0001193125-26-216749 | 10-Q | XBRL Viewer

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Equity-based compensation - Summary of Weighted-average Basis, Assumptions used in the Black Scholes option-pricing Model (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	6 years 14 days	6 years 25 days
Risk-free interest rate	3.84%	4.47%
Expected volatility	90.93%	83.43%
Dividend yield	0.00%	0.00%

Income taxes - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Uncertain tax positions	$ 0	$ 0
Uncertain tax positions, accrued interest or penalties	$ 0	$ 0

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Laboratory equipment	$	12,335		$	12,149
Computer equipment		138			81
Computer software		216			216
Office equipment & furniture		625			520
Leasehold improvements		5,105			167
Assets under construction		3,073			7,007
Total property and equipment		21,492			20,140
Less: Accumulated depreciation and amortization		(6,197	)		(5,545	)
Property and equipment, net	$	15,295		$	14,595

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued compensation and benefit costs	$	1,251	$	4,564
Accrued research and development costs		3,887		2,958
Accrued professional costs		340		192
Other accrued expenses		820		1,808
Total accrued expenses and other current liabilities	$	6,298	$	9,522

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities
Net loss	$ (18,325)	$ (14,985)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	652	484
Stock-based compensation	3,022	1,235
Net amortization of premiums and accretion of discounts on investments in marketable securities	(529)	(1,854)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(828)	701
Interest receivable	(1,105)	195
Operating lease right-of-use assets	191	222
Other assets	(1,877)	515
Accounts payable	(65)	90
Accrued expenses and other current liabilities	(1,824)	(2,219)
Operating lease liabilities	(327)	(418)
Deferred revenue	(3,227)	(1,448)
Net cash used in operating activities	(24,242)	(17,482)
Cash flows provided by investing activities
Purchases of marketable securities	0	(10,816)
Proceeds from maturities of marketable securities	22,395	51,750
Purchases of property and equipment	(1,854)	(1,893)
Net cash provided by investing activities	20,541	39,041
Cash flows (used in) provided by financing activities
Proceeds from initial public offering, net of underwriter discounts and commissions paid during the period	339,780	0
Payment of offering costs	(2,263)	(518)
Proceeds from exercise of common stock options	30	50
Net cash provided by (used in) financing activities	337,547	(468)
Net increase in cash, cash equivalents and restricted cash equivalents	333,846	21,091
Cash, cash equivalents and restricted cash equivalents at beginning of period	38,933	38,308
Cash, cash equivalents and restricted cash equivalents at end of period	372,779	59,399
Reconciliation of cash, cash equivalents and restricted cash equivalents
Cash and cash equivalents	371,630	58,250
Long-term restricted cash equivalents	1,149	1,149
Total cash, cash equivalents and restricted cash equivalents	372,779	59,399
Supplemental disclosure of non-cash investing and financing activities:
Remeasurement of right-of-use asset and lease liability due to lease modification	0	370
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering	333,409	0
Deferred offering costs transferred to additional paid in capital	4,456	0
Purchases of property and equipment included in accounts payable	32	0
Purchases of property and equipment included in accrued expenses	152	1,196
Net unrealized loss on marketable securities	(283)	(58)
Deferred Offering Costs Included In Accrued Expenses	$ 0	$ 332

Equity-based compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jan. 08, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	10,210,847			40,242,816
Unrecognized compensation related to unvested stock	$ 36,700
Unrecognized compensation cost non-vested options to be recognized, period	2 years 10 months 28 days
Weighted average grant date fair value options granted	$ 13.8	$ 2.06
Aggregate intrinsic value, vested and exercisable	$ 49,228
Total Intrinsic Value	$ 100	$ 200
2020 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for future grant	0
2026 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for future grant	2,531,120
Common stock reserved for future issuance			4,009,452
2026 ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	27,843		27,843	0

Stockholders' deficit

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' deficit

7. Stockholders’ deficit

Common stock and Class A common stock

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders provided, however, that, except as otherwise required by law, holders of common stock are not entitled to vote on any amendment to the Company’s Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Class A common stock or preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the Delaware General Corporation Law. Each share of Class A common stock is non-voting. There is no cumulative voting. Both common stockholders and Class A common stockholders are entitled to receive dividends, as may be declared by the Company’s Board, if any. Through March 31, 2026, no dividends have been declared or paid.

The Company’s common stock available for future issuance is summarized below:


	March 31,		December 31,
	2026		2025
Common stock authorized		480,000,000		156,800,000
Common stock outstanding		53,403,173		915,261
Common stock authorized and reserved for future issuances:
Series Seed Preferred Stock		—		1,314,262
Series A Preferred Stock		—		20,520,285
Series A-1 Preferred Stock		—		657,133
Series B Preferred Stock		—		11,499,825
Partner Preferred Stock		—		65,713
Stock options outstanding		7,651,884		5,899,875
Common stock reserved for future grant under the 2020 Equity Incentive Plan		—		285,723
Common stock reserved for future grant under the 2026 Equity Incentive Plan		2,531,120		—
Common stock reserved for future grant under the 2026 Employee Stock Purchase Plan		27,843		—
Total common stock authorized and reserved for future issuance		10,210,847		40,242,816
Unreserved common stock available for future issuance		416,385,980		115,641,923

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The following information represents significant segment expenses regularly provided to the CODM with the following categories (in thousands):


	Three months ended March 31,
	2026			2025
Collaboration revenue	$	3,227		$	1,447
Direct external research and development expenses:
Discovery and development		(2,559	)		(3,718	)
[225Ac]Ac-AKY-1189		(3,745	)		(2,907	)
[225Ac]Ac-AKY-2519		(2,985	)		(755	)
Unallocated research and development expenses:
Employee-related (including stock-based compensation)		(7,390	)		(5,296	)
Information technology, facilities, office and other 1		(3,357	)		(3,187	)
General and administrative expenses:
Employee-related (including stock-based compensation)		(3,424	)		(1,995	)
Professional and consulting		(1,917	)		(1,351	)
Information technology, facilities, office and other 1		(556	)		(381	)
Other segment items 2		4,381			3,158
Net loss	$	(18,325	)	$	(14,985	)

Information technology, facilities, office and other includes depreciation and amortization.

