ALMS - 1Q26; Key SLE Topline Data on Track for 3Q26; Positive Phase III PsO Results Support NDA Submission in 4Q26

Research evidence excerpt

ALMS - 1Q26; Key SLE Topline Data on Track for 3Q26; Positive Phase III PsO Results Support NDA Submission in 4Q26

May 14, 2026

Yatin Suneja yatin.suneja@guggenheimpartners.com ALMS - 1Q26; Key SLE Topline Data on Track for

212 518 9565 3Q26; Positive Phase III PsO Results Support NDA

Iris Gao, Ph.D.

iris.gao@guggenheimpartners.com Submission in 4Q26

212 518 9013

Min Lee, Ph.D. Key Message: Key takeaways from the ALMS 1Q26 earnings release are: (1) min.lee@guggenheimpartners.com ALMS presented detailed results of envudeucitinib ("envu"; oral TYK2i) in the Phase 212 823 6744

III ONWARD1&2 studies (n=840/study) in psoriasis (PsO) at AAD 2026, showing

Delma Caiati, M.D., Ph.D. competitive PASI 90/100 and sPGA-0/1 response rates at Weeks 16 and 24 (Exhibit

delma.caiati@guggenheimpartners.com 1), as well as a well-tolerated safety profile (Exhibit 2). We found these data meeting/ 617 859 4606 exceeding expectations, with potential differentiation vs. TAK's zasocitinib and a

Eddie Hickman, Ph.D. favorable safety profile easing prior AE/monitoring concerns. Additional long-term

eddie.hickman@guggenheimpartners.com data are slated for 2H26. The company plans an NDA submission in 4Q26 (previously

212 518 9904 guided 2H26). (2) Envu's potentially pivotal Phase IIb LUMUS trial in systemic lupus

erythematosus (SLE; n=408; Exhibit 3) has topline data on track for 3Q26, which

we believe is a key near-term investor focus. The primary endpoint is BICLA response

at Week 48. (3) ALMS plans to announce additional indications for its unified TYK2i

franchise in 2Q26, including the CNS-penetrant TYK2 inhibitor A-005. (4) While ALMSALMS BUY has decided to explore strategic alternatives for lonigutamab (anti-IGF-1R mAb), it Alumis Inc.