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What it is
Alumis develops autoimmune drugs with a precision data platform.
How it gets paid
Last year Alumis made n/a in revenue. Collaboration and licensing was the main engine at $22M, or 100% of sales.
What just happened
Alumis posted $22M in quarterly revenue while EPS was -$1.92.
At a Glance
N/a balance sheet
-$10.38 fy2024 eps est
~$3B market cap
Mid cap
NASDAQ
What They Do
Alumis develops autoimmune drugs with a precision data platform.
You are buying a 170-person biotech, not a giant pharma machine. Alumis also has $33M of long-term debt, or 1% of capital. That is a lean setup, but the whole stock still leans on 1 lead candidate.
How They Make Money
n/a
annual revenue
Collaboration and licensing
$22M
+971%
Development services
$0
0%
Interest income
$0
0%
Other income
$0
0%
The Products That Matter
Lead TYK2 inhibitor candidate
Envudeucitinib
Phase 3 · top-line reported jan 6, 2026
it's the only Phase 3 asset shown here, and top-line data arrived on January 6, 2026. for now, this is the program carrying most of the valuation.
phase 3
Partner-funded revenue stream
Collaboration revenue
$22.12M · 100% of revenue
it's the entire revenue line today. until a drug launches, this is accounting support, not a commercial engine.
pre-launch
Key Numbers
-$10.38
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial Health
n/a
Strength
- balance sheet grade n/a
- long-term debt $33M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Alumis posted $22M in quarterly revenue while EPS was -$1.92.
Revenue rose 971% vs. prior year. The company still lost money, and trailing EPS is -$4.24.
$22M
revenue
-$1.92
eps
~100%
gross margin (collab.)
revenue
The $22M quarter shows activity, but the -$1.92 EPS says the business still burns cash.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk is envudeucitinib failing to become an approved commercial drug.
Med
Single-asset clinical failure
envudeucitinib is the only Phase 3 asset shown here, and ALMS has no product sales. if that program stumbles, the commercial story gets very thin very fast.
that would leave a ~$3B company leaning on just $22.1M of collaboration revenue.
Med
Cash burn and dilution
the company announced a $175M public offering on January 6, 2026. with no product revenue and a -66.88% return on equity, outside capital is part of the model, not a surprise.
every financing round can leave you owning a smaller slice of the same pipeline story.
Med
Regulatory timing slips
management is targeting an NDA submission in the second half of 2026. delays matter more here because there is no approved product generating offsetting cash flow.
a slower timeline means a longer wait between Phase 3 data, filing, approval, and actual revenue.
with $22.1M of collaboration revenue, no product sales, and a ~$3B market cap, almost the entire valuation rests on converting one late-stage asset into an approved drug.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Filing
NDA submission target
management has pointed to the second half of 2026. that is the next obvious catalyst on the regulatory calendar.
Revenue mix
Whether product revenue replaces collaboration revenue
today, 100% of revenue is the $22.12M collaboration line. the business does not look commercial until that changes.
Financing
Additional capital raises
after the $175M public offering announced on January 6, 2026, your next question is simple: does the company need to come back for more before approval clarity arrives.
Earnings
Quarterly loss trend
last quarter came in at -$1.06 per share versus a -$0.93 estimate. in this kind of story, burn rate still matters even when EPS is not the main event.
Analyst Rankings
consensus
$33.36 avg. target
from a $29.72 stock, that implies about 12% upside. in human-speak, analysts like the setup but are not pricing in a moonshot.
coverage
thin and event-driven
there is not enough broader ranking data here to pretend this trades like a fully covered large cap. price targets matter less than the clinical calendar.
read-through
modest upside, high uncertainty
that combination usually means the street sees promise but knows one regulatory document can change the entire valuation math.
Source: institutional data
Institutional Activity
institutional ownership data for ALMS is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$30
Current price
Target midpoint · from current
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