Morning Summary - May 15 2026

Research evidence excerpt

Morning Summary - May 15 2026

MORNING SUMMARY

May 15, 2026

PRICE TARGET CHANGES

ALUMIS INC. Buy

ALMS - 1Q26; Key SLE Topline Data on Track for 3Q26; Positive

Phase III PsO Results Support NDA Submission in 4Q26 ALMS $24.63 Price$34.00TargetYatin Suneja

212 518 9565, yatin.suneja@guggenheimpartners.com

Current Q Next Q Current FY Next FY

Eddie Hickman, Ph.D.

212 518 9904, eddie.hickman@guggenheimpartners.com $0.0 $0.0 $0.0 $0.0

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Published on May 14, 2026 $3,140 Rev($)M - -

Key Message: Key takeaways from the ALMS 1Q26 earnings release are: (1) ALMS presented detailed results of envudeucitinib ("envu"; oral TYK2i) in

the Phase III ONWARD1&2 studies (n=840/study) in psoriasis (PsO) at AAD 2026, showing competitive PASI 90/100 and sPGA-0/1 response rates at

Weeks 16 and 24 (Exhibit 1), as well as a well-tolerated safety profile (Exhibit 2). We found these data meeting/exceeding expectations, with potential

differentiation vs. TAK's zasocitinib and a favorable safety profile easing prior AE/monitoring concerns. Additional long-term data are slated for

2H26. The company plans an NDA submission in 4Q26 (previously 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 ALMS has decided to explore strategic alternatives for lonigutamab (anti-IGF-1R mAb), it anticipates initiating a Phase I

study of an unspecified clinical candidate in 2H26.