The company's capital structure is increasingly fragile, characterized by a massive $994.9 million accumulated deficit and the emergence of $51.0 million in goodwill that lacks tangible commercial backing.
| Total Current Assets | 532.41M | 318.23M | 306.19M | 53.36M | 102.56M |
| Cash & Short-Term Investments | 522.94M | 308.5M | 288.26M | 48.95M | 92.86M |
| Cash Only | 63.88M | 89.67M | 169.53M | 46M | 25.61M |
| Short-Term Investments | 459.06M | 218.83M | 118.74M | 2.96M | 67.25M |
| Accounts Receivable | 2.73M | 2.08M | 1.81M | 722K | 500K |
| Days Sales Outstanding | 177.1 | 31.61 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 6.73M | 7.65M | 762K | 208K | 206K |
| Total Non-Current Assets | 139.18M | 93.71M | 34.8M | 36.26M | 5.61M |
| Property, Plant & Equipment | 33.49M | 35.16M | 33.69M | 35.22M | 4.47M |
| Fixed Asset Turnover | 0.23x | 0.68x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 50.96M | 50.96M | 0 | 0 | 0 |
| Long-Term Investments | 1.37M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 54.74M | 7.59M | 1.11M | 1.03M | 1.14M |
| Total Assets | 671.59M | 411.94M | 340.99M | 89.61M | 108.17M |
| Asset Turnover | 0.02x | 0.06x | - | - | - |
| Asset Growth % | 326.5% | 20.81% | 280.52% | -17.15% | - |
| Total Current Liabilities | 70.9M | 73.32M | 50.91M | 20.87M | 13.35M |
| Accounts Payable | 11.59M | 10.11M | 9.62M | 1.12M | 1.72M |
| Days Payables Outstanding | 4.32K | 1.06K | 1.11K | - | 2.51K |
| Short-Term Debt | 4.44M | 4.67M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 7.79M | 1.46M | 0 | 0 | 0 |
| Other Current Liabilities | 48.55M | 57.08M | 7.76M | 5.58M | 3.58M |
| Current Ratio | 7.51x | 4.34x | 6.01x | 2.56x | 7.68x |
| Quick Ratio | 7.51x | 4.34x | 6.01x | 2.56x | 7.68x |
| Cash Conversion Cycle | -4.14K | - | - | - | - |
| Total Non-Current Liabilities | 33.66M | 37.33M | 29.98M | 408M | 290.06M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 131.57M | 32.24M | 29.16M | 30.86M | 469K |
| Deferred Tax Liabilities | 8.56M | 2.14M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 301K | 330K | 814K | 377.14M | 289.59M |
| Total Liabilities | 104.57M | 110.64M | 80.89M | 428.87M | 303.41M |
| Total Debt | 35.66M | 36.91M | 30.72M | 32.58M | 1.78M |
| Net Debt | -28.22M | -52.76M | -138.8M | -13.42M | -23.83M |
| Debt / Equity | 0.06x | 0.12x | 0.12x | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - |
| Net Debt / EBITDA | 0.06x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 567.02M | 301.3M | 260.1M | -339.26M | -195.24M |
| Equity Growth % | 473.78% | 15.84% | 176.67% | -73.76% | - |
| Book Value per Share | 4.53 | 0.35 | 9.18 | -6.54 | -26.04 |
| Total Shareholders' Equity | 567.02M | 301.3M | 260.1M | -339.26M | -195.24M |
| Common Stock | 12K | 9K | 4K | 1K | 1K |
| Retained Earnings | -994.93M | -901.88M | -658.55M | -364.32M | -209.32M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -467K | 188K | 40K | 2K | -127K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent clinical funding gap
As reported in financial statements, Alumis's total assets have fluctuated significantly, peaking at $671.6 million in 2026Q1 before retreating, while the persistent accumulation of a $994.9 million deficit in retained earnings signals a structural trajectory of value destruction inherent to its pre-commercial clinical development phase.
The volatility in total assets suggests a reliance on periodic capital raises rather than organic growth, which leaves the balance sheet highly sensitive to market sentiment. Investors should monitor the widening deficit, as it reflects the ongoing, non-recoverable nature of R&D spending required to advance the TYK2 pipeline.
Based on Alumis's reported figures, the cash position dropped from $213.4 million in 2024Q3 to $63.9 million by 2026Q1, indicating that the company's liquidity buffer is rapidly contracting under the weight of intensive, multi-program clinical trial expenditures that show no signs of near-term moderation.
While the current ratio of 7.51 appears superficially strong, it is heavily skewed by the timing of cash inflows and does not account for the massive, ongoing burn rate. This suggests that the company may face a liquidity crunch in the coming quarters unless additional financing or strategic partnerships are secured.
According to recent SEC filings, the company's equity position has been severely compromised by a massive accumulated deficit of $994.9 million, which effectively negates the value of shareholder capital and underscores the extreme financial risk associated with the firm's current clinical-stage business model.
The transition from negative equity in 2024 to a positive position in 2026 suggests periodic equity infusions, yet the underlying trend remains one of heavy dilution for existing shareholders. This pattern warrants further investigation into the long-term sustainability of the capital structure if clinical milestones are delayed.
As indicated by the provided financial data, the emergence of $51.0 million in goodwill on the balance sheet since 2025Q3 introduces a new layer of impairment risk, as this asset value is not backed by tangible commercial revenue or proven, cash-generating clinical products.
The sudden appearance of goodwill suggests potential accounting adjustments or acquisitions that may not contribute to immediate operational stability. Investors should be wary that this intangible asset could be subject to future write-downs if the clinical programs fail to meet their primary efficacy endpoints.
Quick answers to the most common questions about buying ALMS stock.
As of 2025, Alumis Inc. Common Stock (ALMS) had total assets of $411.9M including $318.2M in current assets.
Alumis Inc. Common Stock (ALMS) carries total debt of $36.9M, offset by $308.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alumis Inc. Common Stock (ALMS) has total shareholders' equity (book value) of $301.3M ($0.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alumis Inc. Common Stock (ALMS) reported a current ratio of 4.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.