Other segment items consist of interest income and other expense, net. Interest income consists of interest earned on cash equivalents and marketable securities and amortization or accretion of discounts or premiums on marketable securities. Other expense, net consists of gains and losses on currency revaluation related to the payment of foreign vendor invoices.

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the periods presented (in thousands, except share and per share amounts):


	Three months ended March 31,
	2026			2025
Numerator:
Net loss	$	(18,325	)	$	(14,985	)
Net loss attributable to common stockholders, basic and diluted	$	(18,325	)	$	(14,985	)
Denominator:
Weighted-average number of common stock used in net loss per share, basic and diluted		48,630,038			805,821
Net loss per share of common stock, basic and diluted	$	(0.38	)	$	(18.60	)

Schedule of Dilutive Securities Excluded From the Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders

The following outstanding potentially dilutive securities have been excluded from the computation of diluted net loss per share attributable to common stockholders, as including them would have had an anti-dilutive effect:


	Three months ended March 31,
	2026		2025
Preferred Stock		—		34,057,218
Options to purchase common stock		7,651,884		20,396,207
Total		7,651,884		54,453,425

Nature of the business and basis of presentation (Additional Information) (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 01, 2026	Jan. 31, 2026 $ / shares shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of reverse stock spilt			On January 2, 2026, the Company effected a 1-for-3.8044 reverse stock split of its issued and outstanding common stock, which also resulted in a proportional adjustment to the conversion price for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options.
Reverse Stock Split conversion ratio	0.263
Proceeds from initial public offering, net of underwriter discounts and commissions paid during the period \| $			$ 339,780	$ 0
Common stock authorized			480,000,000		156,800,000
Net loss \| $			$ (18,325)	$ (14,985)
Accumulated deficit \| $			174,889		$ 156,564
Cash, cash equivalents and marketable securities \| $			538,500
Marketable Securities \| $			$ 166,854		$ 189,003
Class A Common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock authorized			10,000,000		0
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from initial public offering, net of underwriter discounts and commissions paid during the period \| $			$ 334,400
Common stock authorized		480,000,000
Common stock, par value \| $ / shares		$ 0.0001
Preferred stock, shares undesignated		10,000,000
Undesignated preferred stock, par value \| $ / shares		$ 0.0001
IPO \| Class A Nonvoting Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock converted into common stock		1,872,829
IPO \| Class A Common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock authorized		10,000,000
Common stock, par value \| $ / shares		$ 0.0001
IPO \| Redeemable Convertible Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock converted into common stock		0
Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued			20,297,500
Preferred stock converted into common stock			32,184,389
Common Stock \| Class A Common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock converted into common stock			1,872,829
Common Stock \| IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued		20,297,500
Preferred stock converted into common stock		32,184,389
Price per share \| $ / shares		$ 18
Common Stock \| Over Allotment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued		2,647,500

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

The Company’s significant accounting policies are disclosed in Note 2, “Summary of significant accounting policies,” in the audited consolidated annual financial statements in the Annual Report on Form 10-K for the year ended December 31, 2025 which was filed with the Securities and Exchange Commission ("SEC") on March 30, 2026. Since the date of those annual financial statements, there have been no changes to the Company’s significant accounting policies, except as noted below.

Unaudited interim financial information

The accompanying condensed consolidated balance sheet as of March 31, 2026, and the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) and condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the December 31, 2025 and 2024 audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any other subsequent period.

Recent accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, ("ASU 2024-03"). ASU 2024-3 requires disclosure of additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with prospective or retrospective application and early adoption permitted. The Company is currently evaluating the disclosure requirements related to this new standard.

Equity-based compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,022	$ 1,235
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,288	598
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,734	$ 637

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Collaboration revenue	$ 3,227	$ 1,447
Operating expenses:
Research and development	20,036	15,863
General and administrative	5,897	3,727
Total operating expenses	25,933	19,590
Loss from operations	(22,706)	(18,143)
Other income (expense):
Interest income	4,384	3,171
Other expense, net	(3)	(13)
Total other income, net	4,381	3,158
Net loss	$ (18,325)	$ (14,985)
Net loss per share of common stock, basic	$ (0.38)	$ (18.6)
Net loss per share of common stock, diluted	$ (0.38)	$ (18.6)
Weighted Average Number of Shares Outstanding, Basic	48,630,038	805,821
Weighted Average Number of Shares Outstanding, Diluted	48,630,038	805,821
Other comprehensive loss:
Net unrealized loss on marketable securities held	$ (283)	$ (58)
Comprehensive loss	$ (18,608)	$ (15,043)

Segment information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment information

15. Segment information

The Company has one operating and reportable segment focused on the research and development of targeted radiopharmaceuticals to treat a broad range of solid tumor cancers. The accounting policies of the single operating segment are identical to those described in Note 2, “Summary of significant accounting policies,” in the audited consolidated annual financial statements for the year ended December 31, 2025.

The chief operating decision-maker (“CODM”) manages the Company’s operations on a consolidated basis and assesses performance based on consolidated net loss, which is reported on the condensed consolidated statements of operations. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM and are reported on the condensed consolidated statements of cash flows. The CODM uses consolidated net loss and budget-to-actual variances to allocate resources and assess the performance of the entire company.

Certain segment information for prior period has been recast to conform to the current period presentation. The recast did not impact the Company's previously reported consolidated results of operations.

