Overview

• US biopharma firm's Q1 revenue fell sharply from prior year due to lower license revenue

• Q1 net loss narrowed as R&D and admin expenses declined after Phase 3 trial completion

• Company highlighted positive Phase 3 data for envudeucitinib and remains on track for NDA submission in Q4

Outlook

• Alumis plans NDA submission for envudeucitinib in psoriasis in 4Q 2026

• Company expects Phase 2b SLE topline data for envudeucitinib in 3Q 2026

• Alumis expects existing cash to fund operations into 4Q 2027

Result Drivers

• LOWER R&D COSTS - Research and development expenses fell after completion of enrollment and reporting of positive topline results for pivotal Phase 3 envudeucitinib trials in psoriasis

• LOWER ADMIN COSTS - General and administrative expenses declined due to absence of prior-year merger transaction costs, partly offset by higher personnel expenses

Company press release: ID:nGNX8FybJD

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$93.05 mln
Q1 Income From Operations		-$98.41 mln
Q1 Operating Expenses		$100.15 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 11 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy."

• Wall Street's median 12-month price target for Alumis Inc is $38.00, about 52.9% above its May 13 closing price of $24.86

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.