Oleg Nodelman

Aktis Oncology (AKTS) is a $1B market cap / $500M enterprise value biotech with a miniprotein platform that can carry various radioactive payloads to solid tumors. The approach allows imaging verification of target engagement, de-risking development. Initial programs target validated tumor antigens (Nectin-4 in bladder, B7H3 across major solid tumors). First clinical data expected Q1 2027, near-term catalysts. The radiotherapy modality is hard to genericize, and China cannot easily replicate it due to isotope supply constraints, giving a real moat. Major pharma (Bristol, Novartis, Bayer, Eli Lilly, who backstopped the IPO) are aggressively building radiotherapy pipelines, with $15B in recent M&A. If any program reaches market, the company could be worth $10B ($200/share). Multiple de-risked programs give many 'outs.' Cash runway exceeds 3 years, past key milestones.