ALUMIS INC.
ALMS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ALMS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ALMS
Alumis Inc. is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases, with lead candidates envudeucitinib (TYK2 inhibitor) and esk-001 (S1P1 receptor modulator), and has no approved products or product revenue.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.90B
Cash Runway
7.4 moLead Asset
A-005 (Phase 1)
Next Catalyst
Phase2_Topline · Sep 30, 2026Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 9 clinical trials · 4 catalysts for ALUMIS INC..
Alumis Inc. is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases, with lead candidates envudeucitinib (TYK2 inhibitor) and esk-001 (S1P1 receptor modulator), and has no approved products or product revenue.
- Alumis has no approved products and has not generated any product revenue since inception [sec_mda · as of 2026-08-13].
- As of June 30, 2026, Alumis reported cash & equivalents of $65.1M, total revenue of $1.7M, net loss of -$142.2M, and shareholders' equity of $485.3M [sec].
- The company is advancing two key programs: envudeucitinib (TYK2 inhibitor) for psoriasis and esk-001 (S1P1 receptor modulator), with Phase 2 topline data expected in September 2026 [catalyst].
- Alumis completed a strategic review of the lonigutamab program in May 2026 and decided to pursue strategic alternatives for that asset [sec_mda · as of 2026-08-13].
- The company anticipates needing substantial additional funding to continue operations and may scale back or discontinue programs if trials do not meet objectives [sec_mda · as of 2026-08-13].
What works
- Alumis has a focused pipeline of oral small molecules targeting validated immune pathways (TYK2 and S1P1), with two Phase 2 readouts expected in September 2026 [catalyst].
- The company maintains a cash position of $65.1M as of June 30, 2026, which may support near-term clinical milestones [sec].
- Alumis has demonstrated ability to raise capital through public offerings, including a January 2026 common stock offering [sec_mda · as of 2026-05-14].
What to weigh
- Alumis has no approved products and has never generated product revenue, relying entirely on external financing [sec_mda · as of 2026-08-13].
- The company reported a net loss of -$142.2M for the six months ended June 30, 2026, and expects expenses to increase significantly as it advances clinical programs and prepares for an NDA submission [sec] [sec_mda · as of 2026-05-14].
- Alumis faces substantial uncertainty in accessing additional capital; if funding is not available, it may be forced to delay, scale back, or abandon development programs [sec_mda · as of 2026-08-13].
- The company discontinued the lonigutamab program (IGF-1R antibody for TED) in May 2026, indicating pipeline attrition [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
Alumis has no approved products and no product revenue.
“We do not have any products approved for sale and have not generated any revenue from product sales since our inception.”
SEC MD&A · August 13, 2026
Alumis completed a strategic review of lonigutamab and decided to pursue alternatives.
“In May 2026, we completed our strategic review of the lonigutamab program, and decided to pursue strategic alternatives for the program.”
SEC MD&A · August 13, 2026
Alumis expects to submit an NDA for envudeucitinib in psoriasis in the second half of 2026.
“prepare to submit an NDA for envu in PsO in the second half of 2026, including as we conduct activities, including CMC activities, that are required to complete our planned NDA submission;”
SEC MD&A · May 14, 2026
Catalyst timeline
- 2026-09-30 · Phase 2 Topline Readout: envudeucitinib — Topline data from Phase 2 trial of envudeucitinib, a TYK2 inhibitor for immune-mediated diseases.
- 2026-09-30 · Phase 2 Topline Readout: esk-001 — Topline data from Phase 2 trial of esk-001, an S1P1 receptor modulator.
- 2026-12-31 · Phase 2 Topline Readout: envudeucitinib (second readout) — Additional Phase 2 topline data for envudeucitinib, potentially from a different cohort or indication.
- 2028-11-01 · Phase 3 Topline: Long-term extension study in plaque psoriasis — Topline results from a Phase 3 extension study evaluating long-term safety and efficacy of envudeucitinib in moderate to severe plaque psoriasis.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — Alumis has no products approved for sale and has never generated product revenue, relying entirely on external financing [sec_mda · as of 2026-08-13].
- Significant ongoing net losses — Net loss of -$142.2M for six months ended June 30, 2026, with expectations of increasing expenses [sec] [sec_mda · as of 2026-05-14].
- Need for substantial additional capital — Company will need significant additional funding; if unavailable, may delay or abandon programs [sec_mda · as of 2026-08-13].
- Clinical trial and regulatory risk — Failure of ongoing trials could lead to scale-back or discontinuation of programs [sec_mda · as of 2026-08-13].
What to watch
- Phase 2 topline data for envudeucitinib and esk-001, both expected in September 2026 [catalyst].
- Progress toward NDA submission for envudeucitinib in psoriasis, planned for second half of 2026 [sec_mda · as of 2026-05-14].
- Ability to secure additional financing to extend cash runway beyond current $65.1M position [sec].
- Outcome of strategic alternatives for the lonigutamab program [sec_mda · as of 2026-08-13].
Sources: SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
7.4 months
D/E 0.24 · 0% dilution
Lead: Phase 1/Phase 2
4 candidates
4 upcoming, next in ~31d
0 buys · 7 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
194
Total value held
$1.79B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 8,064,532 | $177.7M |
| blackrock, inc. | 7,170,868 | $158.0M |
| deep track capital, lp | 6,772,595 | $149.2M |
| samsara biocapital, llc | 6,345,219 | $139.8M |
| janus henderson group plc | 4,219,816 | $92.9M |
| saturn v capital management lp | 3,202,075 | $70.5M |
| ubs group ag | 3,054,865 | $67.3M |
| octagon capital advisors lp | 2,830,700 | $62.4M |
| mpm bioimpact llc | 2,386,529 | $52.6M |
| baker bros. advisors lp | 2,012,500 | $44.3M |
Showing top 10 of 194 institutional holders of ALUMIS INC.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 16.2%
- Days to cover
- 7.4
- Shares short
- 11,287,439
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ALMS short interestGovernance
Frequently asked questions
What is the AI investment thesis for ALUMIS INC.?
Alumis Inc. is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases, with lead candidates envudeucitinib (TYK2 inhibitor) and esk-001 (S1P1 receptor modulator), and has no approved products or product revenue.
What is ALUMIS INC.'s lead drug candidate?
ALUMIS INC.'s most advanced tracked candidate is A-005 (Phase 1) for Healthy Volunteer.
What is ALUMIS INC.'s next catalyst?
ALUMIS INC.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: envudeucitinib" — expected September 30, 2026.
Who is the CEO of ALUMIS INC.?
Mr. Martin Babler Ph.D. is the chief executive officer of ALUMIS INC. (ALMS).
Where is ALUMIS INC. headquartered?
ALUMIS INC. (ALMS) is headquartered in South San Francisco, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.