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SEC filingMixed Q1: revenue collapsed 90% as prior-year license fee did not repeat, but operating loss narrowed 3% on lower R&D spend after Phase 3 PsO trials completed enrollment.
Revenue plunged 90% year-over-year to $1.7 million, entirely driven by the non-recurrence of the $17.4 million upfront license fee from Kaken recorded in Q1 2025. In the current period, Alumis recognized $1.7 million in collaboration revenue under the same Kaken agreement, reflecting the ongoing development services obligation. This shift from upfront license to ratable service revenue is expected to continue through the term of the collaboration, making year-over-year comparisons difficult until the company achieves product revenue, which is not expected for several years.
Net loss narrowed 6% to -$93.1 million from -$99.0 million. Diluted EPS improved 59% to -$0.74 from -$1.82, benefiting from a higher share count following the January 2026 public offering. The improvement in net loss was driven by the operating loss improvement and lower interest expense.
Alumis plans to submit an NDA for envu in psoriasis in the second half of 2026, a key catalyst. However, the company remains pre-revenue and expects losses to continue. Management explicitly states it may never achieve profitability and will need to raise additional capital. The strategic review of the lonigutamab program, completed in May 2026, resulted in a decision to explore alternatives, introducing uncertainty around that asset. Tariffs on pharmaceutical imports and broader macroeconomic conditions are flagged as potential headwinds to costs and supply chain.