Alumis Inc 10-Q for FY2026 Q2

Alumis Inc. (ALMS)

10-Q 2026-08-13 For: 2026-06-30

Added on August 13, 2026

About this 10-Q

Alumis Inc filed this 10-Q on August 13, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.66M; down 37.7% from $2.67M a year earlier
Net loss: $142.22M; compared with net income of $59.32M a year earlier
Diluted EPS: -$1.11; compared with $0.77 a year earlier

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Delaware	86-1771129
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☒


Title of Each Class	Trading symbol	Name of Exchange on which registered
Common Stock, par value $0.0001 per share	ALMS	The Nasdaq Global Select Market

		Page

Part I	Financial Information

Item 1.	Financial Statements (Unaudited)	5

	Condensed Consolidated Balance Sheets	5

	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	6

	Condensed Consolidated Statements of Stockholders’ Equity	7

	Condensed Consolidated Statements of Cash Flows	8

	Notes to the Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	53

Item 4.	Controls and Procedures	54

Part II	Other Information

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	120

Item 3.	Defaults Upon Senior Securities	120

Item 4.	Mine Safety Disclosures	120

Item 5.	Other Information	120

Item 6.	Exhibits	121

Signatures		122


		June 30,			December 31,
(in thousands, except share and per share amounts)		2026			2025
Assets
Current assets:
Cash and cash equivalents		$	63,706		$	89,670
Restricted cash			—			82
Marketable securities, current			438,587			218,831
Research and development prepaid expenses			4,388			2,909
Other prepaid expenses and current assets			7,403			6,740
Total current assets			514,084			318,232
Restricted cash, non-current			1,388			1,301
Property and equipment, net			16,847			18,190
Intangible assets			9,135			50,959
Operating lease right-of-use assets, net			17,270			16,971
Other assets, non-current			1,894			6,287
Total assets		$	560,618		$	411,940
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	12,800		$	10,106
Research and development accrued expenses			35,572			34,781
Other accrued expenses and current liabilities			16,370			22,303
Deferred revenue, current			6,669			1,458
Operating lease liabilities, current			4,822			4,670
Total current liabilities			76,233			73,318
Operating lease liabilities, non-current			31,605			32,244
Deferred tax liability			383			2,140
Share repurchase liability			71			123
Deferred revenue, non-current			—			2,611
Other liabilities, non-current			168			207
Total liabilities			108,460			110,643
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2026 and December 31, 2025			—			—
Common stock, voting, $0.0001 par value; 492,815,092 voting shares authorized as of June 30, 2026 and December 31, 2025; 124,445,537 and 99,084,365 voting shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			12			9
Common stock, non-voting, $0.0001 par value; 7,184,908 non-voting shares authorized as of June 30, 2026 and December 31, 2025; 4,059,908 and 5,622,408 non-voting shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			—			1
Additional paid-in capital			1,589,979			1,202,975
Accumulated other comprehensive income (loss)			(683)			188
Accumulated deficit			(1,137,150)			(901,876)
Total stockholders’ equity			452,158			301,297
Total liabilities and stockholders’ equity		$	560,618		$	411,940


		Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)		2026			2025			2026			2025
Revenue:
License revenue		$	—		$	—		$	—		$	17,389
Collaboration revenue			1,662			2,666			3,403			2,666
Total revenue			1,662			2,666			3,403			20,055
Operating expenses:
Research and development expenses, including related party expenses of $399, $259, $465 and $521 for the three and six months ended June 30, 2026 and 2025, respectively			85,337			108,755			166,877			205,377
General and administrative expenses			23,356			34,450			41,966			56,745
Intangible assets impairment loss			41,824			—			41,824			—
Total operating expenses			150,517			143,205			250,667			262,122
Loss from operations			(148,855)			(140,539)			(247,264)			(242,067)
Other income (expense):
Gain on bargain purchase			—			187,907			—			187,907
Interest income			4,948			3,430			10,297			6,039
Other income (expenses), net			(71)			(38)			(64)			(82)
Total other income (expense), net			4,877			191,299			10,233			193,864
Net income (loss) before income taxes			(143,978)			50,760			(237,031)			(48,203)
Income tax benefit			1,757			8,561			1,757			8,561
Net income (loss)		$	(142,221)		$	59,321		$	(235,274)		$	(39,642)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net			(216)			30			(871)			(18)
Total comprehensive income (loss)		$	(142,437)		$	59,351		$	(236,145)		$	(39,660)
Net income (loss) per share attributable to common stockholders, basic		$	(1.11)		$	0.78		$	(1.86)		$	(0.61)
Net income (loss) per share attributable to common stockholders, diluted		$	(1.11)		$	0.77		$	(1.86)		$	(0.61)
Weighted-average shares of common stock outstanding, basic			127,690,254			76,477,144			126,377,692			65,440,021
Weighted-average shares of common stock outstanding, diluted			127,690,254			76,635,895			126,377,692			65,440,021


