IPO activity in 2025 showed a marked rebound, led by the technology and healthcare sectors, after last year’s sluggish performance. Aktis Oncology, which develops radiopharmaceuticals for solid tumors, is the latest biotech firm to pursue an initial public offering.
The IPO
The Boston, Massachusetts-based company recently filed papers with the Securities and Exchange Commission for stock market listing. A slew of biotechnology firms entered the public market this year, encouraged by lower interest rates and strong capital inflows, though the sector is facing a volatile regulatory environment. Aktis has applied to list on the Nasdaq stock exchange under the symbol AKTS.
Meanwhile, details such as the number of shares being offered and the offer price are yet to be published. JP Morgan, BofA Securities, Leerink Partners, and TD Cowen are the lead bookrunners for the offering. The management plans to use proceeds from the offering, together with existing cash, for working capital and other general corporate purposes.
Originally incorporated in August 2020 as HotKnot Therapeutics, the name was changed to Aktis Oncology, Inc. in April 2021. The company was co-founded by Todd Foley, Patrick Baeuerle, and Brian Goodman. Aktis’ lead product candidate is Ac-AKY-1189, and its second candidate is Ac-AKY-2519. In April 2025, the FDA cleared the company’s Investigation-New-Drug application for Ac-AKY-1189 for the treatment of locally advanced or metastatic UC and other Nectin-4 expressing tumors. It is conducting a multi-site Phase 1b clinical trial and expects preliminary results from the Part-1 dose escalation portion in the first quarter of 2027.
Key Metrics
For the nine months ended September 30, Aktis Oncology reported a net loss of $48.6 million, compared to a loss of $31.9 million in the corresponding period of 2024. On a per-share basis, net loss was $15.81 in the nine months, compared $12.19 in the prior-year period. Total revenues came in at $4.6 million during the period, sharply higher than $0.6 million reported in the prior-year period. Total operating expenses were $61.9 million, vs. $37.0 million last year.