Alumis (NasdaqGS:ALMS) FY Conference February 26, 2026 03:20 PM ET Company ParticipantsMartin Babler - President, Chief Executive Officer, and Chairman of the BoardConference Call ParticipantsJeff Jones - Managing Director and Senior Analyst, BiotechnologyJeff JonesAfternoon, everyone. Welcome back to Oppenheimer's Annual Healthcare Conference. I'm Jeff Jones. I'm one of the analysts here on the biotech team. I am delighted to be joined by Martin Babler and John Schroer, CEO and CFO of Alumis. Been a lot of ...

Summary of Alumis Conference Call Company Overview - **Company**: Alumis - **Industry**: Precision Immunology, specifically focusing on psoriasis and other autoimmune diseases Key Points and Arguments Financial and Operational Highlights - Alumis has a strong balance sheet with over **$630 million** in cash, providing runway into the **fourth quarter of 2027** [91] - The company is preparing for a potential NDA filing in the **second half of 2023** [37] Clinical Development - **Envudeucitinib**: Phase 3 results in psoriasis show: - **PASI 75** at week 24 is in the **70s%** - **PASI 90** and **PASI 100** rates are approximately **65%** and **40%**, respectively [3] - Fast onset of action with separation of PASI scores observed as early as week 4 [3] - Safety profile consistent with Phase II data, with no new safety signals [3] Market Dynamics - The oral drug market for psoriasis is expected to expand significantly, as **75%** of psoriasis patients prefer oral medications over injectables or topicals [27] - Current market dynamics indicate that the patient share of oral drugs is higher than that of injectables [25] - Alumis aims to position itself strongly in the oral psoriasis market, particularly for patients with scalp involvement and significant itch [31] Competitive Landscape - The company acknowledges competition from other TYK2 inhibitors, including **Sotyktu** and **Zasocitinib** from Takeda [22] - Alumis believes its product has a competitive edge in terms of efficacy and quality of life improvements [18] Future Indications and Research - Alumis is exploring additional indications beyond psoriasis, including **Systemic Lupus Erythematosus (SLE)** and other autoimmune diseases [46] - The company is conducting a pivotal Phase IIb trial for SLE, with results expected in the **third quarter of 2023** [52] - The potential for **20+ indications** is being considered, with a focus on optimizing the psoriasis indication and exploring rheumatology-related conditions [70] Strategic Partnerships - While Alumis has the capability to launch its products independently, the company is open to partnerships to optimize its TYK2 franchise across multiple indications [41][43] Conclusion - Alumis is positioned for significant growth in the precision immunology space, with promising clinical data and a strong financial foundation. The company is strategically preparing for market entry while exploring a broad pipeline of indications.

Company Overview - Alumis Inc. is a late-stage biopharma company focused on developing next-generation targeted therapies for immune-mediated diseases [2] - The company utilizes a proprietary data analytics platform and precision approach to enhance patient health and outcomes [2] Product Pipeline - Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, including envudeucitinib (formerly ESK-001), aimed at treating systemic immune-mediated disorders such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus [2] - The pipeline also features A-005 for neuroinflammatory and neurodegenerative diseases, and lonigutamab, a subcutaneously delivered therapy for thyroid eye disease [2] - Several preclinical programs have been identified through the company's precision approach [2] Investor Engagement - Alumis will participate in multiple investor conferences, including the Guggenheim Emerging Outlook: Biotech Summit 2026 on February 11-12, 2026, and the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 25-26, 2026 [4] - Live webcasts of these events will be accessible on the company's website, with replays archived for 90 days [1][4]

Company Overview - Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation targeted therapies for immune-mediated diseases [5] - The company utilizes a proprietary data analytics platform and precision approach to enhance patient health and outcomes [5] Recent Offering - Alumis announced the closing of an upsized underwritten public offering of 20,297,500 shares of common stock at a price of $17.00 per share, resulting in gross proceeds of approximately $345.1 million before deductions [1] - The offering included the full exercise of the underwriters' option to purchase an additional 2,647,500 shares [1] Underwriters - Morgan Stanley, Leerink Partners, Cantor, and Wells Fargo Securities served as joint book-running managers for the offering, while Baird and Oppenheimer & Co. acted as co-lead managers [2] Regulatory Compliance - The public offering was conducted under a shelf registration statement on Form S-3, which was previously filed and declared effective by the SEC on August 19, 2025 [3]

