ALMS

– LUMUS trial did not meet its primary and secondary endpoints in the overall trial population – – Robust responses in the prespecified subgroup of patients with high interferon gene signature (IFNGS-high) support moving forward with Phase 3 development in SLE – – Pharmacodynamic data substantiate envudeucitinib’s potential in interferon-driven immune-mediated diseases – – Envudeucitinib was generally well tolerated with no new safety signals observed – – Alumis remains on track to submit an NDA for envudeucitinib in moderate-to-severe plaque psoriasis in 4Q 2026 – – Conference call and webcast scheduled for September 1 at 8:30 am EDT – SAN FRANCISCO, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a late-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today announced that its Phase 2b LUMUS trial of envudeucitinib for the treatment of moderate-to-severe systemic lupus erythematosus (SLE) did not meet its primary and secondary endpoints in the overall trial population. Notably, key insights from this trial support a clear path forward for regulatory engagement on Phase 3 development. Robust clinical responses were observed in a prespecified subgroup analysis of patients with high interferon gene signature (IFNGS‑high), including on the primary endpoint, British Isles Lupus Assessment Group–based Composite Lupus Assessment (BICLA), and key secondary efficacy endpoints including Cutaneous Lupus Erythematosus Disease Area and Severity Index 50 (CLASI-50), SLE Responder Index 4 (SRI-4), and Lupus Low Disease Activity State (LLDAS). Patients were classified in LUMUS as IFNGS-high or IFNGS-low using a commercially available interferon gene signature assay. IFNGS-high patients, a well-defined group representing the majority of moderate-to-severe SLE cases, typically respond more favorably to interferon pathway-targeted therapies and show lower placebo response rates. In LUMUS, IFNGS-high patients were unexpectedly under-represented, reducing response rates in the overall trial population. “We are extremely grateful to the patients, families, and investigators whose participation made the LUMUS study possible,” said Dr. Jörn Drappa, Chief Medical Officer of Alumis. “Although envudeucitinib did not meet its primary objective in the overall trial population, the magnitude of effect observed in the prespecified IFNGS-high subgroup is highly compelling in a disease with no targeted oral therapies currently available. We plan to engage regulators to discuss Phase 3 development for envudeucitinib.” Patient pharmacodynamic data confirmed robust dose-dependent interferon-pathway target engagement, with maximal suppression observed at the highest dose, 40mg twice-daily, further supporting envudeucitinib’s inhibition of the intended biological pathway and its potential in interferon-driven immune-mediated diseases. In LUMUS, envudeucitinib was well tolerated and demonstrated a favorable safety profile with no new safety signals. “The mechanism validated by these data underscores a multi-indication opportunity for envudeucitinib across Type I interferon-driven diseases, including cutaneous lupus erythematosus and Sjögren’s disease,” said Martin Babler, Chief Executive Officer of Alumis. “We are actively evaluating opportunities to maximize the value of our oral TYK2 portfolio and remain on track to file an NDA for envudeucitinib in moderate-to-severe plaque psoriasis in the fourth quarter of this year.” Conference Call, Presentation and Webcast DetailsAlumis will host a webcast for the investment community to review the Phase 2 LUMUS results which will begin at 5:30 am PDT / 8:30 am EDT on Tuesday, September 1, 2026. The live webcast can be accessed via this link or on the Events tab on the Investors section of the Company’s website. A replay of the webcast will be made available on the Company’s website following the call. About the LUMUS Phase 2b TrialThe global LUMUS Phase 2b trial (NCT05966480) is a randomized, double-blind, placebo-controlled study evaluating multiple doses of envudeucitinib in adults with moderately-to-severely active, autoantibody-positive systemic lupus erythematosus (SLE). The trial enrolled 408 patients who received one of three envudeucitinib doses or placebo for 48 weeks in Part A. The primary endpoint was the assessment of improvements in overall disease activity using the British Isles Lupus Assessment Group-based Composite Lupus Assessment (BICLA) at Week 48. Select secondary endpoints assessed at Week 48 include safety and tolerability, corticosteroid use, and disease activity measured by Cutaneous Lupus Erythematosus Disease Area and Severity Index (CLASI) and SLE Responder Index-4 (SRI-4). After Part A, eligible patients could complete a four-week safety follow-up or participate in LUMUS Part B, a long-term open label extension study. About EnvudeucitinibEnvudeucitinib is a next-generation, highly selective, oral allosteric inhibitor of tyrosine kinase 2 (TYK2) precision-engineered for maximal 24-hour TYK2 inhibition to correct immune dysregulation across a range of diseases driven by IL-23, IL-17, and Type I interferon. It is the only TYK2 inhibitor shown to deliver maximal target inhibition over 24 hours in humans, with clinical data demonstrating sustained TYK2 blockade in patients with psoriasis while minimizing off-target binding and effects. Envudeucitinib has been administered with or without food, with no fasting requirement. Alumis has reported positive results from its Phase 3 ONWARD program of envudeucitinib in moderate-to-severe plaque psoriasis and plans to file an NDA in moderate-to-severe plaque psoriasis in the fourth quarter of 2026. About TYK2 in Immune-Mediated DiseaseTyrosine kinase 2 (TYK2) is a key immune-signaling enzyme that regulates pathways across innate and adaptive immunity, including the IL-23/IL-17 axis and Type I interferon signaling that drive many high-burden immune-mediated diseases. Selective TYK2 inhibition has been widely validated as an effective, safe, and well-tolerated therapeutic approach. Genomic analyses conducted by Alumis highlight TYK2’s broad therapeutic potential, showing that it contributes to the pathogenesis of roughly 20 immune-driven conditions - including psoriasis, lupus, Sjögren’s disease, cutaneous lupus erythematosus, psoriatic arthritis, Crohn’s disease, and ulcerative colitis. Additional evidence supports a genetic rationale for TYK2 inhibition in neuroinflammatory and neurodegenerative diseases where targeting TYK2 may offer a novel approach to treatment. About AlumisAlumis is a late-stage biopharma company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 for the treatment of neuroinflammatory and neurodegenerative diseases, such as Parkinson’s disease. In addition, the pipeline includes several preclinical programs identified through this precision approach. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will" and similar expressions intended to identify forward-looking statements. All statements contained in this press release other than statements of historical facts are forward-looking statements, including without limitation statements regarding: Alumis’ plans to submit an NDA for envudeucitinib in the fourth quarter of 2026; anticipated regulatory interactions in systemic lupus erythematosus, including the potential for prespecified subgroup analyses to inform future Phase 3 development; the therapeutic potential of TYK2 inhibition across immune-mediated diseases and the potential multi-indication opportunity for envudeucitinib in interferon-driven diseases, including cutaneous lupus erythematosus and Sjögren's disease; the development of A-005 for neuroinflammatory and neurodegenerative diseases, including Parkinson’s Disease; the advancement of Alumis’ clinical pipeline; Alumis' plans to evaluate opportunities to maximize the value of the company’s TYK2 portfolio and Alumis’ future plans, strategy, prospects and anticipated milestones, as well as the assumptions underlying any of the foregoing. Forward-looking statements are based on Alumis’ current expectations, estimates, assumptions and projections as of the date of this press release and are subject to significant risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such statements. Readers are cautioned that actual results, timing, safety, efficacy, performance or events and circumstances may differ materially from those expressed or implied in Alumis’ forward-looking statements due to a variety of risks and uncertainties including, without limitation, whether regulatory authorities accept for filing Alumis’ planned NDA submission as well as determine that envudeucitinib demonstrates an acceptable safety and efficacy profile and grant regulatory approval in moderate-to-severe plaque psoriasis; whether clinical results observed to date, including subgroup analyses, will be replicated in larger or later-stage clinical trials; the potential for envudeucitinib to be developed in additional indications; the timing and results of clinical trials; Alumis’ ability to obtain regulatory approval of and ultimately commercialize its product candidates, Alumis’ ability to obtain sufficient funding and achieve anticipated development objectives, and Alumis’ ability to obtain, maintain and enforce intellectual property protection for its programs and product candidates. Additional information regarding these and other risks and uncertainties are contained under the heading “Risk Factors” and elsewhere in Alumis’ filings with the Securities and Exchange Commission (SEC) , including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and subsequent filings with the SEC. Alumis explicitly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. CONTACT: Alumis Contact Information Teri Dahlman, Red House Communications [email protected]

