Alumis Inc. (Nasdaq: ALMS) Reports 2025 Financial Results, Highlights Positive Phase 3 Data, and Outlines Transformative 2026 Milestones

Key Highlights and Recent Achievements

• Positive Phase 3 Data for Envudeucitinib in Psoriasis: Alumis reported robust topline results from its ONWARD1 and ONWARD2 Phase 3 clinical trials for envudeucitinib, a next-generation, highly selective oral TYK2 inhibitor targeting moderate-to-severe plaque psoriasis. Both studies met all primary and secondary endpoints with high statistical significance. Envudeucitinib demonstrated industry-leading skin clearance with approximately 65% of patients achieving PASI 90 and over 40% achieving complete clearance (PASI 100) by week 24, setting a new benchmark among oral therapies. The safety and tolerability profile remained favorable and consistent with prior studies.
• Pipeline Expansion and Strategic Franchise Development: Based on the strength of Phase 3 data, Alumis is now positioning envudeucitinib as a potential pipeline-in-a-pill, aiming to target a broad range of immune-mediated diseases. The company is evaluating additional indications beyond psoriasis and SLE (systemic lupus erythematosus) under a unified TYK2 franchise strategy. A comprehensive update is expected in Q2 2026, which could be a significant catalyst for investor sentiment.
• Upcoming Regulatory and Clinical Milestones:
  • NDA Submission: Alumis plans to submit a New Drug Application (NDA) for envudeucitinib in psoriasis in the second half of 2026, a major regulatory milestone.
  • SLE Phase 2b Data: The pivotal topline readout for the LUMUS Phase 2b trial in systemic lupus erythematosus is anticipated in Q3 2026. Successful data here could dramatically expand the commercial potential of envudeucitinib.
  • Expanded Indications: Alumis will provide updates on the timing of additional indication trials for both envudeucitinib and its A-005 program, which is targeting central nervous system (CNS) and peripheral immune-mediated diseases.
  • Lonigutamab Review: The company expects to complete a strategic review of lonigutamab (targeting thyroid eye disease) in the first half of 2026.
  • Next Clinical Candidate: Alumis aims to initiate a Phase 1 trial for a new target in the second half of 2026.
• Financial Strength and Capital Raise: In January 2026, Alumis completed an upsized public offering, raising \$345.1 million in gross proceeds. As of December 31, 2025, the company reported \$308.5 million in cash, cash equivalents, and marketable securities, providing a cash runway expected to fund operations into Q4 2027. This strong balance sheet positions Alumis to aggressively advance its pipeline without imminent dilution risk.

Detailed Financial Results for 2025

• Revenues: For the year ended December 31, 2025, Alumis generated \$24.1 million in total revenue, including \$17.4 million in license revenue and \$6.7 million from collaborations, largely attributed to a partnership with Kaken Pharmaceutical Co., Ltd.
• Research & Development (R&D) Expenses: R&D expenses rose sharply to \$386.0 million for 2025, from \$265.6 million in 2024. The increase was driven by the acceleration of the envudeucitinib clinical program, expansion of the pipeline, and higher headcount. R&D costs also included severance and stock-based compensation associated with the ACELYRIN merger.
• General & Administrative (G&A) Expenses: G&A expenses increased to \$91.9 million in 2025 from \$35.2 million in 2024, reflecting higher transaction, severance, and stock-based compensation expenses related to the ACELYRIN merger, as well as expanded operations.
• Net Loss: Net loss for 2025 was \$243.3 million, an improvement from the \$294.2 million net loss in 2024, largely due to a one-time gain on bargain purchase related to M&A activity and increased interest income.
• Merger-Related Costs: Total merger-related expenses with ACELYRIN reached \$39.7 million in 2025, including \$13.1 million in stock-based compensation from accelerated vesting and option modifications for severed employees.
• Balance Sheet Highlights:
  • Total assets stood at \$411.9 million as of December 31, 2025.
  • Total liabilities were \$110.6 million, while stockholders’ equity was \$301.3 million.

Shareholder Considerations and Potential Price Movers

• Regulatory and Clinical Catalysts: The planned NDA filing for envudeucitinib in psoriasis and the pivotal SLE Phase 2b data in 2026 are high-impact events that could materially affect share price, especially if outcomes are positive.
• Pipeline Expansion: Announcements on new indications for envudeucitinib and the unified TYK2 franchise strategy could significantly expand addressable market perceptions.
• Financial Position: The successful raise and strong cash position reduces financing risk and supports ongoing pipeline investments, likely a positive for equity holders.
• Merger Execution: The integration of ACELYRIN and realization of expected synergies or operational efficiencies remain important to monitor.
• Strategic Review of Lonigutamab: Any partnership, divestiture, or advancement could also move the share price depending on the outcome.

Upcoming Investor Events

• Presentation of Additional Phase 3 Data: The company will present further ONWARD1 and ONWARD2 data at the American Academy of Dermatology (AAD) Annual Meeting (March 27–31, 2026, Denver, CO).
• Key Opinion Leader (KOL) Event: Management will participate in a virtual KOL event featuring Dr. Andrew Blauvelt, a leading expert in dermatology and psoriasis, to discuss the ONWARD data.
• Long-Term Safety Data: ONWARD3 topline and two-year safety data for envudeucitinib are expected in the second half of 2026.

About Alumis

Alumis is a late-stage biopharma company focused on developing oral, next-generation targeted therapies for immune-mediated diseases. The company leverages a proprietary data analytics platform and precision medicine approach, with envudeucitinib (formerly ESK-001) as its lead candidate. Additional pipeline assets include A-005 (targeting neuroinflammatory and neurodegenerative diseases) and lonigutamab (for thyroid eye disease).

Contact:

Teri Dahlman, Red House Communications
[email protected]

Disclaimer: This article contains forward-looking statements based on current expectations, estimates, and projections, which involve risks and uncertainties. Actual results may differ materially from those anticipated in any forward-looking statements. Investors are urged to review Alumis’ filings with the Securities and Exchange Commission and consult their financial advisors before making investment decisions.

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