Alumis Inc. (ALMS) Q2 2026 Earnings: Revenue $1.7M (-37.7%)
ALMS — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop
Alumis lost $142.2M in Q2 2026 after a $41.8M lonigutamab write-down, but R&D fell 21.5% as psoriasis Phase 3s wound down; $502.3M cash backs a Q4 2026 NDA after a post-quarter lupus trial miss.
Revenue
$1.7M
-37.7% YoY
Net income
-$142M
Diluted EPS
$-1.11
This period vs a year ago
Same period last year
This period
Revenue▼-37.7%
≈$2.7M
$1.7M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Alumis lost $142.2 million in the second quarter of 2026 (April–June), against a $59.3 million profit a year earlier. Neither number reflects how the business is actually running. This year's loss includes a $41.8 million write-down on lonigutamab, a drug Alumis got when it bought ACELYRIN. Last year's profit came from a one-time $187.9 million accounting gain on that purchase. Take both out and the company's day-to-day spending fell: research and development (R&D) costs dropped 21.5% because the big Phase 3 psoriasis trials have finished enrolling and reporting. Alumis ended June with $502.3 million in cash and investments after a January stock sale. Its plan still turns on filing for FDA approval of its psoriasis pill, envudeucitinib ("envu"), in Q4 2026. After the quarter closed, on September 1, the lupus trial that was supposed to be its second big opportunity missed its main goal.
At a glance
$502.3M in cash and investments (vs $308.5M at December 31): the January share sale brought in $324.4M net. Management says this lasts into Q4 2027, which is only about five quarters from the balance-sheet date.
R&D down 21.5% to $85.3M: outside contractor and clinical-trial costs fell $25.7M after the two pivotal psoriasis trials (ONWARD1/2) ended. The drop comes from timing, not from cutting programs.
$41.8M impairment on lonigutamab: Alumis wrote down the value of the thyroid-eye-disease antibody it picked up with ACELYRIN and will try to sell or partner it. Most of the money paid for that part of the deal is now off the books.
Results for Q2 2026
Alumis is a clinical-stage biotech, meaning it has no approved product to sell. Its only revenue is a small amount recognized under a licensing deal with Japan's Kaken Pharmaceutical. "Operating margin" means nothing for a company that has no sales, so the table tracks spending and cash instead.
Metric
Q2 2026
Q2 2025
YoY Change
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n/m = not meaningful, because the figure flips from a profit to a loss.
Where the money went
The R&D decline comes almost entirely from outside clinical-trial costs. The 10-Q puts spending on contract research organizations (CROs: outside firms that run trials for the company), contract manufacturers and clinical trials at $40.4M, down from $66.1M. It explains the drop by "the completion of enrollment and reporting of positive topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials". Higher spending on the ONWARD3 long-term extension study partly offset it. By program, external spending on envu fell to $44.4M from $64.6M. External spending on A-005, the brain-penetrating sister drug, was only $0.7M (vs $2.7M), so that program is close to idle until a Parkinson's trial starts in the first half of 2027.
Some costs went up. R&D personnel costs rose to $27.2M, including $4.4M more in stock-based compensation (staff paid in shares or options). Professional-services costs rose $1.2M for NDA preparation. An NDA, or New Drug Application, is the filing that asks the FDA to approve a drug for sale. G&A (general and administrative: overhead outside the labs) fell $11.1M. That drop mostly came from the absence of last year's ACELYRIN severance and deal costs, not from new savings. The filing says the company spent more on "market research services to support our launch preparation efforts."
What the headline numbers hide
Both years' bottom lines are distorted by one-off items from the same merger. Before tax, Q2 2026's loss was $144.0M. Without the $41.8M impairment it would have been about $102.2M. Q2 2025 reported a $50.8M pre-tax profit, but without the $187.9M bargain-purchase gain it was a $137.1M loss. (A "bargain-purchase gain" is booked when the assets acquired are valued at more than the price paid.) On a like-for-like basis the underlying loss narrowed by about a quarter. The headline says the opposite.
