Alumis Inc. Reports $294.2 Million Net Loss for 2024, Announces Merger with ACELYRIN Inc.

Alumis Inc. reported a net loss of $294.2 million for the year ended December 31, 2024, compared to a net loss of $155.0 million in 2023. Total operating expenses increased by 90% to $300.8 million in 2024, driven primarily by a 93% surge in research and development expenses to $265.6 million. This increase reflects a $23 million clinical milestone payment related to the FronThera acquisition, a 120% rise in CRO, CMO, and clinical trial expenses, and a 46% increase in professional consulting services. General and administrative expenses also rose by 72% to $35.2 million.

The company's cash position improved significantly, with cash, cash equivalents, and marketable securities totaling $288.3 million as of December 31, 2024, up from $53.4 million at the end of 2023. This increase is largely attributable to net proceeds of $233.3 million from the initial public offering (IPO) and a concurrent private placement of $40 million. However, the company's management noted substantial doubt about its ability to continue as a going concern due to its history of losses and negative cash flows.

Alumis is advancing two TYK2 inhibitors: ESK-001, currently in Phase 3 trials for psoriasis and Phase 2 trials for lupus, with topline results expected in the first quarter of 2026; and A-005, which entered Phase 1 trials in April 2024 and showed initial positive results in December 2024. The company also highlighted its proprietary precision data analytics platform and its strategy to maximize the opportunity presented by ESK-001, expand its TYK2 franchise with A-005, and advance earlier-stage product candidates. As of December 31, 2024, Alumis employed 170 people, 168 of whom were full-time.

On February 6, 2025, Alumis announced a merger agreement with ACELYRIN Inc., subject to stockholder approval and other closing conditions. Upon completion, Alumis' pre-merger equity holders are expected to own approximately 55% of the combined company, while ACELYRIN's pre-merger equity holders are expected to own approximately 45%. The merger agreement includes termination fees of $10 million for each party under certain circumstances. The company's 10-K filing extensively details the risks associated with the merger, including the possibility of non-completion and the potential for adverse impacts on its business and operations.

The company's 10-K filing also includes extensive disclosures on risk factors related to product development and commercialization, competition, intellectual property, government regulation, reliance on third parties, and the ownership of its common stock. These disclosures cover a wide range of potential challenges, including clinical trial risks, regulatory hurdles, market acceptance uncertainties, and the need for substantial additional financing. The filing also details the company's accounting policies and significant judgments and estimates, including those related to research and development expenses, stock-based compensation, and fair value measurements.