The following information represents significant segment expenses regularly provided to the CODM with the following categories (in thousands):


	Three months ended March 31,
	2026			2025
Collaboration revenue	$	3,227		$	1,447
Direct external research and development expenses:
Discovery and development		(2,559	)		(3,718	)
[225Ac]Ac-AKY-1189		(3,745	)		(2,907	)
[225Ac]Ac-AKY-2519		(2,985	)		(755	)
Unallocated research and development expenses:
Employee-related (including stock-based compensation)		(7,390	)		(5,296	)
Information technology, facilities, office and other 1		(3,357	)		(3,187	)
General and administrative expenses:
Employee-related (including stock-based compensation)		(3,424	)		(1,995	)
Professional and consulting		(1,917	)		(1,351	)
Information technology, facilities, office and other 1		(556	)		(381	)
Other segment items 2		4,381			3,158
Net loss	$	(18,325	)	$	(14,985	)

Information technology, facilities, office and other includes depreciation and amortization.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 15
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Segment information (Additional Information) (Details)	3 Months Ended
Segment information (Additional Information) (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM and are reported on the condensed consolidated statements of cash flows. The CODM uses consolidated net loss and budget-to-actual variances to allocate resources and assess the performance of the entire company.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Statement of Financial Position [Abstract]
Issuance costs	$ 5,376

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2026:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2026		5,899,875		$	5.87		7.56	$	32,946
Granted		1,764,987			18.05		—		—
Exercised		(6,023	)		4.95		—		85
Cancelled		(6,955	)		15.88		—		—
Outstanding as of March 31, 2026		7,651,884		$	8.67		7.79	$	70,842
Options vested and exercisable as of March 31, 2026		3,574,189		$	4.12		6.26	$	49,228
Options unvested and expected to vest as of March 31, 2026		4,077,695		$	12.66		9.13	$	21,614

Summary of Weighted-average Basis, Assumptions used in the Black Scholes option-pricing Model

The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant-date fair value of the stock options granted during the years ended:


	March 31,			March 31,
	2026			2025
Expected term (in years)		6.04			6.07
Risk-free interest rate		3.84	%		4.47	%
Expected volatility		90.93	%		83.43	%
Dividend yield		—			—

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense included in operating expenses (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,288	$	598
General and administrative		1,734		637
Total	$	3,022	$	1,235

Stockholders' deficit - Schedule of Common Stock Available for Future Issuance (Details) - shares	Mar. 31, 2026	Jan. 08, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock authorized	480,000,000		156,800,000
Common stock outstanding	53,403,173		915,261
Total common stock authorized and reserved for future issuance	10,210,847		40,242,816
Unreserved common stock available for future issuance	416,385,980		115,641,923
2020 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		285,723
2026 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	2,531,120		0
2026 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	27,843	27,843	0
Series Seed Preferred Stock [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		1,314,262
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		20,520,285
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		657,133
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		11,499,825
Partner Preferred Stock [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	0		65,713
Stock Options Outstanding [Member]
Class of Stock [Line Items]
Total common stock authorized and reserved for future issuance	7,651,884		5,899,875

Leases (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Jan. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Termination Date	Sep. 30, 2027
Operating lease right-of use assets	$ 12,816	$ 12,651		$ 400
Operating lease liability				$ 400
Lease Amendment
Lessee, Lease, Description [Line Items]
Operating Lease Term			10 years

Marketable securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable securities

4. Marketable securities

As of March 31, 2026 and December 31, 2025, the Company’s security portfolio consisted of 51 securities and 56 securities, respectively, related to marketable securities in debt securities available-for-sale, of which there were 49 securities and 10 securities in unrealized loss positions as of March 31, 2026 and December 31, 2025, respectively. There were no securities in an unrealized loss position for greater than 12 months as of March 31, 2026 or December 31, 2025. The Company does not intend to sell the marketable securities prior to the value of the securities being recovered and it is not more likely than not that the Company will be required to sell the marketable securities before recovery of their amortized cost basis. The Company did not record an allowance for credit losses as of March 31, 2026 or December 31, 2025. Accrued interest receivable relating to the Company’s available-for-sale securities is presented within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, and amounted to $2.2 million and $1.1 million as of March 31, 2026 and December 31, 2025, respectively.

Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands):


	March 31, 2026
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Commercial paper	$	35,215	$	—	$	(27	)	$	35,188
Treasury bills		87,860		—		(129	)		87,731
Corporate debt securities		18,594		—		(31	)		18,563
Agency bonds		25,427		—		(55	)		25,372
Total marketable securities	$	167,096	$	—	$	(242	)	$	166,854


	December 31, 2025
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Commercial paper	$	55,300	$	10	$	(18	)	$	55,292
Treasury bills		87,924		49		—			87,973
Corporate debt securities		18,533		5		(9	)		18,529
Agency bonds		27,204		10		(5	)		27,209
Total marketable securities	$	188,961	$	74	$	(32	)	$	189,003

Commitments and contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

12. Commitments and contingencies

Legal proceedings

The Company was not subject to any material legal proceedings during the three months ended March 31, 2026 and 2025, and the Company is not aware of any material legal proceedings that are currently pending or threatened.

Royalty transfer agreement

On August 27, 2020, concurrent with entering into the Series Seed Agreement, the Company entered into a royalty transfer agreement (the "Royalty Transfer Agreement") with MPM Oncology Charitable Foundation, Inc. (the “MPM Charitable Foundation”), an affiliate of a stockholder holding more than 5% of the total outstanding stock of the Company, and the UBS Optimus Foundation (“UBS" and together with MPM Charitable Foundation, the “Charitable Foundations”). Pursuant to the Royalty Transfer Agreement, the Company will pay 0.5% of annual global net sales to each of the Charitable Foundations, for a total of 1.0% of net sales, subject to customary reductions, for products that incorporate or utilize intellectual property that was discovered or developed by the Company prior to an initial public offering. The Company's payment obligations for each product will continue on a country-by-country basis upon the later of the twelfth anniversary of the first commercial sale of such product in such country or the expiration of the last to expire of certain patents owned or controlled by the Company covering such products in such country.

The Company’s payment obligations to MPM Charitable Foundation will terminate immediately upon authorization of the MPM Charitable Foundation's board of directors (or similar body) or upon the winding up or dissolution of MPM Charitable Foundation. The Company’s payment obligations to UBS will terminate immediately upon the winding up of Oncology Impact Fund 2, L.P., a Cayman Islands exempt limited partnership which is affiliated with MPM Charitable Foundation.

