Aktis Oncology

Management is deploying capital into two high-priority clinical programs, supply-chain security, and internal GMP capability, while leveraging a non-dilutive discovery collaboration with Lilly that provides staged revenue recognition and milestone potential. No serial M&A or empire-building.

Stock-based compensation is present but not excessive for the stage, and share count increased with the IPO as expected. We view the plan as disciplined for a platform biotech.