ALUMIS INC. ALMS
Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words "allumer"—French for illuminate—and "immunis"—Latin for the immune system.
We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 ("TYK2") inhibitors: envudeucitinib ("envu"), formerly known as ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system ("CNS") penetrant allosteric TYK2 inhibitor. Envu is currently being evaluated in an ongoing Phase 2 open-label extension ("OLE") trial, as well as a Phase 3 long-term extension ("LTE") trial in patients with moderate-to-severe plaque psoriasis ("PsO"), and we plan to submit a New Drug Application ("NDA") for envu in PsO to the FDA in the second half of 2026. Envu completed enrollment in the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with PsO, and we reported positive topline results in the first quarter of 2026. In addition, envu is currently being evaluated in a Phase 2 clinical trial in patients with systemic lupus erythematosus ("SLE"), for which we expect to report topline results in the third quarter of 2026. We are currently evaluating additional immune-mediated disease indications for envu, beyond PsO and SLE, and for A-005 in CNS and peripheral diseases. In April 2024, we initiated our Phase 1 program of A-005 in healthy volunteers and reported initial results in December 2024. In addition, in connection with the ACELYRIN Merger (as defined below), we acquired lonigutamab, a subcutaneously delivered, monoclonal antibody targeting IGF-1R for the potential treatment of Thyroid Eye Disease ("TED"). We are continuing to evaluate the development program for lonigutamab and its potential differentiation in a capital efficient manner.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $24.1M | — | — | — |
| R&D | $386.0M | $265.6M | $137.7M | — |
| SG&A | $91.9M | $35.2M | $20.5M | — |
| Total operating expenses | $477.9M | $300.8M | $158.2M | — |
| Operating income | -$453.8M | -$300.8M | -$158.2M | — |
| Pre-tax income | -$251.9M | -$294.2M | -$155.0M | — |
| Income tax | $8.6M | $0 | $0 | — |
| Net income | -$243.3M | -$294.2M | -$155.0M | — |
| EPS, basic | -2.86 | -10.38 | -72.08 | — |
| EPS, diluted | -2.86 | -10.38 | -72.08 | — |
| Shares, diluted (wtd. avg.) | $85.0M | $28.3M | $2.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $89.7M | $169.5M | $47.1M | $27.0M |
| Short-term investments | $218.8M | $118.7M | $3.0M | — |
| Total current assets | $318.2M | $306.2M | $53.4M | — |
| Property, plant and equipment | $18.2M | $21.0M | $22.4M | — |
| Total assets | $411.9M | $341.0M | $89.6M | — |
| Accounts payable | $10.1M | $9.6M | $1.1M | — |
| Total current liabilities | $73.3M | $50.9M | $20.9M | — |
| Total liabilities | $110.6M | $80.9M | $53.5M | — |
| Retained earnings | -$901.9M | -$658.6M | -$364.3M | — |
| Total equity | $301.3M | $260.1M | -$339.3M | -$195.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$369.5M | -$255.1M | -$130.0M | — |
| Depreciation and amortisation | $3.5M | $3.2M | $1.3M | — |
| Stock-based compensation | $43.5M | $19.5M | $8.6M | — |
| Capital expenditure | $653.0K | $1.7M | $4.5M | — |
| Investing cash flow | $287.9M | -$113.8M | $60.5M | — |
| Financing cash flow | $2.1M | $492.4M | $89.7M | — |
| Buybacks | $17.0K | $6.0K | $64.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001847367-26-000006.
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