Akston Biosciences Corp. · AMEX:AXTN
Akston Biosciences — IPO Roadshow (April 2026)
24 slides from Akston Biosciences's IPO roadshow presentation, Apr 10, 2026
Slide 1: Biotech Built for Pets
Todd Zion, Ph.D President & CEO, Chairman of the Board akstonbio.com | Owen, Age 4 BIOTECH BUILT FOR PETS Filed Pursuant to Rule 433 Registration Statement No. 333-290778 Issuer Free Writing Prospectus dated April 10, 2026 Relating to the Preliminary Prospectus dated April 10, 2026
Slide 2: Disclaimer
Disclaimer Akston Biosciences Corporation (“Akston," the "Company," "we," "us," or "our") has filed a registration statement (File No. 333-290778), including a preliminary prospectus, with the Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. This re
Slide 3: Free Writing Prospectus
Free Writing Prospectus This presentation highlights basic information about us and the proposed offering. Because it is a summary, it does not contain all of the information that you should consider before investing. We have filed a registration statement (including a prospectus) with the SEC for t
Slide 4: Offering summary and use of proceeds
Issuer Akston Biosciences Corporation Ticker / Exchange AXTN / NYSE American Shares Offered 2,222,222 Shares of Common Stock (100% Primary) Price Range $8.00 - $10.00 per share Expected Offering Size Approximately $20,000,000 Use of Proceeds The Company currently intends to use the net proceeds it r
Slide 5: The Biotech Pets Deserve
The Biotech Pets Deserve Large and growing market in companion animal health Less costly and fewer regulatory phases than human health Clinical-stage product candidates in cancer, obesity, allergy, and pain R&D, manufacturing, regulatory, and IP in place Feline obesity program positioned for readout
Slide 6: Decades of expertise in human health now dedicated to pets
6 Developed a platform of Fc-fusion proteins for human and animal health. Built a cGMP biologics manufacturing facility for our novel Fc-fusion proteins. Advanced novel long-acting insulins and licensed animal versions to Dechra. Monetized our veterinary insulins and out-licensed our human programs
Slide 7: Our Pets Are Family
Our Pets Are Family They deserve the best that medicine can provide 7 Agree that having a pet improves their mental health 95% on a daily basis 51% of pet owners say their pet is “as much a part of their family as a human member.” Would be willing to trade years of their own life to 56% extend their
Slide 8: Animal Health: The Smarter Path to Biotech Success
8 Animal Health: The Smarter Path to Biotech Success Average Development Cost Time to Market $2.6 Billion 10-15 Years BioPharma VetPharma < $30 Million < 5 Years Fewer clinical phases, smaller cohorts Streamlined regulatory process Reduces cost Accelerates timelines Builds early confidence Minimal i
Slide 9: Leveraging existing infrastructure and capabilities
cGMP and USDA assay development and validation Assay development and validation for pivotal studies Early-stage discovery Product candidate screening Proof-of-concept studies Purdue and Cornell $50M+ $20M+ 36K 57 Equity Financing Commercial Revenue Sq. Ft. for R&D & Admin Employees Process Developme
Slide 10: The Rise of Biotech Blockbusters in Pet Health
10 GILVETMAB X Anti NGF mAb NGF TARGET CELL X Anti IL-31 mAb IL-31 TARGET CELL ~$1.7B global sales projected in 2025 The Rise of Biotech Blockbusters in Pet Health Anti Nerve Growth Factor (NGF) to treat Osteoarthritis (OA) Pain Anti Interleukin-31 (IL-31) to treat Canine Atopic Dermatitis (CAD) Ant
Slide 11: Ambifect uses the pet's immune system to produce antibodies
Ambifect uses the pet’s immune system to produce antibodies TARGET PROTEIN BLOCKED AMBIFECT PRODUCT 1 11 THE SOLUTION T HELPER CELL B CELL IMMUNE CELL PRESENTATION TARGET CELL A very low dose is capable of inducing a powerful and sustained antibody response Immune response scales with size - the sam
Slide 12: Gross Margin can be Truly Disruptive
Gross Margin can be Truly Disruptive 12 Monoclonal Antibody Price 20% at half current market price $500M in capital $2,500M in max revenue Gross Margin Ambifect Price 96% at half current market price $5M in capital $2,500M in max revenue higher gross margins fewer injections/year at lower prices gre
