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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Single reportable segment - License
- Single reportable segment - Collaboration
| Segment | FY2025 |
|---|---|
| Single reportable segment - License | $17.4M |
| Single reportable segment - Collaboration | $6.7M |
As the company reported it, from the “Segment Reporting (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | — | — | $24.1M |
| Gross profit | — | — | — | — |
| Net income | — | -$155.0M | -$294.2M | -$243.3M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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