Executive Summary

Completed enrollment in Phase 3 ONWARD (plaque psoriasis) and Phase 2b LUMUS (SLE); ONWARD topline expected early Q1 2026 and LUMUS topline in Q3 2026, reinforcing near-term clinical catalysts .
Reported GAAP net income of $59.3M driven by a $187.9M non-operating bargain purchase gain from the ACELYRIN merger; underlying operations posted a $(140.5)M loss from operations, highlighting non-GAAP vs GAAP divergence .
Revenue was $2.67M (collaboration) vs $0.00M YoY, and cash, cash equivalents and marketable securities totaled $486.3M, extending runway into 2027; management expects R&D expense to decline in the remainder of 2025 .
Versus S&P Global consensus, revenue was a modest beat, while Primary EPS (normalized) missed; narrative hinges on execution into ONWARD/LUMUS readouts and integration discipline post ACELYRIN merger (values from S&P Global)*.

What Went Well and What Went Wrong

What Went Well

Clinical execution: “With patient enrollment now complete in the pivotal Phase 3 ONWARD program for plaque psoriasis and the Phase 2b LUMUS trial in SLE, Alumis has achieved key clinical milestones… we look forward to topline data… early Q1 2026 [ONWARD] and Q3 2026 [LUMUS]” — Martin Babler, CEO .
Balance sheet strength: Cash, cash equivalents and marketable securities of $486.3M support operations into 2027 following the ACELYRIN merger, improving funding visibility through multiple readouts .
Strategic optionality: FDA Fast Track for lonigutamab (TED) and advancing A-005 toward Phase 2 in MS, plus continued precision R&D discovery programs broaden the pipeline .

What Went Wrong

Elevated OpEx: R&D of $108.8M and G&A of $34.5M spiked YoY on ONWARD acceleration and merger-related severance/stock comp, stressing near-term P&L despite future decline guidance .
Underlying profitability: Despite GAAP net income from the bargain purchase gain, the quarter’s loss from operations was $(140.5)M, underscoring persistent cash burn in core activities .
EPS vs consensus: Primary EPS (normalized) missed S&P Global consensus even as GAAP EPS benefitted from the merger accounting; investors will focus on cost control and clarity on normalization (values from S&P Global)*.

Financial Results

Income Statement Summary (YoY and Sequential)

Metric	Q2 2024	Q1 2025	Q2 2025
Total Revenue ($USD Millions)	$0.00	$17.39	$2.67
License Revenue ($USD Millions)	$0.00	$17.39	$0.00
Collaboration Revenue ($USD Millions)	$0.00	$0.00	$2.67
Research & Development Expense ($USD Millions)	$48.57	$96.62	$108.76
General & Administrative Expense ($USD Millions)	$7.58	$22.30	$34.45
Loss from Operations ($USD Millions)	$(56.14)	$(101.53)	$(140.54)
Net Income (Loss) ($USD Millions)	$(56.51)	$(98.96)	$59.32
Diluted EPS (GAAP)	N/A	$(1.82)	$0.77

Notes: Q2 2025 GAAP net income includes $187.9M non-operating bargain purchase gain from ACELYRIN merger .

Balance Sheet and Liquidity KPIs

Metric	Q4 2024 (12/31)	Q1 2025 (3/31)	Q2 2025 (6/30)
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$288.3	$208.7	$486.3
Cash & Cash Equivalents ($USD Millions)	$169.53	$128.54	$151.75
Marketable Securities ($USD Millions)	$118.74	$80.21	$334.57
Total Stockholders’ Equity ($USD Millions)	$260.10	$168.31	$485.33

Non-GAAP Influence and Operating Cash

Management expects R&D expenses to decrease in the remaining quarters of 2025; runway guided into 2027 on current cash/securities .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
R&D Expense Trend	FY 2025	“Significantly decrease for subsequent quarters of 2025” (standalone, pre-merger)	“Decrease for remaining quarters of 2025” (post-merger)	Maintained/updated wording
Cash Runway	Multi-year	Pro forma ~$737M at 12/31/24, runway to 2027 (assuming ACELYRIN close)	$486.3M at 6/30/25; runway into 2027	Maintained (refreshed balance)
ONWARD Psoriasis Topline	Q1 2026	Q1 2026	Early Q1 2026	Refined timing (maintained)
LUMUS SLE Topline	2026	2026	Q3 2026	Clarified window (refined)
A-005 MS Phase 2 Start	Timing	2H 2025	1H 2026 (resource shift to envu enrollment acceleration)	Delayed
Lonigutamab (TED) Status	Ongoing	Finalize plan post-merger (mid-2025)	Fast Track granted; program under evaluation	Accelerated regulatory status

No revenue, margin, OI&E, tax-rate, or dividend guidance provided beyond qualitative OpEx/runway commentary .