									Accumulated
						Additional			Other						Total
		Common Stock				Paid-In			Comprehensive			Accumulated			Stockholders’
(in thousands, except share amounts)		Shares		Amount		Capital			Income (Loss)			Deficit			Equity
Balance at December 31, 2025		104,706,773		$	10	$	1,202,975		$	188		$	(901,876)		$	301,297
Issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs of $21,260		20,297,500			2		323,797			—			—			323,799
Issuance of common stock upon exercise of stock options		2,177,964			—		23,265			—			—			23,265
Issuance of common stock upon vesting of restricted stock units		47,509			—		—			—			—			—
Vesting of early exercised stock options		—			—		29			—			—			29
Stock-based compensation expense		—			—		12,339			—			—			12,339
Other comprehensive income (loss), net		—			—		—			(655)			—			(655)
Net income (loss)		—			—		—			—			(93,053)			(93,053)
Balance at March 31, 2026		127,229,746		$	12	$	1,562,405		$	(467)		$	(994,929)		$	567,021

Issuance of common stock upon exercise of stock options		1,001,393			—		11,708			—			—			11,708
Issuance of common stock upon vesting of restricted stock units		21,156			—		—			—			—			—
Issuance of common stock under the 2024 Employee Stock Purchase Plan		253,150			—		1,570			—			—			1,570
Vesting of early exercised stock options		—			—		23			—			—			23
Stock-based compensation expense		—			—		14,273			—			—			14,273
Other comprehensive income (loss), net		—			—		—			(216)			—			(216)
Net income (loss)		—			—		—			—			(142,221)			(142,221)
Balance at June 30, 2026		128,505,445		$	12	$	1,589,979		$	(683)		$	(1,137,150)		$	452,158


		Six Months Ended June 30,
(in thousands)		2026			2025
Cash flows from operating activities
Net loss		$	(235,274)		$	(39,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Intangible assets impairment loss			41,824			—
Stock-based compensation			26,612			25,630
Net accretion of discounts on marketable securities			(4,035)			(2,152)
Depreciation and amortization			1,745			1,713
Non-cash lease expense			1,091			624
Impairment of long-lived assets			444			—
Gain on bargain purchase in connection with the ACELYRIN Merger			—			(187,907)
Changes in operating assets and liabilities:
Research and development prepaid expenses			(1,479)			7,373
Other prepaid expenses and other assets			64			96
Other assets, non-current			4,392			(1,723)
Accounts payable			2,694			(1,162)
Research and development accrued expenses			791			11,037
Other accrued expenses and current liabilities			(5,933)			6,537
Deferred revenue			2,600			2,611
Operating lease liabilities			(2,322)			(1,349)
Other liabilities, non-current			(39)			168
Deferred tax liability			(1,757)			(8,561)
Net cash used in operating activities			(168,582)			(186,707)
Cash flows from investing activities
Maturities of marketable securities			251,466			144,274
Purchases of marketable securities			(468,058)			(24,535)
Purchases of property and equipment			(401)			(653)
Cash, cash equivalents and restricted cash acquired in connection with the ACELYRIN Merger			—			49,742
Net cash (used in) provided by investing activities			(216,993)			168,828
Cash flows from financing activities
Proceeds from public offering of common stock, net of underwriter discounts, commissions and offering costs			323,797			—
Proceeds from issuance of common stock upon exercise of stock options			34,249			—
Proceeds from issuance of common stock under the 2024 Employee Stock Purchase Plan			1,570			766
Repurchase of common stock issued upon early exercise of stock options			—			(17)
Net cash provided by financing activities			359,616			749
Net decrease in cash, cash equivalents and restricted cash			(25,959)			(17,130)
Cash, cash equivalents and restricted cash at beginning of period			91,053			170,632
Cash, cash equivalents and restricted cash at end of period		$	65,094		$	153,502
Supplemental disclosures:
Right-of-use assets obtained in exchange for operating lease liabilities		$	1,835		$	1,776
Stock options exercise proceeds receivable		$	724		$	—
Vesting of early exercised stock options and unvested restricted shares of common stock		$	52		$	410
Equity consideration transferred in connection with the ACELYRIN Merger		$	—		$	238,077
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	63,706		$	151,753
Restricted cash			—			367
Restricted cash, non-current			1,388			1,382
Total cash, cash equivalents and restricted cash		$	65,094		$	153,502


