Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42143 Alumis Inc. (Exact name of registrant as specified in its charter) Delaware 86-1771129 (State or other ...

First Quarter 2025 and Recent Highlights ● Updates related to merger agreement with ACELYRIN, Inc. (ACELYRIN), enabling enhanced value creation opportunities for each company's respective stockholders and positioning transaction for successful close in the second quarter of 2025 ● On May 13, 2025, Alumis stockholders voted to approve all proposals required to be approved in connection with the pending merger with ACELYRIN at its Special Meeting of Stockholders. ● In April 2025, Alumis and ACELYRIN agreed to ...

Core Insights - Alumis Inc. is experiencing strong momentum in its development programs, particularly with the ongoing clinical trials for its TYK2 inhibitor ESK-001, which is expected to yield pivotal Phase 3 data for moderate-to-severe plaque psoriasis in early 2026 [2][4] - The company is focused on the anticipated merger with ACELYRIN, which is expected to enhance its clinical pipeline and financial flexibility, creating value for both patients and stockholders [2][4] - Alumis reported a net loss of $99.0 million for Q1 2025, a significant increase from a loss of $49.8 million in Q1 2024, driven by higher research and development expenses [9][19] Recent Highlights - Alumis entered into a collaboration and licensing agreement with Kaken Pharmaceutical for ESK-001 in Japan, receiving an upfront license fee of $20 million and additional near-term co-development payments [4][9] - The merger agreement with ACELYRIN was approved by Alumis stockholders, with the combined company expected to have a pro forma cash position of approximately $737 million as of December 31, 2024, providing a runway for advancing its pipeline [4][9] - The company plans to initiate a Phase 2 clinical trial for A-005 in multiple sclerosis and finalize the clinical development plan for Lonigutamab following the merger [4][9] Financial Results - For the quarter ended March 31, 2025, Alumis reported total revenue of $17.4 million, primarily from license revenue related to the Kaken collaboration [9][19] - Research and development expenses increased to $96.6 million in Q1 2025 from $42.0 million in Q1 2024, reflecting higher costs associated with clinical trials and increased headcount [9][19] - General and administrative expenses rose to $22.3 million in Q1 2025 from $5.6 million in Q1 2024, mainly due to transaction costs related to the merger and personnel-related expenses [9][19] Anticipated Milestones - Key upcoming milestones include topline data for ESK-001 in psoriasis expected in Q1 2026 and Phase 2b data for systemic lupus erythematosus also expected in 2026 [4][9] - The merger with ACELYRIN is anticipated to close in the second quarter of 2025, which is expected to enhance value creation opportunities for stockholders [4][9]

Core Viewpoint - ACELYRIN, Inc. has received stockholder approval for its merger with Alumis Inc., which is expected to enhance value through the combination of their complementary pipelines and organizations [1][2]. Group 1: Merger Details - The merger agreement stipulates that ACELYRIN stockholders will receive 0.4814 shares of Alumis common stock for each share of ACELYRIN common stock owned at the closing of the transaction [1]. - The transaction is anticipated to be completed in the second quarter of 2025 [3]. Group 2: Company Background - ACELYRIN, Inc. focuses on developing transformative medicines in immunology, with its lead program being lonigutamab, a monoclonal antibody for treating thyroid eye disease [5]. Group 3: Leadership Statements - The CEO of ACELYRIN expressed appreciation for stockholder support, indicating confidence in the merger as a value-maximizing strategy [2].

Core Viewpoint - Alumis Inc. has received stockholder approval for its merger with ACELYRIN, INC., marking a significant step towards closing the transaction and enhancing its capabilities in developing therapies for immune-mediated diseases [1][2][3] Company Overview - Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing oral therapies using a precision approach to improve clinical outcomes for patients with immune-mediated diseases [4] - The company utilizes a proprietary precision data analytics platform to build a pipeline of molecules targeting a wide range of immune-mediated diseases, both as monotherapy and combination therapies [4] - Alumis' leading product candidate, ESK-001, is an oral, selective small molecule inhibitor currently being evaluated for moderate-to-severe plaque psoriasis and systemic lupus erythematosus [4] Merger Details - The merger with ACELYRIN is anticipated to close in the second quarter of 2025, pending the fulfillment of customary closing conditions [3] - Martin Babler, President and CEO of Alumis, expressed gratitude to stockholders for their support and emphasized the goal of maximizing the value of their portfolio post-merger [2] Future Prospects - The merger is expected to provide Alumis with a strengthened financial foundation, enabling the advancement of breakthroughs in the treatment of immune-mediated diseases [2]

Core Viewpoint - ACELYRIN, INC. is urging its stockholders to vote in favor of the proposed merger with Alumis Inc., supported by a recommendation from Institutional Shareholder Services (ISS) [1][2]. Group 1: Proposed Transaction - The special meeting for stockholders to vote on the merger is scheduled for May 13, 2025 [2]. - ISS has recommended that stockholders vote "FOR" the merger, indicating it is the best path to maximize shareholder value [2][3]. - The merger is the result of a comprehensive process led by independent directors, aimed at creating a stronger, diversified company [2]. Group 2: Company Overview - ACELYRIN is a late-stage clinical biopharma company focused on developing transformative medicines in immunology [1][4]. - The company's lead program, lonigutamab, is a monoclonal antibody targeting IGF-1R for treating thyroid eye disease [4]. Group 3: Advisory and Legal Support - Guggenheim Securities, LLC is serving as the financial advisor for ACELYRIN, while Fenwick & West LLP and Paul Hastings LLP are providing legal counsel [3].

