Alumis Shares Fall After Q3 Revenue Misses Estimates by 34%
The clinical-stage biopharma posted a $110.8M net loss driven by R&D, shifting investor focus to its cash runway and pivotal 2026 data readouts.
Shares of Alumis Inc. (NASDAQ: ALMS) declined in trading after the clinical-stage biopharmaceutical company reported third-quarter financial results that fell short of Wall Street's revenue expectations. The company announced collaboration revenue of $2.1 million, missing analyst estimates of $3.1 million by more than 34%.
The South San Francisco-based firm also posted a significant net loss of $110.8 million for the quarter. The loss was primarily driven by substantial investment in its clinical programs, with research and development expenses accounting for $97.8 million of the total. General and administrative expenses were $19.5 million.
Despite the revenue miss and widening loss, Alumis executives emphasized the company's strong financial position and progress in its late-stage clinical pipeline. The company ended the quarter with $377.7 million in cash, cash equivalents, and marketable securities. According to a statement released by the company, this cash position is expected to fund operations into 2027, providing a crucial runway to reach key clinical milestones.
For investors, the report highlights the classic narrative of a pre-commercial biotech firm: near-term financials are less critical than the long-term potential of its therapeutic candidates. Alumis is heavily focused on advancing its lead asset, envudeucitinib, a highly selective TYK2 inhibitor being evaluated for multiple autoimmune conditions.
The company confirmed it is on track to deliver topline data from its Phase 3 ONWARD trial for envudeucitinib in patients with moderate-to-severe plaque psoriasis in the first quarter of 2026. This will be a pivotal moment for the company, as it seeks to enter a competitive but lucrative market for autoimmune treatments. Following that, Alumis anticipates releasing topline data from its Phase 2b LUMUS study in systemic lupus erythematosus (SLE) in the third quarter of 2026.
"Our team’s execution across our portfolio of development programs for immune-mediated diseases has been exceptional, and we look forward to multiple, potentially value-creating milestones in 2026," said Martin Babler, Ph.D., President and Chief Executive Officer of Alumis, in the company's press release.
Wall Street's focus remains largely on this future potential. The consensus analyst price target for Alumis sits at $19.00, suggesting a significant upside from its current trading level of around $5.28 per share. This indicates that analysts are valuing the company based on the probability of success in its clinical trials rather than its current revenue streams, which are minimal and related to collaborations.
Looking ahead, Alumis also plans to initiate a Phase 2 study for A-005, another pipeline candidate aimed at treating multiple sclerosis (MS), in the first half of 2026. The story for Alumis remains one of future promise, with its substantial cash reserves providing the fuel to reach critical data readouts that will ultimately determine its long-term trajectory.