Aktis Oncology priced its IPO and raised $318 million, selling 17.65 million shares at $18 apiece. The Cambridge, Mass.-based radiopharmaceutical developer plans to use proceeds to advance its miniprotein radioconjugate pipeline and expand discovery work conducted in partnership with Eli Lilly. The company’s strong debut trading performance—shares jumped at open—signals early investor appetite for targeted radiotherapeutics. Aktis was founded in 2019 and had previously secured venture backing and a high‑profile collaboration with Lilly. The cash infusion supports both internal programs and external discovery partnerships, aiming to accelerate IND-enabling work and broaden clinical-stage assets. Investors and sector watchers view Aktis as an early test of whether radiopharma can sustain public-market momentum in 2026. Radiopharmaceuticals combine targeting moieties with isotopes to deliver localized radiation; Aktis’s approach centers on engineered “miniproteins” that may offer manufacturability and targeting advantages over larger biologics. The size of the raise and trading lift provide a reference point for other therapeutic radiology and specialty oncology IPOs this year.