Alumis (ALMS) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Key clinical results and milestones

• Phase III results for envudeucitinib in psoriasis showed strong PASI score reductions, with PASI 90 and 100 rates at week 24 of about 65% and over 40%, respectively.

• Fast onset of action observed, with separation in PASI scores as early as week 4 and a safety profile consistent with previous data.

• Abstract submitted for AAD, aiming to present more detailed data and quality of life outcomes.

• NDA filing planned for the second half of the year, pending completion of the withdrawal study and long-term data.

• Additional data, including 48-week and biomarker results, expected later this year.

Market dynamics and commercial strategy

• Oral drugs currently have a higher patient share than injectables in psoriasis, with a trend toward further expansion as patients prefer oral options.

• Market research indicates 75% of patients would prefer a pill over injectables or topicals.

• Expectation that oral market will expand, with injectables becoming more of a backup therapy.

• Commercial infrastructure is in place for launch, but a partnership is likely for global expansion and multiple indications.

Pipeline and future indications

• SLE (lupus) is a key upcoming indication, with phase IIb pivotal trial results expected in Q3; trial design emphasizes patient selection, steroid tapering, and robust data monitoring.

• Success in lupus defined as achieving efficacy similar to anifrolumab (about 15% placebo-adjusted delta on BICLA).

• Additional indications under consideration include psoriatic arthritis, interferon-driven diseases, and IBD, with decisions influenced by upcoming competitor and internal data.

• Brain-penetrant TYK2 inhibitor for MS to begin studies in the first half of the year, with potential for other CNS and autoimmune indications.