Alumis looks to raise $300 million in IPO. Here’s what you need to know

Technology and healthcare companies are continuing to dominate the IPO market, which is witnessing a significant increase in activity compared to 2023. Alumis Inc., a clinical-stage biopharmaceutical company that develops therapies for immune-mediated diseases and immune dysfunction, is the latest pharma company to enter the IPO fray.  Founded in January 2021, the company is headquartered in South San Francisco and led by chief executive officer Martin Babler.

The California-headquartered healthcare firm plans to sell around 17.65 million shares in an initial public offering, with an option for underwriters to purchase up to an additional 2.65 million shares. The estimated offer price per share is between $16.00 and $18.00. At the mid-point of the offer price, the initial public offering would generate about $300 million.

To List on Nasdaq

The biotech has applied to list the stock on the Nasdaq Global Market under the symbol ALMS. Morgan Stanley, Leerink Partners, Cantor, and Guggenheim Securities are the bookrunners in the offering. The net proceeds from the offering, together with Alumis’ existing cash, cash equivalents, and marketable securities, will mainly be used for funding clinical development and related studies for product candidates and preparation for clinical development.

Alumis is yet to generate revenue due to the absence of any marketable products. For the three months ended March 31, 2024, the company reported a net loss of $49.85 million or $21.03 per share, compared to a loss of $36.03 million or $18.03 per share in the corresponding period of the prior year. Operating expenses totaled $47.59 million in the quarter, vs. $36.66 million in the prior-year period.

Lead Candidate

Recently, the company announced positive data from its phase-2 clinical program of ESK-001 in patients with moderate-to-severe plaque psoriasis. ESK-001, Alumis’ most advanced product candidate, is a potential treatment of plaque psoriasis and systemic lupus erythematosus. Data from the study showed that ESK-001’s ability to maximally inhibit Tyrosine Kinase-2, an intracellular enzyme that plays a critical role in the immune system, translates to the achievement of high rates of response in patients.