ALMS Stock — Alumis Inc.: Cash, EV, Pipeline

What they do

Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words “allumer”—French for illuminate—and “immunis”—Latin for the immune system.

Source: 10-K FY2025 via SEC EDGAR

Share price

$6.03

Market cap

$780.5M

Cash

$502.3M

Enterprise value

$278.2M

Balance sheet

Cash	$502.3M
Debt	$0.0M
Net cash	$502.3M
Enterprise value	$278.2M
Basic shares	128.5M shares
Fully diluted shares	154.9M shares
Fully diluted market cap	$933.8M
Cash per share	$3.91
Quarterly burn	$81.5M
Cash runway	6.2 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

128.5M

Pre-funded warrants

0.0M

Options

21.5M

RSUs

3.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.6M

FDSO

154.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

envudeucitinib · Est. Nov 15, 2026 · quarter midpoint · guided Now

Recently reported

envudeucitinib (oral TYK2 inhibitor) Phase 3 Positive · 2026-10-09

ONWARD3 · moderate-to-severe plaque psoriasis

Source release →

envudeucitinib Phase 2 Missed primary · 2026-09-01

SRI-4 · plaque psoriasis

Source release →

Envudeucitinib Phase 2 Missed primary · 2026-09-01

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	envudeucitinib NDA submission in moderate-to-severe plaque psoriasis	Not disclosed	moderate-to-severe plaque psoriasis	4Q 2026
Dec 13, 2028 - Jan 24, 2029 in 26 mo	Open-Label Envudeucitinib	Phase 3	Plaque Psoriasis; Psoriasis (PsO); Psoriasis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

envudeucitinib (envu)

Phase 3 · Active Modality: small molecule (allosteric inhibitor)

Aliases formerly ESK-001

Target TYK2

Partnerships Kaken Pharmaceutical: exclusive license to develop/manufacture/commercialize envu for dermatology indications in Japan, with options (subject to opt-in payments and cost-sharing) to expand to rheumatological and gastrointestinal diseases; $20M upfront (March 2025); up to $36M regulatory milestones and field-expansion payments; up to ¥15.5B commercial milestones; tiered royalties from low double digits into the twenties on Japan net sales

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 3)
Systemic lupus erythematosus (SLE) (Phase 2)

Catalysts

— fourth quarter of 2026
— third quarter of 2026

Status note Most advanced product candidate. Pivotal ONWARD1 and ONWARD2 Phase 3 trials in PsO reported topline in Q1 2026; ONWARD3 Phase 3 LTE topline reported August 2026. Also in Phase 2 OLE and Phase 3 LTE in PsO and LUMUS Phase 2b in SLE.

A-005

Phase 1 · Active Modality: small molecule (CNS-penetrant allosteric inhibitor)

Target TYK2

Indications

Neuroinflammatory and neurodegenerative diseases (Phase 1)

Catalysts

— first half of 2027

Status note Phase 1 program in healthy volunteers initiated April 2024; results reported December 2024. Filing notes potential applications in multiple sclerosis and other neurological as well as peripheral diseases.

lonigutamab

Phase 2 · Active Modality: monoclonal antibody (subcutaneous)

Target IGF-1R

Partnerships Pierre Fabre Medicament SAS: exclusive worldwide license for non-oncology indications (acquired via ACELYRIN Merger); up to $100.5M development/regulatory milestones, up to $390M commercial milestones, tiered royalties in high single-digit to low-teen percentages on worldwide net sales

Indications

Thyroid eye disease (TED) (Phase 2)

Status note Acquired via ACELYRIN Merger (closed May 2025). ACELYRIN announced data from a Phase 1/2 dose-ranging trial in TED in March 2024 and January 2025; no further trial status stated in this filing.

IRF5 program

Discovery · Active

Target IRF5

Indications

not disclosed (Discovery)

Status note Filing states multiple additional targets selected, including interferon regulatory factor 5 (IRF5), in stages from lead identification to lead optimization.

budoprutug

Stage not disclosed · Active

Partnerships Climb Bio (parent of Tenet): out-licensed under Purchase Agreement; Company entitled to up to $157.5M development/regulatory/commercial milestones, royalties on worldwide net sales, and sublicense income payments; Climb Bio filed suit Dec 2025 seeking declaration budoprutug is not a 'Product' under the agreement (Company disputes; $3.0M development milestone in dispute as of January 2026)

Indications

not disclosed (Stage not disclosed)

Status note Divested program in which the Company retains milestone/royalty economics; ongoing litigation over whether budoprutug is a covered 'Product'.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Open-Label Envudeucitinib
Lead indication	Plaque Psoriasis
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06846541	Phase 3	Active, not recruiting	Sponsor	ALMS	—	Plaque Psoriasis; Psoriasis (PsO); Psoriasis	—
NCT05739435	Phase 2	Active, not recruiting	Sponsor	ALMS	—	Plaque Psoriasis	—
NCT05966480	Phase 2	Active, not recruiting	Sponsor	ALMS	—	SLE	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Alumis Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Cormorant Asset Management	3,285,596	-663,645	4.74%	2026-08-14
Baker Bros. Advisors	2,012,500	no change	0.28%	2026-08-14
Ikarian Capital	870,548	-343,000	4.01%	2026-08-14
Great Point Partners	856,061	no change	5.68%	2026-08-14
OrbiMed Advisors	548,163	no change	0.29%	2026-08-14
Ally Bridge Group	76,459	-90,500	2.77%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ALMS — Alumis Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ALMS — Alumis Inc.