Alumis (ALMS) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Company overview and strategy

• Focuses on precision immunology, leveraging modern technologies and data analytics to develop therapies for autoimmune diseases.

• Lead asset ESK-001 targets TYK2, with ongoing phase III trials in psoriasis and a phase IIb pivotal study in lupus.

• Second asset, A-005, is a brain-penetrant TYK2 inhibitor in phase I, aimed at multiple sclerosis (MS).

• Pipeline includes additional molecules, with IRF5 as a disclosed target, and ongoing work in indication and patient selection.

Scientific rationale and differentiation

• TYK2 chosen due to a natural mutation (1104) that reduces kinase function, conferring protection against psoriasis and lupus without increased infection risk.

• ESK-001 achieves maximum target inhibition, showing 12%-20% higher efficacy than incomplete inhibition, with fewer side effects compared to first-generation TYK2 inhibitors.

• High selectivity and inactive metabolites contribute to a lower rate of skin rashes (<2%) versus competitors.

Clinical development and market positioning

• ESK-001 aims to be the first high-efficacy oral for psoriasis, potentially replacing injectables for some patients.

• Only about 10% of diagnosed psoriasis patients receive biologics, highlighting a large untapped market for effective oral therapies.

• Lessons from SOTYKTU's launch emphasize the importance of clear market positioning and pricing.

• Biomarker data strongly correlates with clinical outcomes, supporting a precision approach and potential for patient selection in future indications.