– ONWARD3: 54% of patients reached complete skin clearance (PASI 100) at 48 weeks, positioning envudeucitinib to set a new standard in PsO – – Alumis remains on track to submit its New Drug Application to FDA for envudeucitinib in moderate-to-severe plaque psoriasis (PsO) in Q4 2026 – – Potentially pivotal Phase 2b LUMUS topline data for envudeucitinib in SLE anticipated in Q3 2026 – SOUTH SAN FRANCISCO, Calif., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a late-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the quarter ended June 30, 2026, and highlighted recent achievements and upcoming milestones. “Envudeucitinib's Phase 3 clinical validation in PsO, reinforced by our ONWARD3 long-term data, demonstrates the power of maximal TYK2 inhibition in IL-23/IL-17-driven diseases, and our anticipated Phase 2b LUMUS readout in SLE may substantiate its role in IFN-driven diseases -- potentially unlocking broader potential of our TYK2 franchise,” said Martin Babler, President and Chief Executive Officer of Alumis. “The ONWARD3 long-term data delivered the highest reported PASI 100 response rate among oral therapies, positioning envudeucitinib to set a new standard in PsO. We remain on track to submit a New Drug Application for envudeucitinib in moderate-to-severe plaque psoriasis in Q4 with the goal, if approved, of bringing this new oral treatment option to patients.” “Looking ahead, our main focus is on realizing our two TYK2 pipeline-in-a-pill franchise opportunities.” Babler added, “Based on the strength of clinical data to date, we are prioritizing Sjögren’s disease and cutaneous lupus erythematosus (CLE) as the next indications for envudeucitinib, subject to our LUMUS results and disciplined capital allocation. We are also advancing A-005, our CNS-penetrant TYK2 inhibitor, into a Phase 2 biomarker trial in Parkinson’s disease patients, planned to be initiated in the first half of 2027. Collectively, these programs underscore our goal to leverage the breadth of the TYK2 mechanism to pursue a broad range of immune-mediated diseases.” Second Quarter 2026 and Recent Highlights Envudeucitinib: a next-generation, highly selective oral tyrosine kinase 2 (TYK2) inhibitor, in patients with moderate-to-severe plaque psoriasis Topline results from the ongoing ONWARD3 long-term extension study showed that 75% and 54% of patients achieved PASI 90 and PASI 100, respectively, after up to 48 weeks of continuous envudeucitinib treatment (n=773), with envudeucitinib well tolerated and a safety profile consistent with ONWARD1/2 (LINK TO PR). Alumis remains on track to submit its New Drug Application to FDA for envudeucitinib in PsO in the fourth quarter of 2026. Alumis plans to present additional long-term envudeucitinib data at future medical meetings. Envudeucitinib: Systemic Lupus Erythematosus (SLE) Alumis anticipates potentially pivotal Phase 2b LUMUS topline data for envudeucitinib in SLE in the third quarter of 2026, a milestone with the potential to open the Type I interferon disease pathway for the TYK2 franchise. TYK2 Franchise and Pipeline Update Alumis is prioritizing Sjögren’s disease and cutaneous lupus erythematosus (CLE) as additional interferon-driven indications to pursue for envudeucitinib. Advancement decisions will depend on LUMUS Phase 2b results and disciplined capital allocation. Alumis plans to initiate a Phase 2 biomarker trial for A-005, its central nervous system penetrant TYK2 inhibitor, in patients with Parkinson’s disease, in the first half of 2027. In a Phase 1 healthy volunteer study, A-005 was well-tolerated, achieved maximal target inhibition in the periphery and demonstrated the ability to penetrate into the central nervous system. Alumis completed its strategic review of the lonigutamab program and decided to explore strategic alternatives for this asset. Anticipated 2026 Milestones Envudeucitinib in Moderate-to-Severe Plaque Psoriasis Envudeucitinib in SLE A-005 Next clinical candidate (new target) Second Quarter 2026 Financial Results As of June 30, 2026, Alumis had cash, cash equivalents and marketable securities of $502.3 million. Revenue included collaboration revenue of $1.7 million for the quarter ended June 30, 2026, compared to collaboration revenue of $2.7 million for the quarter ended June 30, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd. Research and development expenses were $85.3 million for the quarter ended June 30, 2026, compared to $108.8 million for the quarter ended June 30, 2025. The decrease was primarily driven by lower clinical trial and contract research costs following completion of enrollment and reporting of positive topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib in patients with PsO in January 2026 and severance costs related to the merger with ACELYRIN, Inc. in the quarter ended June 30, 2025, partially offset by an increase in clinical trial and contract research costs for the Phase 3 ONWARD3 clinical trial and an increase in personnel-related expenses for the quarter ended June 30, 2026. General and administrative expenses were $23.4 million for the quarter ended June 30, 2026, compared to $34.5 million for the quarter ended June 30, 2025. The decrease was primarily attributable to severance and transaction costs related to the merger with ACELYRIN, Inc. in the quarter ended June 30, 2025, partially offset by legal expenses and other costs and an increase in personnel-related expenses for the quarter ended June 30, 2026. Operating expenses for the quarter ended June 30, 2026 included a $41.8 million impairment loss related to the acquired IPR&D intangible asset associated with the lonigutamab program following the Company’s decision to pursue strategic alternatives for the program. Net loss was $142.2 million for the quarter ended June 30, 2026, compared to net income of $59.3 million for the quarter ended June 30, 2025, which included a non-operating gain of $187.9 million related to the merger with ACELYRIN, Inc. Financial Guidance Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of June 30, 2026 are expected to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027. About Alumis Alumis is a late-stage biopharmaceutical company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib, formerly known as ESK-001, for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005, its central nervous system penetrant TYK2 inhibitor, with initial development focused on Parkinson’s disease and additional neuroinflammatory, neurodegenerative and peripheral immune-mediated disease indications under evaluation. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates," "believes," "plans," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation those regarding the timing of the initiation of clinical trials, including a Phase 1 trial for the Company’s next clinical candidate, the timing and results of clinical data readouts in its ongoing clinical trials, including the Company’s Phase 2b LUMUS trial in systemic lupus erythematosus, as well as long-term and safety data in moderate-to-severe plaque psoriasis (PsO), the timing of the Company’s planned NDA submission with the FDA for envudeucitinib in PsO, the Company’s plans to prioritize Sjögren’s disease and cutaneous lupus erythematosus as additional indications for envudeucitinib, the Company’s goal to bring a new oral treatment option to patients with PsO and pursue a broad range of immune-mediated diseases, the timing of the Company’s planned Phase 2 biomarker trial for A-005 in Parkinson’s disease, the potential for envudeucitinib to treat PsO, the potential for envudeucitinib to reshape the psoriasis treatment landscape, systemic lupus erythematosus and other immune-mediated diseases and/or to realize TYK2 franchise pipeline-in-a-pill opportunities, the Company’s plans to explore strategic alternatives for lonigutamab, any expectations regarding the safety, efficacy or tolerability of its drug candidates and statements regarding Alumis’ future plans and prospects, including development of its clinical pipeline and the commencement of additional clinical trials; cash runway; Alumis’ participation at upcoming conferences, and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely and readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis’ forward-looking statements. Such risks and uncertainties include, without limitation, those related to Alumis’ ability to advance envudeucitinib or its other programs and to obtain regulatory approval of and ultimately commercialize Alumis’ clinical candidates, the timing, costs, and results of preclinical and clinical trials, Alumis’ ability to fund development activities and achieve development goals, Alumis’ ability to protect its intellectual property and other risks and uncertainties described in Alumis’ filings with the Securities and Exchange Commission (SEC) under the heading “Risk Factors” and elsewhere in such filings and reports, including any future reports Alumis may file with the SEC from time to time. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. Alumis Contact Information Teri DahlmanRed House [email protected]