Slide 13: Regulatory pathways: USDA conditional and FDA
GILVETMAB (Conditional) Treat disease in animals primarily through an immune process Site license and production outline required Must be “separate and apart” All steps to final labeled vials in one facility Manufacturer holds product license Product Mechanism Manufacturing Primary mechanisms are no
Slide 14: AKS-701d First Applications in Canine Cancer
AKS-701d First Applications in Canine Cancer 14 PD-L1 target supported by caninized mouse data and early clinical efficacy in dogs. TARGETING $2,500 PER TREATMENT WHOLESALE Canine urothelial carcinoma (bladder cancer) < 12-month survival even w/ treatment Est. 19K-40K dogs treated/year Eligible for
Slide 15: AKS-548d and AKS-699: Expand into Larger Markets
15 AKS-548d OA inflammation & nerve sensitivity → Leads to chronic pain and reduced mobility Validated Target: NGF → Current standard: monthly Our Advantages → Targeting 2 doses per year after induction period → Lower treatment cost Proof-of-concept & Regulatory Pathway → Early promising results in
Slide 16: Feline Obesity and Diabetes Programs
Once Weekly Diabetes Treatment Once Weekly Obesity Teatment Confidential Confidential AKS-562c Feline Feline Obesity Diabetes Monetizing Targeted Precision Proteins 16 Mechanism: GLP-1 Status: Client-Owned Cat Studies Canine Diabetes Mechanism: Insulin Fc-Fusion Status: Partnered to Dechra (2019), A
Slide 17: Consolidated Pipeline and Projected Timelines
17 Consolidated Pipeline and Projected Timelines Targeted Precision Protein Ambifect® Immuno-Enhancing Protein Monoclonal Antibody MECHANISM Anti PD-L1 mAb Anti PD-L1 Ambifect® Anti IL-31 Ambifect® Anti NGF Ambifect® GLP-1 Insulin Insulin Our companion animal product candidates are in development an
Slide 18: Scaling via Partnerships and Sales Strategy
18 Scaling via Partnerships: Revenue Sharing in Dermatitis & Chronic Pain Focus on the U.S. market while partners pursue international opportunities Leverage partners’ established sales, marketing & distribution capabilities in global markets Receive cash payments for product development and supply
Slide 19: Best-in-Class Intellectual Property
BEST-IN-CLASS INTELLECTUAL PROPERTY TEAM GRANTED 21 ALLOWED 1 ACTIVE PATENTS AND APPLICATIONS 44 TOTAL NUMBER OF FAMILIES 7 OUT-LICENSED GRANTED 1 ALLOWED 0 ACTIVE PATENTS AND APPLICATIONS 22 TOTAL NUMBER OF FAMILIES 19 Extensive Patent Portfolio ǀ Worldwide Protection GRANTED 31 ALLOWED 1 ACTIVE PA
Slide 20: Non-Equity Financing Streams
Non-Equity Financing Streams Human Legacy Asset Licenses Contract Development and Manufacturing (CDMO) Services 20 Beyond Targeted Precision Protein Deals License fees and milestones Royalties Sublicense revenue share Ambifect and Insulin-Fc ® assets for human diseases cGMP development and manufactu
Slide 21: Management, Board and Advisors
Member BoD Former CEO & CSO, Aratana Therapeutics President & CEO Former CEO, SmartCells, M.I.T. Ph.D. ChemE Akston BoD Chairman Dan Coyle Former Compliance Section Leader for USDA, APHIS, VS, CVB Clinical and Regulatory Former Head of Clinical Operations, BIAH Bonnie Coyle Diane Larsen, DVM, Ph.D F
Slide 22: Statement of Operations
(in thousands) Year Ended December 31, 2025 Year Ended December 31, 2024 Net Revenue $169 $16,485 Cost of Revenue 1,908 13,446 Gross Profit (1,739) 3,039 Selling, General, and Administrative 9,301 11,305 Research & Development 12,147 6,577 Total Operating Expenses 21,448 17,882 Loss from Operations
Slide 23: Capitalization Table & Balance Sheet
Capitalization Table Pro-Forma Pre-Offering¹ Common Stock 10,054,814 Options (WAEP: $9.10) 525,657 Warrants (WAEP: $12.35)² 58,353 Fully Diluted Shares Outstanding 10,638,824 Consolidated Balance Sheet (in thousands) Cash and Cash Equivalents $8,157 Total Assets $21,375 Total Liabilities $14,976 Tot
Slide 24: Projected Development Timeline
24 2026 2027 2028 Projected Development Timeline 2029 2030 2031 AKS-701d Manufacturing expansion for USDA facility Pre-license serial batches PoC in Target Disease Population AKS-699 PoC in Target Disease Population Pivotal safety and efficacy studies USDA Conditional Approval Pre-license serial bat