Implied shares of common stock issued to holders of ACELYRIN common stock		48,653,549
Closing price per share of common stock as of Closing Date	$	4.78
Consideration transferred for share exchange	$	232,564
Fair value of replacement awards attributable to pre-combination services	$	5,513
Total purchase price consideration	$	238,077


Assets Acquired
Cash and cash equivalents	$	49,155
Restricted cash		367
Marketable securities		333,436
Research and development prepaid expenses		958
Prepaid credit voucher for clinical manufacturing		11,376
Other prepaid expenses and current assets		8,081
Restricted cash, non-current		220
Property and equipment		420
Intangible assets		50,959
Operating lease right-of-use assets		4,349
Other assets, non-current		744
Total assets	$	460,065
Liabilities Assumed
Accounts payable	$	(6,518)
Research and development accrued expenses		(3,546)
Other accrued expenses and current liabilities		(5,688)
Operating lease liabilities, current		(1,390)
Operating lease liabilities, non-current		(6,238)
Deferred tax liability		(10,701)
Total liabilities		(34,081)
Fair value of net assets	$	425,984
Purchase consideration		238,077
Gain on bargain purchase	$	187,907


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	58,709	$	—	$	—	$	58,709
Marketable securities, current
U.S. Treasury obligations		200,366		101,091		—		301,457
Corporate debt obligations		—		86,859		—		86,859
Commercial paper		—		48,274		—		48,274
Supranational debt obligations		—		1,997		—		1,997
Total assets	$	259,075	$	238,221	$	—	$	497,296


		December 31, 2025
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents
Money market funds		$	81,729		$	—		$	—		$	81,729
U.S. Treasury obligations			3,971			—			—			3,971
Marketable securities, current
U.S. Treasury obligations			110,809			37,673			—			148,482
Corporate debt obligations			—			30,743			—			30,743
Commercial paper			—			27,672			—			27,672
Supranational debt obligations			—			7,922			—			7,922
Government development bank obligations			—			4,012			—			4,012
Total assets		$	196,509		$	108,022		$	—		$	304,531


		June 30, 2026
				Gross		Gross
		Amortized Cost		Unrealized		Unrealized		Fair
		Basis		Gains		Losses		Value
Marketable securities, current:
U.S. Treasury obligations		$	301,955	$	1	$	(499)	$	301,457
Corporate debt obligations			87,008		3		(152)		86,859
Commercial paper			48,311		—		(37)		48,274
Supranational debt obligations			1,996		1		—		1,997
Total marketable securities, current		$	439,270	$	5	$	(688)	$	438,587


