The company’s research and development expenses surged to $386 million, up from $265.6 million in 2024, driven by costs associated with the envudeucitinib program and increased clinical trial activities. Despite the increase in expenses, Alumis reported a net loss of $243.3 million for 2025, an improvement from a net loss of $294.2 million in the previous year.
A key highlight of the report was the positive topline results from the Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib, a selective oral tyrosine kinase 2 (TYK2) inhibitor, for the treatment of moderate-to-severe plaque psoriasis. The trials met all primary and secondary endpoints with high statistical significance, demonstrating leading skin clearance rates. Approximately 65% of patients achieved a PASI 90 response, and over 40% achieved PASI 100 at Week 24.
Looking ahead, Alumis plans to submit a New Drug Application (NDA) for envudeucitinib in the second half of 2026. The company is also anticipating pivotal Phase 2b clinical data for systemic lupus erythematosus (SLE) in the third quarter of 2026. Martin Babler, President and CEO, expressed optimism about the results, stating that they reinforce the potential of envudeucitinib to transform the treatment landscape for psoriasis and other immune-mediated diseases.
Alumis is evaluating additional indications for its TYK2 inhibitors as part of a unified franchise development strategy, which is expected to be announced in the second quarter of 2026. The company’s strong cash position, bolstered by a recent public offering that raised $345.1 million, positions it well to fund its ongoing clinical trials and operational needs into 2027.
