Alumis Inc. (ALMS) Stock

Alumis Inc. (ALMS) is a Healthcare stock trading at $9.18 (as of 2026-09-11), with a market capitalization of $1.17B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Alumis Inc. is a clinical-stage biopharmaceutical company developing medicines for autoimmune disorders. Its pipeline includes ESK-001, an allosteric TYK2 inhibitor for plaque psoriasis, systemic lupus erythematosus, and non-infectious uveitis, and A-005, a central nervous system-penetrant allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases.

Understand Alumis Inc.: how it makes money

Alumis is a clinical-stage biotech developing allosteric TYK2 inhibitors (ESK-001 for psoriasis, lupus, and uveitis; A-005 for neuroinflammatory and neurodegenerative diseases) with no approved product and no revenue. The entire investment case is a binary bet on FDA clearance, financed through continuous equity raises rather than product sales.

Until ESK-001 is approved, the company sells equity to fund R&D burn; the product investors actually purchase is a sequence of pending FDA decisions.

Business quality (Unprofitable): No revenue, no margins, no cash flow. This is a pre-commercial pipeline bet, not an operating business.

Bull case

  • Novel Allosteric Targeting: ESK-001 binds TYK2 allosterically, a mechanism distinct from standard JAK inhibitors, which could deliver a cleaner safety profile. If it clears the safety bar, Alumis gains a differentiated position against an entire class of existing competitors.
  • Multi-Indication Platform Leverage: The same TYK2 mechanism spans psoriasis, SLE, uveitis (ESK-001) and neuroinflammatory diseases (A-005). A single validated target could underpin multiple commercial products, amplifying the return on every dollar of R&D spend.

Bear case

  • Extreme Burn, Zero Revenue: Operating margin of -8,956% with no reported revenue means the company is spending at an enormous rate with nothing to offset it. Each additional quarter of burn requires further dilution or risks running out of cash runway.
Valuation — source: SEC EDGAR (first-party)
Price$9.18
Market Cap$1.17B
Price / Book2.59
Price / Sales158.36
FCF Yield-30.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$24.05M
Net Margin-1011.7%
Return on Equity-97.1%
Current Ratio6.74
Revenue Growth (YoY)-37.7%
EPS Growth (YoY)-242.3%
FCF Growth (YoY)-23.6%
Financial Health — source: SEC EDGAR
Altman Z-Score-1.70 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)19.4
Industry P/E (Pharmaceutical Products)15.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderAyurMaya Capital Management Company, LP ($426.03M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOMartin Babler
Employees168
CountryUS
IPO Date2021-02-22

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  • Cue Biopharma, Inc. (CUE)
  • Relay Therapeutics, Inc. (RLAY)
  • Geron Corporation (GERN)
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ALMS earnings history · ALMS institutional & insider holders · ALMS KPIs & operating metrics · ALMS financials · ALMS filings, presentations & press releases · ALMS investor presentations & press releases · ALMS SEC filings · ALMS peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.