on the IPO cash, offset about 15% of Q2 operating expenses. Without it, the quarter's loss would have been about $28.9 million. This cushion shrinks as the cash is spent and would shrink if interest rates fall.
Loss per share is not comparable year over year. Q2 2025's $(22.39) per share was spread across only about 0.8 million common shares, because before the IPO most ownership was preferred stock. Q2 2026's $(0.44) is spread across 55.3 million shares after the preferred converted and 20.3 million new shares were sold at $18. The "improvement" in per-share loss comes from the change in share count. The business's loss actually grew.
Stock-based pay is rising but small. It was $3.2 million in Q2 versus $1.5 million a year ago. There is $35.0 million of unrecognized option cost still to be expensed over about 2.7 years, so this line will keep growing.
No one-offs. There were no impairments, in-licensing charges or unusual items in either year's quarter. Apart from the IPO-driven balance-sheet change, this was a clean quarter.
Outlook
Management did not change its guidance. In both the Q1 and Q2 10-Qs, cash is expected to fund operations "into 2029." The Q2 release lists the next 12 months' milestones as above: BActinium-2 starting in 2H 2026, the GMP facility running in 2H 2026, and AKY-1189 data in Q1 2027.
Our read: the current burn rate (about $45 million in the first half, or roughly $90 million a year) would by itself stretch $517 million well beyond 2029. A runway that ends "into 2029" therefore implies management expects spending to rise substantially as three Phase 1b trials run at once and manufacturing scales. Quarterly R&D growth is the best early signal of that ramp. The financial picture is stable for now, and the investment case depends on the 2027 data. Two things to watch in the Q3 report: whether BActinium-2 has dosed its first patients, and whether the runway estimate holds as spending on AKY-2519 ramps up.