Alumis Misses Q2 Revenue as Costs Jump

Alumis (ALMS -0.90%), a clinical-stage biopharmaceutical company focused on immune-mediated diseases, released its second-quarter results on August 13, 2025. The company missed consensus GAAP revenue expectations for Q2 2025 and reported sharply higher spending, mainly due to closing and integration costs from its ACELYRIN merger. GAAP revenue was $2.7 million, falling short of the $3.4 million analyst estimate, while expenses soared amid trial acceleration and merger transactions. A one-time accounting gain from the merger propelled net income into positive territory, but the underlying business remained loss-making. The quarter featured mixed results overall, with progress on key clinical programs offset by a miss on top-line expectations and a spike in underlying costs.

Source: Analyst estimates for the quarter provided by FactSet.

Alumis: At a Glance and Road to Late-Stage Trials

Alumis develops therapies that target immune system pathways, aiming to address autoimmune diseases such as psoriasis and systemic lupus erythematosus. Its core pipeline includes oral drug candidates, particularly envudeucitinib, which is a TYK2 inhibitor -- a molecule that blocks a specific protein in the immune process linked to inflammation and autoimmunity.

Success for the company is tightly linked to clinical trial results. With patient enrollment completed in two pivotal trials for its lead program, the company now focuses on delivering clinical data and maintaining sufficient funding.

Quarter in Detail: Progress, Spending, and Integration

During the period, Alumis advanced its main asset, envudeucitinib, by completing enrollment in two major clinical studies -- the ONWARD Phase 3 program targeting plaque psoriasis, and the LUMUS Phase 2b trial for systemic lupus erythematosus. The company expects top-line results from the ONWARD trials in early 2026, and from LUMUS in the third quarter of the same year. These milestones are critical, as they will provide topline efficacy and safety data from the ONWARD and LUMUS trials.

The company also progressed its second pipeline asset, A-005, an oral, central nervous system-penetrant TYK2 inhibitor intended for multiple sclerosis. Preclinical work continues, with plans to launch a Phase 2 trial in the first half of 2026. Another program – lonigutamab, an anti-IGF-1R antibody for thyroid eye disease -- received Fast Track Designation from the Food and Drug Administration, speeding up its review timeline, though no new clinical data or major milestones were reported in the quarter.

Financially, Operating expenses (GAAP) grew dramatically. Research and development spend (GAAP) reached $108.8 million, up 124% compared to Q2 2024, as the company invested in contract research, clinical sites, and expanded staff. General and administrative expenses (GAAP) spiked to $34.5 million, with much of the increase tied directly to merger-related costs, severance, and stock-based compensation. Nearly $27 million of spending was directly linked to the ACELYRIN transaction, split between R&D and administrative line items for the six months ended June 30, 2025. The company recorded a net profit for the quarter, but this reflected a non-cash, one-time accounting gain of $187.9 million (GAAP) from the merger, rather than improved operations.

The ACELYRIN merger also transformed the company’s cash position. Cash, cash equivalents, and marketable securities reached $486.3 million as of June 30, 2025. At the time of the merger closing, ACELYRIN held $382.6 million in cash, cash equivalents, and marketable securities. This extended Alumis’s financial runway, allowing it to fund development plans through multiple data readouts into 2027. However, merger integration added substantial costs and complexity, as reflected in the surge of administrative expense.

Commercial revenue remains limited at this clinical stage. The $2.7 million (GAAP) recognized came solely from ongoing collaboration with Kaken Pharmaceutical, and there was no license revenue recorded in the period. Previous one-time payments, such as the $17.4 million license fee (GAAP) in Q1 2025, did not recur.

ALMS does not currently pay a dividend.

Outlook: Funding and Upcoming Milestones

Alumis expects research and development expenses to decrease in the second half of fiscal 2025, as major trial enrollment activity is now complete. Management guides that its enhanced cash position as of June 30, 2025, is projected to support operating needs through at least 2027, covering all key planned clinical readouts. The company did not offer detailed revenue or earnings guidance for the remainder of the year or for fiscal 2026.

Looking ahead, attention shifts to clinical trial results for envudeucitinib in psoriasis and lupus, as well as progress on the A-005 and lonigutamab programs. Investors will likely focus on how effectively the company manages its operating costs post-merger, tracks toward disclosed timelines for data, and begins to lay groundwork for future commercialization strategies. As no clinical efficacy or safety outcomes have been disclosed, successful data in upcoming studies will be the next major catalyst. The company’s future prospects are tightly tied to achieving positive trial readouts and prudent financial management in the periods ahead.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.