Alumis (ALMS) Oppenheimer 35th Annual Healthcare Life Sciences Conference (Virtual) 2025 summary

Strategic overview and pipeline highlights

• Two advanced TYK2 assets target multiple indications, including psoriasis, lupus, and MS, with high probability of technical success based on genomic, proteomic, and clinical data.

• ESK-001 achieves maximal TYK2 inhibition, showing strong efficacy and safety in psoriasis and lupus, with Phase III psoriasis and lupus readouts expected in the first half of next year.

• A-005 is a first-in-class, brain-penetrant TYK2 inhibitor, with promising preclinical and Phase I data supporting its use in MS; Phase II to start later this year.

• The pipeline includes additional indications, with plans to expand as resources allow, and a strong research team is building further assets behind the TYK2 franchise.

• Recent merger with Acelyrin adds capital and a new asset, lonigutamab, expanding the pipeline and financial runway into 2027.

Clinical data and market opportunity

• ESK-001 demonstrates high PASI 75/90/100 rates in psoriasis, with a benign safety profile and over 800 patients dosed, some for more than two years.

• Phase II and extension studies show continued efficacy and low placebo response, with competitive results compared to both oral and injectable therapies.

• The psoriasis market is fragmented, with only 8% of diagnosed patients on high-efficacy orals; significant opportunity exists to convert patients from topicals and less effective orals.

• Agreement with FDA allows a six-month Phase III study for psoriasis, expediting potential approval.

• SLE program is designed to minimize placebo effect and maximize data quality, with a pivotal trial underway and open-label extension for safety data.

Scientific rationale and future plans

• Genetic studies show strong protective effects from TYK2 loss-of-function mutations against autoimmune diseases, supporting the therapeutic approach.

• Full target inhibition correlates with superior clinical outcomes compared to partial inhibition, differentiating the assets from competitors.

• A-005 achieves one-to-one plasma-to-CSF ratio, with preclinical models showing efficacy exceeding current standards in MS.

• Plans to initiate MS trials and explore additional indications such as Alzheimer's, Parkinson's, and ALS based on emerging data.

• The Acelyrin merger brings a robust cash position ($337M pro forma) and expands the pipeline with lonigutamab for thyroid eye disease.