Alumis Inc.(ALMS) - 2025 Q2 - Quarterly Results

Alumis Reports Second Quarter 2025 Financial Results and Provides Corporate Update Alumis announced Q2 2025 financial results, highlighted clinical milestones for envudeucitinib, pipeline updates, and the completion of the ACELYRIN merger Second Quarter 2025 and Recent Highlights, and Anticipated Milestones Alumis achieved key clinical milestones for envudeucitinib in Q2 2025, with Phase 3 ONWARD and Phase 2b LUMUS enrollment complete, and strengthened finances via the ACELYRIN merger Envudeucitinib Progress Envudeucitinib achieved full patient enrollment in pivotal Phase 3 ONWARD and Phase 2b LUMUS trials, with topline data expected in early Q1 2026 and Q3 2026, respectively - Envudeucitinib is the generic name for investigational therapy ESK-001[3] - Completed patient enrollment in Phase 2b LUMUS trial for SLE (408 patients), with topline data expected in Q3 2026[3][7] - Completed patient enrollment in pivotal Phase 3 ONWARD program for plaque psoriasis, with topline data expected in early Q1 2026[7] Pipeline Updates Alumis' pipeline advanced with A-005 entering Phase 2 for multiple sclerosis, a third program's Phase 1 data expected, and Lonigutamab receiving FDA Fast Track Designation for TED - A-005, a CNS-penetrant TYK2 inhibitor, is expected to enter a Phase 2 trial for multiple sclerosis in H1 2026[7] - Phase 1 clinical data from a third development program, targeting immune-mediated disease drivers, is anticipated in H2 2026[7] - Lonigutamab, an anti-IGF-1R therapy for thyroid eye disease (TED), received FDA Fast Track Designation[7] Corporate Highlights Sanam Pangali was promoted to Chief Legal Officer, and Alumis completed its merger with ACELYRIN, Inc. to bolster financial strength and pipeline advancement - Sanam Pangali was promoted to Chief Legal Officer and Corporate Secretary[7] - Completed merger with ACELYRIN, Inc. to strengthen financial position and advance the late-stage immunology pipeline[1][2][7] Financial Review Alumis' Q2 2025 financial review details net income, R&D and G&A expenses, cash position, and future financial guidance Second Quarter 2025 Financial Results Alumis reported $59.3 million net income in Q2 2025, driven by a merger gain, with increased R&D and G&A expenses, and $486.3 million in cash and equivalents | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (YoY) | | :----- | :--------------------- | :--------------------- | :----------- | | Total Revenue | $2.7 | $0 | +$2.7M | | R&D Expenses | $108.8 | $48.6 | +$60.2M | | G&A Expenses | $34.5 | $7.6 | +$26.9M | | Net Income (Loss) | $59.3 | $(56.5) | +$115.8M | | Gain on bargain purchase | $187.9 | $0 | +$187.9M | - Cash, cash equivalents, and marketable securities totaled $486.3 million as of June 30, 2025[1][10] - R&D expenses increased due to higher contract research and clinical trial costs, Phase 3 ONWARD acceleration, severance, stock-based compensation from the ACELYRIN merger, and increased headcount[10] - G&A expenses rose due to transaction costs, severance costs, stock-based compensation from the ACELYRIN merger, and increased personnel and professional consulting services[10] - The ACELYRIN merger contributed $382.6 million in cash, cash equivalents, and marketable securities at closing[10] Financial Guidance Alumis expects R&D expenses to decrease in late 2025, with $486.3 million in cash and equivalents projected to fund operations into 2027 - Alumis expects research and development expenses to decrease for the remaining quarters of 2025[9] - Existing cash, cash equivalents, and marketable securities of $486.3 million as of June 30, 2025, are expected to fund operations into 2027[1][9][10] Corporate Information This section provides details on Alumis' upcoming investor events, company overview, and standard forward-looking statements Upcoming Events Alumis plans to participate in multiple investor conferences in September 2025, including Cantor, Wells Fargo, Morgan Stanley, H.C. Wainwright, Baird, and Stifel - Alumis expects to participate in multiple investor conferences in September 2025, including Cantor, Wells Fargo, Morgan Stanley, H.C. Wainwright, Baird, and Stifel healthcare conferences[10][11][14] About Alumis Alumis is a clinical-stage biopharmaceutical company developing targeted therapies for immune-mediated diseases, leveraging a data analytics platform to advance its pipeline of TYK2 inhibitors and lonigutamab - Alumis is a clinical-stage biopharmaceutical company developing next-generation targeted therapies for immune-mediated diseases[1][12] - The company's pipeline includes oral TYK2 inhibitors envudeucitinib (plaque psoriasis, SLE) and A-005 (neuroinflammatory/neurodegenerative diseases), plus lonigutamab (thyroid eye disease) and preclinical programs[12] Forward-Looking Statements This section outlines forward-looking statements regarding clinical trials, cash runway, and events, noting that actual results may differ due to inherent risks and uncertainties - The press release includes forward-looking statements regarding topline readouts for Phase 3 ONWARD and Phase 2b LUMUS, envudeucitinib potential, lonigutamab evaluation, cash runway, and upcoming conference participation[13] - Actual results may differ materially from forward-looking statements due to risks and uncertainties related to regulatory approval, clinical trial outcomes, funding, intellectual property, and other SEC filing risks[13] Condensed Consolidated Financial Statements This section presents Alumis' condensed consolidated statements of operations and balance sheets for Q2 2025 and prior periods Condensed Consolidated Statements of Operations and Comprehensive Loss The statements show a $59.3 million net income for Q2 2025, a substantial improvement from a prior-year loss, driven by a $187.9 million merger gain and increased expenses | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | | Total revenue | $2,666 | $0 | | Research and development expenses | $108,755 | $48,565 | | General and administrative expenses | $34,450 | $7,575 | | Total operating expenses | $143,205 | $56,140 | | Loss from operations | $(140,539) | $(56,140) | | Gain on bargain purchase | $187,907 | $0 | | Interest income | $3,430 | $1,977 | | Net income (loss) before income taxes | $50,760 | $(56,508) | | Income tax benefit | $8,561 | $0 | | Net income (loss) | $59,321 | $(56,508) | Condensed Consolidated Balance Sheets As of June 30, 2025, total assets reached $610.9 million, up from $341.0 million at year-end 2024, driven by increased marketable securities and intangible assets from the ACELYRIN merger | (in thousands) | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Cash and cash equivalents | $151,753 | $169,526 | | Restricted cash | $367 | $0 | | Marketable securities | $334,568 | $118,737 | | Total current assets | $517,558 | $306,188 | | Intangible assets | $50,959 | $0 | | Total assets | $610,925 | $340,992 | | Total current liabilities | $85,575 | $50,910 | | Total liabilities | $125,598 | $80,888 | | Total stockholders' equity | $485,327 | $260,104 | Alumis Contact Information This section provides contact details for Alumis' media relations Alumis Contact Information This section provides media contact details for Alumis, specifically Teri Dahlman of Red House Communications - Contact for Alumis media relations is Teri Dahlman at Red House Communications (teri@redhousecomms.com)[17]