Alumis (ALMS) Stifel Virtual Immunology and Inflammation Forum summary

Company overview and pipeline

• Focuses on precision immunology with a lead TYK2 inhibitor, ESK-001, targeting psoriasis and lupus, with phase III psoriasis readouts expected in early Q1 next year and lupus phase IIb readout in Q3 next year.

• Pipeline includes A-005, a brain-penetrant TYK2 for MS entering phase II, and lonigutamab for thyroid eye disease, plus a research-stage IRF5 program.

• Merger with Acceleron provides cash runway into 2027, supporting readouts and ongoing development.

TYK2 class and competitive landscape

• TYK2 inhibition shows strong genetic and clinical rationale, with efficacy linked to high target inhibition; initial class skepticism due to underperforming early molecules.

• Recent data from multiple next-gen TYK2 inhibitors, including ESK-001, demonstrate improved efficacy and safety profiles.

• ESK-001 differentiates by not requiring dose reduction for skin reactions and maintaining high target coverage.

• Market opportunity remains large for oral therapies in psoriasis, with injectables dominating dollar share but orals leading in patient share.

Clinical trial design and expectations

• Phase III psoriasis trials use 16-week primary endpoint vs. placebo and active control at 16 and 24 weeks, with long-term extension for durability data.

• Competitive efficacy benchmarks: PASI 75 at 80%, PASI 90 at 60%, PASI 100 at 40% at 24–52 weeks.

• Design allows for regulatory submission with six months of data, providing a timing advantage.