Alumis — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $1.9 million, a decrease from $2.1 million in the same period of 2025, driven by collaboration revenue with Kaken Pharmaceutical Co., Ltd.
• Research and development expenses were $80.8 million for the quarter, down from $97.8 million in the prior year period, primarily due to lower clinical trial and contract research costs following the completion of pivotal Phase 3 ONWARD1 and ONWARD2 trials, partially offset by increased costs for the ONWARD3 trial.
• General and administrative expenses were $20.2 million for the quarter, an increase from $19.5 million in the prior year period, attributed to launch preparation efforts and personnel-related expenses, partially offset by severance and transaction costs from the ACELYRIN merger in the prior year.
• Net loss was $94.9 million for the quarter ended September 30, 2026, compared to a net loss of $110.8 million for the quarter ended September 30, 2025.
• As of September 30, 2026, the company held $431.3 million in cash, cash equivalents, and marketable securities.
• Deferred revenue increased to $6.9 million (current) from $1.5 million (current) in the prior year, with non-current deferred revenue decreasing to $0 from $2.6 million.

Guidance and Future Outlook:

• Alumis anticipates its existing cash, cash equivalents, and marketable securities as of September 30, 2026, will be sufficient to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027.
• The company remains on track to submit a New Drug Application (NDA) for envudeucitinib in moderate-to-severe plaque psoriasis in the fourth quarter of 2026.
• Long-term safety data from the Phase 2 program for envudeucitinib in plaque psoriasis is anticipated in the fourth quarter of 2026.
• A Phase 2 biomarker trial for A-005 in patients with Parkinson's disease is planned to initiate in 2027.

Business Segments and Product Lines:

• Envudeucitinib (Psoriasis): New data presented at the 26th Annual Fall Clinical Dermatology Conference demonstrated early and durable improvements in scalp disease severity, itch resolution, and quality of life.
• Envudeucitinib (Psoriasis): The drug achieved a 54% PASI 100 response rate at Week 48, with over 80% of patients in ONWARD3 maintaining clear or almost clear scalp skin at 48 weeks.
• Envudeucitinib (Psoriasis): Approximately 40% of patients achieved complete itch resolution by Week 16, with nearly 80% sustaining clinically meaningful itch reduction through Week 48 in ONWARD3.
• Envudeucitinib (Psoriasis): More than 70% of patients in ONWARD3 maintained a Dermatology Life Quality Index (DLQI) score of 0 or 1 at 48 weeks.
• Envudeucitinib (SLE): The Phase 2b LUMUS trial for systemic lupus erythematosus did not meet its primary and secondary endpoints in the overall trial population.
• Envudeucitinib (SLE): Robust clinical responses were observed in a prespecified subgroup of patients with high interferon gene signature (IFNGS-high), meeting endpoints for BICLA, CLASI-50, SRI-4, and LLDAS.
• Envudeucitinib (SLE): IFNGS-high patients were unexpectedly under-represented in the LUMUS trial, reducing response rates in the overall population.
• A-005: In a Phase 1 healthy volunteer study, A-005 demonstrated the ability to penetrate the central nervous system (CNS) and achieved maximal target inhibition in the periphery.

Market and Competitive Landscape:

• Envudeucitinib demonstrated the highest publicly reported Week 48 PASI 100 response rate among existing and investigational oral psoriasis therapies.
• Patients switching from placebo or apremilast achieved rapid improvements across primary and key secondary endpoints, comparable to those continuously treated at Week 48.

Risks and Challenges:

• The LUMUS trial for SLE failed to meet primary and secondary endpoints in the overall population, though a subgroup analysis showed promise.
• Regulatory approval for envudeucitinib in plaque psoriasis is contingent on the FDA accepting the NDA submission and determining an acceptable safety and efficacy profile.
• Future development in SLE requires further evaluation of development options and regulatory interactions.
• Actual results may differ from forward-looking statements due to risks including clinical trial results, regulatory approvals, and the ability to obtain additional funding.

Management Commentary and Tone:

• Martin Babler, President and CEO, stated that each additional readout from the ONWARD program has strengthened the evidence supporting envudeucitinib's competitive profile in moderate-to-severe plaque psoriasis.
• Management highlighted early and durable improvements in scalp disease severity, itch resolution, and quality of life measures as key differentiators.
• The tone regarding the SLE program was analytical, noting the under-representation of the IFNGS-high subgroup as a key factor in the overall trial results.

Other Key Points:

• The company completed the merger with ACELYRIN, Inc., which previously incurred severance and transaction costs in the prior year.
• A gain on bargain purchase of $187.9 million was recognized in the nine months ended September 30, 2025, but was not present in the current quarter or year-to-date 2026 figures.
• License revenue was $0 for the quarter ended September 30, 2026, compared to $17.4 million in the same period of 2025.
• Intangible assets impairment loss of $41.8 million was recorded for the nine months ended September 30, 2026.
• Total assets increased to $488.7 million as of September 30, 2026, from $411.9 million as of December 31, 2025.
• Stockholders' equity increased to $378.4 million as of September 30, 2026, from $301.3 million as of December 31, 2025.