The Company will record a liability when the associated net sales are generated.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Series Seed Redeemable Convertible Preferred Stock [Member]	Series A Redeemable Convertible Preferred Stock [Member]	Series A-1 Redeemable Convertible Preferred Stock [Member]	Series B Redeemable Convertible Preferred Stock [Member]	Partner Redeemable Convertible Preferred Stock [Member]	Class A Common Stock [Member]	Class A Common Stock [Member] Common Stock [Member]
Redeemable convertible preferred stock, beginning balance, Shares at Dec. 31, 2024						5,000,000	78,067,500	2,500,000	43,750,000	250,000
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2024						$ 5,000	$ 145,050	$ 8,197	$ 174,654	$ 508
Beginning Balance, Shares at Dec. 31, 2024		780,996										0
Beginning Balance at Dec. 31, 2024	$ (87,803)	$ 0	$ 4,906	$ 124	$ (92,833)							$ 0
Stock-based compensation	1,235		1,235
Exercise of common stock options, Shares		26,285
Exercise of common stock options	50		50
Unrealized loss on marketable securities	(58)			(58)
Net loss	(14,985)				(14,985)
Redeemable convertible preferred stock, ending balance, Shares at Mar. 31, 2025						5,000,000	78,067,500	2,500,000	43,750,000	250,000
Redeemable convertible preferred stock, ending balance at Mar. 31, 2025						$ 5,000	$ 145,050	$ 8,197	$ 174,654	$ 508
Ending Balance, Shares at Mar. 31, 2025		807,281										0
Ending Balance at Mar. 31, 2025	$ (101,561)	$ 0	6,191	66	(107,818)							$ 0
Redeemable convertible preferred stock, beginning balance, Shares at Dec. 31, 2025						5,000,000	78,067,500	2,500,000	43,750,000	250,000
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2025						$ 5,000	$ 145,050	$ 8,197	$ 174,654	$ 508
Beginning Balance, Shares at Dec. 31, 2025	915,261	915,261									0	0
Beginning Balance at Dec. 31, 2025	$ (146,149)	$ 0	10,373	42	(156,564)							$ 0
Stock-based compensation	$ 3,022		3,022
Exercise of common stock options, Shares	6,023	6,023
Exercise of common stock options	$ 30		30
Unrealized loss on marketable securities	(283)			(283)
Net loss	(18,325)				(18,325)
Conversion of preferred stock to common stock upon closing of initial public offering, Shares						(5,000,000)	(78,067,500)	(2,500,000)	(43,750,000)	(250,000)
Conversion of preferred stock to common stock upon closing of initial public offering						$ (5,000)	$ (145,050)	$ (8,197)	$ (174,654)	$ (508)
Conversion of preferred stock to common stock upon closing of initial public offering, Shares		32,184,389										1,872,829
Conversion of preferred stock to common stock upon closing of initial public offering	333,409	$ 3	333,406
Issuance of common stock from initial public offering, net of issuance costs, Shares		20,297,500
Issuance of common stock from initial public offering, net of issuance costs	$ 334,404	$ 2	334,402
Redeemable convertible preferred stock, ending balance, Shares at Mar. 31, 2026						0	0	0	0	0
Redeemable convertible preferred stock, ending balance at Mar. 31, 2026						$ 0	$ 0	$ 0	$ 0	$ 0
Ending Balance, Shares at Mar. 31, 2026	53,403,173	53,403,173									1,872,829	1,872,829
Ending Balance at Mar. 31, 2026	$ 506,108	$ 5	$ 681,233	$ (241)	$ (174,889)							$ 0

Segment information - Schedule of Significant Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

General and administrative expenses:

Net loss

$ (18,325)

$ (14,985)

Operating Segment [Member]

Segment Reporting Information [Line Items]

Collaboration revenue

3,227

1,447

General and administrative expenses:

Other segment items

^[1]

4,381

3,158

Net loss

(18,325)

(14,985)

Discovery and development | Operating Segment [Member]

Direct external research and development expenses:

External research and development

(2,559)

(3,718)

[225Ac]Ac-AKY-1189 | Operating Segment [Member]

Direct external research and development expenses:

External research and development

(3,745)

(2,907)

[225Ac]Ac-AKY-2519 | Operating Segment [Member]

Direct external research and development expenses:

External research and development

(2,985)

(755)

Research and Development Expense [Member] | Operating Segment [Member]

Unallocated research and development expenses:

(7,390)

(5,296)

Information technology, facilities, office and other

^[2]

(3,357)

(3,187)

General and administrative expenses:

(7,390)

(5,296)

General and Administrative Expense [Member] | Operating Segment [Member]

Unallocated research and development expenses:

(3,424)

(1,995)

General and administrative expenses:

(3,424)

(1,995)

Professional and consulting

(1,917)

(1,351)

Information technology, facilities, office and other

^[2]

$ (556)

$ (381)

[1]	Other segment items consist of interest income and other expense, net. Interest income consists of interest earned on cash equivalents and marketable securities and amortization or accretion of discounts or premiums on marketable securities. Other expense, net consists of gains and losses on currency revaluation related to the payment of foreign vendor invoices.
[2]	Information technology, facilities, office and other includes depreciation and amortization.

Net loss per share - Schedule of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (18,325)	$ (14,985)
Net loss attributable to common stockholders, basic	(18,325)	(14,985)
Net loss attributable to common stockholders, diluted	$ (18,325)	$ (14,985)
Denominator:
Weighted-average number of common stock used in net loss per share, basic	48,630,038	805,821
Weighted-average number of common stock used in net loss per share, diluted	48,630,038	805,821
Net loss per share of common stock, basic	$ (0.38)	$ (18.6)
Net loss per share of common stock, diluted	$ (0.38)	$ (18.6)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,325)	$ (14,985)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

6. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Accrued compensation and benefit costs	$	1,251	$	4,564
Accrued research and development costs		3,887		2,958
Accrued professional costs		340		192
Other accrued expenses		820		1,808
Total accrued expenses and other current liabilities	$	6,298	$	9,522

