Alumis 2025 Q3 Earnings EPS Narrows 38.7% Despite Widening Net Loss

Alumis (ALMS) reported fiscal 2025 Q3 earnings on November 13, 2025, with a narrowed per-share loss of $1.06, reflecting a 38.7% improvement year-over-year. The company confirmed its cash runway extends through 2027, aligning with guidance, though net loss widened to $110.75 million.

Revenue

Alumis reported total revenue of $2.07 million for Q3 2025, entirely derived from collaboration revenue with Kaken Pharmaceutical. This marked a 0.0% year-over-year change, with no material contribution from other business segments.

Earnings/Net Income

The company’s net loss widened to $110.75 million in Q3 2025, a 18.9% increase from $93.12 million in Q3 2024. However, the per-share loss improved to $1.06 from $1.73, a 38.7% reduction. Despite the widened net loss, the EPS improvement of 38.7% reflects cost management and operational efficiency.

Post-Earnings Price Action Review

The strategy of buying Alumis shares on quarterly earnings dates and holding for 30 days underperformed the market, with a 3-year annualized return of 4.5% versus the S&P 500’s 8.6%. While positive earnings surprises and market sentiment occasionally boosted returns, volatility and negative surprises—such as the Q3 net loss widening—undermined performance. Periods of broader market downturns further exacerbated underperformance.

CEO Commentary

Martin Babler highlighted key milestones, including Phase 3 ONWARD data for envudeucitinib in psoriasis (Q1 2026) and Phase 2b LUMUS data in SLE (Q3 2026). He emphasized the pipeline’s potential, including A-005 for neuroinflammatory diseases and lonigutamab for thyroid eye disease, underscoring the company’s precision immunology platform.

Guidance

Alumis expects $377.7 million in cash, cash equivalents, and marketable securities as of September 30, 2025, to fund operations through key clinical readouts and into 2027. R&D expenses totaled $97.8 million, while collaboration revenue contributed $2.1 million.

Additional News

Alumis completed its merger with ACELYRIN in May 2025, extending its cash runway into 2027 and strengthening its balance sheet. The company also announced the promotion of Sanam Pangali to Chief Legal Officer and Corporate Secretary in July 2025, succeeding Sara Klein. Additionally, Alumis participated in multiple investor conferences in September and November 2025, including the Stifel Virtual Immunology & Inflammation Forum and Guggenheim Healthcare Innovation Conference, to showcase its clinical pipeline and strategic advancements.