Core Viewpoint - ACELYRIN, Inc. expresses confidence that the proposed merger with Alumis Inc. is the best path forward and maximizes value for stockholders [2][3] Company Overview - ACELYRIN is a late-stage clinical biopharma company focused on developing transformative medicines in immunology [2] - The merger with Alumis is seen as a strategic move to create a leading clinical-stage immunology company with a diversified portfolio [8] Merger Details - The ACELYRIN Board recommends stockholders vote "FOR" the merger, emphasizing the importance of every vote [5] - The merger agreement reflects a significant increase in ACELYRIN stockholders' ownership in the combined company, retaining approximately 48% ownership [8] - The merger follows a comprehensive review process by an independent transaction committee [8] Stockholder Engagement - The Board urges stockholders to protect their investment value and not be swayed by short-term focused investors [4] - A Special Meeting of stockholders is scheduled for May 13, 2025, to vote on the merger [1][5] Rights Plan - ACELYRIN adopted a limited duration rights plan in response to a rapid accumulation of its stock by Tang Capital, aiming to maximize stockholder value [6]

Core Viewpoint - The merger between Alumis Inc. and ACELYRIN, INC. has been amended to provide increased ownership for ACELYRIN stockholders, with the revised exchange ratio allowing Alumis stockholders to own approximately 52% and ACELYRIN stockholders to own approximately 48% of the combined company on a fully diluted basis, maximizing potential value for both parties [1][2]. Company Overview - Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for immune-mediated diseases using a precision approach [10]. - ACELYRIN, INC. is a late-stage clinical biopharma company dedicated to accelerating the development and commercialization of transformative medicines, with its lead program targeting thyroid eye disease [11]. Merger Details - The amended agreement allows ACELYRIN stockholders to receive 0.4814 shares of Alumis common stock for each share of ACELYRIN common stock owned, representing a significant increase in ownership compared to the original merger terms [2]. - The merger is expected to create a leading clinical-stage immunology company with a diversified portfolio of product candidates, enhancing financial flexibility and advancing a late-stage pipeline [5][3]. Financial Position - Alumis reported a pro forma cash position of approximately $737 million as of December 31, 2024, which is expected to support the combined company's pipeline and operational needs into 2027 [5]. - Stockholders representing approximately 62% of Alumis voting common stock and about 24% of ACELYRIN common stock have entered into voting agreements in support of the transaction [6]. Upcoming Events - A Special Meeting of Stockholders for both companies is scheduled for May 13, 2025, where stockholders will vote on the merger [8][7].

Market Overview - The S&P 500 experienced a significant drop of approximately 10% in the first five trading days of April 2025 due to tariffs impacting market stability [1] - Investors with available cash may seek opportunities in companies that have shown resilience amid market volatility [1] Alumis (NASDAQ: ALMS) - Alumis shares surged by 64% in the five trading days leading to April 7, 2025, largely due to the announcement of a proposed merger with Acelyrin Inc. [4] - The merger is expected to consolidate strong pipelines and provide a cash runway through 2027, with multiple clinical readouts anticipated [5] - Current stock price is $8.04, with a 12-month price forecast of $26.00, indicating a potential upside of 223.38% [3] DBV Technologies (NASDAQ: DBVT) - DBV Technologies shares increased by 129% year-to-date as of April 7, 2025, and rose by 17% in the five days leading to that date [7] - The company is developing the VIASKIN peanut patch, which aims to desensitize children to peanut allergies, and has received FDA support for its Biologics License Application [8][9] - Current stock price is $7.07, with a 12-month price forecast of $22.50, suggesting a potential upside of 218.25% [6] Corcept Therapeutics (NASDAQ: CORT) - Corcept's relacorilant has shown promise in treating ovarian cancer, with a late-stage trial indicating it may delay cancer progression in patients resistant to existing chemotherapy [10] - The stock price is currently $72.97, with a 12-month price forecast of $143.25, indicating a potential upside of 96.31% [10] - Corcept's shares have increased nearly 50% year-to-date, despite a recent decline in early April [11]

Stockholders to benefit from differentiated late-stage portfolio of therapies and strong balance sheet Boards unanimously recommend stockholders vote “FOR” the merger Transaction expected to be completed in second quarter of 2025 SOUTH SAN FRANCISCO, Calif. and LOS ANGELES, April 04, 2025 (GLOBE NEWSWIRE) -- Alumis Inc. (Nasdaq: ALMS), a clinical-stage biopharmaceutical company developing therapies using a precision approach to optimize clinical outcomes and significantly improve the lives of patients with ...