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Alumis

ALMS on Nasdaq. Alumis develops drugs for patients with immune diseases, but sells nothing yet. Market value $183m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-59.7%low

For every $100 of what the whole company costs, it produced $-59.70 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$6.93 a share, 70% above its 1-year low

Over the past year the price has ranged from $4.08 to $31.35.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.3
-0.4
-0.4
2024202512 monthsto Jun '26
Revenue
n/a$24m
Operating margin
n/a-1886.9%
Debt to equity
n/an/a
Shares outstanding
0.03bn0.09bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 200% more shares since 2024

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2 million last quarter, down 38% on a year ago.
  • A loss of $142 million, after a profit of $59 million a year ago.
  • Over the past 12 months it spent $352 million more cash than it brought in, compared with $347 million a year earlier.
  • 67% more shares than a year ago. Each share owns a bit less of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024Not reported
December 2024Not reported
March 2025$17m
June 2025$3m
September 2025$2m
December 2025$2m
March 2026$2m
June 2026$2m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$93m
December 2024-$95m
March 2025-$99m
June 2025$59m
September 2025-$111m
December 2025-$93m
March 2026-$93m
June 2026-$142m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 198 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • David E. Goel
    Insider or founder
    15.8%−6.7 pts
    Since 21 May 2025
    What they said

    The Merger closed on May 21, 2025. Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each issued and outstanding share of common stock of ACELYRIN, par value $0.00001 per share (collectively, the "ACELYRIN Shares"), was cancelled and…

    Read the filing
  • James B. Tananbaum
    Passive investor
    at least 14.5%+1.8 pts
    (filed with 6 related holders)
    Since 10 August 2026
    What they said

    The Reporting Persons hold their securities of the Issuer for investment purposes. Depending on the factors discussed herein, the Reporting Persons may, from time to time, acquire additional shares of Common Stock and/or retain and/or sell all or a portion of the Common Stock…

    Read the filing
  • at least 12.3%−3.5 pts
    (filed with 1 related holder)
    Since 14 May 2026
  • Deep Track Capital, LP
    Passive investor
    at least 6.0%
    (filed with 2 related holders)
    Since 30 March 2026
  • BlackRock, Inc.
    Passive investor
    5.7%
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 5.5%
    (filed with 1 related holder)
    Since 30 June 2026
  • Srinivas Akkaraju
    Passive investor
    at least 5.4%+0.1 pts
    (filed with 4 related holders)
    Since 9 January 2026
  • venBio Global Strategic Fund IV, L.P.
    Passive investor
    at least 4.8%
    (filed with 3 related holders)
    Since 30 June 2025
  • Foresite Labs Fund I, L.P.
    Passive investor
    Sold down below 5%
    Since 1 April 2026
    What they said

    The Reporting Persons hold their securities of the Issuer for investment purposes. Depending on the factors discussed herein, the Reporting Persons may, from time to time, acquire additional shares of Common Stock and/or retain and/or sell all or a portion of the Common Stock…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $40m of shares on the open market. 7 sold $2m.

  • AKKARAJU SRINIVAS
    Director
    Sold
    Date
    8 September 2026
    Shares
    96,131
    Price
    $10.55
    Value
    $1m
  • AKKARAJU SRINIVAS
    Director
    Bought
    Date
    8 September 2026
    Shares
    546,581
    Price
    $10.63
    Value
    $6m
  • AKKARAJU SRINIVAS
    Director
    Bought
    Date
    4 September 2026
    Shares
    440,140
    Price
    $11.17
    Value
    $5m
  • Pangali Sanam
    Chief Legal Officer
    Sold
    Date
    3 August 2026
    Shares
    1,364
    Price
    $26.37
    Value
    $35,969
  • Bradley Mark Christopher
    Chief Development Officer
    Sold
    Date
    3 August 2026
    Shares
    2,572
    Price
    $26.37
    Value
    $67,824
  • Drappa Jorn
    Chief Medical Officer
    Sold
    Date
    3 August 2026
    Shares
    2,447
    Price
    $26.37
    Value
    $64,527
  • Goldstein David M
    Chief Scientific Officer
    Sold
    Date
    3 August 2026
    Shares
    2,596
    Price
    $26.37
    Value
    $68,457
  • Schroer John R.
    Chief Financial Officer
    Sold
    Date
    3 August 2026
    Shares
    3,282
    Price
    $26.37
    Value
    $86,546
  • Hardiman Roy C.
    Chief Business & Strategy Ofcr
    Sold
    Date
    3 August 2026
    Shares
    2,692
    Price
    $26.37
    Value
    $70,988
  • Pangali Sanam
    Chief Legal Officer
    Sold
    Date
    6 July 2026
    Shares
    5,000
    Price
    $28.00
    Value
    $140,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.