Second Quarter 2026
Filed Aug 13, 2026Alumis reported a $142.2 million second-quarter net loss, including a $41.8 million lonigutamab impairment, while maintaining its PsO NDA timeline for Q4 2026 and expecting SLE topline data in Q3 2026.
Clinical and regulatory milestones remain on schedule and the company reported $502.3 million of cash, cash equivalents and marketable securities, expected to fund operations into the fourth quarter of 2027. Financial results included lower research and development and general and administrative expenses, but also a $41.8 million impairment loss and a $142.2 million net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| License revenueGAAP | $ — (in thousands) | – | – |
| Collaboration revenueGAAP | $ 1,662 (in thousands) | – | – |
| Total revenueGAAP | $ 1,662 (in thousands) | – | – |
| Research and development expensesGAAP | $ 85,337 (in thousands) | – | – |
| General and administrative expensesGAAP | $ 23,356 (in thousands) | – | – |
| Intangible assets impairment lossGAAP | $ 41,824 (in thousands) | – | – |
| Total operating expensesGAAP | $ 150,517 (in thousands) | – | – |
| Loss from operationsGAAP | $ (148,855) (in thousands) | – | – |
| Gain on bargain purchaseGAAP | $ — (in thousands) | – | – |
| Interest incomeGAAP | $ 4,948 (in thousands) | – | – |
| Other income (expenses), netGAAP | $ (71) (in thousands) | – | – |
| Total other income (expense), netGAAP | $ 4,877 (in thousands) | – | – |
| Net income (loss) before income taxesGAAP | $ (143,978) (in thousands) | – | – |
| Income tax benefitGAAP | $ 1,757 (in thousands) | – | – |
| Net income (loss)GAAP | $ (142,221) (in thousands) | – | – |
| Unrealized gain (loss) on marketable securities, netGAAP | $ (216) (in thousands) | – | – |
| Total comprehensive income (loss)GAAP | $ (142,437) (in thousands) | – | – |
| Six-month license revenueGAAP | $ — (in thousands) | – | – |
| Six-month collaboration revenueGAAP | $ 3,403 (in thousands) | – | – |
| Six-month total revenueGAAP | $ 3,403 (in thousands) | – | – |
| Six-month research and development expensesGAAP | $ 166,877 (in thousands) | – | – |
| Six-month general and administrative expensesGAAP | $ 41,966 (in thousands) | – | – |
| Six-month intangible assets impairment lossGAAP | $ 41,824 (in thousands) | – | – |
| Six-month total operating expensesGAAP | $ 250,667 (in thousands) | – | – |
| Six-month loss from operationsGAAP | $ (247,264) (in thousands) | – | – |
| Six-month net income (loss)GAAP | $ (235,274) (in thousands) | – | – |
| Six-month total comprehensive income (loss)GAAP | $ (236,145) (in thousands) | – | – |
Into the fourth quarter of 2027 outlook
- NoteExisting cash, cash equivalents and marketable securities as of June 30, 2026 are expected to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027.
- NotePotentially pivotal Phase 2b LUMUS topline data for envudeucitinib in SLE anticipated in the third quarter of 2026.
- NotePhase 2, two-year safety data in moderate-to-severe plaque psoriasis: 2H 2026.
- NoteNDA submission for envudeucitinib in moderate-to-severe plaque psoriasis: 4Q 2026.
- NoteInitiation of a Phase 2 biomarker trial for A-005 in Parkinson’s disease: 1H 2027.
- NoteAlumis now expects to initiate a clinical trial for the next clinical candidate in 2027.
What drove it
- Collaboration revenue was related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd.
- Research and development expenses decreased primarily because of lower clinical trial and contract research costs following completion of enrollment and reporting of positive topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 trials in January 2026, and severance costs related to the ACELYRIN merger in the 2025 quarter.
- The research and development decrease was partially offset by higher clinical trial and contract research costs for the Phase 3 ONWARD3 trial and higher personnel-related expenses in the 2026 quarter.
- General and administrative expenses decreased primarily due to severance and transaction costs related to the ACELYRIN merger in the 2025 quarter, partially offset by legal expenses, other costs and higher personnel-related expenses in the 2026 quarter.
- Operating expenses included a $41.8 million impairment loss related to the acquired IPR&D intangible asset associated with lonigutamab after the decision to pursue strategic alternatives for the program.
- ONWARD3 long-term extension results showed 75% of patients achieved PASI 90 and 54% achieved PASI 100 after up to 48 weeks of continuous envudeucitinib treatment (n=773).
Concerns
- The company recorded a $41.8 million impairment loss associated with lonigutamab and is exploring strategic alternatives for the asset.
- Net income in the prior-year quarter included a $187.9 million non-operating gain related to the merger with ACELYRIN, Inc.
- The next indications for envudeucitinib, Sjögren’s disease and cutaneous lupus erythematosus, remain subject to LUMUS Phase 2b results and disciplined capital allocation.
- No product revenue was reported. Revenue consisted of collaboration revenue.
