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.