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]

Group 1 - Alumis Inc. (NASDAQ:ALMS) has been recognized as a rising stock, with Chardan initiating coverage with a Buy rating and a price target of $37, driven by the potential of its late-stage autoimmune pipeline, particularly the drug envudeucitinib [1] - Envudeucitinib, a TYK2 inhibitor, has successfully met all primary and secondary endpoints in two Phase III trials for moderate-to-severe plaque psoriasis, demonstrating high statistical significance in skin clearance and patient-reported outcomes [1] - H.C. Wainwright has increased its price target for Alumis to $40 from $20, citing reduced regulatory failure risk and a higher projected revenue ceiling following the successful Phase 3 data [2] Group 2 - Morgan Stanley raised its price target for Alumis to $33 from $22, reflecting increased optimism about the drug's performance in treating moderate-to-severe plaque psoriasis, with the probability of success for this indication now at 80% [3] - Alumis is a clinical-stage biopharmaceutical company focused on developing and commercializing medicines for autoimmune disorders, previously known as Esker Therapeutics [4]

Core Insights - The transaction indicates a significant insider purchase by Srinivas Akkaraju, Director of Alumis, acquiring 588,235 shares for approximately $10.0 million, reflecting a strong belief in the company's future performance [5][6]. Company Overview - Alumis is a clinical-stage biotechnology company focused on developing therapies for autoimmune and neuroinflammatory diseases, leveraging advanced TYK2 inhibitor technology to address unmet medical needs [7]. Transaction Details - The shares were purchased at $17.00 each, which is below recent market prices, suggesting a favorable entry point for the insider [2][6]. - This acquisition is one of the largest recorded for Akkaraju, increasing his cumulative indirect holdings by nearly 47% in a single transaction [4][5]. Market Performance - Alumis' stock has appreciated significantly, with a 206.29% increase over the past year and over 400% in the last three months, indicating strong market confidence [5][8]. - The company recently reported successful phase 3 trial results for envudeucitinib, showing that 65% of patients achieved a 90% or better improvement in psoriasis severity scores [9]. Competitive Landscape - Alumis' psoriasis treatment candidate appears to be more effective than Amgen's Otezla, which had 33% of patients achieving a 75% improvement in similar trials [10].

Core Insights - Alumis Inc. (NASDAQ:ALMS) is recognized as one of the top 14 booming stocks to buy currently, with HC Wainwright & Co. raising its price target from $20 to $40 while maintaining a Buy rating [1][2] Group 1: Trial Results and Drug Approval - The price target adjustment by HC Wainwright & Co. followed promising results from Phase 3 ONWARD1 and ONWARD2 trials, which evaluated the efficacy of envudeucitinib in patients with moderate to severe plaque psoriasis [2] - Both trials successfully achieved their primary and secondary endpoints, demonstrating safe usage and tolerability among patients, who reported significant improvements in quality of life through reduced itching [3] - Alumis Inc. plans to file for FDA approval of envudeucitinib in the latter half of 2026 [3] Group 2: Market Expectations and Analyst Ratings - HC Wainwright & Co. believes the trial results have 'reset expectations' in the oral tyrosine kinase 2 (TYK2) area, indicating a strong likelihood of FDA approval for envudeucitinib, which could significantly boost the company's revenue [4] - Following the trial results, several research firms, including Wells Fargo and Morgan Stanley, have also revised their positions on Alumis Inc. by increasing their price targets [4] - As of January 12, Wall Street analysts have a consensus Strong Buy rating on the stock, with a one-year average share price target of $37.67, representing an upside of 78.62% [5] Group 3: Company Overview - Alumis Inc. is a biopharmaceutical company specializing in developing targeted therapies for immune-mediated diseases [5]

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]

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 (ALMS) stock surged after positive Phase 3 results for envudeucitinib, a treatment for psoriasis, indicating strong symptom improvement compared to existing therapies [1][3] - The drug met all primary and secondary endpoints, positioning Alumis as a serious competitor in the multibillion-dollar psoriasis market [3][4] - Rapid efficacy onset, with improvements noted as early as week four, suggests potential to redefine treatment standards [4] Market Potential - The psoriasis market is valued at tens of billions of dollars annually, and even modest market penetration could lead to significant upside for Alumis [5] - The company’s pipeline includes additional immunology assets, providing diversification beyond psoriasis [5] Future Outlook - Positive sentiment in the biotech sector is expected to improve by 2026, with bullish options contracts indicating a potential 15% rally for ALMS, possibly reaching around $19 in the next four months [6]

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]