With an analyst consensus upside of 79.4%, Alumis Inc. (NASDAQ:ALMS) ranks among the under-the-radar stocks with massive upside for 2026. Alumis Inc. (NASDAQ:ALMS) drew three analyst price target raises after reporting Q1 results and advancing its envudeucitinib pipeline toward a pair of major readouts. On May 19, 2026, Chardan raised its price target to $40 from $38 and kept a “Buy” rating, citing updated pricing assumptions for envudeucitinib, modest changes in psoriasis penetration estimates, and updated financials after Q1 results. On May 15, 2026, Wells Fargo raised its target to $51 from $49 and kept an “Overweight” rating, arguing the Street-implied probability of success for envudeucitinib’s Phase 2b in systemic lupus erythematosus is too low, creating a favorable risk/reward setup ahead of the Q3 readout. Also on May 15, 2026, Guggenheim analyst Yatin Suneja raised the firm’s target on Alumis Inc. (NASDAQ:ALMS) to $34 from $32 and kept a “Buy” rating, with the higher target reflecting the updated cash position following Q1 results. Those updates followed Alumis Inc. (NASDAQ:ALMS)’s Q1 2026 report on May 14, 2026. Alumis Inc. (NASDAQ:ALMS) ended the quarter with $569.5 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the fourth quarter of 2027. Net loss narrowed to $93.1 million from $99.0 million a year earlier. R&D expenses fell to $81.5 million from $96.6 million, primarily due to lower clinical trial costs following completion of enrollment for the pivotal ONWARD1 and ONWARD2 trials. On the pipeline side, Phase 3 envudeucitinib data presented at the 2026 American Academy of Dermatology meeting showed PASI 90 responses of 68.0% and 62.1%, and PASI 100 responses of 41.0% and 39.5% by Week 24. Alumis Inc. (NASDAQ:ALMS) remains on track for an NDA submission in Q4 2026 and a potentially pivotal Phase 2b SLE topline readout in Q3 2026. Alumis Inc. (NASDAQ:ALMS) is a clinical-stage biopharmaceutical company that develops and commercializes medicines for autoimmune disorders. It was formerly known as Esker Therapeutics. While we acknowledge the potential of ALMS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years. Disclosure: None. Follow Insider Monkey on Google News.

On May 15, 2026, Deep Track Capital disclosed a new position in Alumis (NASDAQ:ALMS), acquiring 6,772,595 shares—an estimated $169.31 million trade based on quarterly average pricing. According to a May 15, 2026 SEC filing, Deep Track Capital reported acquiring 6,772,595 shares of Alumis (NASDAQ:ALMS) during the first quarter of 2026. The estimated transaction value was $169.31 million, based on the period’s average unadjusted closing price. As of March 31, 2026, the fund’s Alumis stake was valued at $149.20 million, reflecting both the purchase and stock price changes during the quarter. Top five holdings after the filing: As of Friday, shares of Alumis were priced at $22.02, up about 355% over the past year and well outperforming the S&P 500, which is up about 28% in the same period. Alumis develops clinical-stage biopharmaceutical products targeting autoimmune and neuroinflammatory diseases, with lead assets including ESK-001 and A-005. The firm operates a research-driven business model focused on advancing proprietary TYK2 inhibitors through clinical trials toward potential commercialization. It targets healthcare providers and patients affected by autoimmune disorders such as plaque psoriasis, systemic lupus erythematosus, and neurodegenerative diseases. Alumis is a biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory conditions. It leverages expertise in allosteric TYK2 inhibition to advance a pipeline of differentiated clinical candidates. With a focus on unmet medical needs, Alumis aims to establish a competitive edge through innovative science and targeted clinical development strategies. Deep Track has a history of making concentrated healthcare investments, and Alumis fits that playbook as a late-stage biotech with multiple shots on goal and several potentially value-defining catalysts over the next year.The story is increasingly centered on envudeucitinib, the company's TYK2 inhibitor for autoimmune diseases. Recent Phase 3 psoriasis data showed PASI 90 response rates of 68.0% and 62.1% by Week 24, with PASI 100 rates reaching 41.0% and 39.5%. Management says it remains on track to submit an NDA in the fourth quarter of this year, while potentially pivotal Phase 2b lupus data are expected in the third quarter.CEO Martin Babler said the results reinforce the drug's potential to "reshape the psoriasis treatment landscape" and described envudeucitinib as a potential "pipeline in a pill" with opportunities across additional immune-mediated diseases.Financially, Alumis ended the quarter with $569.5 million in cash, cash equivalents, and marketable securities and expects that capital to fund operations into the fourth quarter of 2027.For long-term investors, the thesis is straightforward. If upcoming lupus data and the planned psoriasis filing go well, today's valuation could look conservative. If either disappoints, the stock's remarkable run may prove difficult to sustain. Before you buy stock in Alumis, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alumis wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $477,813!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,320,088!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 24, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Guardant Health. The Motley Fool has a disclosure policy. This Biotech Stock Is Up 355%. One Fund Added a $169 Million Position Last Quarter was originally published by The Motley Fool

On May 15, 2026, Cormorant Asset Management disclosed a buy of 313,645 shares of Alumis (NASDAQ:ALMS), with the estimated transaction value at $7.84 million based on quarterly average pricing. According to a May 15, 2026 SEC filing, Cormorant Asset Management increased its position in Alumis by 313,645 shares during the first quarter. The firm’s estimated trade size was $7.84 million, calculated using the quarter’s average closing price. The stake’s value at quarter-end rose by $51.52 million, a figure that incorporates both buying activity and market price movements. Cormorant’s buy brings its Alumis stake to 4.37% of 13F assets as of March 31, 2026. Top holdings after the filing: NASDAQ:PRAX: $285.30 million (14.4% of AUM) NASDAQ:BBOT: $160.01 million (8.1% of AUM) NASDAQ:EYPT: $106.54 million (5.4% of AUM) NASDAQ:EWTX: $102.69 million (5.2% of AUM) NASDAQ:ERAS: $93.84 million (4.7% of AUM) As of May 14, 2026, Alumis shares were priced at $24.63, up about 400% over the past year and vastly outperforming the S&P 500’s roughly 25% gain in the same period. Alumis develops clinical-stage biopharmaceutical products targeting autoimmune and neuroinflammatory diseases, including ESK-001 and A-005, with a focus on allosteric TYK2 inhibitors. The company operates a research-driven model, advancing proprietary drug candidates through clinical trials. It targets healthcare providers and pharmaceutical partners addressing autoimmune and neurodegenerative conditions, with a primary focus on the biotechnology and healthcare sectors. Alumis is a clinical-stage biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory disorders. The company leverages its expertise in allosteric TYK2 inhibition to advance a pipeline of differentiated drug candidates. With a research-centric strategy and a focus on high unmet medical needs, Alumis aims to establish a competitive edge in the biopharmaceutical landscape. This is one of several buys Cormorant made last quarter into high-flying biotechs. With shares up roughly 400% over the past year, the fund added even more exposure, signaling confidence that the company’s late-stage autoimmune pipeline could continue driving upside from here.A lot of that optimism centers around envudeucitinib, Alumis’ oral TYK2 inhibitor for plaque psoriasis and lupus. Just last week, the company reported strong Phase 3 psoriasis data showing PASI 90 response rates above 60% and PASI 100 rates ofo about 40% by Week 24, results management said support the drug’s potential as a leading oral psoriasis therapy. Alumis also said it remains on track to submit an NDA in the fourth quarter of 2026, while potentially pivotal lupus data are expected in the third quarter.The balance sheet also gives the company flexibility. Alumis ended March with about $569.5 million in cash, cash equivalents, and marketable securities, which management says should fund operations into late 2027.As with its other buys (in Dianthus and Erasca), the opportunity is clear, but so is the risk. Expectations are now extremely high after the stock’s massive run, meaning future clinical data will matter far more than hype alone. Before you buy stock in Alumis, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alumis wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $469,293!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,332!* Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 17, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Alumis Stock Has Soared 400%. Cormorant Bought Another $8 Million Last Quarter was originally published by The Motley Fool

