Aktis Oncology

Intangible assets: Moderate. Aktis’ proprietary miniprotein radioconjugate platform aims to widen the therapeutic window versus larger ligands by achieving rapid tumor penetration, fast systemic clearance, and low kidney uptake. Early human imaging for AKY-2519 and preclinical data for AKY-1189 support target engagement and biodistribution.

That said, IP around radiopharma is crowded and fast-moving, and management discloses IP challenges are possible. Score: 55. Switching costs: Low today. No marketed products and multiple competing alpha platforms limit near-term switching frictions.

If approved, companion imaging could help patient selection but payer and physician switching frictions are not yet durable. Score: 25. Network effects: None. Radiopharmaceutical therapeutics lack user network externalities. Score: 5. Cost advantages: Potential over time.

Internal cGMP build plus multi-sourced actinium-225 and copper-64 can reduce COGS and improve reliability, but this is unproven at scale. Score: 40. Efficient scale: Moderate.

Access to scarce actinium-225 is a quasi-capacity moat; Aktis holds supply agreements with NorthStar, TerraPower Isotopes and Niowave with priority access, yet competitors and Big Pharma are also locking supply and shortages remain a sector risk.

Score: 50. Overall, the platform and supply-chain positioning establish a plausible moat foundation, but durability depends on clinical success and scaling radiochemistry manufacturing.