Offering Details - Alumis Inc. proposes to issue and sell 17,650,000 shares of its voting common stock, with an additional option for underwriters to purchase up to 2,647,500 additional shares[5]. - The shares have a par value of $0.0001 per share, and the total number of shares outstanding after the offering will be adjusted accordingly[5]. - The Company agrees to sell Firm Shares at a Purchase Price of $15.98 per share[50]. - Underwriters have the right to purchase up to 2,647,500 Additional Shares at the same Purchase Price[51]. - The public offering price for the Shares is set at $17.00 per share, with a concession not exceeding $0.612 per share for certain dealers[52]. - The total number of Firm Shares purchased amounts to 17,650,000 shares[106]. - The total number of shares involved in the offering is 17,650,000, with a total value of approximately $299.05 million[108]. Regulatory Compliance - The company has filed a shelf registration statement with the SEC, which includes a preliminary prospectus related to the shares[6]. - The registration statement has become effective, and there are no pending proceedings that would suspend its effectiveness[9]. - The company confirms that there has been no material adverse change in its financial condition or operations since the last prospectus[16]. - Alumis Inc. is in compliance with all applicable laws and regulations, including environmental laws, and has received all necessary permits[20]. - There are no legal proceedings pending that would materially affect the company or its subsidiaries[17]. - The company has not taken any actions that would violate anti-corruption laws[23]. - The Company and its subsidiaries have conducted operations in compliance with all applicable anti-money laundering laws and regulations[24]. - The Company and its subsidiaries possess all necessary regulatory authorizations to conduct their business, with no significant compliance issues reported[46]. - All clinical studies and trials conducted by the Company are in compliance with applicable Health Care Laws and Regulatory Authorizations, with accurate reporting of results[47]. Financial Statements and Accounting - The Company has maintained compliance with all applicable accounting requirements of the Securities Act, presenting a fair consolidated financial position as of the dates shown[40]. - PricewaterhouseCoopers LLP has certified the Company's financial statements, ensuring they meet the standards set by the Securities Act and the Public Company Accounting Oversight Board[41]. - The Company has filed all required tax returns and paid all necessary taxes, with no adverse tax deficiencies expected to have a material adverse effect[44]. Corporate Governance and Indemnification - The Company agrees to indemnify Underwriters against losses arising from untrue statements or omissions in the Registration Statement or related documents[82]. - Each Underwriter agrees to indemnify the Company for losses related to information they provided for the Registration Statement[83]. - The Company will cover legal expenses for indemnified parties in proceedings related to the Agreement, with certain conditions[84]. - The Company and Underwriters agree on contribution terms for indemnification based on relative benefits received from the offering of Shares[85]. - The indemnified party's expenses related to losses, claims, damages, and liabilities include legal costs incurred during investigations[86]. Lock-Up and Restrictions - The Company is subject to a 60-day lock-up period following the public offering[113]. - The lock-up agreement restricts the undersigned from selling or transferring shares during the Restricted Period without prior written consent[113]. - The undersigned agrees not to make any demand for registration of shares during the Restricted Period[116]. - The Company and Underwriters are relying on the lock-up agreement for the successful completion of the Public Offering[119]. - The undersigned acknowledges that the agreement is irrevocable and binding on heirs and successors[119]. Miscellaneous Provisions - The obligations of the Underwriters to purchase Shares are contingent upon the effectiveness of the Registration Statement[56]. - The Company must provide a comfort letter from independent public accountants, PricewaterhouseCoopers LLP, regarding financial statements[64]. - Lock-up agreements with officers and directors must be in effect on the Closing Date[65]. - The Company is required to amend or supplement the Time of Sale Prospectus if necessary to avoid misleading statements[72]. - The Company will endeavor to qualify the Shares for sale under applicable securities laws as requested by the Underwriters[74]. - The Company will make an earnings statement available covering a period of at least twelve months after the first fiscal quarter following the date of the Agreement[75]. - The Company will incur expenses related to the registration and delivery of Shares, including legal and accounting fees, not exceeding $35,000 for certain counsel fees[76]. - The Company will notify the Representatives if it ceases to be an Emerging Growth Company prior to the completion of the distribution of the Shares[77]. - The Company will not publicly disclose intentions to offer or sell shares during the 60-day Restricted Period without prior written consent from the Underwriters[79]. - The Company may issue shares in connection with mergers or acquisitions, provided that the total does not exceed 10% of the outstanding share capital after the issuance of the Shares[80]. - The Agreement remains effective regardless of termination or investigations by Underwriters or the Company[87]. - Underwriters may terminate the Agreement if trading is suspended or materially limited on relevant exchanges[88]. - If any Underwriter defaults on purchasing Shares, non-defaulting Underwriters are obligated to cover the shortfall up to one-tenth of the total Shares[90]. - The Company will reimburse Underwriters for out-of-pocket expenses if the Agreement is terminated due to the Company's failure to comply[91]. - The Agreement represents the entire understanding between the Company and Underwriters regarding the offering of Shares[92]. - The Company acknowledges that Underwriters act at arm's length and owe no fiduciary duties beyond those specified in the Agreement[93]. - The Agreement is governed by the internal laws of the State of New York[98]. - All communications regarding the Agreement must be in writing and delivered to specified addresses[99].