– Late-breaking oral presentation of Phase 3 envudeucitinib data in moderate-to-severe plaque psoriasis (PsO) at the 2026 American Academy of Dermatology (AAD) Annual Meeting demonstrating early and robust improvements in skin clearance, quality of life, and symptoms – – Data showed robust PASI responses by Week 16, with significant continued improvements by Week 24 in PASI 90 (68.0%, 62.1%) and PASI 100 (41.0%, 39.5%) – – Data continue to underscore envudeucitinib’s potential as a leading oral therapy for PsO; plans to submit NDA in 4Q 2026 remain on track – – Potentially pivotal Phase 2b topline data for envudeucitinib in systemic lupus erythematosus (SLE) anticipated 3Q 2026 – SOUTH SAN FRANCISCO, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a late-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the quarter ended March 31, 2026, and highlighted recent achievements and upcoming milestones. "Alumis delivered a focused and productive first quarter, building on the Phase 3 clinical validation of envudeucitinib in moderate-to-severe plaque psoriasis and reinforcing the differentiated potential of maximal TYK2 inhibition," said Martin Babler, President and Chief Executive Officer of Alumis. "Late-breaking Phase 3 data at the 2026 American Academy of Dermatology Annual Meeting demonstrated leading skin-clearance outcomes and meaningful improvements in patient-reported quality-of-life measures, supporting a compelling emerging profile for physicians and patients, if approved, and further strengthening our confidence in envudeucitinib’s potential to reshape the psoriasis treatment landscape." Babler added, "We remain on track for our NDA submission in the fourth quarter of this year, as well as the potentially pivotal LUMUS Phase 2b topline readout in SLE in the third quarter. With continued progress across both indications, envudeucitinib is emerging as a potential ‘pipeline in a pill’, supporting expansion into additional immune-mediated diseases. We are evaluating further indications under a unified TYK2 franchise strategy and expect to share further updates later this year." First Quarter 2026 and Recent Highlights Envudeucitinib: a next-generation, highly selective oral tyrosine kinase 2 (TYK2) inhibitor, in patients with moderate-to-severe plaque psoriasis Late-breaking oral presentation of Phase 3 ONWARD1 and ONWARD2 envudeucitinib data at the 2026 American Academy of Dermatology (AAD) Annual Meeting (link to presentation) Envudeucitinib achieved robust PASI responses by Week 16, with significant continued improvements by Week 24, including PASI 90 responses of 68.0% and 62.1% and PASI 100 responses of 41.0% and 39.5% Quality-of-life improvements and itch relief emerged ahead of PASI 90 skin clearance, highlighting envudeucitinib’s early onset and broad clinical benefit Clear or almost clear scalp psoriasis, a high-impact, difficult-to-treat area, emerged as early as Week 4 in more than 30% of patients, and was observed in approximately three out of four patients by Week 241 Envudeucitinib demonstrated a favorable safety and tolerability profile consistent with the Phase 2 program Company management participated in a virtual key opinion leader (KOL) event following the AAD presentation featuring leading dermatology and psoriasis expert Dr. Andrew Blauvelt (link to the presentation and webcast replay: https://shorturl.at/A4Dh2) Narrative review published in peer-reviewed Dermatology and Therapy highlights envudeucitinib as a next-generation, oral, allosteric TYK2 inhibitor with strong molecular properties and favorable clinical efficacy and safety in psoriasis. The review synthesizes preclinical and clinical evidence demonstrating potent, sustained TYK2 inhibition and reinforces its potential across psoriasis and other immune-mediated diseases. (link to publication) Lonigutamab Update Alumis has completed its strategic review of the lonigutamab program and decided to explore strategic alternatives for this asset. Anticipated 2026 Milestones Envudeucitinib in Moderate-to-Severe Plaque Psoriasis Long-term data - ONWARD3 topline data and Phase 2, two-year safety data (2H 2026) NDA submission (4Q 2026) Envudeucitinib in SLE Potentially pivotal Phase 2b SLE topline data (3Q 2026) TYK2 Franchise Update on unified TYK2 franchise development strategy, including evaluation of additional indications (2Q 2026) Next clinical candidate (new target) Initiate Phase 1 trial (2H 2026) First Quarter 2026 Financial Results As of March 31, 2026, Alumis had cash, cash equivalents and marketable securities of $569.5 million. Revenue included collaboration revenue of $1.7 million for the three months ended March 31, 2026, compared to license revenue of $17.4 million for the three months ended March 31, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd. Research and development expenses were $81.5 million for the three months ended March 31, 2026, compared to $96.6 million for the three months ended March 31, 2025. The decrease was primarily driven by lower contract research and clinical trial costs following completion of enrollment and reporting of positive topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib in patients with PsO in January 2026, partially offset by an increase in personnel-related expenses. General and administrative expenses were $18.6 million for the three months ended March 31, 2026, compared to $22.3 million for the three months ended March 31, 2025. The decrease was primarily attributable to transaction costs related to the merger with ACELYRIN, Inc. in the three months ended March 31, 2025, partially offset by an increase in personnel-related expenses. Net loss was $93.1 million for the three months ended March 31, 2026, compared to $99.0 million for the three months ended March 31, 2025. Financial Guidance Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of March 31, 2026 are expected to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027. About Alumis Alumis is a late-stage biopharmaceutical company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib, formerly known as ESK-001, for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 with neuroinflammatory, neurodegenerative and peripheral immune-mediated disease indications under evaluation. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates," "believes," "plans," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation those regarding the timing of the initiation of clinical trials, including a Phase 1 trial for the Company's next clinical candidate, the timing of clinical data readouts in its ongoing clinical trials, including long-term and safety data, the timing of the Company’s planned NDA submission with the FDA for envudeucitinib in moderate-to-severe plaque psoriasis, the expected timing of the presentation of the Company’s TYK2 franchise strategy and the evaluation of additional indications, the potential for envudeucitinib to treat moderate-to-severe plaque psoriasis, the potential for envudeucitinib to reshape the psoriasis treatment landscape, systemic lupus erythematosus and other immune-mediated diseases, the Company's plans to explore strategic alternatives for lonigutamab, any expectations regarding the safety, efficacy or tolerability of its drug candidates and statements regarding Alumis’ future plans and prospects, including development of its clinical pipeline and the commencement of additional clinical trials; cash runway; Alumis’ participation at upcoming conferences, and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely and readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis’ forward-looking statements. Such risks and uncertainties include, without limitation, those related to Alumis’ ability to advance envudeucitinib or its other programs and to obtain regulatory approval of and ultimately commercialize Alumis’ clinical candidates, the timing, costs, and results of preclinical and clinical trials, Alumis’ ability to fund development activities and achieve development goals, Alumis’ ability to protect its intellectual property and other risks and uncertainties described in Alumis’ filings with the Securities and Exchange Commission (SEC) under the heading “Risk Factors” and elsewhere in such filings and reports, including any future reports Alumis may file with the SEC from time to time. