Alumis (ALMS) Q4 2025 earnings summary

Executive summary

• Achieved positive Phase 3 topline results for envudeucitinib in moderate-to-severe plaque psoriasis, meeting all primary and secondary endpoints with high statistical significance.

• Envudeucitinib demonstrated leading skin clearance rates among oral therapies, with ~65% of patients achieving PASI 90 and >40% achieving PASI 100 at Week 24.

• Completed an upsized public offering in January 2026, raising $345.1 million in gross proceeds.

• Anticipates NDA submission for envudeucitinib in psoriasis in 2H 2026 and pivotal Phase 2b SLE data in 3Q 2026.

Financial highlights

• Year-end 2025 cash, cash equivalents, and marketable securities totaled $308.5 million.

• 2025 revenue was $24.1 million, including $17.4 million license revenue and $6.7 million collaboration revenue.

• Research and development expenses rose to $386.0 million in 2025 from $265.6 million in 2024, mainly due to clinical trial acceleration and merger-related costs.

• General and administrative expenses increased to $91.9 million in 2025 from $35.2 million in 2024, driven by merger and growth-related costs.

• Net loss for 2025 was $243.3 million, an improvement from a $294.2 million net loss in 2024.

Outlook and guidance

• Existing cash and net proceeds from the January 2026 offering are expected to fund operations into Q4 2027.

• NDA submission for envudeucitinib in psoriasis planned for 2H 2026; pivotal SLE data expected 3Q 2026.

• Update on TYK2 franchise development strategy and additional indications to be provided in 2Q 2026.