Revenue remains highly volatile due to milestone dependency, evidenced by a 90% year-over-year revenue decline in 2026Q1 while operating losses widened to $98.4 million.
| Sales/Revenue | 8.4M | 24.05M | 0 | 0 | 0 |
| Revenue Growth % | -51.68% | - | - | - | - |
| Cost of Goods Sold | 871K | 3.5M | 3.15M | 0 | 250K |
| COGS % of Revenue | - | 14.54% | - | - | - |
| Gross Profit | 7.53M | 20.55M | -3.15M | 0 | -250K |
| Gross Margin % | 89.63% | 85.46% | - | - | - |
| Gross Profit Growth % | - | 752.09% | - | 100% | - |
| Operating Expenses | 458.22M | 447.76M | 297.6M | 158.17M | 113.6M |
| OpEx % of Revenue | - | 1861.78% | - | - | - |
| Selling, General & Admin | 75.17M | 91.86M | 35.2M | 20.5M | 12.55M |
| SG&A % of Revenue | - | 381.94% | - | - | - |
| Research & Development | 370.05M | 386M | 265.55M | 137.68M | 101.05M |
| R&D % of Revenue | - | 1604.98% | - | - | - |
| Other Operating Expenses | 1000K | -30.1M | -3.15M | 0 | 0 |
| Operating Income | -450.69M | -427.2M | -300.75M | -158.17M | -113.85M |
| Operating Margin % | -5364.02% | -1776.32% | - | - | - |
| Operating Income Growth % | - | -42.04% | -90.14% | -38.93% | - |
| EBITDA | -447.16M | -423.71M | -297.6M | -156.89M | -113.6M |
| EBITDA Margin % | -5322.08% | -1761.78% | - | - | - |
| EBITDA Growth % | -27.23% | -42.37% | -89.69% | -38.11% | - |
| D&A (Non-Cash Add-back) | 3.52M | 3.5M | 3.15M | 1.28M | 250K |
| EBIT | -430.99M | -427.2M | -300.75M | -158.17M | -113.85M |
| Net Interest Income | 16.92M | 14.18M | 12.02M | 3.37M | 1.99M |
| Interest Income | 16.92M | 14.18M | 12.02M | 3.37M | 1.99M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 204.71M | 175.32M | 6.52M | 3.18M | 1.92M |
| Pretax Income | -245.98M | -251.89M | -294.23M | -154.99M | -111.93M |
| Pretax Margin % | -2927.59% | -1047.34% | - | - | - |
| Income Tax | -8.56M | -8.56M | 0 | 0 | 0 |
| Effective Tax Rate % | 3.48% | 3.4% | 0% | 0% | 0% |
| Net Income | -237.41M | -243.32M | -294.23M | -154.99M | -111.93M |
| Net Margin % | -2825.7% | -1011.75% | - | - | - |
| Net Income Growth % | 30.85% | 17.3% | -89.84% | -38.47% | - |
| Net Income (Continuing) | -237.41M | -243.32M | -294.23M | -154.99M | -111.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.90 | -2.86 | -10.38 | -2.99 | -14.93 |
| EPS Growth % | 69.67% | 72.45% | -247.16% | 79.97% | - |
| EPS (Basic) | - | -2.86 | -10.38 | -2.99 | -14.93 |
| Diluted Shares Outstanding | 125.05M | 850.3M | 28.34M | 51.84M | 7.5M |
| Basic Shares Outstanding | 125.05M | 850.3M | 28.34M | 51.84M | 7.5M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial funding gap
As reported in financial statements, Alumis's revenue trajectory remains highly erratic, with quarterly figures fluctuating from zero to $17.4 million, underscoring the company's reliance on non-recurring milestone payments rather than a stable, repeatable commercial sales model typical of established biotechnology firms.
The lack of consistent top-line growth suggests that Alumis is currently in a pre-commercial phase where revenue recognition is tied to specific clinical or partnership events. Investors should interpret these figures as indicators of project-based progress rather than evidence of sustainable market penetration or product demand.
Based on recent SEC filings, Alumis's cost structure is dominated by R&D expenditures that reached $108.8 million in 2025Q2, illustrating a massive capital commitment to clinical programs that far outpaces the company's current ability to generate meaningful milestone-based revenue.
The company's expense discipline appears secondary to the aggressive pursuit of Phase 2 and Phase 3 clinical milestones. This high fixed-cost burden suggests that the firm is prioritizing rapid pipeline advancement, which necessitates significant ongoing capital consumption regardless of short-term revenue fluctuations.
According to historical income statement data, Alumis exhibits negative operating leverage, as the company's operating losses have widened significantly from $40.1 million in 2023Q4 to over $140 million in 2025Q2, reflecting the escalating costs of late-stage clinical trial execution.
The widening gap between operating expenses and revenue indicates that the company has yet to achieve any meaningful economies of scale. This trend suggests that until a product reaches commercialization, the firm will remain entirely dependent on external financing to cover its mounting operational overhead.
As indicated by the provided financial data, the company's operating losses consistently exceed $90 million per quarter, which warrants further investigation into the sustainability of its $89.67 million cash position against the backdrop of intensive, ongoing late-stage clinical development requirements.
Short-term liquidity appears to be a critical vulnerability, as the current burn rate suggests that the company may face an imminent need for dilutive financing or strategic partnerships. Investors should monitor whether the current cash runway is sufficient to reach key clinical data readouts without compromising the firm's long-term equity value.
Quick answers to the most common questions about buying ALMS stock.
For fiscal year 2025, Alumis Inc. Common Stock (ALMS) reported total revenue of $24.1M.
Alumis Inc. Common Stock (ALMS) reported a net loss of $243.3M for the fiscal year ending 2025.
Alumis Inc. Common Stock (ALMS) reported an operating income of $-427.2M, resulting in an operating profit margin of -1776.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Alumis Inc. Common Stock (ALMS) generated $20.6M in gross profit for the year, representing a gross profit margin of 85.5%. This demonstrates the company's core pricing power and production efficiency.