Alumis Inc.(ALMS) - 2024 Q2 - Quarterly Results

Clinical Development - Alumis initiated patient dosing in the ONWARD Phase 3 clinical program for ESK-001 in moderate-to-severe plaque psoriasis, consisting of two identical 24-week global trials[3]. - The anticipated topline results for the ESK-001 Phase 3 program are expected in 2026[3]. - A-005 Phase 1 clinical trial data in healthy participants is expected by year-end 2024, with a Phase 2 trial in multiple sclerosis planned for 2025[4]. Financial Performance - The company raised $250 million in gross proceeds from its IPO and private placement, issuing 15,625,000 shares at$16.00 per share[3]. - The net loss for Q2 2024 was $56.5 million, compared to a net loss of$36.3 million in Q2 2023[5]. - The company reported total operating expenses of $56.1 million for Q2 2024, compared to$37.6 million for the same period in 2023[10]. Expenses - Research and development expenses increased to $48.6 million for Q2 2024, up from$32.8 million in Q2 2023, primarily due to higher clinical costs for ESK-001[5]. - General and administrative expenses rose to $7.6 million in Q2 2024, compared to$4.8 million in Q2 2023, reflecting the expansion of administrative functions[5]. Assets and Liabilities - As of June 30, 2024, Alumis had cash and cash equivalents of $155.1 million, with total current assets amounting to$224.9 million[11]. - Alumis' total liabilities increased to $265.2 million as of June 30, 2024, compared to$89.6 million at the end of 2023[11].