Alumis (ALMS) Q3 2026 earnings summary

Executive summary

• Envu (envudeucitinib) showed durable psoriasis improvements in Phase 3; an NDA submission is targeted for Q4 2026.

• The Phase 2b LUMUS SLE trial missed primary and secondary endpoints overall, though the prespecified IFNGS-high subgroup showed responses across key measures.

• Q3 net loss narrowed YoY, while nine-month net loss increased, reflecting the prior-year bargain-purchase gain and a lonigutamab impairment.

Financial highlights

• Q3 revenue was $1.9M versus $2.1M; nine-month revenue was $5.3M versus $22.1M, including $17.4M of prior-year license revenue.

• Q3 operating expenses were $101.0M, down 14% YoY; operating loss was $99.1M versus $115.3M, and net loss was $94.9M versus $110.8M.

• Nine-month operating expenses were $351.7M, down 7%; net loss was $330.2M versus $150.4M, with the prior year including a $187.9M bargain-purchase gain.

• Cash, cash equivalents and marketable securities totaled $431.3M at September 30, 2026; accumulated deficit was $1.232B.

Outlook and guidance

• An NDA for envu in moderate-to-severe plaque psoriasis is targeted for Q4 2026; two-year Phase 2 safety data are also anticipated in Q4 2026.

• A-005 Phase 2 Parkinson’s biomarker trial is planned for 2027; significant expense growth is expected as development, NDA preparation and launch readiness advance.

• Cash and marketable securities are expected to fund operations and capital expenditures into Q4 2027, while the financial-statement filing says current liquidity is not expected to cover requirements for at least 12 months from issuance.

• Additional financing is expected; potential sources include equity, debt, alliances and licensing, while unavailable capital could lead to program delays or reductions.