Cash burn is a better guide than net loss. Operating activities used $168.6M of cash in the first half, about $84M a quarter. That is well below the $235.3M first-half net loss, because $41.8M of the loss was the non-cash impairment and $26.6M was stock-based compensation. Stock pay does not use cash, but it is a real cost to shareholders.
Per-share figures are diluted by new shares. The weighted-average share count rose 67% in a year: 48.7M shares were issued for ACELYRIN in May 2025, and 20.3M were sold at $17.00 in January 2026. Option exercises brought in another $34.2M of cash in the first half. Alumis also put a $300M "at-the-market" program in place in March, which lets it sell shares into the market a little at a time. No shares had been sold under it by June 30.
The small tax benefit is not a recurring source of income. The $1.8M tax benefit comes from reducing a deferred tax liability linked to the lonigutamab write-down.
Revenue will shrink further. All revenue comes from the Kaken deal. Kaken's $20M contribution to development costs runs only "through the end of 2026". After that it pays a set share of dermatology costs.
The event after the quarter: lupus readout missed
The 10-Q and the August 13 earnings release both said the lupus trial would read out in Q3. On September 1, 2026, Alumis reported that the Phase 2b LUMUS trial of envu in systemic lupus erythematosus (SLE) "did not meet its primary and secondary endpoints in the overall trial population." The trial enrolled 408 patients. The company points to "robust clinical responses" in a pre-specified subgroup: patients with a high interferon gene signature, a blood-test marker of an overactive interferon immune pathway. It says these patients were "unexpectedly under-represented" in the trial. Management plans to discuss a Phase 3 trial in that subgroup with regulators.
Pre-specifying the subgroup makes the result more credible than a subgroup picked after the data came in. But it is still a subgroup of a failed trial, and a new Phase 3 would take years and cost a lot. Before September 1, the company described LUMUS as "potentially pivotal" and as the way to unlock its "TYK2 franchise" in interferon-driven diseases (TYK2 is the enzyme envu blocks). That case is now much weaker.
Takeaway: This quarter's numbers matter less than two dates around it. Underlying spending fell as the psoriasis trials ended, and the balance sheet holds $502M. But the lupus trial that was meant to show envu works beyond psoriasis missed its main goal on September 1. Alumis is now close to a single-product company, with its value resting on the Q4 2026 psoriasis NDA and a cash runway that management puts at only into Q4 2027.
Outlook
Management's guidance (as of August 13):
File the NDA for envu in moderate-to-severe plaque psoriasis in Q4 2026. The September 1 lupus release says this is still on track.
Report two-year Phase 2 safety data in psoriasis in the second half of 2026.
Start a Phase 2 biomarker trial of A-005 in Parkinson's disease in the first half of 2027, and put its next clinical candidate into trials in 2027.
Cash, equivalents and marketable securities as of June 30 should fund operations into the fourth quarter of 2027.
Our read:
The psoriasis data are what the company is worth. In the ONWARD3 extension study (n=773), 54% of patients had completely clear skin (a "PASI 100" response) after up to 48 weeks. Alumis says that is the highest rate reported for any oral therapy. The safety profile matched the earlier trials. Psoriasis already has oral and injectable treatments, though, including Bristol Myers Squibb's TYK2 drug Sotyktu. The question is commercial: whether better skin clearance in trials turns into prescriptions and insurance coverage.
Funding is the near-term question. The runway guidance came out before the lupus result. FDA review usually takes about 10–12 months after filing, so an approval decision on a Q4 2026 NDA would arrive close to the end of the stated runway, and preparing for a launch costs more money. More funding looks likely in the next few quarters: selling shares through the unused $300M ATM program, partnering envu outside Japan, or cutting interferon-disease spending. Running a full lupus Phase 3 alone would make the gap bigger.
Things to watch next quarter: whether management changes its runway guidance or cuts SLE, Sjögren's and cutaneous-lupus spending after LUMUS; confirmation that the NDA was submitted; any ATM share sales; and any deal for lonigutamab.
Figures are from Alumis's Form 10-Q for the quarter ended June 30, 2026, its August 13, 2026 earnings release, and its September 1, 2026 LUMUS topline press release (Form 8-K).