Alumis Q2 2024 Financial Results and Recent Achievements

Alumis Inc., a clinical-stage biopharmaceutical company based in South San Francisco, has announced its financial results for the second quarter ending June 30, 2024. The company also highlighted significant recent achievements and upcoming milestones.

Alumis has made substantial progress in its mission to develop targeted therapies for immune-mediated diseases. One major accomplishment was the initiation of the ONWARD Phase 3 clinical program for ESK-001, aimed at treating moderate-to-severe plaque psoriasis. This program includes two identical 24-week global Phase 3 trials (ONWARD1 and ONWARD2) and a long-term extension trial (ONWARD3). These trials will assess the efficacy and safety of ESK-001, a highly selective allosteric tyrosine kinase 2 (TYK2) inhibitor. The Phase 3 program is backed by positive Phase 2 data from the STRIDE trial and ongoing open-label extension studies. Topline results are anticipated in 2026.

In April, Alumis also initiated a Phase 1 clinical trial for A-005, another promising candidate. A-005 is a CNS-penetrant TYK2 inhibitor designed to treat neuroinflammatory and neurodegenerative diseases, including multiple sclerosis and Parkinson's Disease. This trial aims to evaluate the safety, tolerability, and pharmacokinetics of A-005 in healthy participants.

Alumis completed its initial public offering (IPO) and a concurrent private placement in July, raising $250 million in aggregate gross proceeds. The company issued 15.625 million shares at $16.00 per share.

Looking ahead, Alumis has several key milestones on its radar. In the third quarter of 2024, the company expects an update on the Phase 2 open-label extension data for ESK-001 in psoriasis. By the end of 2024, data from the Phase 1 clinical trial of A-005 in healthy participants is anticipated. In 2025, Alumis plans to initiate a Phase 2 clinical trial for A-005 in multiple sclerosis and provide a 52-week data update for the Phase 2 open-label extension study of ESK-001 in psoriasis. Additionally, the company aims to file an Investigational New Drug Application for a third clinical candidate.

By 2026, Alumis expects topline data from the Phase 3 trials of ESK-001 for psoriasis, Phase 2b trials of ESK-001 for systemic lupus erythematosus (SLE), and Phase 2 trials of A-005 for multiple sclerosis.

Financially, Alumis reported cash, cash equivalents, and marketable securities totaling $209.5 million as of June 30, 2024. This, combined with net proceeds from its IPO and private placement, is expected to fund operations into 2026. Research and development expenses for the second quarter were $48.6 million, up from $32.8 million in the same period in 2023. This increase was primarily due to higher contract manufacturing, preclinical, and clinical costs for the ESK-001 program, as well as increased staffing. General and administrative expenses rose to $7.6 million from $4.8 million in the previous year, largely due to the expansion of administrative functions in preparation for operating as a public company. The net loss for the quarter was $56.5 million, compared to $36.3 million in the same period in 2023.

In terms of upcoming events, Alumis plans to participate in several healthcare conferences in September 2024, including those hosted by Morgan Stanley, Wells Fargo, Baird, Cantor Fitzgerald, and Stifel, as well as the 33rd Annual Congress for the European Academy of Dermatology & Venereology.

Alumis continues to leverage its proprietary precision data analytics platform to develop a pipeline of molecules targeting a wide range of immune-mediated diseases. With its advanced product candidates and strong financial position, the company is well-positioned to make significant strides in addressing immune dysfunction and improving patient outcomes.