ALUMIS INC.
ALMS · Pharmaceutical Preparations · 28.3M shares · +1218%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$19M (gross $6K, SBC $19M)
Reference price $17.00 · est. market cap ~$482M — last insider purchase, 2026-01-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Clinical-stage TYK2 developer with positive psoriasis pivotal data offset by very heavy cash burn and a short runway.
Strengths
- Positive Phase 2 PASI-75 readout with clean dose-response (p≤0.0025) and reported positive Phase 3 ONWARD topline, NDA planned 2H2026
- $308M cash (77th pct); discontinued a failed uveitis program, showing discipline
Risks
- Cash runway only 3.3 quarters (27th pct) against FCF of -$370M (4th pct) — funding pressure into NDA
- Net loss $243M, ROE -80.7% (32nd pct); profitability years away even if approved
Notable findings
- Net lossNet loss (net margin -1011.7%)
- Cash burnNegative free cash flow (-370.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +1218%/yr over 1y (dilution, book value/share -91%)
- Insider buyingInsider buying — 7 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$31M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-07-01 — PHASE2 · SLE
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-1886.9%
Net margin
-1011.7%
Return on equity
-80.8%
Return on assets
-59.1%
Revenue growth (QoQ)
-9.7%
Current ratio
4.3×
Free cash flow
-$370M
EBITDA
-$450M
Tangible book value
$301M
Cash & investments
$308M
Cash runway
3q
Stock comp / revenue
181.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | Drappa Jorn | Option exercise | 11K | $8.84 |
| 2026-05-22 | Drappa Jorn | Option exercise | 16K | $5.06 |
| 2026-04-01 | Foresite Labs, LLC | Other | 1.1M | — |
| 2026-04-01 | Foresite Labs, LLC | Other | 1.1M | — |
| 2026-04-01 | Foresite Labs, LLC | Other | 680K | — |
| 2026-04-01 | Foresite Capital Management VI LLC | Other | 1.2M | — |
| 2026-04-01 | Foresite Capital Management VI LLC | Other | 1.1M | — |
| 2026-04-01 | Foresite Capital Management VI LLC | Other | 680K | — |
| 2026-04-01 | Tananbaum James B. | Other | 1.2M | — |
| 2026-04-01 | Tananbaum James B. | Other | 1.1M | — |
| 2026-04-01 | Tananbaum James B. | Other | 1.1M | — |
| 2026-04-01 | Tananbaum James B. | Other | 680K | — |
| 2026-04-01 | Foresite Capital Management VI LLC | Other | 1.1M | — |
| 2026-04-01 | Foresite Labs, LLC | Other | 1.2M | — |
| 2026-01-09 | AKKARAJU SRINIVAS | Buy | 588K | $17.00 |
| 2026-01-08 | Foresite Capital Management VI LLC | Buy | 118K | $17.00 |
| 2026-01-08 | Foresite Labs, LLC | Buy | 118K | $17.00 |
| 2026-01-08 | Foresite Labs, LLC | Buy | 294K | $17.00 |
| 2026-01-08 | Foresite Capital Management VI LLC | Buy | 294K | $17.00 |
| 2026-01-08 | Tananbaum James B. | Buy | 118K | $17.00 |
| 2026-01-08 | Tananbaum James B. | Buy | 294K | $17.00 |
| 2025-12-05 | AKKARAJU SRINIVAS | Buy | 65K | $8.95 |
| 2025-12-05 | AKKARAJU SRINIVAS | Buy | 70K | $10.01 |
| 2025-12-05 | AKKARAJU SRINIVAS | Buy | 51K | $10.73 |
