Aktis Oncology Conference Call Summary Company Overview - **Company**: Aktis Oncology - **Focus**: Targeted radiopharmaceuticals aimed at transforming anti-cancer medicines, particularly for patients lacking existing radiopharmaceutical options [3][4] Core Industry Insights - **Radiopharmaceuticals**: The industry is at an inflection point similar to antibody-drug conjugates (ADCs) five years ago, with significant opportunities for new products [4] - **Target Space**: The current market has limited approved medicines, presenting a "white space opportunity" for new entrants [4] Key Programs and Targets - **Lead Program 1189 (Nectin-4)**: - **Target**: Nectin-4, expressed in various cancers including bladder, breast, lung, cervical, head and neck, and colorectal cancers [18] - **Clinical Validation**: Supported by existing data from PADCEV, a validated treatment for bladder cancer [19] - **Patient Impact**: Aims to provide a radiopharmaceutical option for large patient populations currently without one [18][19] - **Second Program 2519 (B7-H3)**: - **Target**: B7-H3, expressed in lung and prostate cancers, among others [36] - **Competitive Landscape**: While there are existing ADCs targeting B7-H3, Aktis aims to differentiate with a unique isotope (Actinium-225) and a non-overlapping toxicity profile [36][37] Clinical Development and Data - **Imaging Data**: Initial human imaging data for both programs showed high tumor uptake and favorable dosimetry profiles, suggesting a strong therapeutic index [27][29] - **Phase 1b Studies**: Ongoing dose escalation studies for both programs, with updates expected throughout the year [32][38] Supply Chain and Manufacturing - **End-to-End Supply Chain**: Aktis has developed its own supply chain capabilities, including a GMP manufacturing facility expected to open by the end of the year [10][11] - **Actinium Supply**: Multiple supply deals in place to ensure a robust supply of Actinium-225 [15] Partnerships and Collaborations - **Collaboration with Eli Lilly**: Focused on discovery capabilities for novel miniprotein radioconjugates, with successful milestone achievements ahead of schedule [12][13] - **Business Development Strategy**: Emphasis on retaining economic rights to lead programs while exploring partnerships that enhance shareholder value [46] Financial Position - **IPO Proceeds**: Raised $340 million in net proceeds from the IPO, with a cash runway projected into 2029, supporting ongoing clinical development [49][50] Conclusion - **Strategic Positioning**: Aktis Oncology is well-positioned in the radiopharmaceutical space with a strong pipeline, innovative technology, and a solid financial foundation, aiming to address significant unmet needs in cancer treatment [16][50]

Table of Contents As filed with the Securities and Exchange Commission on January 7, 2026. Registration No. 333-292283 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Copies to: Siavosh Salimi William A. Magioncalda Paul Hastings LLP The MetLife Building 200 Park Avenue New York, New York 10166 (212) 318-6000 Aktis Oncology, Inc. (Exact name of registrant as specified in its charter) Delaware 2834 85- ...