Alumis Reports First Quarter 2025 Financial Results and Highlights Recent Achievements

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]