Alumis : Corporate Presentation - May 2026

Published: 2026-05-14 16:10:31 ET ALMS

Published on 05/14/2026 at 04:10 pm EDT

1

Alumis' Next-Gen TYK2 Inhibitors: Two Pipelines-in-a-Pill

Positive Psoriasis Phase 3

Envudeucitinib delivered highly significant efficacy with leading PASI 100 responses and early and robust improvements in skin clearance, quality of life, and symptoms

Significant Near-term Value

Global opportunity for Psoriasis (~$40B) and Lupus (~$11B) expected by 20301

High efficacy orals expected to drive market growth

Broader TYK2 Opportunity

Significant market opportunity (projected $180B+2) across many indications with potential to be addressed by TYK2 molecules. Envudeucitinib and A-005 provide two pipelines-in-a-pill

Differentiated TYK2i's

Envudeucitinib and A-005 are precision engineered for 24-hour maximal target inhibition

Maximal inhibition translates to leading efficacy with balanced safety and tolerability

2026 Anticipated Milestones

Envudeucitinib Psoriasis: Additional data and NDA filing

Envudeucitinib SLE: Potentially pivotal Phase 2b SLE topline data

TYK2 Franchise Strategy (Envudeucitinib and A-005): Evaluation of additional indications

Positioned to Unlock the Full Potential of TYK2i Mechanism

Hypothesis validated: maximal target engagement translates into higher clinical efficacy

Power of TYK2i

Human Genetics: TYK2 loss-of-function variants protect against immune mediated disorders

Known Mechanism: TYK2 is an upstream mediator of immune disease (IL-23/IL-17, IL-12, Type I Interferon)

Clinically Validated: Efficacy in plaque psoriasis, psoriatic arthritis, CLE and SLE

What Matters

Sustained and maximal TYK2 inhibition

High kinome selectivity for TYK2

Safety and tolerability

Alumis Opportunity

Breadth of IL-23/IL-17 and Type I IFN-driven diseases

Peripheral and CNS indications

Portfolio optimization with multiple molecules and formulations

Late-stage Pipeline with Multiple Near-term Anticipated Milestones

Our pathway to patients

A-005

Neuroinflammation

Other

IRF5/Additional Targets Undisclosed

Systemic Lupus Erythematosus (SLE)

Plaque Psoriasis

Envudeucitinib

TYK2i

Program

Indication

Preclinical

Phase 1

Phase 2

Phase 3

Lonigutamab

Exploring strategic alternatives

Key Achievements and Anticipated Milestones for 2026

✓

✓

✓

1Q26

1Q26

1H26

2Q26

3Q26

2H26

2H26

2H26 Q426

Envu - PsO Phase 3 Topline Data for 16- and 24-week Endpoints Envu - PsO Phase 3 Additional Data Presented at AAD Lonigutamab - Completion of Strategic Review

TYK2 Franchise Development Strategy (Envu and A-005) - Evaluation of Additional Indications Envu - SLE Phase 2b Topline Data

Envu - PsO ONWARD3 Topline Data Envu - PsO Phase 2 Two-Year Safety Data

Phase 1 trial Initiation - next clinical candidate (new target) Envu - PsO NDA Filing

Significant Disease Burden Remains in Psoriasis

Many patients remain untreated or undertreated, despite available treatments

Significant Unmet Market Opportunity Driven by Persistent Disease, Undertreatment, and High Therapy Discontinuation

Biologic

ies, social Lower Efficacy Oral

e limited

>8M Diagnosed Topicals

tients are U.S. Patients1

y lead to Untreated, Light

Therapy

Persistent Symptoms: Many patients continue to experience itch, pain, and visible skin lesions despite current therapies

Quality-of-Life Impact: Psoriasis still significantly affects daily activit interactions, and emotional well-being

Inadequate Therapies: Most patients receive treatments that provid benefit and do not address the systemic nature of the disease

Undertreatment with Low-Efficacy Options: Fewer than 10% of pa currently treated with high efficacy drugs including biologics2

High Therapy Discontinuation: Lack of efficacy and poor tolerabilit two-thirds of patients discontinuing oral therapies within 12 months3

Comorbidities and Long-Term Risk: Psoriasis patients face elevated risks for arthritis, cardiovascular disease, and other systemic complications

Majority of Psoriasis Patients Remain Untreated or Undertreated

Injectable

National Psoriasis Foundation. Psoriasis Statistics. Available at: https://www.psoriasis.org/content/statistics. Accessed December 2025.

IQVIA Analysis, Stable and eligible newly diagnosed patients from April 2021- March 2022 utilized for longitudinal analysis; all patients have at least 24M of look forward post-Dx.

Multiple Entry Points Available in Growing Psoriasis Market

High-efficacy orals well-positioned to capture market share in $40B projected market by 20301

Estimated Market Share by Brand and MOA2

Low Efficacy Oral

IL-17

TNF

IL-23

Multiple Market Dynamics Drive Opportunity for Oral and Differentiated Therapies

No single Brand or Mechanism of Action has dominant market share

Otezla is the most prescribed systemic therapy

High switching rates

44% of systemically treated patients switched to a new therapy in the last 12 months3

Access barriers

High cost, payor restrictions, administrative hurdles limit biologic uptake, leaving space for accessible alternatives

Low brand loyalty

HCPs prefer having multiple options; frequently switch/rotate therapies

Source: Evaluate Pharma as of December 2025.