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. Alumis Contact Information Teri Dahlman Red House Communications [email protected] ______________________ 1 Based on patients with baseline ss-PGA ≥3.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Alumis (ALMS) has put envudeucitinib at the center of the story after releasing Phase 3 ONWARD1 and ONWARD2 data in moderate to severe plaque psoriasis, alongside plans to seek FDA approval this year. For you as an investor, this is a clinically focused event with direct relevance for how the market may view Alumis’ pipeline, risk profile, and potential future revenue sources if envudeucitinib reaches the market. See our latest analysis for Alumis. Alumis’ Phase 3 readout lands after a volatile stretch, with a 1 day share price return of 2.82%, a 30 day share price decline of 15.45%, and a 90 day share price return of 160.97%, while the 1 year total shareholder return of 132.54% signals momentum that has been strong over a longer window. If this kind of clinical catalyst has your attention, it can be useful to see which other healthcare names are moving on similar themes, starting with 36 healthcare AI stocks With ALMS shares up about 161% over 90 days but still trading roughly 36% below the average analyst target of US$38.40, investors may be wondering whether this represents a fresh entry point or whether the market is already accounting for expected future growth. Alumis trades on a P/B of 9.9x, and that figure sits against the last close of $23.37 and strong recent share price gains. P/B compares the company’s market value to its accounting book value, which can matter a lot for a clinical stage biopharma where most value sits in R&D and future pipeline potential rather than current earnings. With Alumis still unprofitable and reporting a loss of $243.33m on revenue of $24.05m, the market is clearly assigning a premium to its assets and future prospects rather than present profitability. On a peer comparison, the signal is mixed. The stock is described as good value versus its peer average P/B of 23.5x, yet expensive versus the broader US Pharmaceuticals industry average of 2.2x. That combination suggests the current 9.9x multiple prices Alumis closer to higher rated pipeline stories than to the wider group. Any change in sentiment around its TYK2 franchise or broader autoimmune pipeline could influence where that multiple settles next. See what the numbers say about this price — find out in our valuation breakdown. Result: Price to book ratio of 9.9x (ABOUT RIGHT) However, you still need to weigh risks such as clinical or regulatory setbacks for envudeucitinib and ongoing losses of $243.33m that may require future funding. Find out about the key risks to this Alumis narrative. With mixed signals across valuation, clinical progress, and ongoing losses, views on Alumis are likely to be split. It makes sense to review the data yourself and decide where you stand, starting with the 1 key reward and 3 important warning signs. If Alumis has your attention, do not stop here. Broadening your watchlist with other focused ideas can help you spot opportunities you might otherwise miss. Target value first and see which companies combine quality fundamentals with pricing that looks appealing using the 59 high quality undervalued stocks. Prioritise resilience and check out stocks that score well on stability and financial strength through the 68 resilient stocks with low risk scores. Hunt for potential standouts that the market may be overlooking by scanning the screener containing 25 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ALMS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

– Positive Phase 3 topline results demonstrating envudeucitinib’s leading skin clearance, meaningful symptom improvement and a favorable safety profile in patients with moderate-to-severe plaque psoriasis (PsO) – – Plan to submit NDA for envudeucitinib in PsO in 2H 2026 – – Potentially pivotal Phase 2b clinical topline data for envudeucitinib in systemic lupus erythematosus (SLE) anticipated 3Q 2026 – – Presentation of additional Phase 3 ONWARD1 and ONWARD2 data at AAD 2026 – – Completed an upsized public offering raising $345.1 million in gross proceeds in Jan 2026 – SOUTH SAN FRANCISCO, Calif., March 19, 2026 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a late-stage biopharma company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the year ended December 31, 2025, and highlighted recent achievements and upcoming milestones. “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,” said Martin Babler, President and Chief Executive Officer of Alumis. “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. 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.” Babler added, “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. Alumis is evaluating additional indications for our TYK2 inhibitors as part of a unified franchise development strategy that we plan to announce in the second quarter of 2026.” Fourth Quarter 2025 and Recent Highlights Positive topline results from Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib, a next-generation highly selective oral tyrosine kinase 2 (TYK2) inhibitor, in patients with moderate-to-severe plaque psoriasis Both Phase 3 trials met all primary and secondary endpoints with high statistical significance in patients with moderate-to-severe plaque psoriasis Envudeucitinib showed leading skin clearance for oral plaque psoriasis therapies, with approximately 65% of patients achieving PASI 90 and more than 40% achieving PASI 100 at Week 24, on average Envudeucitinib demonstrated a favorable safety and tolerability profile consistent with the Phase 2 program Completed closing of its upsized underwritten public offering of 20,297,500 shares of its common stock, including the full exercise of the underwriters' option to purchase an additional 2,647,500 shares, at a price to the public of $17.00 per share Gross proceeds to Alumis from the offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $345.1 million TYK2 Pipeline Update Given the strength and insights from the Phase 3 envudeucitinib data in PsO and the Phase 2 readiness of A‑005, Alumis is well-positioned to expand the potential of its TYK2 pipeline. Alumis is currently evaluating additional immune‑mediated disease indications for envudeucitinib beyond PsO and SLE, and for its A‑005 program in central nervous system (CNS) and peripheral diseases, under a unified TYK2 franchise development strategy. Alumis will provide an update of the TYK2 franchise strategy for both programs in the second quarter of 2026, including a timing update for commencing A‑005’s Phase 2 trial. Anticipated 2026 Milestones Envudeucitinib in Moderate-to-Severe Plaque Psoriasis Late-breaking oral presentation of additional Phase 3 data (ONWARD1 and ONWARD2) at the American Academy of Dermatology (AAD) Annual Meeting taking place March 27-31 in Denver, CO Company management to participate in a virtual key opinion leader (KOL) event featuring leading dermatology and psoriasis expert Dr. Andrew Blauvelt, to discuss results from the Phase 3 ONWARD program that were presented at AAD Long-term data - ONWARD3 topline data and Phase 2, two-year safety data (2H 2026) NDA submission (2H 2026) Envudeucitinib in SLE Potentially pivotal Phase 2b SLE topline data (3Q 2026) TYK2 Franchise Update on unified TYK2 franchise development strategy, including evaluation of additional indications (2Q 2026) Lonigutamab Completion of strategic review (1H 2026) Next clinical candidate (new target) Initiate Phase 1 trial (2H 2026) Year-end 2025 Financial Results As of December 31, 2025, Alumis had cash, cash equivalents and marketable securities of $308.5 million. Revenue included license revenue of $17.4 million and collaboration revenue of $6.7 million for the year ended December 31, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd. Research and development expenses were $386.0 million for the year ended December 31, 2025, compared to $265.6 million for the year ended December 31, 2024. The increase was primarily driven by contract research and clinical trial costs for the envudeucitinib and other programs, including costs to support acceleration of clinical trial activities for the Phase 3 ONWARD clinical program, as well as increased headcount to support development efforts and severance costs, including stock-based compensation expense, related to the merger with ACELYRIN. The year ended December 31, 2024 included a clinical milestone payment of $23.0 million related to the prior acquisition of FronThera. General and administrative expenses were $91.9 million for the year ended December 31, 2025, compared to $35.2 million for the year ended December 31, 2024. The