Alumis Inc 10-Q for FY2025 Q2

Alumis Inc. (ALMS)

10-Q 2025-08-13 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

Alumis Inc filed this 10-Q on August 13, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.67M
Net income: $59.32M; compared with a net loss of $56.51M a year earlier
Diluted EPS: $0.77; compared with -$23.10 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 Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)	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	40

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	58

Item 4.	Controls and Procedures	58

Part II	Other Information

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	125

Item 3.	Defaults Upon Senior Securities	126

Item 4.	Mine Safety Disclosures	126

Item 5.	Other Information	126

Item 6.	Exhibits	126

Signatures		128


	June 30,		December 31,
(in thousands, except share and per share amounts)	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	151,753	$	169,526
Restricted cash		367		—
Marketable securities		334,568		118,737
Research and development prepaid expenses		7,009		13,424
Other prepaid expenses and current assets		23,861		4,501
Total current assets		517,558		306,188
Restricted cash, non-current		1,382		1,106
Property and equipment, net		20,328		20,968
Intangible assets		50,959		—
Operating lease right-of-use assets, net		18,223		12,723
Other assets, non-current		2,475		7
Total assets	$	610,925	$	340,992
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	14,981	$	9,624
Research and development accrued expenses		43,731		29,149
Other accrued expenses and current liabilities		22,805		10,580
Operating lease liabilities, current		4,058		1,557
Total current liabilities		85,575		50,910
Operating lease liabilities, non-current		34,718		29,165
Deferred revenue, non-current		2,611		—
Deferred income tax liability		2,140		—
Share repurchase liability		386		813
Other liabilities, non-current		168		—
Total liabilities		125,598		80,888
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 June 30, 2025 and December 31, 2024		—		—
Common stock, voting, $0.0001 par value; 492,815,092 voting shares authorized as of June 30, 2025 and December 31, 2024; 96,857,569 and 47,222,419 voting shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		9		4
Common stock, non-voting, $0.0001 par value; 7,184,908 non-voting shares authorized as of June 30, 2025 and December 31, 2024; 7,184,908 non-voting shares issued and outstanding as of June 30, 2025 and December 31, 2024		1		1
Additional paid-in capital		1,183,488		918,610
Accumulated other comprehensive income (loss)		22		40
Accumulated deficit		(698,193)		(658,551)
Total stockholders’ equity		485,327		260,104
Total liabilities and stockholders’ equity	$	610,925	$	340,992


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share amounts)	2025		2024		2025		2024
Revenue:
License revenue	$	—	$	—	$	17,389	$	—
Collaboration revenue		2,666		—		2,666		—
Total revenue		2,666		—		20,055		—
Operating expenses:
Research and development expenses, including related party expenses of $259, $213, $521 and $571 for the three and six months ended June 30, 2025 and 2024, respectively		108,755		48,565		205,377		90,526
General and administrative expenses		34,450		7,575		56,745		13,207
Total operating expenses		143,205		56,140		262,122		103,733
Loss from operations		(140,539)		(56,140)		(242,067)		(103,733)
Other income (expense):
Gain on bargain purchase		187,907		—		187,907		—
Interest income		3,430		1,977		6,039		2,831
Change in fair value of derivative liability		—		(2,311)		—		(5,406)
Other income (expenses), net		(38)		(34)		(82)		(49)
Total other income (expense), net		191,299		(368)		193,864		(2,624)
Net income (loss) before income taxes		50,760		(56,508)		(48,203)		(106,357)
Income tax benefit		8,561		—		8,561		—
Net income (loss)	$	59,321	$	(56,508)	$	(39,642)	$	(106,357)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net		30		—		(18)		(3)
Net income (loss) and other comprehensive income (loss)	$	59,351	$	(56,508)	$	(39,660)	$	(106,360)
Net income (loss) per share attributable to common stockholders, basic	$	0.78	$	(23.10)	$	(0.61)	$	(44.17)
Net income (loss) per share attributable to common stockholders, diluted	$	0.77	$	(23.10)	$	(0.61)	$	(44.17)
Weighted-average shares of common stock outstanding, basic		76,477,144		2,446,022		65,440,021		2,408,037
Weighted-average shares of common stock outstanding, diluted		76,635,895		2,446,022		65,440,021		2,408,037


