Aktis Oncology, a biotechnology company, has recently filed for an initial public offering (IPO) to raise funds for developing new cancer treatments. The company specializes in creating what they call ‘miniprotein radioconjugates,’ which are designed to target tumors that current treatments can’t reach. Their first treatment is currently in early testing and targets a protein called Nectin-4, which is found in bladder cancers and other solid tumors. Aktis has partnered with Eli Lilly and has received investments from major pharmaceutical companies like Merck & Co., Novartis, and Bristol Myers Squibb. Before filing for the IPO, Aktis raised about $346 million through private financing. Despite a slow year for biotech IPOs in 2025, there are signs that the market may improve in 2026. Aktis could be one of the first companies to test this potential revival. The company is focused on developing targeted radiation drugs, or radiopharmaceuticals, for cancer. Aktis believes its treatments could have advantages over others, as their miniproteins might be easier to produce and could target a broader range of cancers. The field of radiopharmaceuticals is still new, and many companies are focusing on a few proven targets. Aktis sees a significant opportunity to help more cancer patients benefit from this technology. Their lead program, AKY-1189, targets the same Nectin-4 protein as Padcev, a bladder cancer drug owned by Pfizer. Aktis aims to use its technology to identify patients who are most likely to benefit from their treatment and potentially address other cancers, such as lung and breast cancers. Preliminary study results are expected in 2027. Aktis is also developing a second drug targeting B7-H3, another protein involved in tumor growth, and is working with Lilly to create new radiopharmaceuticals against other targets.