Earnings Call Themes & Trends

Note: ALMS scheduled its Q2 2025 conference call for Tuesday, Aug 19, 2025 at 4:00PM ET; a full transcript was not available through our document tools at the time of this analysis .

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Clinical execution (ONWARD/LUMUS)	ONWARD topline Q1’26; LUMUS data 2026	Enrollment completed; ONWARD early Q1’26; LUMUS Q3’26	Positive progress; timelines refined
Balance sheet/runway	Pro forma cash ~$737M to 2027 (merger pending)	$486.3M cash/securities; runway into 2027 (post-merger)	Maintained runway; improved visibility
A-005 (MS)	Phase 2 to begin 2H 2025	Phase 2 anticipated 1H 2026 (resource allocation to envu)	Timing pushed; strategic reprioritization
Regulatory/designations	—	Fast Track for lonigutamab (TED)	Positive regulatory milestone
OpEx discipline	R&D to decrease in subsequent quarters (pre-merger)	R&D expected to decrease in remaining quarters	Consistent focus on cost trajectory

Management Commentary

“We continue to move forward on all fronts with momentum and a clear focus on advancing a differentiated pipeline... With the completion of our merger with ACELYRIN, we are well positioned to drive our programs through key inflection points in the next 12 months.” — Martin Babler, President & CEO .
“Alumis expects its research and development expenses to decrease for the remaining quarters of 2025... existing cash... is expected to... fund operating expenses and capital expenditure requirements into 2027.” .
“Topline data from ONWARD1 and ONWARD2 are expected early in the first quarter of 2026... Topline data from LUMUS are expected in the third quarter of 2026.” .

Q&A Highlights

The company set a Q2 2025 conference call for Aug 19, 2025; a transcript was not available via our filings/document tools. No additional call clarifications can be cited here .
Key press release clarifications: the quarter’s GAAP net income was driven by a $187.9M non-operating gain from the ACELYRIN merger; merger-related expenses totaled $26.8M in Q2 (G&A $20.1M; R&D $6.7M) .
Management reiterated R&D declines in H2 2025 and reaffirmed runway into 2027, linking cost trajectory and balance sheet to clinical milestones .

Estimates Context

Results vs S&P Global consensus (Primary EPS and Revenue)*

Metric	Q2 2024	Q1 2025	Q2 2025
Primary EPS Consensus Mean (Estimate)	-11.405*	-1.486*	-1.3775*
Primary EPS (Actual, S&P normalized)	-22.1572*	-1.82*	-1.4721*
Revenue Consensus Mean ($USD)	$0*	$1.00M*	$2.43M*
Revenue Actual ($USD)	$0*	$17.39M*	$2.666M*

Interpretation: Q2 2025 revenue beat consensus modestly, while Primary EPS (normalized) missed (GAAP EPS was $0.77 due to non-operating gain) . Values retrieved from S&P Global.*

Key Takeaways for Investors

Upcoming topline catalysts (ONWARD early Q1’26; LUMUS Q3’26) are the primary stock drivers; enrollment completion reduces execution risk into data readouts .
Expect near-term OpEx moderation per guidance; monitor quarterly R&D trajectory vs stated decline for validation of cost discipline .
Balance sheet strength post-merger supports multi-program advancement through 2027; integration effectiveness and spend control will be closely watched .
Non-GAAP vs GAAP divergence (bargain purchase gain) complicates EPS optics; anchor on normalized EPS for comparability to consensus (S&P Global)* .
Pipeline breadth: Fast Track for lonigutamab and A-005’s timing shift reflect portfolio prioritization; MS Phase 2 slip to 1H’26 is a trade-off for envu execution .
Revenue is partnership-driven (Kaken); absent product sales, P&L is dominated by R&D progress—investors should focus on clinical timelines and regulatory milestones .
Near-term trading: headlines around conference appearances (September) and any interim program updates may act as incremental sentiment catalysts ahead of 2026 toplines .

References:

Q2 2025 8-K and Exhibit 99.1 press release: enrollment completions, timelines, revenue/expenses, net income, merger accounting and expenses, cash runway .
Q1 2025 8-K press release: Kaken license revenue, pre-merger guidance and milestones .
Year-end 2024 8-K press release: ONWARD/LUMUS/A-005 prior timelines, financial baseline and pro forma merger cash .
Conference call scheduling: .

S&P Global disclaimer: All estimate figures and “Primary EPS (Actual, S&P normalized)” values marked with an asterisk (*) are retrieved from S&P Global (Capital IQ) via our estimates tool.

ALUMIS INC. (ALMS)·Q2 2025 Earnings Summary