Alumis Inc 10-Q for FY2026 Q1

Alumis Inc. (ALMS)

10-Q 2026-05-14 For: 2026-03-31

Added on May 17, 2026

About this 10-Q

Alumis Inc filed this 10-Q on May 14, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.74M; down 90.0% from $17.39M a year earlier
Net loss: $93.05M; compared with a net loss of $98.96M a year earlier
Diluted EPS: -$0.74; compared with -$1.82 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 Loss	6

	Condensed Consolidated Statements of Stockholders’ Equity	7

	Condensed Consolidated Statements of Cash Flows	8

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49

Item 4.	Controls and Procedures	49

Part II	Other Information

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	116

Item 3.	Defaults Upon Senior Securities	116

Item 4.	Mine Safety Disclosures	116

Item 5.	Other Information	116

Item 6.	Exhibits	117

Signatures		118


		March 31,			December 31,
(in thousands, except share and per share amounts)		2026			2025
Assets
Current assets:
Cash and cash equivalents		$	63,885		$	89,670
Restricted cash			86			82
Marketable securities, current			459,058			218,831
Research and development prepaid expenses			3,345			2,909
Other prepaid expenses and current assets			6,033			6,740
Total current assets			532,407			318,232
Restricted cash, non-current			1,302			1,301
Marketable securities, non-current			46,603			—
Property and equipment, net			17,534			18,190
Intangible assets			50,959			50,959
Operating lease right-of-use assets, net			15,952			16,971
Other assets, non-current			6,831			6,287
Total assets		$	671,588		$	411,940
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	11,587		$	10,106
Research and development accrued expenses			35,959			34,781
Other accrued expenses and current liabilities			12,588			22,303
Deferred revenue, current			6,328			1,458
Operating lease liabilities, current			4,442			4,670
Total current liabilities			70,904			73,318
Operating lease liabilities, non-current			31,222			32,244
Deferred tax liability			2,140			2,140
Share repurchase liability			94			123
Deferred revenue, non-current			—			2,611
Other liabilities, non-current			207			207
Total liabilities			104,567			110,643
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025			—			—
Common stock, voting, $0.0001 par value; 492,815,092 voting shares authorized as of March 31, 2026 and December 31, 2025; 123,169,838 and 99,084,365 voting shares issued and outstanding as of March 31, 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 March 31, 2026 and December 31, 2025; 4,059,908 and 5,622,408 non-voting shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			—			1
Additional paid-in capital			1,562,405			1,202,975
Accumulated other comprehensive income (loss)			(467)			188
Accumulated deficit			(994,929)			(901,876)
Total stockholders’ equity			567,021			301,297
Total liabilities and stockholders’ equity		$	671,588		$	411,940


		Three Months Ended March 31,
(in thousands, except share and per share amounts)		2026			2025
Revenue:
License revenue		$	—		$	17,389
Collaboration revenue			1,741			—
Total revenue			1,741			17,389
Operating expenses:
Research and development expenses, including related party expenses of $66 and $262 for the three months ended March 31, 2026 and 2025, respectively			81,540			96,622
General and administrative expenses			18,610			22,295
Total operating expenses			100,150			118,917
Loss from operations			(98,409)			(101,528)
Other income (expense):
Interest income			5,349			2,609
Other income (expenses), net			7			(44)
Total other income (expense), net			5,356			2,565
Net loss		$	(93,053)		$	(98,963)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net			(655)			(48)
Total comprehensive loss		$	(93,708)		$	(99,011)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.74)		$	(1.82)
Weighted-average shares of common stock outstanding, basic and diluted			125,050,645			54,280,264


									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 loss		—			—		—			—			(93,053)			(93,053)
Balance at March 31, 2026		127,229,746		$	12	$	1,562,405		$	(467)		$	(994,929)		$	567,021


