Alumis reported that envudeucitinib, its oral TYK2 inhibitor for moderate-to-severe plaque psoriasis, met both co-primary endpoints of PASI 75 and static Physician’s Global Assessment (sPGA 0/1) at Week 16 with p-values below 0.0001 in two parallel global studies (ONWARD1 and ONWARD2). Across both trials, 74% of patients achieved PASI 75 and 59% achieved sPGA 0/1 by Week 16. By Week 24, approximately 65% reached PASI 90 and over 40% achieved complete skin clearance (PASI 100). Safety and tolerability mirrored Phase II experience: most treatment-emergent adverse events were mild to moderate, with headache, nasopharyngitis and upper respiratory tract infections the most common, and no new safety signals observed.

Following the announcement, Alumis shares surged by 95%, marking their largest one‐day gain on record. Trading volume skyrocketed to roughly 65 million shares, over 60 times the three-month average of 1 million shares, as investors treated the Phase III success as a potential commercial inflection point for an oral psoriasis therapy. Short interest stood at 6.2% of the float, indicating that part of the move likely reflected short covering alongside fresh buying interest from both retail and institutional participants.

In conjunction with the trial readouts, Alumis unveiled plans for a $175 million underwritten public offering of common stock, with an option for underwriters to purchase up to an additional $26.25 million of shares. Proceeds are earmarked to support the planned New Drug Application submission targeted for the second half of 2026 and to finance initial commercialization activities for envudeucitinib. Joint book-running managers include Morgan Stanley, Leerink Partners, Cantor Fitzgerald and Wells Fargo Securities.