Equity-based compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of stock options outstanding, beginning balance	5,899,875
Number of stock options, granted	1,764,987
Number of stock options, exercised	(6,023)
Number of stock options, Cancelled	(6,955)
Number of stock options outstanding, ending balance	7,651,884	5,899,875
Number of options vested and exercisable	3,574,189
Number of options unvested and expected to vest	4,077,695
Weighted average exercise price, Outstanding at the beginning of the period	$ 5.87
Weighted average exercise price, Granted	18.05
Weighted average exercise price, Exercised	4.95
Weighted average exercise price, Cancelled	15.88
Weighted average exercise price, Outstanding at the end of the period	8.67	$ 5.87
Weighted average exercise price, exercisable	4.12
Weighted average exercise price, unvested and expected to vest	$ 12.66
Weighted average remaining contractual life	7 years 9 months 14 days	7 years 6 months 21 days
Weighted average remaining contractual life, exercisable	6 years 3 months 3 days
Weighted average remaining contractual life, vested and expected to vest	9 years 1 month 17 days
Aggregate intrinsic value outstanding, beginning balance	$ 32,946
Aggregate intrinsic value, Exercised	85
Aggregate intrinsic value outstanding, ending balance	70,842	$ 32,946
Aggregate intrinsic value, vested and exercisable	49,228
Aggregate intrinsic value, unvested and expected to vest	$ 21,614

Marketable securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Debt Securities

Marketable securities, which are classified as available-for-sale, consisted of the following (in thousands):


	March 31, 2026
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Commercial paper	$	35,215	$	—	$	(27	)	$	35,188
Treasury bills		87,860		—		(129	)		87,731
Corporate debt securities		18,594		—		(31	)		18,563
Agency bonds		25,427		—		(55	)		25,372
Total marketable securities	$	167,096	$	—	$	(242	)	$	166,854


	December 31, 2025
	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value
Commercial paper	$	55,300	$	10	$	(18	)	$	55,292
Treasury bills		87,924		49		—			87,973
Corporate debt securities		18,533		5		(9	)		18,529
Agency bonds		27,204		10		(5	)		27,209
Total marketable securities	$	188,961	$	74	$	(32	)	$	189,003

Fair value measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair value measurements

3. Fair value measurements

The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis (in thousands):


	Fair value measurements as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	371,130	$	—	$	—	$	371,130
Marketable securities:
Commercial paper		—		35,188		—		35,188
Treasury bills		87,731		—		—		87,731
Corporate debt securities		—		18,563		—		18,563
Agency bonds		—		25,372		—		25,372
Total marketable securities		87,731		79,123		—		166,854
Restricted cash equivalents		1,149		—		—		1,149
Total financial assets	$	460,010	$	79,123	$	—	$	539,133


	Fair value measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	37,284	$	—	$	—	$	37,284
Marketable securities:
Commercial paper		—		55,292		—		55,292
Treasury bills		87,973		—		—		87,973
Corporate debt securities		—		18,529		—		18,529
Agency bonds		—		27,209		—		27,209
Total marketable securities		87,973		101,030		—		189,003
Restricted cash equivalents		1,149		—		—		1,149
Total financial assets	$	126,406	$	101,030	$	—	$	227,436

During the three months ended March 31, 2026, there were no transfers or reclassifications between fair value measurement levels of financial assets. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. The Company had no other financial liabilities for the periods presented above.

Valuation of marketable securities

The Company classifies its treasury bills as Level 1 assets under the fair value hierarchy, as these securities have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper, corporate debt securities, and agency bonds as Level 2 assets under the fair value hierarchy, as these assets have been valued using quoted prices in active markets for similar securities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Risks and uncertainties	Risks and uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technologies, compliance with government regulations, ability to secure additional capital to fund operations, and potential delays associated with the Company’s anticipated and planned trials. There can be no assurance that the Company will be able to successfully complete the development of, or receive regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company’s current research and development efforts will require significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance reporting capabilities. The Company has not generated any revenue from the sale of any products to date. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.
Reverse Stock Split	Reverse Stock Split On January 2, 2026, the Company effected a 1-for-3.8044 reverse stock split of its issued and outstanding common stock, which also resulted in a proportional adjustment to the conversion price for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options. The par value and authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result. All share and per share amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the effect of the reverse stock split.
Initial Public Offering	Initial Public Offering In January 2026, the Company completed its initial public offering ("IPO"), in which the Company sold an aggregate of 20,297,500 shares of its common stock at a public offering price of $18.00 per share, including 2,647,500 shares pursuant to the full exercise of the underwriters' option to purchase additional shares, resulting in aggregate net proceeds of approximately $334.4 million, after deducting underwriter discounts, commissions and other offering expenses incurred through March 31, 2026. Immediately prior to the closing of the IPO, the Company's outstanding redeemable convertible preferred stock automatically converted into 32,184,389 shares of common stock and 1,872,829 shares of Class A non-voting common stock. Following the closing of the IPO, no shares of redeemable convertible preferred stock were outstanding. In connection with the closing of the IPO, the Company's certificate of incorporation was amended and restated to authorize 480,000,000 shares of common stock, par value $0.0001 per share, 10,000,000 shares of Class A common stock, par value $0.0001 per share and 10,000,000 shares of undesignated preferred stock, par value $0.0001 per share.
Liquidity	Liquidity In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception, including net losses of $18.3 million and $15.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had an accumulated deficit of $174.9 million. The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within the twelve months after the date that these condensed consolidated financial statements are issued. The Company believes that its existing cash, cash equivalents and marketable securities of $538.5 million as of March 31, 2026 will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are issued.
Unaudited interim financial information	Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2026, and the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) and condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the December 31, 2025 and 2024 audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any other subsequent period.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, ("ASU 2024-03"). ASU 2024-3 requires disclosure of additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with prospective or retrospective application and early adoption permitted. The Company is currently evaluating the disclosure requirements related to this new standard.
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Aktis Security Corporation. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the Financial Accounting Standards Board (“FASB”).

