What happened with AKTS today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Aktis Oncology is developing medicines that use small proteins to direct radioactive isotopes toward tumors. It aims to treat solid tumor cancers, but has no approved products or product-sales revenue. Its business depends substantially on its lead candidate, [225Ac]Ac-AKY-1189, which is in a Phase 1b trial for advanced urothelial cancer and other tumors expressing Nectin-4. It must complete clinical testing and obtain regulatory approval before selling a treatment.
Nearly all revenue to date comes from Eli Lilly. Aktis licenses technology and researches selected candidates through initial human imaging studies; Lilly then takes responsibility for regulatory filings, further clinical development and worldwide commercialization. Lilly has paid an upfront license fee and an achieved development milestone. The agreement also provides for further milestone payments, reimbursement of research costs above agreed caps, and royalties if products reach commercial sales. This income path depends on Lilly continuing the collaboration, which it can terminate without cause.
Development also requires supplies of actinium-225 and third-party manufacturing. Once labeled with the radioactive isotope, candidates have limited shelf lives and must be made as needed and shipped quickly rather than stockpiled.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Aktis depends on Eli Lilly for substantially all its revenue in 2024 and 2025: Lilly licenses its cancer radiopharmaceutical programs, pays for research and takes over later development and worldwide sales. Watch those programs’ progress toward milestones and sales, which could bring Aktis further payments and royalties.
Perspective Therapeutics, Inc. competes with Aktis in targeted cancer radiopharmaceuticals and explicitly names Aktis among its alpha-radiopharmaceutical rivals. Watch its clinical-stage alpha therapies rather than product sales: none of its 2024 or 2025 revenue came from those products.
Bicycle Therapeutics plc challenges Aktis through both targeted radiopharmaceuticals and Nectin-4 cancer treatments competing with AKY-1189. Its human imaging studies help assess targets and choose cancer indications for later treatment, making that work a useful window into the competing platform; its revenue currently comes mainly from collaborators, not product sales.
Corbus Pharmaceuticals Holdings, Inc. competes for the same Nectin-4-expressing cancers as Aktis’s AKY-1189, but its CRB-701 uses an antibody linked to a drug rather than a radioactive isotope. CRB-701’s development is the relevant comparison for Aktis, not Corbus’s separate obesity program.
Novartis already sells cancer radiopharmaceuticals and develops others that compete with Aktis’s treatment approach. Its Pluvicto, approved by the FDA in 2022 for metastatic prostate cancer, is a concrete product to watch as Aktis seeks to demonstrate favorable treatments and comparable reimbursement.
Radiopharm Theranostics Limited is another developer competing with Aktis in targeted radioactive-isotope treatments for solid tumors. Watch its preclinical and clinical candidates, which attach isotopes to peptides, small molecules or antibodies; it has no products approved for commercial sale.
Context Therapeutics Inc.’s CT-202 competes for the same Nectin-4 cancer-treatment opportunity as Aktis’s AKY-1189, using an antibody that brings T cells to cancer cells rather than a radiopharmaceutical. Watch its move toward human testing: in March 2026, Context submitted an Australian ethics application to support a first-in-human trial.
Pfizer Inc.’s Padcev competes with Aktis’s investigational AKY-1189 in Nectin-4-directed cancer treatment. For this tie, watch Padcev news rather than Pfizer’s broad revenue, which comes mostly from manufacturing and selling biopharmaceutical products.
Molecular Partners AG offers a comparison for Aktis’s reliance on pharmaceutical partners: both develop targeted radiopharmaceutical technology and earn collaboration revenue rather than commercial product sales. Its revenue in 2023 and 2024 came entirely from the Novartis radioligand-therapy collaboration, whose revenue recognition ended in the third quarter of 2024—watch collaboration timing, not just year-to-year totals.
Telix Pharmaceuticals Limited gives Aktis investors a view of commercial adoption of cancer radiopharmaceuticals: Telix sells imaging agents and develops therapies, while Aktis develops treatments. Watch Illuccix and Gozellix sales, which supplied most of Telix’s Precision Medicine revenue in FY 2025, while keeping their prostate-cancer imaging role distinct from Aktis’s therapies.
Actinium Pharmaceuticals, Inc develops cancer radiopharmaceuticals like Aktis, but says their current biological targets do not directly overlap. Its CD33- and CD45-targeting programs provide a view of progress in the broader treatment field, not a head-to-head test of Aktis’s targets.
Cellectar Biosciences INC NEW and Aktis both develop platforms that deliver radioactive isotopes to cancer cells, including actinium-225 treatments. Watch Cellectar’s CLR 225 program for progress in that shared approach; its platform aims to limit healthy-cell exposure, but that is a development goal rather than an established result.
Novartis AG earningsNVS
Novartis sells Pluvicto and develops other cancer radiopharmaceuticals; its report can show the commercial demand and competition in a field where Aktis is developing treatments.
Watch Novartis’s disclosures on Pluvicto’s commercial progress and other radiopharmaceutical development. Strong sales and program progress would show that treatments can find demand, while underscoring the competition Aktis would face for patients, physicians and payors; setbacks would show commercialization hurdles remain, without proving that Aktis will succeed or fail.
Eli Lilly & Co. earningsLLY
Eli Lilly advances radiopharmaceutical programs licensed from Aktis, and its report can show whether they are moving toward milestones that could bring Aktis payments or future sales royalties.
Watch Lilly’s disclosed development progress on the licensed programs and any milestone or sales progress. Advancement that triggers a milestone could bring Aktis a contractual payment; stalled progress would mean fewer near-term collaboration receipts and fewer prospects for future payments, leaving Aktis to rely more on its own funds for research.
Bicycle Therapeutics plc earningsBCYC
Bicycle Therapeutics’ imaging studies and Nectin-4 programs bear on the targets and cancers pursued by Aktis’s AKY-1189, and its report can show how the competing platform is advancing human research.
Watch whether Bicycle advances its human imaging work and Nectin-4 programs. Useful evidence on targets or cancer indications would show the competing platform building human data, not prove Aktis’s treatment works; limited progress would mean less validation of those targets and indications from this competitor.
Perspective Therapeutics, Inc. earningsCATX
Perspective Therapeutics’ clinical-stage alpha radiopharmaceuticals compete in the field where Aktis is developing treatments, and its report can show how that approach is progressing in trials.
Look for progress in Perspective’s clinical-stage alpha programs, not product sales: none of its 2024 or 2025 revenue came from those products. Trial progress would show that this type of radiopharmaceutical is advancing through clinical development, but would not establish that Aktis’s candidates work; setbacks would underline the risks of turning the approach into treatments.
Aktis Oncology, Inc. earningsThis company
Aktis Oncology has no approved products and relies mainly on its Lilly collaboration for revenue; this report will show how collaboration income and research spending shape the funds it has to advance its candidates.
Read Lilly collaboration revenue alongside research and development spending. Rising revenue with spending kept in check would show the collaboration is helping fund candidate development; falling revenue or faster-rising spending would mean cash is being used more quickly, increasing reliance on available funds or financing before product sales are possible.
