Alumis Inc.

What they do

Alumis is a clinical-stage biopharmaceutical company focused on developing targeted therapies for immune-mediated diseases. Its lead candidates are envudeucitinib (envu), an oral TYK2 inhibitor for plaque psoriasis and systemic lupus erythematosus, and A-005, a CNS-penetrant TYK2 inhibitor for neuroinflammatory conditions. The company also acquired lonigutamab, an IGF-1R antibody for thyroid eye disease, through the ACELYRIN merger, but is now exploring strategic alternatives for it. Alumis has no approved products and generates no product revenue.

Revenue drivers

• Collaboration revenue — Only source of revenue; $1.7 million in Q2 2026, compared to $2.7 million in Q2 2025.
• No product sales — No approved products; all revenue is from collaborations, not product sales.
• Product candidates — Future revenue depends on successful development and commercialization of envu, A-005, and other pipeline assets.

Recent performance

For the three months ended June 30, 2026, Alumis reported a net loss of $142.2 million, compared to a net income of $59.3 million in the same period of 2025 (which included a gain from the ACELYRIN merger). For the six months ended June 30, 2026, net loss was $235.3 million versus $39.6 million for the prior-year period. As of June 30, 2026, the company had cash, cash equivalents, and marketable securities of $502.3 million. Annual net losses were $243.3 million in 2025 and $294.2 million in 2024. Accumulated deficit reached $1,137.2 million.

Strategy

Management's stated strategy is to develop envu as a best-in-class oral TYK2 inhibitor for psoriasis, leveraging positive Phase 3 ONWARD1/2 and ONWARD3 data to secure FDA approval. Beyond psoriasis, the company is prioritizing Sjögren's disease and cutaneous lupus erythematosus as next indications for envu, pending Phase 2b LUMUS results in SLE. Alumis is also advancing A-005 into a Phase 2 biomarker trial in Parkinson's disease, planned for the first half of 2027. The company is pursuing capital-efficient development and recently completed a strategic review of lonigutamab, deciding to seek strategic alternatives for that asset.

Risks

• No approved products — Alumis has no products approved for sale and has not generated product revenue; all revenue is collaboration-based.
• Clinical and regulatory uncertainty — Envudeucitinib's NDA submission depends on positive clinical data; failures or delays could derail the path to market.
• Significant and increasing losses — Net losses and negative operating cash flows have been substantial and are expected to continue, requiring additional capital.
• Competitive and market risks — The psoriasis and SLE markets are crowded with approved therapies; future commercial success is not assured.

Outlook

Management expects to submit an NDA for envudeucitinib in moderate-to-severe plaque psoriasis in Q4 2026. The potentially pivotal Phase 2b LUMUS topline data in SLE is anticipated in Q3 2026. Long-term safety data from the Phase 2 trial in PsO are expected in the second half of 2026. A-005 Phase 2 biomarker trial in Parkinson's disease is planned for the first half of 2027.