Alumis Inc. (NASDAQ: ALMS) reported its year‑end 2025 financial results, posting total revenue of $24.05 million—$17.4 million from license agreements and $6.7 million from collaborations—up from $0 in 2024. Net loss widened to $243.3 million, a reduction from $294.2 million in 2024, as research and development expenses rose to $386.0 million (up from $265.6 million) and general‑administrative costs increased to $91.9 million (up from $35.2 million). The company’s cash position, bolstered by a $345.1 million upsized public offering that closed on January 9 2026, is projected to fund operations through the fourth quarter of 2027.
The Phase 3 ONWARD program for envudeucitinib achieved a 65% PASI 90 response rate and over 40% PASI 100 at week 24, outperforming the active comparator apremilast and establishing the drug as a strong candidate for FDA submission in the second half of 2026. These results confirm the efficacy of maximal TYK2 inhibition in blocking both IL‑23 and IL‑17 pathways, positioning envudeucitinib as a differentiated oral therapy in the moderate‑to‑severe plaque psoriasis market.
The upsized public offering, completed on January 9 2026, raised $345.1 million in gross proceeds, providing a robust cash runway that supports continued clinical development and integration of the ACELYRIN merger. The merger, an all‑stock transaction completed in Q2 2025, incurred $39.7 million in merger‑related expenses in 2025, which are reflected in the increased G&A costs.
Alumis will present additional ONWARD data at the American Academy of Dermatology meeting in Denver on March 28 2026. The presentation will include detailed efficacy and safety data that will inform the company’s regulatory strategy and support the planned NDA filing later in 2026.
"Alumis concluded a pivotal year marked by strong execution and the Phase 3 clinical validation of envudeucitinib in moderate‑to‑severe plaque psoriasis, underscoring the promise of TYK2 inhibition and envudeucitinib's highly differentiated clinical profile." – Martin Babler, President and Chief Executive Officer
"By maximally inhibiting TYK2 to block both IL‑23 and IL‑17 pathways, envudeucitinib delivered comprehensive disease control with rapid onset of action, high rates of skin clearance, and meaningful symptom improvements in our Phase 3 ONWARD program that reinforce our conviction in envudeucitinib's potential to transform the psoriasis treatment landscape." – Martin Babler, President and Chief Executive Officer
"We look forward to our clinical topline readout for our potentially pivotal LUMUS Phase 2b trial in SLE, anticipated in the third quarter of this year." – Martin Babler, President and Chief Executive Officer
"Importantly, the results of both psoriasis and SLE will potentially unlock envudeucitinib's pipeline‑in‑a‑pill opportunity to leverage maximal TYK2 inhibition across multiple immune‑mediated diseases." – Martin Babler, President and Chief Executive Officer
"We believe envudeucitinib demonstrates the full promise of TYK2 inhibition. By maximally inhibiting TYK2, envudeucitinib blocks both IL 23 and IL 17 to deliver comprehensive disease control. In Phase III, this translated into rapid onset of action, high rates of skin clearance, and meaningful symptom improvements that rank among the strongest reported for an oral therapy." – Jörn Drappa, MD, PhD, Chief Medical Officer
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