Financial Position - As of September 30, 2024, Alumis had cash and cash equivalents and marketable securities of $361.9 million, expected to fund operations into 2026[9] - Total current assets increased significantly to $377,347,000 in 2024 from $53,357,000 in 2023, representing a growth of 608%[16] - Cash and cash equivalents rose to $213,417,000 in 2024, up from $45,996,000 in 2023, marking an increase of 364%[16] - Total assets reached $412,559,000 in 2024, compared to $89,612,000 in 2023, reflecting a growth of 360%[16] - Total current liabilities increased to $33,515,000 in 2024 from $20,871,000 in 2023, which is an increase of 60%[16] - Stockholders' equity improved to $348,389,000 in 2024, up from a deficit of $339,260,000 in 2023, indicating a positive shift in equity[16] - Total liabilities increased to $64,170,000 in 2024 from $53,502,000 in 2023, which is an increase of 20%[16] Research and Development - Research and development expenses for Q3 2024 were $87.8 million, a significant increase from $37.8 million in Q3 2023, driven by a $23.0 million clinical milestone payment and increased trial costs[10] - A-005 Phase 1 clinical study data is expected by year-end 2024, with plans to initiate a Phase 2 trial in multiple sclerosis in 2025[8] - ESK-001 demonstrated a primary endpoint achievement of PASI 75 in 93% of patients at the top dose of 40 mg twice daily in the Phase 2 study[3] - The Phase 3 ONWARD program for ESK-001 in moderate-to-severe plaque psoriasis includes two parallel 24-week trials, with topline results anticipated in the first half of 2026[5] - The 40 mg twice daily dose of ESK-001 achieved maximal target inhibition, leading to the highest response rates and significant improvements in patients' quality of life[4] - Research and development accrued expenses rose to $18,140,000 in 2024, compared to $10,946,000 in 2023, an increase of 66%[16] Operating Expenses - General and administrative expenses for Q3 2024 were $10.6 million, up from $6.0 million in Q3 2023, primarily due to personnel-related expenses[11] - Total operating expenses for Q3 2024 were $98.4 million, compared to $43.8 million for the same period in 2023[15] Net Loss and Income - Net loss for Q3 2024 was $93.1 million, compared to a net loss of $43.4 million for the same period in 2023[12] - Interest income for Q3 2024 was $5.3 million, compared to $951,000 in Q3 2023, reflecting increased cash reserves[15] Accounts and Capital - Accounts payable increased to $6,444,000 in 2024 from $1,118,000 in 2023, representing a growth of 478%[16] - Additional paid-in-capital surged to $912,037,000 in 2024, up from $25,055,000 in 2023, a remarkable increase of 3541%[16] - The accumulated deficit widened to $(563,792,000) in 2024 from $(364,318,000) in 2023, indicating a deeper financial loss[16]
Alumis Inc.(ALMS) - 2024 Q3 - Quarterly Results