Alumis Inc. (NASDAQ: ALMS) priced an upsized underwritten public offering of 17,650,000 shares of common stock at $17.00 per share, generating gross proceeds of approximately $300 million before underwriting discounts and fees.
The upsizing follows the company’s announcement of positive topline data from its Phase 3 ONWARD 1 and ONWARD 2 trials for envudeucitinib on January 6, 2026. The data showed that 65 % of patients achieved PASI 90 and 40 % achieved PASI 100 at week 24, meeting all primary and secondary endpoints and positioning envudeucitinib as a potential next‑generation oral therapy for plaque psoriasis.
The new capital will fund ongoing Phase 3 studies, support the company’s clinical‑stage pipeline, and extend the cash runway through 2027. Alumis’s quarterly research and development expense of roughly $100 million underscores the need for additional liquidity to sustain its accelerated development schedule.
CEO Martin Babler said the Phase 3 results “validate envu’s differentiated profile and unlock broader opportunities across immune‑mediated diseases.” He added that the offering will give the company the financial flexibility to pursue commercialization milestones and further pipeline expansion.
Investors viewed the upsized offering as a necessary step to capitalize on the recent clinical success, accepting the short‑term dilution in exchange for a stronger balance sheet and a clearer path to potential market entry.
The financing positions Alumis to maintain momentum in its key programs, strengthen its competitive stance against established oral therapies, and provide a buffer against the company’s significant R&D burn rate.
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