	Redeemable								Accumulated
	Convertible						Additional		Other				Total
	Preferred Stock			Common Stock			Paid-In		Comprehensive		Accumulated		Stockholders’
(in thousands, except share amounts)	Shares	Amount		Shares	Amount		Capital		Income (Loss)		Deficit		Equity
Balance at December 31, 2024	—	$	—	54,407,327	$	5	$	918,610	$	40	$	(658,551)	$	260,104
Vesting of early exercised stock options	—		—	—		—		224		—		—		224
Vesting of restricted shares of common stock	—		—	—		—		2		—		—		2
Stock-based compensation expense	—		—	—		—		6,995		—		—		6,995
Other comprehensive income (loss), net	—		—	—		—		—		(48)		—		(48)
Net income (loss)	—		—	—		—		—		—		(98,963)		(98,963)
Balance at March 31, 2025	—	$	—	54,407,327	$	5	$	925,831	$	(8)	$	(757,514)	$	168,314

Issuance of common stock and equity awards in connection with the ACELYRIN Merger	—		—	48,653,549		5		238,072		—		—		238,077
Issuance of common stock upon vesting of RSUs	—		—	798,751		—		—		—		—		—
Issuance of common stock under the 2024 ESPP	—		—	184,633		—		766		—		—		766
Vesting of early exercised stock options	—		—	—		—		184		—		—		184
Repurchase of unvested early exercised stock options	—		—	(1,783)		—		—		—		—		—
Stock-based compensation expense	—		—	—		—		18,635		—		—		18,635
Other comprehensive income (loss), net	—		—	—		—		—		30		—		30
Net income (loss)	—		—	—		—		—		—		59,321		59,321
Balance at June 30, 2025	—	$	—	104,042,477	$	10	$	1,183,488	$	22	$	(698,193)	$	485,327


	Six Months Ended June 30,
(in thousands)	2025		2024
Cash flows from operating activities
Net loss	$	(39,642)	$	(106,357)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		25,630		5,790
Net accretion of discounts on marketable securities		(2,152)		(507)
Depreciation and amortization		1,713		1,518
Non-cash lease expense		624		12
Loss on disposal of fixed assets		—		5
Change in fair value of derivative liability		—		5,406
Gain on bargain purchase in connection with the ACELYRIN Merger		(187,907)		—
Changes in operating assets and liabilities:
Research and development prepaid expenses		7,373		(10,540)
Other prepaid expenses and other assets		96		(382)
Other assets, non-current		(1,723)		—
Accounts payable		(1,162)		7,788
Deferred revenue		2,611		—
Research and development accrued expenses		11,037		3,638
Other accrued expenses and current liabilities		6,537		(1,912)
Operating lease liabilities		(1,349)		(1,007)
Other liabilities, non-current		168		—
Deferred income tax liability		(8,561)		—
Net cash used in operating activities		(186,707)		(96,548)
Cash flows from investing activities
Maturities of marketable securities		144,274		8,000
Purchases of marketable securities		(24,535)		(58,964)
Purchases of property and equipment		(653)		(587)
Cash, cash equivalents and restricted cash acquired in connection with the ACELYRIN Merger		49,742		—
Net cash provided by (used in) investing activities		168,828		(51,551)
Cash flows from financing activities
Proceeds from issuance of redeemable convertible preferred stock and derivative liability, net of issuance costs		—		258,461
Proceeds from issuance of common stock upon exercise of stock options		—		537
Repurchase of common stock shares issued upon early exercised restricted common stock		(17)		—
Proceeds from issuance of common stock under the 2024 ESPP		766		—
Payments of deferred offering costs		—		(1,787)
Net cash provided by financing activities		749		257,211
Net (decrease) increase in cash, cash equivalents and restricted cash		(17,130)		109,112
Cash, cash equivalents and restricted cash at beginning of period		170,632		47,133
Cash, cash equivalents and restricted cash at end of period	$	153,502	$	156,245
Supplemental disclosures:
Equity consideration transferred in connection with the ACELYRIN Merger	$	238,077	$	—
Vesting of early exercised stock options and unvested restricted shares of common stock	$	410	$	759
Purchases of property and equipment in other accrued expenses and current liabilities	$	—	$	716
Right-of-use assets obtained in exchange for operating lease liabilities	$	1,776	$	—
Recognition of derivative liability upon issuance of redeemable convertible preferred stock	$	—	$	8,913
Settlement of derivative liability upon issuance of redeemable convertible preferred stock	$	—	$	(14,319)
Deferred offering costs in accounts payable and other accrued expenses and current liabilities	$	—	$	2,559
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	151,753	$	155,108
Restricted cash		367		113
Restricted cash, non-current		1,382		1,024
Total cash, cash equivalents and restricted cash	$	153,502	$	156,245