Collaboration revenue (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Eli Lilly Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration recognized revenue	$ 3.2	$ 1.4
Revenue recognized	51.6
Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract inception collaboration revenue	$ 1.0

Net loss per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net loss per share

14. Net loss per share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the periods presented (in thousands, except share and per share amounts):


	Three months ended March 31,
	2026			2025
Numerator:
Net loss	$	(18,325	)	$	(14,985	)
Net loss attributable to common stockholders, basic and diluted	$	(18,325	)	$	(14,985	)
Denominator:
Weighted-average number of common stock used in net loss per share, basic and diluted		48,630,038			805,821
Net loss per share of common stock, basic and diluted	$	(0.38	)	$	(18.60	)

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

As the liquidation and dividend rights are identical for the Company's common stock and Class A common stock, the undistributed earnings are allocated on a proportionate basis and the resulting amount per share for the Company's common stock and Class A common stock was the same for the three months ended March 31, 2026. The Company only had one class of common stock outstanding as of March 31, 2025.


	Three months ended March 31,
	2026		2025
Preferred Stock		—		34,057,218
Options to purchase common stock		7,651,884		20,396,207
Total		7,651,884		54,453,425

Net loss per share - Schedule of Dilutive Securities Excluded From the Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,651,884	54,453,425
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	34,057,218
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,651,884	20,396,207

Equity-based compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity-based compensation

. Equity-based compensation

2020 Stock Option and Incentive Plan

The Company’s 2020 Stock Option and Grant Plan, as amended (the “2020 Plan”), provided for the Company to sell or issue common stock or restricted common stock, and other awards as determined by the Board could be granted to employees, non-employees and directors of the Company. As of the effective date of the 2026 Stock Option and Incentive Plan (the “2026 Plan”), and as of March 31, 2026, there were no shares remaining available for future issuance under the 2020 Plan. Any options or other awards outstanding under the 2020 Plan remain outstanding and effective.

2026 Stock Option and Incentive Plan

In January 2026, the Board and the Company's stockholders adopted and approved the 2026 Plan, which became effective on January 8, 2026. The 2026 Plan initially reserved 4,009,452 shares of common stock for future issuances and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 Plan. The shares reserved for future issuance under the 2020 Plan ceased to be available for issuance at the time the 2026 Plan became effective. Any shares underlying outstanding stock awards granted under the 2020 Plan that subsequently expire or are repurchased, forfeited, cancelled, or withheld will return to the 2026 Plan and be reserved and available for issuance. As of March 31, 2026, there were 2,531,120 shares remaining available for future issuance under the 2026 Plan.

2026 Employee Stock Purchase Plan

In January 2026, the Board and the Company's stockholders adopted and approved the 2026 Employee Stock Purchase Plan (the "2026 ESPP"), which became effective on January 8, 2026. The 2026 ESPP initially reserved 27,843 shares of common stock for future issuance and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 ESPP. As of March 31, 2026, there were 27,843 shares remaining available for future issuance under the 2026 ESPP.

Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2026:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2026		5,899,875		$	5.87		7.56	$	32,946
Granted		1,764,987			18.05		—		—
Exercised		(6,023	)		4.95		—		85
Cancelled		(6,955	)		15.88		—		—
Outstanding as of March 31, 2026		7,651,884		$	8.67		7.79	$	70,842
Options vested and exercisable as of March 31, 2026		3,574,189		$	4.12		6.26	$	49,228
Options unvested and expected to vest as of March 31, 2026		4,077,695		$	12.66		9.13	$	21,614

Compensation cost is recognized on a straight-line basis over the requisite service period. As of March 31, 2026, the total unrecognized compensation related to unvested stock option awards was $36.7 million which the Company expects to recognize over a weighted-average period of approximately 2.91 years.

The weighted-average grant date fair value per share of stock options granted during the three months ended March 31, 2026 and 2025 was $13.80 and $2.06, respectively. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $0.1 million and $0.2 million, respectively.


	March 31,			March 31,
	2026			2025
Expected term (in years)		6.04			6.07
Risk-free interest rate		3.84	%		4.47	%
Expected volatility		90.93	%		83.43	%
Dividend yield		—			—

Stock-based compensation expense

The following table summarizes stock-based compensation expense included in operating expenses (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,288	$	598
General and administrative		1,734		637
Total	$	3,022	$	1,235

License agreements - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Entertainment, License Agreement for Program Material [Abstract]
Milestone Payments	$ 0

Stockholders' deficit (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Stockholders' Equity Note [Abstract]
Dividends declared or paid	$ 0

Stockholders' deficit (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Available for Future Issuance

The Company’s common stock available for future issuance is summarized below:


	March 31,		December 31,
	2026		2025
Common stock authorized		480,000,000		156,800,000
Common stock outstanding		53,403,173		915,261
Common stock authorized and reserved for future issuances:
Series Seed Preferred Stock		—		1,314,262
Series A Preferred Stock		—		20,520,285
Series A-1 Preferred Stock		—		657,133
Series B Preferred Stock		—		11,499,825
Partner Preferred Stock		—		65,713
Stock options outstanding		7,651,884		5,899,875
Common stock reserved for future grant under the 2020 Equity Incentive Plan		—		285,723
Common stock reserved for future grant under the 2026 Equity Incentive Plan		2,531,120		—
Common stock reserved for future grant under the 2026 Employee Stock Purchase Plan		27,843		—
Total common stock authorized and reserved for future issuance		10,210,847		40,242,816
Unreserved common stock available for future issuance		416,385,980		115,641,923

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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+ Details

Nature of the business and basis of presentation

3 Months Ended

Mar. 31, 2026

Nature Of Business [Abstract]

Nature of the business and basis of presentation

1. Nature of the business and basis of presentation

Aktis Oncology, Inc. (“Aktis” or the “Company”) was incorporated under the laws of the State of Delaware in August 2020. Its principal office is in Boston, Massachusetts. Aktis Security Corporation, its wholly owned subsidiary, was formed under the laws of the State of Delaware in November 2022. The Company is a clinical-stage oncology company focused on unlocking the breakthrough potential of targeted radiopharmaceuticals for large patient populations not currently addressed by existing technologies. The Company has built a proprietary miniprotein radioconjugate platform that aims to safely confer breakthrough efficacy to a broader range of patient populations.