Company Overview - Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation targeted therapies for immune-mediated diseases [5] - The company utilizes a proprietary data analytics platform and precision approach to enhance patient health and outcomes [5] Public Offering Details - Alumis announced an upsized underwritten public offering of 17,650,000 shares of common stock priced at $17.00 per share, aiming for gross proceeds of approximately $300.0 million [1] - The offering is expected to close on January 9, 2026, subject to customary closing conditions [1] - Underwriters have a 30-day option to purchase an additional 2,647,500 shares at the public offering price [2] Pipeline and Product Development - Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, including envudeucitinib (formerly ESK-001) for systemic immune-mediated disorders like moderate-to-severe plaque psoriasis and systemic lupus erythematosus [5] - The pipeline also features A-005 for neuroinflammatory and neurodegenerative diseases, and lonigutamab, an anti–insulin-like growth factor 1 receptor therapy for thyroid eye disease [5]

Core Insights - Alumis (ALMS) shares increased by 95.3% following the announcement of positive top-line data from two phase III studies, ONWARD1 and ONWARD2, for envudeucitinib, aimed at treating moderate-to-severe plaque psoriasis [1][7]. Study Results - Both ONWARD1 and ONWARD2 studies met all primary and secondary endpoints with high statistical significance, showing envudeucitinib's effectiveness in achieving superior skin clearance compared to placebo [2]. - In the studies, 74% of patients achieved PASI 75 and 59% achieved sPGA 0/1 at week 16, with improvements noted over time; by week 24, approximately 65% achieved PASI 90 and over 40% achieved PASI 100 [3]. Comparison with Competitors - Envudeucitinib demonstrated superior skin clearance compared to Amgen's Otezla (apremilast) across all PASI endpoints at week 24, indicating a competitive edge in the psoriasis treatment market [4]. Stock Performance - Over the past six months, Alumis shares have surged by 366.4%, significantly outperforming the industry average increase of 19.1% [5]. Future Plans - The company plans to submit a New Drug Application (NDA) to the FDA for envudeucitinib in the second half of 2026, with ongoing evaluations in a phase IIb study for systemic lupus erythematosus (SLE) [9]. - Management believes envudeucitinib could transform treatment for IL-23/IL-17-driven diseases, highlighting its potential as a "pipeline-in-a-pill" [10].

Core Insights - Alumis Inc. (ALMS) experienced a significant stock increase of 95% due to promising results from their lead candidate, envudeucitinib [1] Company Overview - Alumis Inc. is focused on biotechnology, particularly in drug development, with a strong emphasis on innovative therapies and unique mechanisms of action [1] - The company aims to reshape treatment paradigms through first-in-class therapies and platform technologies [1] Market Analysis - The biotechnology sector is characterized by breakthrough science that can lead to substantial returns, but it also requires careful scrutiny of the underlying science and market dynamics [1] - The analysis of clinical trial design, competitive landscape, and potential market opportunities is crucial for understanding investment prospects in this sector [1]

Core Viewpoint - Alumis Inc. is a biopharmaceutical company focused on developing therapies for immune-mediated diseases, currently in late-stage clinical trials for moderate-to-severe plaque psoriasis with its drug envudeucitinib [1] Group 1: Stock Performance - The stock for ALMS is currently priced at $15.90, reflecting a significant increase of 91.33% with a change of $7.59 [3] - The stock has fluctuated between a low of $15.47 and a high of $22.30, marking its highest price over the past year, with the lowest price being $2.76 [3][6] - Derek Archila from Wells Fargo set a new price target for ALMS at $39, indicating a potential upside of 70.16% from its trading price of approximately $16.97 at the time [2][6] Group 2: Market Position - Alumis has a market capitalization of approximately $1.66 billion, reflecting its position in the biopharmaceutical industry [4][6] - The trading volume for the day is 53.93 million shares on the NASDAQ exchange, indicating heightened activity and interest in the stock [4][6] Group 3: Clinical Program - The announcement of the Phase 3 ONWARD clinical program results is a significant milestone for Alumis, with a conference call and webcast scheduled to discuss the results [5]

Core Viewpoint - Alumis Inc (NASDAQ:ALMS) is experiencing significant stock price growth following successful trial results for its psoriasis drug, envudeucitinib, positioning the company as a strong competitor in the biopharmaceutical market for autoimmune diseases [2][5]. Group 1: Stock Performance - The stock price of ALMS surged 107.9% to $17.28 after the successful phase three trial results of envudeucitinib [2][5]. - ALMS is on track to break a seven-day losing streak, with a year-over-year increase of approximately 108% [3]. - The stock price rose by $8.64, with a trading range from $16.40 to $22.30, marking its highest price over the past year [3]. Group 2: Market Capitalization and Trading Activity - The market capitalization of ALMS is approximately $1.77 billion [4][5]. - The trading volume for ALMS reached 49.14 million shares, with significant activity in the options market, including 3,492 calls and 5,948 puts traded, marking a volume 39 times higher than the stock's average daily options activity [4][5]. Group 3: Analyst Ratings - Wells Fargo maintained an "Overweight" rating for ALMS, raising the price target from $17 to $39 [1][5].