$ALMS Alumis Inc. | Understand Stock

What Do They Do?

Develops oral drug candidates and an antibody candidate for patients with immune-mediated diseases, including thyroid eye disease.

How Do They Make Money?

Most revenue comes from Kaken's license for envu in Japan; Kaken paid an upfront fee, reimburses development costs, and may make regulatory and commercial milestone and royalty payments.

revenue

Segment	Share	Revenue	How money arrives
License Licensed	72%		Licensed
Collaboration	28%

Who Are Their Customers?

Kaken is the collaborator under an agreement granting it Japan rights to develop, manufacture and commercialize envu; Alumis retains global development responsibility for dermatology.

Do Revenues Turn Into Profits?

No. It lost $243.3M in FY2025.

Operating income, FY2025

−1887% of revenue

▲ +51% (Loss) vs FY2024 (−$300.8M)

Net income, FY2025

−1012% of revenue

▼ −17% (Loss) vs FY2024 (−$294.2M)

Free cash flow, FY2025

−1539% of revenue

▲ +44% (Loss) vs FY2024 (−$256.8M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −38%; vs $2.7M in Q2 FY2025