Executive Summary
Alumis Inc., a late-stage biopharmaceutical company focused on developing next-generation targeted therapies for immune-mediated diseases, reported its financial results for the full year ended December 31, 2025. The fiscal year was highlighted by significant clinical validation of the company’s lead asset, envudeucitinib, alongside notable corporate developments including the merger with ACELYRIN and an upsized public offering completed in early 2026. As of year-end 2025, the company maintains a robust balance sheet with $308.5 million in cash, cash equivalents, and marketable securities. Bolstered by a subsequent capital raise generating approximately $345.1 million in gross proceeds, Alumis management projects a cash runway extending into the fourth quarter of 2027, fully funding its near-term operational and capital expenditure requirements.
Business Overview
Alumis leverages a proprietary data analytics platform and a precision approach to identify and develop treatments aimed at significantly improving outcomes for patients with immune-mediated diseases. The company’s core focus is on advancing its pipeline of highly selective oral tyrosine kinase 2 (TYK2) inhibitors.
Clinical Pipeline and Operational Updates
- Efficacy: Both trials met all primary and secondary endpoints with high statistical significance in the targeted patient population. The drug demonstrated leading skin clearance rates for oral plaque psoriasis therapies. On average, approximately 65% of treated patients achieved PASI 90, and more than 40% achieved PASI 100 at the 24-week mark.
- Safety: The asset demonstrated a favorable safety and tolerability profile that remained consistent with data observed during its Phase 2 program.
- Mechanism of Action: Management highlighted that envudeucitinib maximally inhibits TYK2, effectively blocking both the IL-23 and IL-17 pathways to deliver rapid onset of action and comprehensive disease control.
- Upcoming Catalysts: Alumis plans to present additional Phase 3 data from the ONWARD program as a late-breaking oral presentation at the American Academy of Dermatology (AAD) Annual Meeting in Denver, Colorado, taking place March 27-31, 2026. Furthermore, the company anticipates reading out ONWARD3 long-term topline data and Phase 2, two-year safety data in the second half of 2026, culminating in a planned New Drug Application (NDA) submission for psoriasis in the same timeframe.
Key Financial Performance Highlights
Revenue
- Total revenue for the year ended December 31, 2025, was $24.05 million, compared to zero revenue in the prior year.
- This was composed entirely of $17.39 million in license revenue and $6.66 million in collaboration revenue.
- These revenues were recognized in relation to the company’s collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd..
Operating Expenses
- Research and Development (R&D): R&D expenses saw a significant increase, totaling $386.00 million for FY 2025, up from $265.55 million for the year ended December 31, 2024. The year-over-year expansion was primarily driven by contract research and clinical trial costs associated with envudeucitinib, particularly the accelerated activities for the Phase 3 ONWARD clinical program. Additional drivers included increased headcount, severance costs, and stock-based compensation connected to the merger with ACELYRIN. Notably, the 2024 baseline included a one-time clinical milestone payment of $23.0 million related to the acquisition of FronThera.
- General and Administrative (G&A): G&A expenses rose to $91.86 million in FY 2025, compared to $35.20 million in FY 2024. This substantial increase is largely attributable to transaction and severance costs stemming from the ACELYRIN merger, alongside broader increases in headcount and professional consulting services utilized to support corporate growth.
- Merger-Specific Expenses: Related to the ACELYRIN transaction, Alumis recognized total expenses of $39.7 million during the year ended December 31, 2025. This was split between $30.2 million allocated to G&A and $9.5 million allocated to R&D. These figures include $13.1 million in stock-based compensation expense arising from accelerated equity award vesting and modifications to post-termination exercise periods for severed personnel.
Below-the-Line Items and Net Income
- Alumis recorded a substantial “Gain on bargain purchase” of $187.91 million in 2025, compared to zero in 2024.
- Interest income increased slightly to $14.18 million in 2025 from $12.02 million in 2024.
- The company registered a negative change in the fair value of derivative liabilities amounting to $5.41 million.
- Overall, the total other income, net, stood at $201.92 million for 2025, heavily contrasting the positive $6.52 million observed in 2024.
- The company’s net loss before income taxes was $251.89 million for FY 2025. After accounting for an income tax benefit of $8.56 million, the final net loss for the year ended December 31, 2025, was $243.33 million. This represents a year-over-year narrowing of the net loss compared to the $294.23 million loss reported in 2024. Total comprehensive loss, accounting for minor unrealized gains on marketable securities, was $243.18 million for the year.
Balance Sheet and Capital Allocation
The company ended the year with total assets of $411.94 million, representing an increase from $340.99 million at the end of 2024.
- Liquidity Position: As of December 31, 2025, Alumis possessed cash, cash equivalents, and marketable securities totaling $308.5 million. A breakdown of current assets reveals $89.67 million in cash and cash equivalents, and $218.83 million in marketable securities.
- Other Key Assets: The balance sheet highlights $50.96 million in intangible assets. Property and equipment, net, stood at $18.19 million, down slightly from 2024. Current R&D prepaid expenses were reported at $2.91 million.
- Liabilities: Total liabilities scaled to $110.64 million from $80.89 million in the prior year. Current liabilities represent $73.32 million of this total, primarily composed of $34.78 million in R&D accrued expenses, $22.30 million in other accrued expenses and current liabilities, and $10.11 million in accounts payable.
- Equity: Total stockholders’ equity reached $301.30 million, buoyed by an increase in additional paid-in capital to $1.20 billion, though offset by an accumulated deficit of $901.88 million.
- Subsequent Capital Raise: In January 2026, Alumis closed an upsized underwritten public offering, issuing 20,297,500 shares of common stock (inclusive of the full exercise of the underwriters’ option) at a price of $17.00 per share. This offering generated gross proceeds of approximately $345.1 million and net proceeds of $324.4 million after deducting standard underwriting discounts and commissions.
Management Commentary
President and Chief Executive Officer Martin Babler categorized 2025 as a pivotal year for Alumis, anchored by strong execution and the decisive Phase 3 clinical validation of envudeucitinib. He emphasized that the drug’s performance—characterized by comprehensive disease control, rapid onset, and high clearance rates—reinforces management’s conviction in its ability to transform the psoriasis treatment landscape. Looking forward, Babler pointed to the Q3 2026 LUMUS Phase 2b trial readout in SLE as a critical milestone to further unlock the asset’s broad utility. He also confirmed that Alumis is aggressively evaluating additional indications for its TYK2 inhibitors as part of a cohesive franchise development strategy set to be unveiled in Q2 2026.
Risks and Uncertainties
The forward-looking information provided by Alumis is subject to a variety of material risks and uncertainties. Primary risk factors include the company’s ability to successfully advance envudeucitinib and its broader clinical programs through the required stages of development. Other key challenges involve the ability to secure regulatory approval, successfully commercialize approved candidates, and manage the extensive costs and timing associated with preclinical and clinical trials. Additionally, the company faces risks relating to its ability to secure sufficient funding to achieve development goals, as well as its capacity to protect its intellectual property. Detailed enumerations of these risks are maintained within the company’s continuous filings with the Securities and Exchange Commission (SEC).