ALMS · Alumis Inc. Common Stock

Alumis Inc. reported first quarter 2026 financial results reflecting a focused execution on its lead asset envudeucitinib, a next-generation oral TYK2 inhibitor. The company posted a GAAP net loss of $93.1 million, an improvement from $99.0 million in the prior-year quarter, driven by lower research and development expenses of $81.5 million versus $96.6 million, primarily due to reduced clinical trial costs after completing enrollment and topline reporting for the Phase 3 ONWARD1 and ONWARD2 trials in psoriasis. General and administrative expenses also declined to $18.6 million from $22.3 million, offset partially by higher personnel costs but benefiting from absence of prior-year merger-related transaction expenses. Revenue was modest at $1.7 million from collaborations, down significantly from $17.4 million license revenue in Q1 2025 related to the Kaken Pharmaceutical agreement. Balance sheet remains robust with $569.5 million in cash, cash equivalents, and marketable securities as of March 31, 2026, supporting operations into Q4 2027 without near-term dilution risk. On the clinical front, late-breaking Phase 3 data presented at the 2026 AAD Annual Meeting highlighted envudeucitinib's strong efficacy in moderate-to-severe plaque psoriasis, with PASI 90 responses reaching 68.0% and 62.1% and PASI 100 at 41.0% and 39.5% by Week 24, alongside early quality-of-life improvements and scalp clearance. CEO Martin Babler emphasized the drug's potential as a 'pipeline in a pill' for immune-mediated diseases, with NDA submission on track for 4Q 2026 and Phase 2b SLE topline data expected in 3Q 2026. The company is also advancing a unified TYK2 franchise strategy and initiating a Phase 1 trial for its next candidate in 2H 2026, while exploring alternatives for lonigutamab. These milestones position Alumis for potential catalysts throughout 2026, reinforcing investor confidence in its precision immunology pipeline.