Alumis prepares for IPO with $600M in private funding

Alumis, a biotechnology company focused on inflammation, is making significant strides towards transitioning its private achievements to the public domain, following a $259-million funding round in March. The company has amassed over $600 million in total funding and announced its IPO plans on Monday. Additionally, Alumis has updated the development timelines for its two primary clinical candidates, aimed at treating several autoimmune and neurodegenerative diseases.

The company's flagship compound, ESK-001, is an oral TYK2 inhibitor designed to challenge Bristol Myers Squibb's Sotyktu (deucravacitinib) in the treatment of oral psoriasis. In March, Alumis presented 12-week Phase II data at the American Academy of Dermatology (AAD) annual meeting. The results were promising: among moderate-to-severe plaque psoriasis patients treated with 40mg of ESK-001 twice daily, 64.1% achieved PASI-75, 38.5% reached PASI-90, and 15.4% attained PASI-100. The benefits of the treatment continued to improve over time, as demonstrated by an ongoing label-extension study. At 16 weeks, 90% of patients achieved PASI-75, 57% reached PASI-90, and 35% attained PASI-100, comparing favorably to the Phase III data for Sotyktu.

Alumis is gearing up to launch a Phase III trial of ESK-001 in the second half of the year, targeting patients with moderate-to-severe plaque psoriasis. Beyond psoriasis, Alumis is also testing ESK-001 in other autoimmune conditions through two ongoing Phase II trials. The OPTYK-1 proof-of-concept trial for non-infectious uveitis is expected to deliver topline results by the end of the year, and the LUMUS study for systemic lupus erythematosus is slated to report findings in 2026.

In addition to ESK-001, Alumis’ pipeline includes A-005, a brain-penetrant compound being developed for neuro-inflammatory diseases such as multiple sclerosis (MS). Phase I trial data from healthy volunteers are expected by the end of the year. Alumis has highlighted that genetic data indicates a naturally occurring TYK2 loss-of-function variant provides a protective effect against MS. The company has replicated this protective effect in in vivo models of neuroinflammation.

Overall, Alumis is positioning itself as a significant player in the biotech industry, with substantial financial backing and a strong pipeline of potential treatments for autoimmune and neurodegenerative diseases. The company’s upcoming IPO and ongoing clinical trials will be critical steps in its journey to bring innovative therapies to market and compete with established treatments.