Cambridge biotech tracker · Boston
Aktis Oncology
Listed on Nasdaq as AKTS, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $517M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $19.6M
- avg. operating cash flow, 4 qtrs
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $24.1M
- Q2 '26
- R&D expense
- $25.3M
- 78% of opex
- Raised, last 4 qtrs
- +$337M
- net financing cash flow
- Next readout
- Dec 2027
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
5+ years
Cash at Q2 '26 divided by the average burn of the last four quarters, $6.5M a month.
Management’s own date
Into 2029
Jan–Dec 2029
Going concern language: runway is set by financing terms, not spending plans, so it is not converted into a burn rate.
“Based upon our current operating plans, we believe our existing cash, cash equivalents, and marketable securities will be sufficient to fund our operations into 2029.”
Cash against the calendar
What the runway has to reach.
Dec 2027estimated
A Study of [225Ac]Ac-AKY-2519 in Patients With Metastatic Castration-Resistant Prostate Cancer
Castration Resistant Metastatic Prostate Cancer · Prostate Cancer · mCRPC (Metastatic Castration-resistant Prostate Cancer)
NCT07581184 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 5+ years
- Time to the date
- 13 months
It is about 13 months out. At the current burn there is roughly 66 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
Pipeline
3 active trials, through phase 1.
Phase 1 · 3
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of [225Ac]Ac-AKY-2519 in Patients With Metastatic Castration-Resistant Prostate CancerNCT07581184 · Castration Resistant Metastatic Prostate Cancer, Prostate CancerPhase 1Dec 2027est. | Phase 1 | Recruiting | ||
| A Study of [225Ac]Ac-AKY-1189 in Patients With Solid TumorsNCT07020117 · Urothelial Carcinoma Bladder, Triple Negative Breast Cancer (TNBC)Phase 1Dec 2027est. | Phase 1 | Recruiting | ||
| A Study of [225Ac]Ac-AKY-2519 in Patients With B7-H3 Expressing Solid TumorsNCT07887971 · NSCLC, NSCLC (Advanced Non-small Cell Lung Cancer)Phase 1Dec 2028est. | Phase 1 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Dec 2027, about 13 months out. That leaves roughly 66 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 5+ years of runway
Cash and investments of $517M at Q2 '26 against an average operating cash burn of $19.6M per quarter over the last four reported quarters runs out around January 2033. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $479M since Q4 '24
Net financing inflows of $337M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 78% of operating expenses
$25.3M of R&D against $32.3M of total operating expenses in Q2 '26, with G&A at $7.0M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $3.4M in Q2 '26
The balance sheet carries $48.2M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Aug 13, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Accumulated deficit of $199M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $38.3M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 31, 25 | $58.3M | −$17.5M | −$15.0M | $15.9M | $3.7M | $1.4M | $1.2M | −$468K |
| Q2 '25 · Jun 30, 25 | $110M | −$16.2M | −$18.1M | $18.6M | $3.9M | $1.6M | $1.5M | $0 |
| Q4 '25 · Dec 31, 25 | $227M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | $538M | −$24.2M | −$18.3M | $20.0M | $5.9M | $3.2M | $3.0M | $338M |
| Q2 '26 · Jun 30, 26 | $517M | −$20.6M | −$24.1M | $25.3M | $7.0M | $3.4M | $3.2M | $156K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.