127.7 million diluted shares. That is the oddest number in Alumis's latest report, up 66.6% from the comparable six-month period a year earlier. Revenue went the other way, falling 37.7% to $1.7 million.
The company is advancing its envu program, but the filing also shows the financing picture. Cash fell 58% to $63.7 million, while operating cash burn reached $168.6 million for the six months ended June 30. At the latest close, Alumis shares were $24.35, down 4.7% on Aug. 13.
The operating loss widened to $148.9 million from $140.5 million. Net income swung from $59.3 million to a $142.2 million loss, a comparison that includes accounting items rather than simply cash moving out the door. The current filing's cash-flow reconciliation includes non-cash impairment and stock-compensation expenses, so the net-loss swing is not a clean measure of cash burn.
The expense changes do show where the program stands. Alumis said lower clinical-trial and contract-research costs followed enrollment completion and positive topline results from the pivotal ONWARD1 and ONWARD2 trials, partly offset by spending on ONWARD3.
"The decrease was primarily due to lower clinical trial and CRO expenses reflecting the progression of our envu clinical program following the completion of enrollment and reporting of positive topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with PsO, partially offset by an increase in clinical trial and CRO expenses for the Phase 3 ONWARD3 clinical trial."
Alumis, Form 10-Q, Aug. 13, 2026
Research and development expense fell 21.5% to $85.3 million. That is not a broad retreat from development, so much as a shift in the work being paid for: two pivotal studies have reported topline results, while another remains active.
The next expense pressure is regulatory and communications work around a potential filing. Alumis said professional-services costs rose as it prepared to disseminate the trial results and submit an NDA in the fourth quarter of 2026.
"The increase was primarily due to higher professional services costs incurred to support the envu clinical program including dissemination efforts related to reporting of topline results for the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with PsO and our plan to submit an NDA in the fourth quarter of 2026."
Alumis, Form 10-Q, Aug. 13, 2026
That leaves a business with the regulatory milestones described above and less cash on the balance sheet. Alumis's 2025 revenue was $24.1 million, against an enterprise value of $2.0 billion, or 82.4 times sales. The ratio is less a sales multiple in the conventional sense than a price attached to a pipeline that has not yet become a commercial revenue stream.
Management also says the timing of commercialization revenue cannot yet be determined. The next quarterly report's cash balance, operating cash flow, and diluted share count will show how much of the NDA push was funded by the remaining balance sheet and how much by additional equity or other financing.
For now, the trade-off is simple enough: the clinical program is moving forward, and the share count has also risen.