ALMS

MKT CAP:$3B

Alumis Inc. Common Stock

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$24.98+$16.02 (+178.79%)

Apr 21, 2026

Company Details

Alumis Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of medicines for autoimmune disorders. It develops ESK-001, an allosteric tyrosine kinase 2 (TYK2) inhibitor for the treatment of plaq...

CEO

Martin Babler

IPO Date

Feb 22, 2021

Website

www.alumis.com

Key Metrics TTM

Revenue

$24M

— YoY

Net Income

-$243M

EPS (Diluted)

-$3.00

Free Cash Flow

-$370M

Revenue / Share

$0.23

Gross Margin

96.4%

Operating Margin

-1837.4%

Net Margin

-1011.7%

FCF Margin

-1539.2%

P/S

129.1x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

Q4 2025

Mar 19, 2026

$2MEPS -$0.89

Q3 2025

Nov 13, 2025

$2MEPS -$1.06

Q2 2025

Aug 13, 2025

$3MEPS $0.77

Q1 2025

May 14, 2025

$17MEPS -$1.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$0	$0	-$37M
Q2 23	$0	$0	-$38M
Q3 23	$0	$0	-$44M
Q4 23	$0	$0	-$40M
Q1 24	$0	-$758.0K	-$48M
Q2 24	$0	$0	-$56M
Q3 24	$0	$0	-$98M
Q4 24	$0	-$820.0K	-$99M
Q1 25	$17M	$17M	-$102M
Q2 25	$3M	$3M	-$141M
Q3 25	$2M	$2M	-$115M
Q4 25	$2M	$1M	-$85M

Valuation

Quarter	P/S	P/E
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	27.0x	—
Q2 25	15.6x	—
Q3 25	18.6x	—
Q4 25	45.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$35M	-$35M
Q2 23	-$28M	-$29M
Q3 23	-$33M	-$35M
Q4 23	-$34M	-$35M
Q1 24	-$44M	-$44M
Q2 24	-$52M	-$53M
Q3 24	-$84M	-$85M
Q4 24	-$75M	-$75M
Q1 25	-$80M	-$80M
Q2 25	-$106M	-$107M
Q3 25	-$111M	-$111M
Q4 25	-$72M	-$72M

Capital Expenditures

Quarter	CapEx
Q1 23	$295.0K
Q2 23	$825.0K
Q3 23	$2M
Q4 23	$1M
Q1 24	$155.0K
Q2 24	$432.0K
Q3 24	$779.0K
Q4 24	$366.0K
Q1 25	$37.0K
Q2 25	$616.0K
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	—	+29.8%
Q2 24	—	+49.2%
Q3 24	—	+124.9%
Q4 24	—	+145.7%
Q1 25	—	+149.9%
Q2 25	—	+155.1%
Q3 25	—	+19.3%
Q4 25	—	-12.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	—
Q2 23	$2M	—
Q3 23	$2M	—
Q4 23	$3M	—
Q1 24	$3M	—
Q2 24	$3M	—
Q3 24	$7M	—
Q4 24	$6M	—
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$10M	473.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 23	$32M	$4M	—
Q2 23	$33M	$5M	—
Q3 23	$38M	$6M	—
Q4 23	$35M	$6M	—
Q1 24	$41M	$6M	—
Q2 24	$49M	$8M	—
Q3 24	$88M	$11M	—
Q4 24	$86M	—	$11M
Q1 25	$97M	$22M	—
Q2 25	$109M	$21M	—
Q3 25	$98M	$20M	—
Q4 25	$77M	—	$9M

Revenue Segments

Quarter	Collaboration Revenue
Q4 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$46M	$3M	$49M
Q1 24	$112M	$22M	$134M
Q2 24	$155M	$54M	$210M
Q3 24	$213M	$148M	$362M
Q4 24	$170M	$119M	$288M
Q1 25	$129M	$80M	$209M
Q2 25	$152M	$335M	$486M
Q3 25	$65M	$312M	$378M
Q4 25	$90M	$219M	$309M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	52M	—	—
Q2 23	52M	+0.0%	—
Q3 23	38M	-25.9%	—
Q4 23	52M	+35.0%	—
Q1 24	52M	-0.0%	0.0%
Q2 24	54M	+4.9%	+4.9%
Q3 24	54M	-1.2%	+39.9%
Q4 24	54M	0.0%	+3.7%
Q1 25	54M	+1.0%	+4.7%
Q2 25	77M	+41.2%	+40.9%
Q3 25	104M	+35.8%	+93.7%
Q4 25	105M	+0.6%	+94.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$0	170
Q1 25	$102.3K	170
Q2 25	$15.7K	170
Q3 25	$12.2K	170
Q4 25	$8.7K	221

Revenue / Employee