Market reactionShares fell 11% on Nov 5.
Alumis is developing envudeucitinib, an oral TYK2 inhibitor pill for plaque psoriasis and lupus, and A-005 for Parkinson's disease; none is approved.
Envudeucitinib, an oral TYK2 inhibitor, met all primary and secondary endpoints in two Phase 3 psoriasis trials, beating placebo and apremilast. About 65% of patients reached PASI 90 at Week 24. Alumis plans to file an NDA in the fourth quarter of 2026. In lupus, the LUMUS Phase 2b missed its endpoints overall, with responses only in a high interferon subgroup. Cash of $502.3 million funds operations into the fourth quarter of 2027, around when an FDA decision could come.
Thesis checklist
2 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: Envudeucitinib NDA is submitted and accepted
Does Alumis submit the psoriasis NDA on time, and does FDA accept it for review?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
Select an event marker to read the update below. Marker colors show Thesis status.
Envudeucitinib psoriasis NDA is due in Q4 2026 after the lupus trial missed overall
Oral TYK2 inhibitor heads to a psoriasis NDA on clean Phase 3 data, but the LUMUS miss narrows the story to one indication
Phase 3 psoriasis data in hand, NDA filing imminent — SLE Phase 2b readout determines whether envudeucitinib becomes a multi-indication franchise
Phase 3 psoriasis win sets up NDA filing, but the SLE readout decides whether envudeucitinib becomes a franchise or a single-indication asset
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Eye diseases, Neurology and pain, Skin diseases, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
16 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.