Alumis Inc (NASDAQ: ALMS) is a clinical-stage biopharmaceutical company developing small molecule product candidates for immune-mediated diseases. The company has no approved products as of the 10-K filed March 19, 2026, and has not generated product revenue. Alumis funds operations through capital raises and, as reflected on its balance sheet as of December 31, 2025, holds cash, cash equivalents, and marketable securities. The company does not own or operate manufacturing facilities, relying entirely on third-party contract manufacturers, with principal suppliers of critical raw materials located in India and Taiwan and additional sourcing from the EU and South Korea. Regulatory approval from the FDA or comparable foreign authorities is required before any product can be commercialized. Martin Babler serves as a named officer and John Schroer serves as President and Chief Executive Officer, as indicated in the March 19, 2026 filing. The company also completed a merger with ACELYRIN, referenced in the filing as the ACELYRIN Merger.

Revenue model

Alumis has not commercialized any product as of the 10-K filed March 19, 2026, and generates no product revenue. The company is pre-revenue and funds development through external financing.

Products and services

Alumis is developing small molecule product candidates targeting immune-mediated diseases. No products have received regulatory approval as of the filing date of March 19, 2026. Specific product candidate names are not identified in the provided filing excerpts.

Customers and end markets

Target end markets include physicians, patients, and third-party payors in the pharmaceutical and healthcare sector. No commercial customers exist as of the 10-K filed March 19, 2026, as the company has not commercialized any product.

Value-chain role

Alumis operates as a drug developer without owned manufacturing capacity. It contracts all clinical and commercial manufacturing to third parties and sources APIs, raw materials, and manufacturing services from vendors primarily outside the United States, including India, Taiwan, the EU, and South Korea.

Geographic exposure

Research, development, and regulatory activities are U.S.-focused, with FDA approval required for U.S. commercialization. Supply chain is internationally distributed, with key raw material suppliers in India and Taiwan and additional sourcing from the EU and South Korea. Pricing and reimbursement in the EU and other international markets would be subject to government controls if products are approved.

Source: SEC 10-K, filed 2026-03-19

Industry: Pharmaceutical Preparations