0001847367-26-000006
SEC filingAlumis Inc. (ALMS), a clinical-stage biopharmaceutical company, reported total revenue of $24.1 million for FY 2025, driven entirely by license ($17.4M) and collaboration ($6.7M) revenue from the Kaken agreement, marking the first revenue generation compared to none in FY 2024. Operating expenses rose to $477.9 million (up from $300.8M in 2024), with R&D at $386.0M (up 45%) and G&A at $91.9M (up 161%), reflecting expanded clinical programs for envudeucitinib and A-005, plus ACELYRIN merger integration. Loss from operations widened to -$453.8M from -$300.8M. A $187.9M gain on bargain purchase from the ACELYRIN merger boosted other income to $201.9M net, resulting in net loss of -$243.3M, improved from -$294.2M in 2024. EPS was -$3.00 (basic/diluted) vs. -$10.38 prior year, on 85.0M weighted shares (up significantly post-IPO). Cash used in operations was -$369.5M, offset by $287.9M investing inflows; ending cash + equivalents $89.7M, marketable securities $218.8M, total liquidity ~$308.5M. Balance sheet shows $411.9M assets, $301.3M equity post-merger. Forward-looking, NDA planned H2 2026 for envu in PsO; cash runway supports operations 12+ months, but ongoing losses necessitate future funding.
Alumis reported FY2025 revenue of $24.1M from Kaken collaboration, vs. $0 in 2024. Net loss narrowed to -$243.3M from -$294.2M, aided by $187.9M bargain purchase gain from ACELYRIN merger. Operating loss expanded to -$453.8M (op ex $477.9M vs. $300.8M prior), driven by R&D $386.0M (+45% YoY) on Phase 3 trials and G&A $91.9M (+161%). EPS improved to -$3.00 from -$10.38 on higher shares post-IPO. Cash position solid at $308.5M (cash $89.7M + marketable $218.8M), supporting runway despite -$369.5M op cash use.
All $24.1M revenue from Kaken: $17.4M license (satisfied at transfer), $6.7M development/manufacturing services. No geographic breakdown disclosed. Growth from new Japan collab for envu; deferred revenue $4.1M signals future recognition through 2028.
No gross profit due to R&D-heavy model. Op margin N/A; loss from ops -$453.8M reflects biotech burn. Merger gain offset expenses, but tax benefit $8.6M from deferred assets. Stock comp $43.5M up significantly.
Op cash -$369.5M (net loss + non-cash adj like $187.9M gain). Investing +$287.9M (maturities $448.0M). Fin +$2.1M. Total assets $411.9M (up from $341.0M), equity $301.3M. Liab $110.6M; no debt. Liquidity $318.2M current assets.
NDA for envu in PsO H2 2026; Phase 2 SLE topline Q3 2026. Evaluating lonigutamab post-merger. Cash funds 12+ months; additional financing needed. Risks: trial delays, funding, competition.