Aktis Oncology’s IPO signals early momentum for 2026 biotech markets

Last week saw the first meaningful biotech initial public offering (IPO) of 2026, as Aktis Oncology Inc. successfully priced and launched its upsized NASAQ listing, raising about US$318 million in gross proceeds by selling 17.65 million shares at US$18.00 apiece. The Boston-based clinical-stage oncology company’s debut comes amid a cautious but improving window for public biotech financings — and sends a positive signal about investor appetite for science-driven pure-plays at the outset of the year.

Aktis’ shares began trading under the ticker “AKTS” on the Nasdaq Global Select Market on Friday, with the deal closing subject to customary conditions later this week. The offering was jointly managed by J.P. Morgan, BofA Securities, Leerink Partners and TD Cowen.

What got biotech investors interested

Several factors helped lift Aktis’ IPO beyond its original targets:

• Upsized offering and strong anchor support: The company expanded its IPO by roughly 50%, compared with earlier plans, after securing a $100 million anchor investment from established pharma partner Eli Lilly & Co. — a strategic vote of confidence that likely helped underpin demand and valuation.
• Pricing at the high end: The stock priced at the top of its marketed range, reflecting solid book-building dynamics.
• Post-pricing pop: On debut, Aktis’ stock jumped notably — trading well above the IPO price in early sessions — a performance that underscores investor enthusiasm for differentiated oncology platforms. It is now trading at US$22.40.

Much of the interest in Aktis stems from its focus on alpha-emitting radiopharmaceutical therapies — a modality gaining traction in oncology because of its potential to deliver highly potent radiation directly to tumour cells while preferentially sparing healthy tissue. The company’s proprietary miniprotein radioconjugate platform aims to broaden this class’s reach, potentially addressing solid tumours that have eluded earlier radiopharmaceutical approaches.

Why this IPO matters for the sector

Aktis’ debut also comes against a broader backdrop of cautiously improving conditions for biotech IPOs, after several years of limited public-market activity. While investor risk appetite remains selective, the early weeks of 2026 have brought renewed discussion about whether the long-anticipated reopening of biotech capital markets is beginning to take shape.

Recent IPO volumes remain well below the highs of 2020 and 2021, but the dynamic has shifted from outright avoidance to careful re-engagement. Underwriters and investors alike have signalled a preference for companies with differentiated platforms, clear clinical milestones and credible strategic backing — particularly in oncology, where data-driven narratives have tended to resonate more strongly.

In that context, Aktis’ well-received debut is meaningful in several ways:

• Validation of specialist modalities: Radiopharmaceuticals and other precision oncology platforms have been areas of intense scientific progress, but translating that into significant public market financing has lagged. Aktis’ pricing at a robust level — and with a respected pharma collaborator on board — suggests specialist modalities can attract broad investor interest.
• Figure for 2026 pipelines: As the first sizable listing of the calendar year, the US$318 million deal, among the largest biotech IPOs in recent years, sets a benchmark for others.
• Rising expectations for biotech exits: Market watchers have flagged that 2026 could see renewed deal-making and capital markets activity for life sciences, especially if macro conditions remain supportive and clinical data catalysts populate biotech calendars.

Looking ahead

For Aktis itself, the IPO proceeds provide a substantial war chest to advance its pipeline — particularly its lead candidate targeting Nectin-4-expressing solid tumours — through upcoming clinical inflection points. The company has indicated plans to use proceeds for clinical development, platform expansion and general corporate purposes, helping fund operations well into later stages of its Phase 1 programs.

For the broader biotech sphere, Aktis’ IPO could be a harbinger of more robust public financing ahead, but it doesn’t by itself guarantee a sustained surge in listings. Much will depend on follow-on performance, clinical data readouts and overall market sentiment. Still, a strong first act — complete with strategic backing and a debut price that pleased both insiders and public investors — is a promising script for biotech’s 2026 chapter.