ALMS

Alumis is a pre-product, clinical-stage biopharma whose entire value rests on its pipeline, not its income statement. The $24.1M FY2025 'revenue' is collaboration income (Kaken), not product sales — management explicitly states 'we do not have any products approved for sale and have not generated any revenue from product sales.' So the headline 96x P/S, the -1887% operating margin, the -81% ROE and the -$902M accumulated deficit are all the expected wreckage of a company spending $386M a year on R&D to push two TYK2 inhibitors through the clinic. Judging this as a 'business' on margins is the wrong lens; it is a binary bet on data.

The bet has materially improved. Lead asset envu (ESK-001) completed enrollment in the pivotal Phase 3 ONWARD1/ONWARD2 psoriasis trials and reported POSITIVE topline results in Q1 2026, with an NDA filing planned for H2 2026 — that is a genuine de-risking event that moves this off pure 'avoid.' A Phase 2 SLE readout is due Q3 2026 and the ACELYRIN merger added lonigutamab (TED). These are real, dated catalysts a holder is paid to wait for.