**Alumis Inc. Reports Fiscal Year 2025 Results, Highlights Clinical Progress**
Alumis Inc., a clinical-stage biopharmaceutical company, announced its financial results for the fiscal year ended December 31, 2025. The company reported total revenue of $24.1 million, comprised of $17.4 million in license revenue and $6.7 million in collaboration revenue, stemming from its collaboration agreement with Kaken Pharmaceutical Co., Ltd. This marks a significant shift from the previous fiscal year, which reported no revenue. However, the company also reported a net loss of $243.3 million, compared to a net loss of $294.2 million in 2024.
The company's operating expenses totaled $477.9 million, a 59% increase from $300.8 million in the previous year. Research and development expenses accounted for $386.0 million of this total, up 45% from $265.6 million in 2024, driven by the progression of clinical trials for envu and other programs. General and administrative expenses also saw a substantial increase, rising 161% to $91.9 million, primarily due to costs associated with the ACELYRIN Merger and increased public company expenses. The company also reported a gain on bargain purchase of $187.9 million related to the ACELYRIN Merger, which was recognized as other income.
Operationally, Alumis highlighted positive topline results from its Phase 3 ONWARD1 and ONWARD2 clinical trials evaluating envu in patients with moderate-to-severe plaque psoriasis. The company plans to submit a New Drug Application (NDA) for envu in psoriasis to the FDA in the second half of 2026. Additionally, the company is evaluating envu in a Phase 2 clinical trial for systemic lupus erythematosus (SLE), with topline results expected in the third quarter of 2026. The company also announced positive data from a Phase 1 clinical trial evaluating A-005, a CNS-penetrant allosteric TYK2 inhibitor, in healthy participants. As of December 31, 2025, the company employed 224 individuals.
Looking ahead, Alumis anticipates that its expenses will increase substantially as it continues to advance its product candidates through clinical trials, seeks regulatory approvals, and builds its commercial infrastructure. The company's future success is heavily dependent on the successful development and commercialization of its lead product candidate, envu. As of December 31, 2025, Alumis had $308.5 million in cash, cash equivalents, and marketable securities. In March 2026, the company entered into a sales agreement with Cantor Fitzgerald & Co. for the potential sale of up to $300 million in common stock through an at-the-market offering program.
About ALUMIS INC.
Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing targeted therapies for immune-mediated diseases. Its pipeline includes TYK2 inhibitors ESK-001 for psoriasis and SLE, and A-005 for neuroinflammatory conditions like MS. The company leverages proprietary data analytics and genetic insights to identify novel targets, aiming to improve patient outcomes with precision medicine. It relies on third-party manufacturing and seeks strategic collaborations for global commercialization.
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