Risks and uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technologies, compliance with government regulations, ability to secure additional capital to fund operations, and potential delays associated with the Company’s anticipated and planned trials.

There can be no assurance that the Company will be able to successfully complete the development of, or receive regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company’s current research and development efforts will require significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance reporting capabilities. The Company has not generated any revenue from the sale of any products to date. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Reverse Stock Split

On January 2, 2026, the Company effected a 1-for-3.8044 reverse stock split of its issued and outstanding common stock, which also resulted in a proportional adjustment to the conversion price for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options. The par value and authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result. All share and per share amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the effect of the reverse stock split.

Initial Public Offering

In January 2026, the Company completed its initial public offering ("IPO"), in which the Company sold an aggregate of 20,297,500 shares of its common stock at a public offering price of $18.00 per share, including 2,647,500 shares pursuant to the full exercise of the underwriters' option to purchase additional shares, resulting in aggregate net proceeds of approximately $334.4 million, after deducting underwriter discounts, commissions and other offering expenses incurred through March 31, 2026. Immediately prior to the closing of the IPO, the Company's outstanding redeemable convertible preferred stock automatically converted into 32,184,389 shares of common stock and 1,872,829 shares of Class A non-voting common stock. Following the closing of the IPO, no shares of redeemable convertible preferred stock were outstanding.

In connection with the closing of the IPO, the Company's certificate of incorporation was amended and restated to authorize 480,000,000 shares of common stock, par value $0.0001 per share, 10,000,000 shares of Class A common stock, par value $0.0001 per share and 10,000,000 shares of undesignated preferred stock, par value $0.0001 per share.

Liquidity

In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The Company has incurred losses since inception, including net losses of $18.3 million and $15.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had an accumulated deficit of $174.9 million.

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within the twelve months after the date that these condensed consolidated financial statements are issued. The Company believes that its existing cash, cash equivalents and marketable securities of $538.5 million as of March 31, 2026 will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are issued.

Basis of presentation and consolidation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Aktis Security Corporation. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the Financial Accounting Standards Board (“FASB”).

License agreements

3 Months Ended

Mar. 31, 2026

Entertainment, License Agreement for Program Material [Abstract]

License agreements

10. License agreements

The Company has entered into several license agreements with third parties that typically involve payments from the Company, including upfront payments, milestone payments and royalty payments. The terms and conditions as well as accounting analysis for the Company’s significant license agreements are described in Note 11, “License Agreements” in the audited consolidated annual financial statements for the years ended December 31, 2025 and 2024. As of March 31, 2026, no milestones have been achieved under these agreements. There have been no other material changes to the terms and conditions or accounting conclusions previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025.

Property and equipment, net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21,492	$ 20,140
Less: Accumulated depreciation and amortization	(6,197)	(5,545)
Property and equipment, net	15,295	14,595
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	12,335	12,149
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	138	81
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	216	216
Office Equipment & Furniture [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	625	520
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,105	167
Assets Under Construction [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,073	$ 7,007

Marketable securities - Schedule of Marketable Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Amortized Cost Basis	$ 167,096	$ 188,961
Unrealized Gain	0	74
Unrealized Loss	(242)	(32)
Fair Value	166,854	189,003
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost Basis	35,215	55,300
Unrealized Gain	0	10
Unrealized Loss	(27)	(18)
Fair Value	35,188	55,292
Treasury Bills [Member]
Marketable Securities [Line Items]
Amortized Cost Basis	87,860	87,924
Unrealized Gain	0	49
Unrealized Loss	(129)	0
Fair Value	87,731	87,973
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost Basis	18,594	18,533
Unrealized Gain	0	5
Unrealized Loss	(31)	(9)
Fair Value	18,563	18,529
Agency Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost Basis	25,427	27,204
Unrealized Gain	0	10
Unrealized Loss	(55)	(5)
Fair Value	$ 25,372	$ 27,209

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation and benefit costs	$ 1,251	$ 4,564
Accrued research and development costs	3,887	2,958
Accrued professional costs	340	192
Other accrued expenses	820	1,808
Total accrued expenses and other current liabilities	$ 6,298	$ 9,522

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Stock Par Value	$ 0.0001	$ 0.0001
Common stock authorized	480,000,000	156,800,000
Common Stock, Shares issued	53,403,173	915,261
Common Stock , shares outstanding	53,403,173	915,261
Series Seed redeemable convertible preferred stock
Redeemable convertible preferred stock , par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock , shares authorized	0	5,000,000
Redeemable convertible preferred stock , shares issued	0	5,000,000
Redeemable convertible preferred stock , shares outstanding	0	5,000,000
Series A redeemable convertible preferred stock
Redeemable convertible preferred stock , par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock , shares authorized	0	78,067,500
Redeemable convertible preferred stock , shares issued	0	78,067,500
Redeemable convertible preferred stock , shares outstanding	0	78,067,500
Series A-1 redeemable convertible preferred stock
Redeemable convertible preferred stock , par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock , shares authorized	0	2,500,000
Redeemable convertible preferred stock , shares issued	0	2,500,000
Redeemable convertible preferred stock , shares outstanding	0	2,500,000
Series B redeemable convertible preferred stock
Redeemable convertible preferred stock , par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock , shares authorized	0	43,750,000
Redeemable convertible preferred stock , shares issued	0	43,750,000
Redeemable convertible preferred stock , shares outstanding	0	43,750,000
Partner redeemable convertible preferred stock
Redeemable convertible preferred stock , par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock , shares authorized	0	250,000
Redeemable convertible preferred stock , shares issued	0	250,000
Redeemable convertible preferred stock , shares outstanding	0	250,000
Class A Common stock
Common Stock Par Value	$ 0.0001	$ 0.0001
Common stock authorized	10,000,000	0
Common Stock, Shares issued	1,872,829	0
Common Stock , shares outstanding	1,872,829	0