| 2025-12-04 | AKKARAJU SRINIVAS | Buy | 66K | $8.18 |
| 2025-12-03 | AKKARAJU SRINIVAS | Buy | 100K | $7.75 |
| 2025-12-02 | AKKARAJU SRINIVAS | Buy | 96K | $7.55 |
| 2025-12-01 | AKKARAJU SRINIVAS | Buy | 86K | $7.46 |
| 2025-11-28 | AKKARAJU SRINIVAS | Buy | 39K | $7.64 |
| 2025-11-26 | AKKARAJU SRINIVAS | Buy | 49K | $7.64 |
| 2025-11-21 | Foresite Capital Management VI LLC | Buy | 72K | $7.38 |
| 2025-11-21 | Tananbaum James B. | Buy | 72K | $7.38 |
| 2025-11-21 | Foresite Labs, LLC | Buy | 72K | $7.38 |
| 2025-11-20 | AKKARAJU SRINIVAS | Buy | 126K | $7.20 |
| 2025-11-19 | AKKARAJU SRINIVAS | Buy | 138K | $6.56 |
| 2025-11-19 | Foresite Labs, LLC | Buy | 190K | $6.56 |
| 2025-11-19 | Foresite Capital Management VI LLC | Buy | 190K | $6.56 |
| 2025-11-19 | Tananbaum James B. | Buy | 190K | $6.56 |
| 2025-11-18 | Foresite Capital Management VI LLC | Buy | 117K | $6.19 |
| 2025-11-18 | Tananbaum James B. | Buy | 117K | $6.19 |
| 2025-11-18 | Foresite Labs, LLC | Buy | 117K | $6.19 |
| 2025-11-18 | AKKARAJU SRINIVAS | Buy | 103K | $6.05 |
| 2025-11-17 | Tananbaum James B. | Buy | 150K | $5.59 |
| 2025-11-17 | Foresite Labs, LLC | Buy | 150K | $5.59 |
| 2025-11-17 | Foresite Capital Management VI LLC | Buy | 50K | $5.60 |
| 2025-11-17 | Foresite Capital Management VI LLC | Buy | 150K | $5.59 |
| 2025-11-17 | Tananbaum James B. | Buy | 50K | $5.60 |
| 2025-11-17 | AKKARAJU SRINIVAS | Buy | 914 | $5.51 |
| 2025-11-17 | Foresite Labs, LLC | Buy | 50K | $5.60 |
| 2025-11-13 | AKKARAJU SRINIVAS | Buy | 276K | $5.25 |
| 2025-07-29 | Pangali Sanam | Grant | 10K | — |
| 2025-07-29 | Schroer John R. | Grant | 28K | — |
| 2025-07-29 | Hardiman Roy C. | Grant | 28K | — |
| 2025-07-29 | Goldstein David M | Grant | 27K | — |
| 2025-07-29 | Drappa Jorn | Grant | 25K | — |
| 2025-07-29 | Richardson Derrick | Grant | 43K | — |
| 2025-07-29 | Bradley Mark Christopher | Grant | 27K | — |
| 2025-05-21 | AKKARAJU SRINIVAS | Grant | 1.2M | — |
| 2025-05-21 | Machado Patrick | Grant | 7.1K | — |
| 2025-05-21 | AyurMaya Capital Management Company, LP | Grant | 4.5M | — |
| 2025-05-06 | Foresite Capital Management VI LLC | Buy | 20K | $4.34 |
| 2025-05-06 | Foresite Labs, LLC | Buy | 20K | $4.34 |
| 2025-05-06 | Tananbaum James B. | Buy | 20K | $4.34 |
| 2025-05-05 | AKKARAJU SRINIVAS | Buy | 138K | $4.58 |
| 2025-05-05 | AKKARAJU SRINIVAS | Buy | 22K | $5.27 |
| 2025-05-02 | AKKARAJU SRINIVAS | Buy | 160K | $4.55 |
| 2025-05-02 | Tananbaum James B. | Buy | 25K | $4.62 |
| 2025-05-02 | Foresite Labs, LLC | Buy | 25K | $4.62 |
| 2025-05-02 | Foresite Capital Management VI LLC | Buy | 25K | $4.62 |
| 2025-04-02 | Colowick Alan | Buy | 2.3K | $7.49 |
| 2025-04-01 | Colowick Alan | Buy | 16K | $6.97 |
| 2025-04-01 | Babler Martin | Buy | 16K | $6.44 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06846541 ↗ | Long-term Safety and Efficacy of ESK-001 in Moderate to Severe Plaque Psoriasis Plaque Psoriasis, Psoriasis (PsO) | PHASE3 | Active Not Recruiting | 2028-11-01 |
