Alumis (ALMS) Q1 2026 earnings summary

Executive summary

• Achieved robust Phase 3 results for envudeucitinib (envu) in moderate-to-severe plaque psoriasis, showing significant skin clearance and quality-of-life improvements by Week 24; NDA submission planned for 2H–4Q 2026.

• Pivotal Phase 2b SLE topline data expected in Q3 2026.

• Strategic review completed for lonigutamab, with exploration of alternatives underway.

• No products approved for sale; revenue generated from collaboration and license agreements.

• Acquired ACELYRIN, adding lonigutamab to the pipeline.

Financial highlights

• Q1 2026 revenue was $1.7M, down from $17.4M in Q1 2025, reflecting the timing of license revenue recognition.

• Net loss for Q1 2026 was $93.1M, an improvement from $99.0M in Q1 2025.

• Research and development expenses decreased to $81.5M from $96.6M year-over-year, mainly due to lower clinical trial costs.

• General and administrative expenses decreased to $18.6M from $22.3M year-over-year, reflecting lower merger-related costs.

• Cash, cash equivalents, and marketable securities totaled $569.5M as of March 31, 2026.

Outlook and guidance

• Existing liquidity expected to fund operations for at least 12 months and into Q4 2027.

• Plans to submit NDA for envudeucitinib in psoriasis in 2H–4Q 2026 and report SLE Phase 2b topline results in Q3 2026.

• Long-term ONWARD3 and two-year safety data for envudeucitinib in psoriasis anticipated in 2H 2026.

• Update on TYK2 franchise strategy and new clinical candidate expected in 2Q and 2H 2026, respectively.

• May need to raise significant additional capital to fund ongoing R&D and future operations.