		Three Months Ended March 31,
(in thousands)		2026			2025
Cash flows from operating activities
Net loss		$	(93,053)		$	(98,963)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			12,339			6,995
Net accretion of discounts on marketable securities			(1,961)			(983)
Depreciation and amortization			871			843
Non-cash lease expense			575			266
Impairment of long-lived assets			444			—
Changes in operating assets and liabilities:
Research and development prepaid expenses			(436)			561
Other prepaid expenses and other assets			780			583
Other assets, non-current			(545)			(38)
Accounts payable			1,432			(2,151)
Deferred revenue			2,259			2,611
Research and development accrued expenses			1,178			5,550
Other accrued expenses and current liabilities			(9,716)			4,988
Operating lease liabilities			(1,249)			(617)
Net cash used in operating activities			(87,082)			(80,355)
Cash flows from investing activities
Maturities of marketable securities			142,862			64,000
Purchases of marketable securities			(428,384)			(24,535)
Purchases of property and equipment			(164)			(37)
Net cash (used in) provided by investing activities			(285,686)			39,428
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			23,191			—
Net cash provided by financing activities			346,988			—
Net decrease in cash, cash equivalents and restricted cash			(25,780)			(40,927)
Cash, cash equivalents and restricted cash at beginning of period			91,053			170,632
Cash, cash equivalents and restricted cash at end of period		$	65,273		$	129,705
Supplemental disclosures:
Receivable recorded for stock option exercises pending settlement		$	74		$	—
Purchases of property and equipment in accounts payable and other accrued expenses and current liabilities		$	50		$	165
Vesting of early exercised stock options and unvested restricted shares of common stock		$	29		$	226
Right-of-use assets obtained in exchange for operating lease liabilities		$	—		$	1,776
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	63,885		$	128,543
Restricted cash			86			—
Restricted cash, non-current			1,302			1,162
Total cash, cash equivalents and restricted cash		$	65,273		$	129,705


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


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	58,736	$	—	$	—	$	58,736
Marketable securities, current
U.S. Treasury obligations		207,241		101,590		—		308,831
Corporate debt obligations		—		85,849		—		85,849
Commercial paper		—		52,402		—		52,402
Supranational debt obligations		—		7,971		—		7,971
Government development bank obligations		—		4,005		—		4,005
Marketable securities, non-current
U.S. Treasury obligations		30,093		—		—		30,093
Corporate debt obligations		—		16,510		—		16,510
Total assets	$	296,070	$	268,327	$	—	$	564,397


		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


		March 31, 2026
				Gross		Gross
		Amortized Cost		Unrealized		Unrealized		Fair
		Basis		Gains		Losses		Value
Marketable securities, current:
U.S. Treasury obligations		$	309,024	$	21	$	(214)	$	308,831
Corporate debt obligations			85,951		3		(105)		85,849
Commercial paper			52,466		3		(67)		52,402
Supranational debt obligations			7,969		2		—		7,971
Government development bank obligations			4,003		2		—		4,005
Total marketable securities, current			459,413		31		(386)		459,058
Marketable securities, non-current:
U.S. Treasury obligations			30,175		—		(82)		30,093
Corporate debt obligations			16,540		—		(30)		16,510
Total marketable securities, non-current			46,715		—		(112)		46,603
Total marketable securities		$	506,128	$	31	$	(498)	$	505,661


		Estimated Useful Life		March 31,			December 31,
		(in years)		2026			2025
Leasehold improvements		Shorter of useful life or lease term		$	17,870		$	17,655
Laboratory equipment		5			5,843			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					26,393			26,178
Less: Accumulated depreciation and amortization					(8,859)			(7,988)
Total property and equipment, net				$	17,534		$	18,190


2026 (remainder of the year)	$	6,250
2027		7,648
2028		7,765
2029		7,205
2030		5,848
Thereafter		16,009
Total undiscounted lease payments		50,725
Less: Imputed interest		(15,061)
Total operating lease liabilities	$	35,664


				Weighted-
				Average
		Number of		Grant Date
		Shares		Fair Value
Unvested as of December 31, 2024		2,583		$	2.90
Vested		(2,583)		$	2.90
Unvested as of March 31, 2025		—		$	—


		Three Months Ended
		March 31, 2026
Expected term (in years)		0.49
Volatility		67.54%
Risk-free interest rate		3.75%
Dividend yield		0.00%


		Three Months Ended March 31,				Change
		2026		2025		$		%
Revenue:
License revenue		$	—	$	17,389	$	(17,389)	*
Collaboration revenue			1,741		—		1,741	*
Total revenue			1,741		17,389		(15,648)	(90)	%
Operating expenses:
Research and development expenses			81,540		96,622		(15,082)	(16)	%
General and administrative expenses			18,610		22,295		(3,685)	(17)	%
Total operating expenses			100,150		118,917		(18,767)	(16)	%
Loss from operations			(98,409)		(101,528)		3,119	(3)	%
Other income (expense):
Interest income			5,349		2,609		2,740	105	%
Other income (expense), net			7		(44)		51	(116)	%
Total other income (expense), net			5,356		2,565		2,791	109	%
Net loss		$	(93,053)	$	(98,963)	$	5,910	(6)	%


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).

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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101.CAL*		Inline XBRL Calculation Linkbase Document.

101.DEF*		Inline XBRL Definition Linkbase Document.

101.LAB*		Inline XBRL Label Linkbase Document.

101.PRE*		Inline XBRL Presentation Linkbase Document.

104*		Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101).


	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: May 14, 2026	By:	/s/ Martin Babler
		Name:	Martin Babler
		Title:	Chief Executive Officer
			(Principal Executive Officer)