10-Q · May 14, 2026
Alumis reported Q1 2026 results with total revenue of $1.7 million, down 90% from $17.4 million in Q1 2025, while EPS improved to a loss of $93.1 million compared to a loss of $99.0 million year-over-year. R&D expenses…
Earnings analysis · 10-Q
ALMS earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Alumis remains a development-stage biotechnology company with sharply declining revenue, a $142.2 million quarterly net loss and a $41.8 million lonigutamab impairment. The principal offsets are a $502.3 million…
Read full summary
Alumis remains a development-stage biotechnology company with sharply declining revenue, a $142.2 million quarterly net loss and a $41.8 million lonigutamab impairment. The principal offsets are a $502.3 million liquidity balance expected to fund operations into Q4 2027, a 54% PASI 100 response rate at 48 weeks and a planned Q4 2026 envu NDA submission. However, additional financing needs, clinical and regulatory execution risk, supply-chain/tariff exposure and inherited litigation keep the overall trend bearish.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 100.0%
- Segment
- Collaboration revenue: $1.7 million in Q2 2026 versus $2.7 million in Q2 2025; no further segment revenue breakdown was disclosed.
What stood out
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Cash runway extends into Q4 2027
Cash, cash equivalents and marketable securities totaled $502.3 million as of June 30, 2026, which management expects to fund operating expenses and capital expenditures into Q4 2027.
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Positive 48-week psoriasis efficacy signal
The company reported a 54% PASI 100 response rate at 48 weeks, supporting continued development of envu in psoriasis.
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NDA submission targeted for Q4 2026
Management plans to submit an NDA for envu in psoriasis in Q4 2026, an important regulatory milestone for the lead program.
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Disclosure controls remain effective
Disclosure controls and procedures were considered effective as of June 30, 2026, and management reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Revenue decline and substantial losses
Q2 2026 revenue declined to $1.7 million from $2.7 million in Q2 2025, while the company recorded a net loss of $142.2 million for the quarter. The filing states that the company expects significant and increasing losses for the foreseeable future.
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Further lonigutamab impairment risk
The company recorded a $41.8 million impairment related to the acquired lonigutamab in-process R&D asset, reducing its carrying value to an estimated fair value of $9.1 million as of June 30, 2026. The filing states that additional impairment could negatively affect future results and financial position.
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Additional financing and dilution risk
The company may offer up to $300.0 million of common stock under its Cantor Sales Agreement, and the filing states that additional financing will be required for development. Equity financing could dilute existing holders, while failure to raise capital could delay, limit, reduce or terminate development programs.
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Tariffs threaten supply chain and costs
New or expanded trade-risk disclosures identify a potential 15% tariff on imports from South Korea and EU member states effective September 29, 2026, unless reduced, modified or terminated. Most suppliers are outside the United States, with critical raw-material suppliers in India and Taiwan.
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Inherited securities litigation remains pending
The company assumed an ACELYRIN securities class-action lawsuit; plaintiffs filed a second amended complaint on February 5, 2026, and the defendants' motion to dismiss filed February 19, 2026 remains pending. The filing states that no reserve has been established for potential liability.
Management's outlook
Management expects $502.3 million of cash, cash equivalents and marketable securities as of June 30, 2026 to fund operating expenses and capital expenditures into Q4 2027. Management also plans to submit an NDA for envu in psoriasis in Q4 2026.
Earlier filings 4
10-K · March 19, 2026
Alumis is a clinical‑stage biotech focused on two TYK2 inhibitors (envu and A‑005) and completed the ACELYRIN merger on May 21, 2025. The company reported positive Phase 3 topline results in the first quarter of 2026…
10-Q · May 14, 2025
Alumis reported first-quarter license revenue of $17,389,000 but posted a substantially larger operating and net loss as it ramped R&D and Merger-related spending. Net loss widened to $98,963,000 and operating cash burn…
10-K · March 19, 2025
Alumis is a clinical-stage biopharmaceutical company focused on a TYK2 inhibitor franchise (ESK-001 and A-005) and has advanced ESK-001 into two parallel Phase 3 trials (ONWARD) after favorable Phase 2 PsO data. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.