increase was primarily attributable to transaction and severance costs, including stock-based compensation expense, related to the merger with ACELYRIN, as well as increased headcount and professional consulting services to support the Company’s growth. Net loss was $243.3 million for the year ended December 31, 2025, compared to a net loss of $294.2 million for the year ended December 31, 2024. The Company recognized total expenses related to the merger with ACELYRIN of $39.7 million for the year ended December 31, 2025, of which $30.2 million related to general and administrative expenses for the year ended December 31, 2025, and $9.5 million related to research and development expenses for the year ended December 31, 2025. These merger-related expenses included stock-based compensation expense of $13.1 million for the year ended December 31, 2025, related to accelerated vesting of equity awards and a stock option post-termination exercise period modification for severed employees. Financial Guidance Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of December 31, 2025, as well as net proceeds of $324.4 million, after underwriting discounts and commissions, from its public offering of common stock in January 2026, is expected to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027. About Alumis Alumis is a late-stage biopharma company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib, formerly known as ESK-001, for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 with neuroinflammatory, neurodegenerative and peripheral immune-mediated disease indications under evaluation. In addition, the pipeline includes lonigutamab, a subcutaneously delivered anti–insulin-like growth factor 1 receptor therapy for the treatment of thyroid eye disease, as well as several preclinical programs identified through this precision approach. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates," "believes,", "plans," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation those regarding the timing of the initiation of a clinical trial, or the timing of clinical data in its ongoing clinical trials, the timing of the Company’s planned NDA submission with the FDA for envudeucitinib in moderate-to-severe plaque psoriasis, the expected timing of each of the Company’s completion of its strategic review for lonigutamab, determination of its next clinical candidate and presentation of its TYK2 franchise strategy, the potential for envudeucitinib to treat moderate-to-severe plaque psoriasis and systemic lupus erythematosus, any expectations regarding the safety, efficacy or tolerability of its drug candidates and statements regarding Alumis’ future plans and prospects, including development of its clinical pipeline and the commencement of additional clinical trials; cash runway; Alumis’ participation at upcoming conferences, and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely and readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis’ forward-looking statements. Such risks and uncertainties include, without limitation, those related to Alumis’ ability to advance envudeucitinib or its other programs and to obtain regulatory approval of and ultimately commercialize Alumis’ clinical candidates, the timing, costs, and results of preclinical and clinical trials, Alumis’ ability to fund development activities and achieve development goals, Alumis’ ability to protect its intellectual property and other risks and uncertainties described in Alumis’ filings with the Securities and Exchange Commission (SEC). Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. Alumis Contact Information Teri Dahlman Red House Communications [email protected]

On February 2, BML Capital Management disclosed in a Securities and Exchange Commission filing that it sold out of Alumis (NASDAQ:ALMS), liquidating 1,210,415 shares in an estimated $4.83 million trade. According to a Securities and Exchange Commission (SEC) filing dated February 2, BML Capital Management reported a complete sale of its 1,210,415-share stake in Alumis (NASDAQ:ALMS). As a result, the fund's quarter-end position value in Alumis decreased by $4.83 million, and it now holds no shares. Top holdings after the filing: NASDAQ: ACRS: $42.89 million (38.0% of AUM) NASDAQ: AVIR: $26.74 million (23.7% of AUM) NASDAQ: ORMP: $9.03 million (8.0% of AUM) NASDAQ: TIL: $7.10 million (6.3% of AUM) NASDAQ: PMVP: $6.62 million (5.9% of AUM) As of February 2, shares of Alumis were priced at $26.42, up a staggering 255.1% over the prior year and well outperforming the S&P 500’s roughly 15% gain in the same period. Alumis develops clinical-stage therapies for autoimmune and neuroinflammatory disorders, including ESK-001 and A-005 targeting TYK2 inhibition. The company operates a biopharmaceutical business model focused on advancing proprietary drug candidates through clinical trials toward regulatory approval and commercialization. It targets patients with autoimmune diseases such as plaque psoriasis, systemic lupus erythematosus, and neurodegenerative conditions. Alumis is a clinical-stage biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory diseases. The company leverages expertise in TYK2 inhibition to advance a pipeline of differentiated drug candidates addressing significant unmet medical needs. With a focus on innovation and clinical rigor, Alumis seeks to establish a competitive position in the biopharmaceutical sector through targeted therapeutic development. BML Capital’s move is a reminder that even disciplined portfolio decisions can collide with fast-moving catalysts. The sale was completed by December 31, as of the filing’s period-end date, before Alumis announced its January upsized public offering and before shares went on to surge roughly 200% in the weeks that followed. At the time, the decision was defensible. Alumis was a clinical-stage biotech with no approved products and heavy R&D spend. As of the third quarter, the company reported $377.7 million in cash and marketable securities, but advancing its TYK2 inhibitor programs toward late-stage trials requires deep pockets and patience. For a fund concentrated in early-stage biotech, risk management might often mean trimming or exiting ahead of known financing events. What changed was the market’s reaction. The January offering removed balance-sheet uncertainty and flipped the narrative from capital risk to clinical optionality. Momentum followed quickly, repricing the stock well ahead of any new trial data. Ultimately, this portfolio remains heavily skewed toward development-stage names, suggesting the exit was about exposure control rather than a negative read on the science. The lesson isn’t necessarily about regret. After all, in biotech, capital events can reset sentiment faster than fundamentals, and sometimes the biggest moves happen after the risk you were managing disappears. Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this. On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $481,421!* Apple: if you invested $1,000 when we doubled down in 2008, you’d have $51,367!* Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $446,319!* Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of February 2, 2026 Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Atea Pharmaceuticals. The Motley Fool has a disclosure policy. Alumis Stock Has Rallied 250% This Past Year. One Fund Sold Its $5 Million Stake Last Quarter. was originally published by The Motley Fool

SOUTH SAN FRANCISCO, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a clinical-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the quarter ended September 30, 2025, and highlighted recent achievements. “As we continue to advance our pipeline, we are entering an important period for Alumis. Our teams have been working diligently, and we are eagerly anticipating key milestones ahead - with topline Phase 3 ONWARD data for envudeucitinib (envu) in moderate-to-severe plaque psoriasis (PsO) expected to be announced early in the first quarter of 2026, followed by topline Phase 2b LUMUS data in systemic lupus erythematosus (SLE) in the third quarter,” said Martin Babler, President and Chief Executive Officer of Alumis. “These data readouts have the potential to validate envu’s differentiated profile and unlock broader opportunities across immune-mediated diseases—representing meaningful inflection points for both the company and the patients we aim to serve.” Babler added, "Our robust pipeline, spanning late-stage, clinical programs and advanced preclinical candidates, reflects the strength of our precision immunology R&D platform and our mission to transform the treatment landscape for immune-mediated diseases. Leveraging a validated mechanism with broad therapeutic potential, our two next-generation oral TYK2 inhibitor programs position us well to advance on this mission.” Third Quarter 2025 and Recent Highlights Envudeucitinib, a highly selective, next-generation oral tyrosine kinase 2 (TYK2) inhibitor for the treatment of immune-mediated diseases, including