| NCT05739435 ↗ | Open-Label Extension Study to Evaluate the Long Term Safety and Efficacy of ESK-001 in Plaque Psoriasis Plaque Psoriasis | PHASE2 | Active Not Recruiting | 2026-12-01 |
| NCT05966480 ↗ | Phase 2 Placebo-Controlled Study to Assess the Safety and Efficacy of ESK-001 in Active Systemic Lupus Erythematosus SLE | PHASE2 | Active Not Recruiting | 2026-07-01 |
| NCT06952634 ↗ | An Investigational Study of ESK-001 in Participants With Normal Liver Function and Participants With Mild, Moderate, and Severe Liver Damage Hepatic Impairment | PHASE1 | Completed | 2026-03-24 |
| NCT06588738 ↗ | A Study in Patients With Moderate to Severe Plaque Psoriasis to Evaluate the Efficacy and Safety of ESK-001 Plaque Psoriasis | PHASE3 | Completed | 2025-09-23 |
| NCT06586112 ↗ | A Study to Evaluate the Efficacy and Safety of ESK-001 in Patients With Moderate to Severe Plaque Psoriasis Plaque Psoriasis | PHASE3 | Completed | 2025-09-19 |
| NCT06962774 ↗ | An Investigational Study of ESK-001 in Participants With Normal Renal Function and Participants With Mild, Moderate, and Severe Impaired Renal Function Renal Impairment | PHASE1 | Completed | 2025-08-01 |
| NCT07442149 ↗ | An Investigational Study to Evaluate the Safety and Tolerability of Single and Multiple Ascending Doses of A-005 Healthy Volunteer | PHASE1 | Completed | 2024-12-18 |
| NCT07378579 ↗ | An Investigational Study to Evaluate the Cardiac Safety Assessment (TQTc Study) of ESK-001 Healthy Volunteer | PHASE1 | Completed | 2024-08-31 |
| NCT05953688 ↗ | POC Study to Evaluate the Efficacy and Safety of ESK-001 in Patients With Active Intermediate, Posterior, or Pan NIU Uveitis Posterior Non-Infectious, Uveitis, Intermediate | PHASE2 | Terminated | 2024-08-13 |
| NCT05600036 ↗ | A Study to Evaluate the Efficacy and Safety of ESK-001 in Patients With Plaque Psoriasis Plaque Psoriasis | PHASE2 | Completed | 2023-06-29 |
| NCT05431634 ↗ | Multiple Dose Study to Determine Safety and Tolerability of ESK-001 in Healthy Participants Safety and Tolerability | PHASE1 | Completed | 2022-12-01 |
| NCT05330858 ↗ | Relative Bioavailability of ESK-001 Tablet Versus Liquid in Healthy Participants Pharmacokinetics | PHASE1 | Completed | 2022-06-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-14 | 2026-03-31 | 0001847367-26-000010 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001847367-26-000009 ↗ |
| 8-K | 2026-03-30 | 2026-03-28 | 0001104659-26-036386 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001847367-26-000006 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001847367-26-000004 ↗ |
| 8-K | 2026-01-09 | 2026-01-07 | 0001104659-26-002265 ↗ |
| 8-K | 2026-01-06 | 2026-01-06 | 0001104659-26-001073 ↗ |
| 8-K | 2026-01-02 | 2026-01-02 | 0001104659-26-000197 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001847367-25-000048 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001847367-25-000050 ↗ |
| 8-K | 2025-09-03 | 2025-09-03 | 0001104659-25-086612 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0001847367-25-000041 ↗ |