ALMS Stock — Alumis Inc.: Cash, EV, Pipeline

Share price

$7.77

Market cap

$1,005.7M

Cash

$502.3M

Enterprise value

$503.4M

Balance sheet

Cash	$502.3M
Debt	$0.0M
Net cash	$502.3M
Enterprise value	$503.4M
Basic shares	127.7M shares
Fully diluted shares	155.4M shares
Fully diluted market cap	$1,207.4M
Cash per share	$3.93

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

Loading ALMS daily closes…

Loading price history…

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23	envudeucitinib	Phase 2	Plaque Psoriasis	—
Dec 13, 2028 - Jan 24, 2029	Open-Label Envudeucitinib	Phase 3	Plaque Psoriasis; Psoriasis (PsO); Psoriasis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

envudeucitinib (envu)

Phase 3 · Active Modality: small molecule (allosteric inhibitor)

Aliases formerly ESK-001

Target TYK2

Partnerships Kaken Pharmaceutical: exclusive license to develop/manufacture/commercialize envu for dermatology indications in Japan, with options (subject to opt-in payments and cost-sharing) to expand to rheumatological and gastrointestinal diseases; $20M upfront (March 2025); up to $36M regulatory milestones and field-expansion payments; up to ¥15.5B commercial milestones; tiered royalties from low double digits into the twenties on Japan net sales

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 3)
Systemic lupus erythematosus (SLE) (Phase 2)

Catalysts

— fourth quarter of 2026
— third quarter of 2026

Status note Most advanced product candidate. Pivotal ONWARD1 and ONWARD2 Phase 3 trials in PsO reported topline in Q1 2026; ONWARD3 Phase 3 LTE topline reported August 2026. Also in Phase 2 OLE and Phase 3 LTE in PsO and LUMUS Phase 2b in SLE.

A-005

Phase 1 · Active Modality: small molecule (CNS-penetrant allosteric inhibitor)

Target TYK2

Indications

Neuroinflammatory and neurodegenerative diseases (Phase 1)

Catalysts

— first half of 2027

Status note Phase 1 program in healthy volunteers initiated April 2024; results reported December 2024. Filing notes potential applications in multiple sclerosis and other neurological as well as peripheral diseases.

lonigutamab

Phase 2 · Active Modality: monoclonal antibody (subcutaneous)

Target IGF-1R

Partnerships Pierre Fabre Medicament SAS: exclusive worldwide license for non-oncology indications (acquired via ACELYRIN Merger); up to $100.5M development/regulatory milestones, up to $390M commercial milestones, tiered royalties in high single-digit to low-teen percentages on worldwide net sales

Indications

Thyroid eye disease (TED) (Phase 2)

Status note Acquired via ACELYRIN Merger (closed May 2025). ACELYRIN announced data from a Phase 1/2 dose-ranging trial in TED in March 2024 and January 2025; no further trial status stated in this filing.

IRF5 program

Discovery · Active

Target IRF5

Indications

not disclosed (Discovery)

Status note Filing states multiple additional targets selected, including interferon regulatory factor 5 (IRF5), in stages from lead identification to lead optimization.

budoprutug

Stage not disclosed · Active

Partnerships Climb Bio (parent of Tenet): out-licensed under Purchase Agreement; Company entitled to up to $157.5M development/regulatory/commercial milestones, royalties on worldwide net sales, and sublicense income payments; Climb Bio filed suit Dec 2025 seeking declaration budoprutug is not a 'Product' under the agreement (Company disputes; $3.0M development milestone in dispute as of January 2026)

Indications

not disclosed (Stage not disclosed)

Status note Divested program in which the Company retains milestone/royalty economics; ongoing litigation over whether budoprutug is a covered 'Product'.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Open-Label Envudeucitinib
Lead indication	Plaque Psoriasis
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06846541	Phase 3	Active, not recruiting	Sponsor	ALMS	—	Plaque Psoriasis; Psoriasis (PsO); Psoriasis	—
NCT05739435	Phase 2	Active, not recruiting	Sponsor	ALMS	—	Plaque Psoriasis	—
NCT05966480	Phase 2	Active, not recruiting	Sponsor	ALMS	—	SLE	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Alumis Inc on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	2,012,500	no change	0.28%	2026-08-14
Ikarian Capital	870,548	-343,000	4.01%	2026-08-14
OrbiMed Advisors	548,163	no change	0.29%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

ALMS — Alumis Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders