ALMS

Company Overview — What Does ALUMIS INC. Do?

Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words "allumer"-French for illuminate-and "immunis"-Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 (TYK2) inhibitors: ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system (CNS) penetrant molecule. ESK-001 has demonstrated significant therapeutic effect in our Phase 2 program in patients with PsO, which we define as moderate-to-severe plaque psoriasis (PsO), and is currently being evaluated in an additional Phase 2 clinical trial in patients with systemic lupus erythematosus (SLE), for which we expect to report results in 2026. With the favorable results in our Phase 2 clinical trial in PsO, we intend to initiate multiple Phase 3 clinical trials of ESK-001 in the second half of 2024 in this indication. TYK2 genetic mutations are associated with a strong protective effect in multiple sclerosis, motivating us to develop our second product candidate, A-005, as a CNS-penetrant, allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases. In April 2024, we initiated our Phase 1 program of A-005 in healthy volunteers and expect to report initial results by the end of 2024. We utilize our proprietary precision data analytics platform, biological insights and team of experienced research and development experts to deepen our understanding of disease pathologies, accelerate research and development and increase the probability of clinical success. Our collective insights informed our selection of TYK2 as the target for our two lead programs. Beyond TYK2, our proprietary precision data analytics platform and drug discovery expertise have led to the identification of additional preclinical programs that exemplify our precision approach. We recognize that patients living with immune-mediated diseases need alternatives to currently available therapies. Despite recent advances and innovations in the treatment of immune-mediated diseases, many patients continue to suffer, cycling through currently approved therapies while looking for a solution that alleviates the debilitating impact of their disease without life-limiting side effects. Addressing the needs of these patients is why we exist. We are pioneering a precision approach that leverages insights derived from powerful data analytics to select the right target, right molecule, right indication, right patient, right endpoint and right combination to dramatically improve patient outcomes. We believe that combining our insights with an integrated approach to drug development will produce the next generation of treatments to address immune dysfunction. We were founded in January 2021 as a Delaware corporation under the name FL2021-001, Inc. We changed our name to Esker Therapeutics, Inc. in March 2021, and subsequently to Alumis Inc. in January 2022. Our principal executive offices are located at 280 East Grand Avenue, South San Francisco, California. ALUMIS INC. (ALMS) is classified as a mid-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Martin Babler, headquartered in SOUTH SAN FRANCISCO, California. With a market capitalization of $2.9B, ALMS is one of the notable companies in the Healthcare sector.

ALUMIS INC. (ALMS) Stock Rating — Reduce (April 2026)

As of April 2026, ALUMIS INC. receives a Reduce rating with a composite score of 35.3/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.ALMS ranks #2,953 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, ALUMIS INC. ranks #420 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

ALMS Stock Price and 52-Week Range

ALUMIS INC. (ALMS) currently trades at $22.68. The stock lost $0.26 (1.1%) in the most recent trading session. The 52-week high for ALMS is $30.60, which means the stock is currently trading -25.9% from its annual peak. The 52-week low is $2.76, putting the stock 721.7% above its annual trough. Recent trading volume was 429K shares, suggesting relatively thin trading activity.

Is ALMS Overvalued or Undervalued? — Valuation Analysis

ALUMIS INC. (ALMS) carries a value factor score of 22/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 9.42x, versus the sector average of 2.75x. The price-to-sales ratio is 128.29x, compared to 1.66x for the average Healthcare stock.

At current multiples, ALUMIS INC. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

ALUMIS INC. Profitability — ROE, Margins, and Quality Score

ALUMIS INC. (ALMS) earns a quality factor score of 25/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -80.8%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -59.1% versus the sector average of -33.1%.

On a margin basis, ALUMIS INC. reports gross margins of 100.0%, compared to 71.5% for the sector. The operating margin is -3811.9% (sector: -66.1%). Net profit margin stands at -1234.9%, versus -58.7% for the average Healthcare stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

ALMS Debt, Balance Sheet, and Financial Health

ALUMIS INC. has a debt-to-equity ratio of 37.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.34x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $65M.

ALMS has a beta of 0.82, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for ALUMIS INC. is 22/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

ALUMIS INC. Revenue and Earnings History — Quarterly Trend

In TTM 2026, ALUMIS INC. reported revenue of $22M and earnings per share (EPS) of $-2.86. Net income for the quarter was $-244M. Gross margin was 100.0%. Operating income came in at $-456M.

In FY 2025, ALUMIS INC. reported revenue of $24M and earnings per share (EPS) of $-2.86. Net income for the quarter was $-243M. Operating income came in at $-454M.

In Q3 2025, ALUMIS INC. reported revenue of $2M and earnings per share (EPS) of $-1.06. Net income for the quarter was $-111M. Operating income came in at $-115M.

In Q2 2025, ALUMIS INC. reported revenue of $3M and earnings per share (EPS) of $0.78. Net income for the quarter was $59M. Gross margin was 100.0%. Operating income came in at $-141M.

Over the past 8 quarters, ALUMIS INC. has demonstrated a growth trajectory, with revenue expanding from $0 to $22M. Investors analyzing ALMS stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

ALMS Dividend Yield and Income Analysis

ALUMIS INC. (ALMS) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

ALMS Momentum and Technical Analysis Profile

ALUMIS INC. (ALMS) has a momentum factor score of 78/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

ALMS vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, ALUMIS INC. (ALMS) ranks #420 out of 838 stocks based on the Blank Capital composite score. This places ALMS in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing ALMS against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ALMS vs S&P 500 (SPY) comparison to assess how ALUMIS INC. stacks up against the broader market across all factor dimensions.

ALMS Next Earnings Date

No upcoming earnings date has been announced for ALUMIS INC. (ALMS) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy ALMS? — Investment Thesis Summary

The quantitative profile for ALUMIS INC. suggests caution. The quality score of 25/100 flags below-average profitability. The value score of 22/100 indicates premium valuation. Price momentum is positive at 78/100, suggesting the trend favors buyers. High volatility (stability score 22/100) increases portfolio risk.

In summary, ALUMIS INC. (ALMS) earns a Reduce rating with a composite score of 35.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ALMS stock.

Related Resources for ALMS Investors

Explore more research and tools: ALMS vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare ALMS head-to-head with peers: ALMS vs AZN, ALMS vs SLGL, ALMS vs VMD.