What to watch
- Potentially pivotal Phase 2b LUMUS topline data for envudeucitinib in SLE in the third quarter of 2026.
- Phase 2, two-year safety data for envudeucitinib in moderate-to-severe plaque psoriasis in 2H 2026.
- NDA submission for envudeucitinib in moderate-to-severe plaque psoriasis in 4Q 2026.
- The planned Phase 2 biomarker trial initiation for A-005 in Parkinson’s disease in 1H 2027.
- Strategic alternatives for the lonigutamab program.
- Progress toward initiating a clinical trial for the next clinical candidate in 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $ 63,706 (in thousands) as of June 30, 2026, compared to $ 89,670 (in thousands) as of December 31, 2025.
- Marketable securities, current were $ 438,587 (in thousands) as of June 30, 2026, compared to $ 218,831 (in thousands) as of December 31, 2025.
- Cash, cash equivalents and marketable securities were $502.3 million as of June 30, 2026.
- Total current assets were $ 514,084 (in thousands) as of June 30, 2026, compared to $ 318,232 (in thousands) as of December 31, 2025.
- Total assets were $ 560,618 (in thousands) as of June 30, 2026, compared to $ 411,940 (in thousands) as of December 31, 2025.
- Total current liabilities were $ 76,233 (in thousands) as of June 30, 2026, compared to $ 73,318 (in thousands) as of December 31, 2025.
- Total liabilities were $ 108,460 (in thousands) as of June 30, 2026, compared to $ 110,643 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $ 452,158 (in thousands) as of June 30, 2026, compared to $ 301,297 (in thousands) as of December 31, 2025.
Analysis
Alumis reported $ 1,662 (in thousands) of total revenue in the second quarter, entirely from collaboration revenue, compared with $ 2,666 (in thousands) in the prior-year quarter. The company remains a development-stage biopharmaceutical company, with no license revenue reported in the quarter. Revenue was related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd.
The operating cost base reflected both lower underlying expenses and a program-specific charge. Research and development expenses were $ 85,337 (in thousands), compared with $ 108,755 (in thousands), and general and administrative expenses were $ 23,356 (in thousands), compared with $ 34,450 (in thousands). Management attributed the research and development reduction principally to lower costs after completion of ONWARD1 and ONWARD2 enrollment and topline reporting, as well as prior-year ACELYRIN merger severance costs. Total operating expenses nonetheless were $ 150,517 (in thousands), compared with $ 143,205 (in thousands), because of a $ 41,824 (in thousands) impairment loss tied to lonigutamab.
The company recorded net loss of $ (142,221) (in thousands), versus net income of $ 59,321 (in thousands) in the prior-year quarter. The prior-year result included a $ 187,907 (in thousands) gain on bargain purchase related to the ACELYRIN merger, while the current quarter included the lonigutamab impairment. Cash, cash equivalents and marketable securities totaled $502.3 million as of June 30, 2026, and the company expects that balance to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027.
The operating focus is on envudeucitinib and the TYK2 franchise. ONWARD3 data showed 75% PASI 90 and 54% PASI 100 responses after up to 48 weeks of continuous treatment among n=773 patients. Alumis reaffirmed its plan to submit an NDA in PsO in 4Q 2026 and expects potentially pivotal LUMUS Phase 2b SLE topline data in the third quarter of 2026. The company is also prioritizing Sjögren’s disease and CLE subject to LUMUS results and capital allocation, while planning a Phase 2 biomarker trial of A-005 in Parkinson’s disease in 1H 2027 and exploring strategic alternatives for lonigutamab.
Management, verbatim
Envudeucitinib’s Phase 3 clinical validation in PsO, reinforced by our ONWARD3 long-term data, demonstrates the power of maximal TYK2 inhibition in IL-23/IL-17-driven diseases, and our anticipated Phase 2b LUMUS readout in SLE may substantiate its role in IFN-driven diseases -- potentially unlocking broader potential of our TYK2 franchise.
Martin Babler, President and Chief Executive Officer of Alumis
The ONWARD3 long-term data delivered the highest reported PASI 100 response rate among oral therapies, positioning envudeucitinib to set a new standard in PsO. We remain on track to submit a New Drug Application for envudeucitinib in moderate-to-severe plaque psoriasis in Q4 with the goal, if approved, of bringing this new oral treatment option to patients.
Martin Babler, President and Chief Executive Officer of Alumis
Based on the strength of clinical data to date, we are prioritizing Sjögren’s disease and cutaneous lupus erythematosus (CLE) as the next indications for envudeucitinib, subject to our LUMUS results and disciplined capital allocation.
Martin Babler, President and Chief Executive Officer of Alumis
Not in the filing
stated, not guessed- GAAP and non-GAAP diluted earnings per share were not reported.
- Non-GAAP financial metrics were not reported.
- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Debt balances were not reported.
- Share repurchases and dividends were not reported.
- Operating segment revenue was not reported.
- Prior-quarter comparisons were not reported.
- A previous-release outlook was not provided, so comparison with prior guidance is unavailable.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.