PsO and SLE The Journal of the American Academy of Dermatology (JAAD) has published two separate manuscripts describing results from the Phase 2 STRIDE clinical trial in moderate-to-severe PsO in which data demonstrate sustained or increasing response rates and a well-tolerated safety profile supporting envu’s potential to offer a differentiated profile for the treatment of moderate-to-severe plaque psoriasis: “Safety and efficacy of envudeucitinib, a highly selective, oral allosteric TYK2 inhibitor, in patients with moderate-to-severe plaque psoriasis: Results from the 52-week open-label extension period of the phase 2 STRIDE study” published in October “Highly selective, allosteric inhibition of TYK2 with oral ESK-001 in patients with moderate-to-severe plaque psoriasis: Results from STRIDE, a 12-week, randomized, double-blinded, placebo-controlled, dose-ranging phase 2 study” published in July A-005, a potentially first-in-class fully CNS-penetrant oral TYK2 inhibitor for the treatment of neuroinflammatory and neurodegenerative diseases A poster presentation entitled “Pharmacokinetics, pharmacodynamics and CNS penetration of A-005: a novel TYK2 inhibitor for MS” was given at the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) Congress demonstrating a favorable pharmacokinetic profile, maximal TYK2 inhibition and the ability to cross the blood-brain barrier while being well-tolerated with no serious adverse events, supporting a planned Phase 2 clinical trial in multiple sclerosis. Lonigutamab, next-generation subcutaneous anti-IGF-1R therapy for the treatment of thyroid eye disease (TED) A poster presentation entitled “Safety, efficacy and quality of life outcomes of subcutaneous lonigutamab (anti-IGF-1R): Week 12 results from a Phase 1/2 proof of concept study in patients with thyroid eye disease” was given at the annual meeting of the American Society of Ophthalmic Plastic and Reconstructive Surgery (ASOPRS) highlighting the differentiated mechanism of action, safety profile and potential of lonigutamab in TED. Anticipated Milestones Envu: topline data from ONWARD1 and ONWARD2 in moderate-to-severe plaque psoriasis are expected early in the first quarter of 2026. Envu: topline data from LUMUS in SLE are expected in the third quarter of 2026. Envu: Alumis expects to establish a once-daily formulation in 2025. A-005: initiation of a Phase 2 clinical trial in multiple sclerosis is anticipated in the first half of 2026. Lonigutamab: the lonigutamab development program continues to be evaluated. Third internally-developed program: Phase 1 clinical data is anticipated in the second half of 2026. Third Quarter 2025 Financial Results As of September 30, 2025, Alumis had cash, cash equivalents and marketable securities of $377.7 million. Revenue included collaboration revenue of $2.1 million for the quarter ended September 30, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd. Research and development expenses were $97.8 million for the quarter ended September 30, 2025, compared to $87.8 million for the quarter ended September 30, 2024. The increase was driven by an increase in contract research and clinical trial costs for the envu and other programs, including costs to support acceleration of clinical trial activities for the Phase 3 ONWARD program, as well as severance costs and stock-based compensation expense related to the merger with ACELYRIN, and increased headcount in research and development teams to support development efforts. The quarter ended September 30, 2024 included a clinical milestone payment of $23.0 million related to the prior acquisition of FronThera. General and administrative expenses were $19.5 million for the quarter ended September 30, 2025, compared to $10.6 million for the quarter ended September 30, 2024. The increase was primarily attributable to severance costs and stock-based compensation expense related to the merger with ACELYRIN, and personnel-related expenses and professional consulting services to support the Company’s growth. Net loss was $110.8 million for the quarter ended September 30, 2025, compared to a net loss of $93.1 million for the quarter ended September 30, 2024. The Company recognized total expenses related to the merger with ACELYRIN of $6.3 million and $40.8 million for the three and nine months ended September 30, 2025, respectively, of which $2.8 million and $30.6 million related to general and administrative expenses for the three and nine months ended September 30, 2025, respectively, and $3.5 million and $10.2 million related to research and development expenses for the three and nine months ended September 30, 2025. These merger-related expenses included stock-based compensation expense of $2.1 million and $12.9 million for the three and nine months ended September 30, 2025, respectively, related to accelerated vesting of equity awards and a stock option post-termination exercise period modification for severed employees. Financial Guidance Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of September 30, 2025 is expected to support advancement of its pipeline through multiple planned key clinical data readouts and to fund operating expenses and capital expenditure requirements into 2027. About Alumis Alumis is a late-stage biopharma company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib (or envu, formerly known as ESK-001) for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 for the treatment of neuroinflammatory and neurodegenerative diseases. In addition, the pipeline includes lonigutamab, a subcutaneously delivered anti–insulin-like growth factor 1 receptor therapy for the treatment of thyroid eye disease, as well as several preclinical programs identified through this precision approach. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation those regarding the timing of Alumis’ topline readouts in its Phase 3 ONWARD program and Phase 2b LUMUS clinical trial, the potential for envudeucitinib to treat moderate-to-severe plaque psoriasis and systemic lupus erythematosus, any expectations regarding the safety, efficacy or tolerability of envudeucitinib and statements regarding Alumis’ future plans and prospects, including development of its clinical pipeline and the commencement of additional clinical trials; cash runway; Alumis’ participation at upcoming conferences, and any assumptions underlying any of the foregoing, are forward-looking statements. Any forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis’ forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to Alumis’ ability to advance envudeucitinib or its other programs and to obtain regulatory approval of and ultimately commercialize Alumis’ clinical candidates, the timing and results of preclinical and clinical trials, Alumis’ ability to fund development activities and achieve development goals, Alumis’ ability to protect its intellectual property and other risks and uncertainties described in Alumis’ filings with the Securities and Exchange Commission (SEC), including any future reports Alumis may file with the SEC from time to time. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. CONTACT: Alumis Contact Information Teri Dahlman Red House Communications [email protected]

–Completed enrollment in Phase 3 ONWARD clinical trials for envudeucitinib in moderate-to-severe plaque psoriasis; topline readout expected in early Q1 2026– –Completed enrollment in Phase 2b LUMUS clinical trial for envudeucitinib in systemic lupus erythematosus (SLE); topline readout expected in Q3 2026– –Completed merger with ACELYRIN, Inc. to strengthen financial position and support advancement of late-stage immunology pipeline– –Cash, cash equivalents and marketable securities of $486.3 million as of June 30, 2025 expected to fund operations into 2027– SOUTH SAN FRANCISCO, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a clinical-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the quarter ended June 30, 2025, and highlighted recent achievements and upcoming milestones. “With patient enrollment now complete in the pivotal Phase 3 ONWARD program for plaque psoriasis and the Phase 2b LUMUS trial in SLE, Alumis has achieved key clinical milestones for envudeucitinib, or “envu” (formerly known as ESK-001), and we look forward to topline data from ONWARD expected in early Q1 2026, and LUMUS topline data expected to follow in Q3 2026,” said Martin Babler, President and Chief Executive Officer of Alumis. “We continue to move forward on all fronts with momentum and a clear focus on advancing a differentiated pipeline of immune-mediated treatments. With the completion of our merger with ACELYRIN, we are well positioned to drive our programs through key inflection points in the next 12 months.” Second Quarter 2025 and Recent Highlights, and Anticipated Milestones Envudeucitinib Progress Envudeucitinib designated generic name for ESK-001 The United States Adopted Names (USAN) Council has officially designated “envudeucitinib” as the nonproprietary name for Alumis’ investigational therapy ESK-001, marking