ALUMIS INC.
ALMS evidence brief
What we can confirm
- BioSniper Score:
- 4.8 / 10
- Market Cap:
- $1.37B
- Lead Asset:
- lonigutamab (Phase 1/Phase 2)
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. (ALMS) is a late-stage biopharmaceutical company developing next-generation targeted therapies, primarily focused on its lead oral TYK2 inhibitor envudeucitinib for plaque psoriasis and systemic lupus erythematosus (SLE).
Key risk: SLE trial failure
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for ALUMIS INC..
Similar companies
ALUMIS INC. (ALMS) is a late-stage biopharmaceutical company developing next-generation targeted therapies, primarily focused on its lead oral TYK2 inhibitor envudeucitinib for plaque psoriasis and systemic lupus erythematosus (SLE).
- Lead drug envudeucitinib did not meet primary or secondary endpoints in the Phase 2b LUMUS trial for SLE in the overall population, though robust responses were seen in a prespecified IFNGS-high subgroup [news · published 2026-09-01].
- Envudeucitinib achieved 54% complete skin clearance (PASI 100) at 48 weeks in the ONWARD3 long-term extension study for plaque psoriasis, positioning it as a potential new standard among oral therapies [news · published 2026-08-10].
- Alumis remains on track to submit a New Drug Application (NDA) to the FDA for envudeucitinib in moderate-to-severe plaque psoriasis in Q4 2026 [news · published 2026-08-13].
- As of 2026-06-30, the company reported cash & equivalents of $63.7M, total revenue of $1.7M, and a net loss of -$142.2M [sec].
- Pipeline includes envudeucitinib (Phase 3 for plaque psoriasis and SLE), ESK-001 (Phase 3 for renal impairment/healthy volunteers), and A-005 (Phase 1, a CNS-penetrant allosteric TYK2 inhibitor) [pipeline].
What works
- Envudeucitinib demonstrated strong long-term efficacy in plaque psoriasis, with 54% of patients achieving PASI 100 at 48 weeks in the ONWARD3 study, which the company describes as the highest reported among oral therapies [news · published 2026-08-10].
- The drug was generally well tolerated with no new safety signals observed in both the psoriasis and SLE trials [news · published 2026-08-10][news · published 2026-09-01].
- Alumis has identified a genetically defined IFNGS-high subgroup in SLE with robust responses, providing a potential path forward for Phase 3 development in that indication [news · published 2026-09-01].
- The company is on track to submit an NDA for envudeucitinib in plaque psoriasis in Q4 2026, a key regulatory milestone [news · published 2026-08-13].
What to weigh
- The Phase 2b LUMUS trial for envudeucitinib in SLE failed to meet its primary and secondary endpoints in the overall study population, a significant clinical setback [news · published 2026-09-01].
- Alumis reported a net loss of -$142.2M for the period ending 2026-06-30, with only $1.7M in total revenue, indicating heavy reliance on investment capital [sec].
- Cash & equivalents of $63.7M as of 2026-06-30 may limit the company's runway given ongoing Phase 3 and NDA preparation costs, especially after the SLE trial miss [sec].
- The company's pipeline is heavily concentrated on envudeucitinib, with earlier-stage assets (ESK-001, A-005) still in Phase 1 or Phase 3 for non-core indications, creating single-drug dependency risk [pipeline].
From the filings
Quoted directly from source documents.
Envudeucitinib failed to meet endpoints in SLE Phase 2b trial overall population
“LUMUS trial did not meet its primary and secondary endpoints in the overall trial population”
News · September 1, 2026
Envudeucitinib achieved 54% PASI 100 at 48 weeks in psoriasis
“54% of patients reached complete skin clearance (PASI 100) at 48 weeks”
News · August 10, 2026
Alumis plans to submit NDA for envudeucitinib in psoriasis in Q4 2026
“Alumis remains on track to submit its New Drug Application to FDA for envudeucitinib in moderate-to-severe plaque psoriasis (PsO) in Q4 2026”
News · August 13, 2026
Catalyst timeline
- 2023-01-17 · Phase 2 start for ESK-001 in plaque psoriasis — Long-term safety and efficacy study of ESK-001 in plaque psoriasis initiated.
- 2023-06-26 · Phase 2 start for ESK-001 in SLE — Phase 2 trial of ESK-001 in adult SLE patients began.
- 2024-04-22 · Phase 1 start for A-005 — First-in-human study of A-005, a CNS-penetrant TYK2 inhibitor, initiated in healthy subjects.
- 2024-06-21 · Phase 1 start for ESK-001 QT/QTc study — Pharmacokinetics and QT/QTc interval study of ESK-001 compared to placebo began.
Risks & what to watch (3)›
Key risks
- SLE trial failure — Phase 2b LUMUS trial missed primary and secondary endpoints in overall population, though a subgroup showed promise [news · published 2026-09-01].
- Cash runway constraints — With $63.7M cash and a $142.2M net loss, the company may face funding pressure before potential psoriasis NDA approval [sec].
- Single-drug dependency — Pipeline is heavily reliant on envudeucitinib; earlier-stage assets (ESK-001, A-005) are far from commercialization [pipeline].
What to watch
- NDA submission for envudeucitinib in plaque psoriasis expected in Q4 2026 [news · published 2026-08-13].
- FDA feedback and potential regulatory path for envudeucitinib in SLE based on IFNGS-high subgroup data [news · published 2026-09-01].
- Cash burn rate and any new financing rounds given the $63.7M cash position as of 2026-06-30 [sec].
- Progress of earlier pipeline candidates ESK-001 (Phase 3) and A-005 (Phase 1) [pipeline].
Sources: Catalysts · News · Pipeline · Generated October 2, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.24 · 0% dilution
Lead: Phase 1/Phase 2
1 candidate
No upcoming catalysts tracked
0 buys · 7 sells (180d)
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
196
Total value held
$2.12B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 7,170,868 | $158.0M |
| deep track capital, lp | 6,772,595 | $149.2M |
| samsara biocapital, llc | 6,345,219 | $139.8M |
| foresite capital management v, llc | 5,896,995 | $129.9M |
| venbio partners llc | 4,528,408 | $99.8M |
| foresite capital management vi llc | 4,247,670 | $93.6M |
| vanguard capital management llc | 4,032,266 | $88.8M |
| cormorant asset management, lp | 3,949,241 | $87.0M |
| nextech invest, ltd. | 3,540,998 | $78.0M |
| saturn v capital management lp | 3,202,075 | $70.5M |
Showing top 10 of 196 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. (ALMS) is a late-stage biopharmaceutical company developing next-generation targeted therapies, primarily focused on its lead oral TYK2 inhibitor envudeucitinib for plaque psoriasis and systemic lupus erythematosus (SLE).
What is ALUMIS INC.'s lead drug candidate?
ALUMIS INC.'s most advanced tracked candidate is lonigutamab (Phase 1/Phase 2) for Thyroid Eye Disease ("TED").
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.
What therapeutic areas does ALUMIS INC. focus on?
ALUMIS INC. develops therapies across Oncology, Immunology, Ophthalmology, Nephrology, Endocrinology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.