Commitments and contingencies (Additional Information) (Details) - Royalty Transfer Agreement [Member]	Aug. 27, 2020
Other Commitments [Line Items]
Payment as a percentage of annual global net sales to each charity foundation	0.50%
Total payment as a percetage of net sales	1.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 371,630	$ 37,784
Marketable Securities	166,854	189,003
Prepaid expenses and other current assets	5,456	3,523
Total current assets	543,940	230,310
Property and equipment, net	15,295	14,595
Operating lease right-of use assets	12,816	12,651
Restricted cash equivalents	1,149	1,149
Other Assets	3,601	6,180
Total assets	576,801	264,885
Current liabilities:
Accounts payable	1,227	1,737
Accrued expenses and other current liabilities	6,298	9,522
Deferred revenue, current portion	18,958	18,662
Operating lease liabilities, current portion	1,430	1,315
Total current liabilities	27,913	31,236
Deferred revenue, net of current portion	32,633	36,156
Operating lease liabilities, net of current portion	10,147	10,233
Total liabilities	70,693	77,625
Commitments and contingencies (Note 13)
Stockholders' deficit:
Additional paid-in capital	681,233	10,373
Accumulated other comprehensive (loss) income	(241)	42
Accumulated deficit	(174,889)	(156,564)
Total stockholders' equity (deficit)	506,108	(146,149)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	576,801	264,885
Series Seed redeemable convertible preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	5,000
Series A redeemable convertible preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	145,050
Series A-1 redeemable convertible preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	8,197
Series B redeemable convertible preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	174,654
Partner redeemable convertible preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	508
Common Stock
Stockholders' deficit:
Common stock value	5	0
Class A Common stock
Stockholders' deficit:
Common stock value	$ 0	$ 0

Collaboration revenue

3 Months Ended

Mar. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Collaboration revenue

11. Collaboration revenue

Eli Lilly collaboration agreement

In May 2024, the Company entered into the Collaboration Agreement with Eli Lilly and Company ("Eli Lilly") to generate anticancer radiopharmaceuticals using the Company's novel miniprotein technology platform. The terms and conditions as well as accounting analysis for the Company’s Collaboration Agreement are described in Note 12, “Collaboration revenue” in the audited consolidated annual financial statements for the year ended December 31, 2025.

The Company recognized $3.2 million and $1.4 million of collaboration revenue during the three months ended March 31, 2026 and 2025, respectively. The remaining transaction price of $51.6 million is expected to be recognized as revenue through 2030. As of March 31, 2026, one development milestone under the Collaboration Agreement totaling $1.0 million had been achieved. There have been no other material changes to the terms and conditions or accounting conclusions previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025.

Property and equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and equipment, net

5. Property and equipment, net

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Laboratory equipment	$	12,335		$	12,149
Computer equipment		138			81
Computer software		216			216
Office equipment & furniture		625			520
Leasehold improvements		5,105			167
Assets under construction		3,073			7,007
Total property and equipment		21,492			20,140
Less: Accumulated depreciation and amortization		(6,197	)		(5,545	)
Property and equipment, net	$	15,295		$	14,595

The Company recorded depreciation expense of $0.7 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis (in thousands):


	Fair value measurements as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	371,130	$	—	$	—	$	371,130
Marketable securities:
Commercial paper		—		35,188		—		35,188
Treasury bills		87,731		—		—		87,731
Corporate debt securities		—		18,563		—		18,563
Agency bonds		—		25,372		—		25,372
Total marketable securities		87,731		79,123		—		166,854
Restricted cash equivalents		1,149		—		—		1,149
Total financial assets	$	460,010	$	79,123	$	—	$	539,133


	Fair value measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	37,284	$	—	$	—	$	37,284
Marketable securities:
Commercial paper		—		55,292		—		55,292
Treasury bills		87,973		—		—		87,973
Corporate debt securities		—		18,529		—		18,529
Agency bonds		—		27,209		—		27,209
Total marketable securities		87,973		101,030		—		189,003
Restricted cash equivalents		1,149		—		—		1,149
Total financial assets	$	126,406	$	101,030	$	—	$	227,436

Fair value measurements (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers	$ 0

Income taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income taxes

9. Income taxes

The Company did not record a provision or benefit for income taxes during the three months ended March 31, 2026 and 2025. The Company continues to maintain a full valuation allowance against its U.S. federal and state deferred tax assets as it is more likely than not that such assets will not be realized in the future.

As of March 31, 2026 and December 31, 2025, the Company had no uncertain tax positions relevant to the jurisdictions where it is required to file income tax returns requiring recognition in the consolidated financial statements. As of March 31, 2026 and December 31, 2025, the Company had no accrued interest or penalties related to uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	AKTS
Entity Registrant Name	Aktis Oncology, Inc.
Entity Central Index Key	0002035832
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity File Number	001-43047
Entity Tax Identification Number	85-2584233
Entity Address, Address Line One	17 Drydock Avenue, Suite 17-401
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	461-4023
Entity Incorporation, State or Country Code	DE
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,404,618
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,872,829

Marketable securities (Additional Information) (Details) $ in Millions	Mar. 31, 2026 USD ($) Security	Dec. 31, 2025 USD ($) Security
Marketable Securities [Line Items]
Number of securities	51	56
Number of securities in gross unrealized positions	49	10
Number of securities in gross unrealized position for greater than 12 months	0	0
Available-for-Sale Securities [Member]
Marketable Securities [Line Items]
Accrued Interest \| $	$ 2.2	$ 1.1

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

13. Leases

Operating leases

In March 2021, the Company entered into a lease agreement for a research and development laboratory and related office space located in Durham, North Carolina (the "Durham Lease"). The lease was extended with a revised termination date of September 30, 2027. The lease extension was accounted for as modifications in accordance with ASC 842 and the Company reassessed the lease liability and right-of-use (“ROU”) asset related to the lease. The extension resulted in an increase of $0.4 million to the related operating lease ROU asset and lease liability.

In January 2022, the Company entered into a lease for office, laboratory and storage space located in Boston, Massachusetts. The lease is set to expire 10 years from the rent commencement date of January 4, 2023.

Property and equipment, net (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.7	$ 0.5