Company Overview - Alumis is a precision immunology company that has been operational for approximately four years, focusing on a lead asset, a TYK2 inhibitor [2] - The lead asset, envudeucitinib, is being studied for psoriasis and lupus, with three clinical molecules and a research pipeline in development [2] Clinical Trials - The readout for psoriasis is expected in early Q1 of next year, with results from two Phase III trials, each involving around 850 patients [3] - The trials will assess both a 16-week endpoint against placebo and active drug, and a 24-week endpoint against active drug, positioning the company competitively in the market [3] - The readout for lupus is scheduled for the third quarter of next year, with the company currently in a Phase IIb trial for this indication [4]

Summary of Illumis (ALMS) Conference Call Company Overview - Illumis recently completed a merger with Accelerin to strengthen its position as a leading immunology company [2][3] - The merger aims to combine their pipelines and financial resources to build a well-capitalized precision immunology company [3] Key Pipeline Developments - Upcoming key readouts include: - Psoriasis readout expected in early 2026 after completing enrollment of over 1,700 patients in a Phase III trial [4][7] - Lupus readout planned for next year, with ongoing Phase II trial expected to complete enrollment by summer [5][8] - The company has a cash runway into 2027, with approximately $600 million in cash and 100 million shares outstanding [6] Psoriasis Program - The psoriasis program is in Phase III, with a six-month readout expected early in 2026 [4][7] - The trial has been completed ahead of schedule, indicating strong patient interest [7] - The company is focused on maximizing target inhibition with its TYK2 inhibitors, which have shown promising results in clinical trials [12][21] Lupus Program - The lupus program is designed as a pivotal trial to demonstrate significant efficacy over placebo [43] - The company aims to reduce the placebo effect by ensuring strict patient selection and monitoring [44] - The ongoing study is expected to read out in 2026, with a focus on genetic validation for TYK2 inhibition in lupus patients [38][40] Competitive Landscape - The psoriasis market is competitive, but injectable biologics account for less than 10% of treatments, indicating a significant opportunity for effective oral therapies [34][35] - The company aims to capture a portion of the market by offering a highly efficacious and safe oral drug [34] Differentiation and Safety Profile - Illumis emphasizes the importance of maximum target inhibition for efficacy and safety, with ongoing studies supporting this hypothesis [20][21] - The safety profile of their drugs has been favorable, with no significant safety findings reported to date [24][25] Future Milestones - The company plans to initiate a Phase II trial for its brain-penetrant TYK2 inhibitor, A5, later this year [52][56] - A once-a-day formulation for ESK001 is also in development, with plans to announce details later this year [57] - Key readouts for psoriasis and lupus are anticipated in 2026, along with potential updates on MS and lanagutamab [58] External Validation - A partnership with Kakken in Japan for the development of ESK001 has provided external validation and a significant financial boost [46] Conclusion - Illumis is strategically positioned in the immunology space with a robust pipeline and a focus on maximizing efficacy and safety through innovative drug development and strategic partnerships [2][3][34]