Alumis Inc. reported a net loss of $110.8 million for the quarter ended September 30, 2025, a $17.7 million increase from the $93.1 million loss recorded in the same period last year. Revenue for the quarter was $2.1 million, driven by a $2.1 million collaboration payment from Kaken Pharmaceutical Co., Ltd., and remained flat compared with the $2.1 million reported in Q3 2024.
Research and development expenses rose to $97.8 million, up $10.0 million from $87.8 million in Q3 2024, reflecting intensified clinical‑trial activity for envudeucitinib and other pipeline candidates. General and administrative costs increased to $19.5 million, up $8.9 million from $10.6 million in Q3 2024, largely due to merger‑related integration expenses, severance, and additional staffing required to support the expanded organization following the February 2025 acquisition of ACELYRIN.
Cash and cash equivalents stood at $377.7 million at the end of the quarter, giving the company a runway that extends into 2027. The cash position reflects the $737 million pro‑forma balance sheet created by the ACELYRIN merger, which also added lonigutamab to Alumis’s pipeline and reinforced its precision‑immunology platform.
The company highlighted key clinical milestones: topline Phase 3 ONWARD data for envudeucitinib in moderate‑to‑severe plaque psoriasis are expected in early Q1 2026, followed by topline Phase 2b LUMUS data in systemic lupus erythematosus in Q3 2026. Additional pipeline assets include the CNS‑penetrant TYK2 inhibitor A‑005, slated for a Phase 2 trial in multiple sclerosis, and the anti‑IGF‑1R antibody lonigutamab, which is being evaluated for thyroid eye disease.
President and CEO Martin Babler emphasized that the company’s “robust pipeline, spanning late‑stage clinical programs and advanced preclinical candidates, reflects the strength of our precision immunology R&D platform.” He added that the upcoming data readouts “have the potential to validate envu’s differentiated profile and unlock broader opportunities across immune‑mediated diseases.”
Alumis maintains confidence in its financial position and clinical trajectory, citing the strong cash reserves and the anticipated data readouts as key drivers of future growth. The company’s guidance indicates that the current cash balance will support operations through 2027, while no revenue guidance was provided, consistent with the company’s focus on clinical development rather than immediate commercial revenue.
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