		Estimated Useful Life		June 30,			December 31,
		(in years)		2026			2025
Leasehold improvements		Shorter of useful life or lease term		$	18,018		$	17,655
Laboratory equipment		5			5,882			5,843
Furniture and fixtures		5			1,709			1,709
Computer equipment		5			896			896
Capitalized software		3			75			75
Total property and equipment, gross					26,580			26,178
Less: Accumulated depreciation and amortization					(9,733)			(7,988)
Total property and equipment, net				$	16,847		$	18,190


2026 (remainder of the year)	$	4,255
2027		8,702
2028		8,762
2029		7,205
2030		5,848
Thereafter		16,009
Total undiscounted lease payments		50,781
Less: Imputed interest		(14,354)
Total operating lease liabilities	$	36,427


				Weighted-
		Weighted-		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Stock	Price Per		Term	Value
	Options	Share		(in years)	(in thousands)
Outstanding as of December 31, 2025	18,672,626	$	8.56	6.7	$	44,015
Granted	4,710,493	$	26.17
Exercised	(3,179,357)	$	11.00		$	1,819
Forfeited or expired	(396,866)	$	20.11
Outstanding, vested and expected to vest as of June 30, 2026	19,806,896	$	12.12	8.00	$	11,468
Exercisable as of June 30, 2026	9,104,174	$	9.25	6.60	$	2,966


				Weighted-
				Average
		Number of		Exercise Price
		Shares		Per Share
Unvested as of December 31, 2025		13,681		$	9.01
Vested		(5,690)		$	9.11
Unvested as of June 30, 2026		7,991		$	8.93


		Six Months Ended
		June 30, 2026
Expected term (in years)		0.49 - 0.50
Volatility		67.54% - 126.68%
Risk-free interest rate		3.75% - 3.78%
Dividend yield		0.00%


				Weighted-
				Average
				Grant Date
		Number of		Fair Value
		Shares		Per Share
Unvested as of December 31, 2025		2,527,377		$	4.01
RSUs granted		895,096		$	25.14
RSUs released		(68,665)		$	5.05
RSUs forfeited		(90,533)		$	6.56
Unvested as of June 30, 2026		3,263,275		$	9.72


		Three Months Ended June 30,				Change
		2026		2025		$		%
Revenue:
License revenue		$	—	$	—	$	—	*
Collaboration revenue			1,662		2,666		(1,004)	(38)	%
Total revenue			1,662		2,666		(1,004)	(38)	%
Operating expenses:
Research and development expenses			85,337		108,755		(23,418)	(22)	%
General and administrative expenses			23,356		34,450		(11,094)	(32)	%
Intangible assets impairment loss			41,824		—		41,824	*
Total operating expenses			150,517		143,205		7,312	5	%
Loss from operations			(148,855)		(140,539)		(8,316)	6	%
Other income (expense):
Gain on bargain purchase			—		187,907		(187,907)	*
Interest income			4,948		3,430		1,518	44	%
Other income (expenses), net			(71)		(38)		(33)	87	%
Total other income (expense), net			4,877		191,299		(186,422)	(97)	%
Net income (loss) before income taxes			(143,978)		50,760		(194,738)	(384)	%
Income tax benefit			1,757		8,561		(6,804)	(79)	%
Net income (loss)		$	(142,221)	$	59,321	$	(201,542)	(340)	%


Exhibit Number		Description

2.1		Agreement and Plan of Merger, by and among the Registrant, ACELYRIN, Inc. and Arrow Merger Sub, Inc. dated as of February 6, 2025 (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on February 6, 2025).

2.2		Amendment to the Agreement and Plan of Merger, dated as of April 20, 2025 (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 21, 2025).

3.1		Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).

3.2		Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).

10.1*		Alumis Inc. Non-Employee Director Compensation Policy (as amended and restated on June 12, 2026).

31.1*		Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1#		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2#		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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	ALUMIS INC.

	By:	/s/ Martin Babler
	Name:	Martin Babler
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ John Schroer
	Name:	John Schroer
	Title:	Chief Financial Officer
		(Principal Financial Officer)


Dated: August 13, 2026	By:	/s/ Martin Babler
		Name:	Martin Babler
		Title:	Chief Executive Officer
			(Principal Executive Officer)