ALMS
Alumis Inc. Common StockHealthcare·Biotechnology
$21.60
$2.7B market cap
Revenue
$3.7M
Free Cash Flow
$-159.2M
Rev Growth
+0.0%
FCF Margin
-4336.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Alumis Inc., a clinical stage biopharmaceutical company, focuses on the development and commercialization of medicines for autoimmune disorders. It develops ESK-001, an allosteric tyrosine kinase 2 (TYK2) inhibitor for the treatment of plaque psoriasis, systemic lupus erythematosus, and non-infectious uveitis; and A-005, a central nervous system-penetrant allosteric TYK2 inhibitor for neuroinflammatory and neurodegenerative diseases. The company was formerly known as Esker Therapeutics, Inc. and
2-Year Price History
$22.02+65.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.7 | -97.5 | -98.4 | -93.1 | -87.1 | -87.3 | -0.2 | 522.9 | 35.7 | 125.1 | -99.0% | -- | -- |
| Act | 2025-Q4 | 1.9 | -95.6 | -96.4 | -92.9 | -71.9 | -71.9 | -0.0 | 308.5 | 36.9 | 104.7 | -286.1% | -- | -- |
Valuation & Metrics
Market Stats
Price$21.60
Market Cap$2.7B
Enterprise Value$2.2B
P/S Ratio726.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-4336.6%
FCF Yield-6.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.7M
Net Income$-186.0M
Free Cash Flow$-159.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin-5262.0%
Net Margin-5067.7%
FCF Margin-4336.6%
CapEx % of Revenue4.5%
SBC % of Revenue0.0%
ROIC-192.6%
WC Change % Rev22.7%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares11.3M
Days to Cover9.0
Change (vs Prior)-7.6%
Need at least 2 settlement dates for chart
Employees
Headcount168
Revenue / Employee$21,845
Gross Profit / Employee$16,661
Cash Runway
39.4months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
66.8%(+58.5% YoY)
177 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
13.7%(+13.0% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.3% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $158M | $11.51 | +$57.4M | +$126M | -0.2% | $5.69T |
| Deep Track Capital, LP | $149M | $22.03 | +$149M | +$149M | -1.2% | $4.85B |
| Samsara BioCapital, LLC | $140M | $9.74 | +$13.0M | +$67.8M | -4.1% | $1.03B |
| Foresite Capital Management V, LLC | $130M | $13.29 | +$2.6M | +$2.6M | -1.1% | $271M |
| venBio Partners LLC | $99.8M | $9.25 | −$2.0M | +$38.4M | -4.2% | $281M |
| Foresite Capital Management VI LLC | $93.6M | $7.81 | +$0 | +$991K | +7.1% | $460M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $88.8M | $22.03 | +$88.8M | +$88.8M | — | $4.04T |
| Cormorant Asset Management, LLC | $87.0M | $12.66 | +$6.9M | +$39.7M | -2.5% | $1.95B |
| Nextech Invest, Ltd. | $78.0M | $7.67 | +$13.8M | +$45.5M | +26.4% | $1.42B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $72.4M | $21.78 | +$71.3M | +$72.4M | -0.2% | $864.93B |
| Saturn V Capital Management LP | $70.5M | $10.01 | +$1.5M | +$70.5M | +1.0% | $552M |
| UBS Group AG | $67.3M | $16.59 | +$64.8M | +$65.2M | -0.3% | $562.11B |
| Octagon Capital Advisors LP | $62.4M | $11.06 | +$6.6M | +$62.4M | +0.7% | $904M |
| MPM BioImpact LLC | $52.6M | $9.76 | −$341K | +$52.6M | -2.0% | $1.29B |
| JANUS HENDERSON GROUP PLC | $46.8M | $22.03 | +$46.8M | +$46.8M | +1.2% | $209.29B |
| BAKER BROS. ADVISORS LP | $44.3M | $15.25 | +$9.9M | +$9.9M | -0.4% | $16.13B |
| SR ONE CAPITAL MANAGEMENT, LP | $43.2M | $13.30 | +$0 | +$0 | -7.6% | $915M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $42.3M | $9.18 | +$9.5M | +$32.5M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $39.7M | $9.94 | +$11.9M | +$34.9M | -0.2% | $2.89T |
| Invesco Ltd. | $33.3M | $18.10 | +$24.0M | +$32.7M | -0.2% | $652.04B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+0.57%
avg per quarter
Holders (ex-self)
+0.32%
excl. this stock
Buyers (this Q)
+0.84%
142 buyers · $1.43B in
Sellers (this Q)
-3.72%
39 sellers · $-0.10B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+16.6%
how holders react when this stock falls
On quiet Qs
-3.5%
−10% to +10% baseline
On rallies (+10%+)
-0.2%
how they react when this stock rises
Holders' portfolio flow this Q
+3.9%
inflows — adds are organic
Sellers' portfolio flow this Q
+10.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.4%
Holder mid (any stock)
-3.5%
Holder rally (any stock)
-5.7%