a step forward in its regulatory and clinical development. The Company will use this generic name, envudeucitinib, or “envu” to refer to ESK-001 going forward. Completed patient enrollment in the Phase 2b global LUMUS clinical trial of envudeucitinib (or envu, formerly known as ESK-001) for the treatment of SLE The global LUMUS Phase 2b trial is a randomized, double-blind, placebo-controlled study evaluating multiple doses of envu in adults with moderately-to-severely active, autoantibody-positive SLE. The trial enrolled 408 patients who are receiving envu or placebo for 48 weeks. The primary endpoint will be to assess improvements in overall disease activity using the British Isles Lupus Assessment Group-based Composite Lupus Assessment (“BICLA”) at Week 48. After the trial, eligible patients may participate in an open-label extension or complete a four-week safety follow-up. Topline data from LUMUS are expected in the third quarter of 2026. Completed patient enrollment in the pivotal Phase 3 global ONWARD clinical program of envu for the treatment of moderate-to-severe plaque psoriasis The Phase 3 ONWARD clinical program consists of two parallel global Phase 3, multi-center, randomized, double-blind placebo-controlled 24-week clinical trials, ONWARD1 and ONWARD2, designed to evaluate the efficacy and safety of envu in adult patients with moderate-to-severe plaque psoriasis. ONWARD3, an optional long-term extension trial for patients who have completed Week 24, is currently ongoing to assess the durability, maintenance of response, and long-term safety of envu. Topline data from ONWARD1 and ONWARD2 are expected early in the first quarter of 2026. Pipeline Updates A-005, potentially first-in-class fully CNS-penetrant TYK2 inhibitor for the treatment of neuroinflammatory and neurodegenerative diseases A-005 continues to advance towards Phase 2 clinical trial initiation with CMC and pharmacology activities on track, and ongoing preclinical and genetic research efforts to support potential expansion into additional neurodegenerative indications. Resources required to support the successful acceleration of clinical trial enrollment for envudeucitinib have resulted in an adjustment to pipeline program timelines. A-005 is anticipated to enter a Phase 2 clinical trial in multiple sclerosis in the first half of 2026. Third development program based on precision R&D approach Alumis continues to leverage its proprietary data analytics and research platform to advance discovery programs that target key drivers of immune-mediated diseases. In addition to its two clinical-stage TYK2 inhibitor programs, the Company continues to evaluate additional development programs against undisclosed targets in preclinical studies. Alumis anticipates Phase 1 clinical data from the next program in the second half of 2026. Lonigutamab, next-generation subcutaneous anti-IGF-1R therapy for the treatment of TED The U.S. Food and Drug Administration has granted Fast Track Designation to lonigutamab for the treatment of thyroid eye disease (TED). This designation is designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need. The lonigutamab development program continues to be evaluated. Corporate Highlights Promoted Sanam Pangali to Chief Legal Officer and Corporate Secretary Ms. Pangali brings nearly two decades of legal expertise through senior legal roles at companies across the biopharmaceutical, technology, and renewable energy industries. Sanam most recently served as Senior Vice President, Legal of Alumis, and an invaluable member of the senior leadership team. Completed merger with ACELYRIN, Inc. (“ACELYRIN”) to strengthen financial position and support advancement of late-stage immunology pipeline Merger strengthened balance sheet to support advancement of Alumis’ differentiated late-stage pipeline through multiple planned key data readouts. Second Quarter 2025 Financial Results As of June 30, 2025, Alumis had cash, cash equivalents and marketable securities of $486.3 million. Revenue included collaboration revenue of $2.7 million for the quarter ended June 30, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical. Research and development expenses were $108.8 million for the quarter ended June 30, 2025, compared to $48.6 million for the quarter ended June 30, 2024. The increase was driven by an increase in contract research and clinical trial costs for the envu and other programs, including costs to support acceleration of clinical trial activities for the Phase 3 ONWARD program, severance costs and stock-based compensation expense related to the merger with ACELYRIN, as well as increased headcount in research and development teams to support development efforts. General and administrative expenses were $34.5 million for the quarter ended June 30, 2025, compared to $7.6 million for the quarter ended June 30, 2024. The increase was primarily attributable to transaction costs, severance costs and stock-based compensation expense related to the merger with ACELYRIN, and personnel-related expenses and professional consulting services to support the Company’s growth. Net income was $59.3 million for the quarter ended June 30, 2025, including a non-operating gain of $187.9 million related to the merger with ACELYRIN, compared to a net loss of $56.5 million for the quarter ended June 30, 2024. The Company recognized total expenses related to the merger with ACELYRIN of $26.8 million and $34.5 million for the three and six months ended June 30, 2025, respectively, of which $20.1 million and $27.8 million related to general and administrative expenses for the three and six months ended June 30, 2025, respectively, and $6.7 million related to research and development expenses for the three and six months ended June 30, 2025. These merger-related expenses included stock-based compensation expense of $7.8 million in general and administrative expenses and $3.0 million in research and development expenses for the three and six months ended June 30, 2025, respectively, related to accelerated vesting of equity awards and stock options post-termination exercise period modification. At the time of the merger closing, ACELYRIN had $382.6 million in cash, cash equivalents and marketable securities. Financial Guidance Alumis expects its research and development expenses to decrease for the remaining quarters of 2025. Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of June 30, 2025 is expected to support advancement of its pipeline through multiple planned key clinical data readouts and to fund operating expenses and capital expenditure requirements into 2027. Upcoming Events Alumis expects to participate in the following investor conferences in September 2025: Cantor Global Healthcare Conference 2025 2025 Wells Fargo Healthcare Conference 23rd Morgan Stanley Annual Global Healthcare Conference H.C. Wainwright 27th Annual Global Investment Conference Baird 2025 Global Healthcare Conference Stifel 2025 Virtual Immunology & Inflammation Forum About Alumis Alumis is a late-stage biopharma company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib (or envu, formerly known as ESK-001) for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 for the treatment of neuroinflammatory and neurodegenerative diseases. In addition, the pipeline includes lonigutamab, a subcutaneously delivered anti–insulin-like growth factor 1 receptor therapy for the treatment of thyroid eye disease, as well as several preclinical programs identified through this precision approach. For more information, visit www.alumis.com or follow us on LinkedIn or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation those regarding the timing of Alumis’ topline readouts in its Phase 3 ONWARD and Phase 2b LUMUS programs, the potential for envudeucitinib to treat moderate-to-severe plaque psoriasis and systemic lupus erythematosus, the timing of Alumis’ evaluation of its lonigutamab program, any expectations regarding the safety, efficacy or tolerability of envudeucitinib and statements regarding Alumis’ future plans and prospects, including development of its clinical pipeline; cash runway; Alumis’ participation at upcoming conferences, and any assumptions underlying any of the foregoing, are forward-looking statements. Any forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis’ forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to Alumis’ ability to advance envudeucitinib and to obtain regulatory approval of and ultimately commercialize Alumis’ clinical candidates, the timing and results of preclinical and clinical trials, Alumis’ ability to fund development activities and achieve development goals, Alumis’ ability to protect its intellectual property and other risks and uncertainties described in Alumis’ filings with the Securities and Exchange Commission (SEC), including any future reports Alumis may file with the SEC from time to time. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. CONTACT: Alumis Contact Information Teri Dahlman Red House Communications [email protected]