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 preliminary 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, net		420
Intangible assets		50,959
Operating lease right-of-use assets, net		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 income 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, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	148,040	$	—	$	—	$	148,040
Marketable securities
U.S. treasuries		146,158		135,083		—		281,241
Corporate debt obligations		—		46,373		—		46,373
Federal agency obligations		—		4,851		—		4,851
Supranational bonds		—		2,103		—		2,103
Total assets	$	294,198	$	188,410	$	—	$	482,608


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	168,847	$	—	$	—	$	168,847
Marketable securities
U.S. treasuries		47,137		71,600		—		118,737
Total assets	$	215,984	$	71,600	$	—	$	287,584


	Six Months Ended June 30,
		2024
Expected term (in years)		0.2 – 0.4
Volatility		55.1% – 59.9%
Risk-free interest rate		5.4% – 5.5%
Dividend yield		0.00%
Probability of option exercise		0.0% – 100.0%


	Six Months Ended June 30,
	2024
Fair value at beginning of period	$	—
Fair value upon issuance		8,913
Changes in fair value		5,406
Fair value upon settlement		(14,319)
Fair value at end of period	$	—


	June 30, 2025
			Gross		Gross
	Amortized Cost		Unrealized		Unrealized		Fair
	Basis		Gains		Losses		Value
Short-term marketable securities:
U.S. treasuries	$	281,305	$	—	$	(64)	$	281,241
Corporate debt obligations		46,394		—		(21)		46,373
Federal agency obligations		4,850		1		—		4,851
Supranational bonds		2,103		—		—		2,103
Total short-term marketable securities	$	334,652	$	1	$	(85)	$	334,568


	Estimated Useful Life	June 30,		December 31,
	(in years)	2025		2024
Leasehold improvements	Shorter of useful life or lease term	$	17,799	$	17,618
Laboratory equipment	5		5,843		5,227
Furniture and fixtures	5		2,094		1,709
Computer equipment	5		1,161		896
Capitalized software	3		75		75
Total property and equipment, gross			26,972		25,525
Less: Accumulated depreciation and amortization			(6,644)		(4,557)
Total property and equipment, net		$	20,328	$	20,968


2025 (remainder of the year)	$	4,271
2026		8,175
2027		7,648
2028		7,765
2029		7,205
Thereafter		21,857
Total undiscounted lease payments		56,921
Less: Imputed interest		(18,145)
Total operating lease liabilities	$	38,776


		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 June 30, 2025	—	$	—


		Six Months Ended
		June 30, 2025
Expected term (in years)		0.32 - 0.50
Volatility		79.42% - 133.00%
Risk-free interest rate		4.25% - 4.33%
Dividend yield		0.00%


	Three Months Ended June 30,				Change
	2025		2024		$		%
Revenue:
License revenue	$	—	$	—	$	—	*
Collaboration revenue		2,666		—	$	2,666	*
Total revenue		2,666		—		2,666	*
Operating expenses:
Research and development expenses		108,755		48,565		60,190	124	%
General and administrative expenses		34,450		7,575		26,875	355	%
Total operating expenses		143,205		56,140		87,065	155	%
Loss from operations		(140,539)		(56,140)		(84,399)	150	%
Other income (expense):
Gain on bargain purchase		187,907		—		187,907	*
Interest income		3,430		1,977		1,453	73	%
Change in fair value of derivative liability		—		(2,311)		2,311	(100)	%
Other income (expense), net		(38)		(34)		(4)	12	%
Total other income (expense), net		191,299		(368)		191,667	*
Net income (loss) before income taxes		50,760		(56,508)		107,268	*
Income tax benefit		8,561		—		8,561	*
Net income (loss)	$	59,321	$	(56,508)	$	115,829	*


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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	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, 2025	By:	/s/ Martin Babler
		Name:	Martin Babler
		Title:	Chief Executive Officer
			(Principal Executive Officer)


Dated: August 13, 2025	By:	/s/ John Schroer
		Name:	John Schroer
		Title:	Chief Financial Officer
			(Principal Financial and Accounting Officer)