Biggest decreases this quarter
Siren, L.L.C.exited−$4.9MvenBio Partners LLC−$2.0Mα-4.2JANE STREET GROUP, LLCexited−$1.7MVerition Fund Management LLCexited−$781KLOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INCexited−$760KBRIDGEWAY CAPITAL MANAGEMENT, LLCexited−$554KPSP Research LLCexited−$427KLMR Partners LLPexited−$390KFOX RUN MANAGEMENT, L.L.C.exited−$368KMPM BioImpact LLC−$341Kα-2.0
New buyers this quarter
Top-5 holders · 30.9%
BlackRock, Inc.--
Deep Track Capital, LP--
Samsara BioCapital, LLC--
Foresite Capital Management V, LLC--
venBio Partners LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Deep Track Capital, LP6.8MAyurMaya Capital Management Company, LP—Samsara BioCapital, LLC6.3MForesite Capital Management V, LLC5.9MvenBio Partners LLC4.5MForesite Capital Management VI LLC4.2MCormorant Asset Management, LLC3.9MNextech Invest, Ltd.3.5MPRICE T ROWE ASSOCIATES INC /MD/3.3MSaturn V Capital Management LP3.2M
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| CATX | Perspective Therapeutics, Inc. | 4 | 184.70× |
| CNTX | Context Therapeutics Inc. | 3 | 166.23× |
| NERV | Minerva Neurosciences, Inc. | 3 | 138.52× |
| ANRO | Alto Neuroscience, Inc. | 3 | 138.52× |
| MLTX | MoonLake Immunotherapeutics | 5 | 125.93× |
| JBIO | Jade Biosciences, Inc. | 3 | 92.35× |
| PHVS | Pharvaris N.V. | 5 | 76.96× |
| AGIO | Agios Pharmaceuticals, Inc. | 3 | 75.56× |
| TRVI | Trevi Therapeutics, Inc. | 3 | 75.56× |
| CRVS | Corvus Pharmaceuticals, Inc. | 3 | 75.56× |
| IVA | Inventiva S.A. | 3 | 75.56× |
| VERA | Vera Therapeutics, Inc. | 3 | 69.26× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (6 analysts)$39.178130.0%
Last Year (15 analysts)$37.007130.0%
Current Price$21.60
Analyst Ratings
7
1
Buy: 7Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$19.07M
13 txns · 1 insider · 1,853,488 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$31.88M
15 txns · 3 insiders · 2,975,550 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-01-09 | BUY | AKKARAJU SRINIVAS | director | 588,235 | $17.00 | $10.00M | $31.51M |
| 2026-01-08 | BUY | Foresite Capital Management VI LLC | 10 percent owner | 411,764 | $17.00 | $7.00M | $96.94M |
| 2026-01-08 | BUY | Foresite Labs, LLC | 10 percent owner | 411,764 | $17.00 | $7.00M | $96.94M |
| 2026-01-08 | BUY | Tananbaum James B. | director, 10 percent owner: | 411,764 | $17.00 | $7.00M | $96.94M |
| 2025-12-05 | BUY | AKKARAJU SRINIVAS | director | 186,377 | $9.84 | $1.83M | $12.45M |
| 2025-12-04 | BUY | AKKARAJU SRINIVAS | director | 66,027 | $8.18 | $540K | $8.83M |
| 2025-12-03 | BUY | AKKARAJU SRINIVAS | director | 100,000 | $7.75 | $775K | $7.85M |
| 2025-12-02 | BUY | AKKARAJU SRINIVAS | director | 96,000 | $7.55 | $725K | $6.89M |
| 2025-12-01 | BUY | AKKARAJU SRINIVAS | director | 86,350 | $7.46 | $644K | $6.09M |
| 2025-11-28 | BUY | AKKARAJU SRINIVAS | director | 38,702 | $7.64 | $296K | $5.58M |
| 2025-11-26 | BUY | AKKARAJU SRINIVAS | director | 48,537 | $7.64 | $371K | $5.29M |
| 2025-11-21 | BUY | Foresite Capital Management VI LLC | 10 percent owner | 72,212 | $7.38 | $533K | $19.29M |
| 2025-11-21 | BUY | Foresite Labs, LLC | 10 percent owner | 72,212 | $7.38 | $533K | $19.29M |
| 2025-11-21 | BUY | Tananbaum James B. | director, 10 percent owner: | 72,212 | $7.38 | $533K | $19.29M |
| 2025-11-20 | BUY | AKKARAJU SRINIVAS | director | 125,743 | $7.20 | $905K | $4.63M |
| 2025-11-19 | BUY | AKKARAJU SRINIVAS | director | 137,772 | $6.56 | $904K | $3.39M |
| 2025-11-19 | BUY | Foresite Capital Management VI LLC | 10 percent owner | 190,500 | $6.56 | $1.25M | $16.68M |
| 2025-11-19 | BUY | Foresite Labs, LLC | 10 percent owner | 190,500 | $6.56 | $1.25M | $16.68M |
| 2025-11-19 | BUY | Tananbaum James B. | director, 10 percent owner: | 190,500 | $6.56 | $1.25M | $16.68M |
| 2025-11-18 | BUY | AKKARAJU SRINIVAS | director | 102,652 | $6.05 | $621K | $2.30M |
Order Flow (FINRA, ~3w lag)
15.4%retail-2.2pp
30.4%dark+2.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Alumis Inc.: A Bargain Purchase Paper Shielding a Deep Clinical Cash Burn
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
8/10
Hidden Liabilities
7/10
Legal
8/10
Audit Warnings
4/10
Hidden Upside
6/10
Contextually Acceptable
4/10