Alumis (ALMS) presented a mixed clinical update at the 12th Annual Cantor Fitzgerald Global Healthcare Conference on September 9, 2026. The company, now five years old, highlighted robust efficacy in its psoriasis program and a setback in systemic lupus erythematosus (SLE) development.
In the psoriasis franchise, the oral TYK2 inhibitor envudeucitinib delivered PASI‑100 response rates of roughly 40% at six months in the ONWARD1 and ONWARD2 trials and 55% at 48 weeks in the ONWARD3 study. An intent‑to‑treat analysis through week 48 kept the PASI‑100 rate above 47%, while 90% of patients maintained PASI‑90 and 80% maintained PASI‑100 after withdrawal. Quality‑of‑life data showed 35% of participants reported no impact from psoriasis at 24 weeks. The safety database now includes more than 1,600 patients.
Alumis plans to file a New Drug Application for psoriasis in the fourth quarter of 2024 and expects additional data later in the year and at the upcoming EADV conference.
Conversely, the Phase IIb LUMUS study in SLE did not meet its primary endpoint of BICLA response at week 48 in the overall population. A prespecified interferon‑signature‑positive subgroup showed a robust response, but the interferon‑negative cohort—about 40% of trial participants—exhibited high placebo responses and no clear drug effect. The company anticipates FDA feedback on the Phase III protocol by the end of 2024.
Alumis also disclosed pipeline timing: a brain‑penetrant TYK2 inhibitor (A‑005) is slated to begin a Parkinson’s biomarker study in 2027. TYK2 inhibitors are being explored across roughly ten indications, including psoriasis, psoriatic arthritis, cutaneous lupus, systemic lupus, and potentially Sjögren’s syndrome and inflammatory bowel disease.
Financially, Alumis carries a market capitalization of $1.27 billion. The stock closed at $9.80 on the day of the conference, down 7.37% from the prior close of $10.58, while after‑hours trading pushed the price to $10.40. The 52‑week range is $3.76 to $31.35. Levered free cash flow for the last twelve months was a negative $352 million, and the current ratio stands at 6.74. Analyst consensus rates the company “Outperform” with price targets spanning $15 to $46.
CEO Martin emphasized the need to re‑articulate the company’s strategy and resource allocation, while CMO Jörn highlighted the importance of the interferon‑signature subgroup in interpreting the lupus trial outcomes.