Source: Veeva Claims data from 1/1/2025 to 6/30/25. Oral: apremilast, deucravacitinib; TNF: certolizumab, etanercept, Infliximab; IL-17: ixekizumab, secukinumab, bimekizuma, brodalumab; IL23:

Key Drivers of Use in Psoriasis Treatment

HCP Treatment Goals:

1

2

PASI 90/PASI 100 outcomes

Low AEs

3

Itch relief

HCP Preferences Simplicity

Easy regimens, minimal monitoring, and

reduced administrative steps

Treating harder, earlier

Recognize that faster, more complete clearance reduces long-term disease and quality-of-life impact

We are definitely lacking orals because whatever we have here in terms of the orals, the efficacy is not there yet.

- Derm2

Patient Treatment Goals:

1

2

Skin clearance

Symptom relief including itch

3

Safety

Patient Preferences Orals

75% of patients choose an oral over a

biologic1

Convenience

Fit with routine and lifestyle, favor flexible dosing without food restrictions

I'm tired. Tired of the itching, the burning, the flaking - tired of how you (psoriasis) make me feel about my own skin. You've made me self-conscious in ways I never thought possible.

- Patient2

In Industry surveys: J&J Business Review Dec 2023 (survey of n=395 patients with moderate-to-severe psoriasis).

Internal company market research. 10

Envudeucitinib is a Next-Generation, Highly Selective Oral Allosteric TYK2 Inhibitor

Oral systemic therapy that addresses immune dysregulation at its source, delivering robust skin clearance and early symptom relief that impacts quality of life

Power of TYK2

Inhibiting TYK2, a central upstream regulator of multiple psoriasis pathways, blocks both IL-23 and IL-17 to address immune dysregulation

Envudeucitinib is precision engineered to deliver maximal 24-hour inhibition, enabling early and broad disease control1,2

1. Ucpinar S, et al. Clin Transl Sci. 2024;17(12):e70094. 2. Blauvelt A, et al. J Am Acad Dermatol. 2026;94(1):57-65.

Envudeucitinib is an investigational therapy not reviewed or approved by any regulatory agency. 11

Phase 3 Psoriasis Clinical Program: Well-Designed and Rapidly Executed

Two Phase 3 trials and LTE to evaluate efficacy & safety of envudeucitinib in moderate-to-severe plaque psoriasis

Treatment Period Maintenance LTE Open Label

Envudeucitinib, 40mg BID (N=420)

Envudeucitinib

Wk 16: Rollover to envudeucitinib

Placebo (N=210)

R

2:1:1

Apremilast, 30mg BID (N=210)

Randomization

N= 840

Week

BL 1

2 4 8 12

16 20

Primary End Point

24

End of Ph3

〉ONWARD1 and ONWARD2: 24-week duration, placebo and active comparator (apremilast) controlled

〉ONWARD3: Long-term extension (LTE) study, includes treatment withdrawal period starting at Week 24

* Reflects trial design; not actual enrollment figures. 12

ONWARD1 and ONWARD2 Phase 3 Data Update AAD March 2026

Broad and meaningful clinical benefits emerged early; QoL and itch improvements appeared before PASI 90 skin clearance

Envudeucitinib Delivered Early and Robust Improvements in Skin Clearance, with Meaningful Improvements in Psoriasis Symptom Relief and QoL

Leading PASI 100 skin clearance among oral plaque psoriasis therapies; consistent across ONWARD1 and 2

Compelling differentiation and rapid improvement in patient reported outcomes

Differentiated and attractive profile for physicians and patients

Envudeucitinib is an investigational therapy not reviewed or approved by any regulatory agency.

Note: the comparisons on this slide relate to retrospective post hoc cross-trial comparisons, which may not be directly comparable. Differences exist between trial designs and subject 13

characteristics, and caution should be exercised when comparing data across unrelated studies.

Envudeucitinib Demonstrated Reproducibility Between ONWARD1 and ONWARD2 and Consistency Across PASI 100 and sPGA-0 Responses

41.0% 39.5%

ONWARD1 ONWARD2

41.6% 40.6%

ONWARD1 ONWARD2

envudeucitinib envudeucitinib

Envudeucitinib: Leading PASI 100 Skin Clearance

41.0% 39.5%

41.5%

33.2%

42.3%

32.1%

ONWARD1 ONWARD2

envudeucitinib

ADVANCE1 ADVANCE2

icotrokinra

LATITUDE 3001LATITUDE 3002

zasocitinib

Envudeucitinib data presented from ONWARD 1 and ONWARD 2 trials (AAD 2026).

Icotrokinra data presented from ICONIC-ADVANCE 1 and ICONIC-ADVANCE 2 trials (Stein Gold L. et. al Lancet, 2025). Zasocitinib data presented from LATITUDE-PsO-3001 and LATITUDE-PsO-3002 (AAD 2026).

Note: The results of this retrospective post hoc cross-trial comparison may not be directly comparable. Differences exist between trial designs and subject characteristics, and caution

Envudeucitinib Resulted in Rapidly Increasing, Statistically Significant PASI 90 Response Rates vs Placebo and Apremilast

ONWARD1 ONWARD2

Envudeucitinib 40 mg BID (n = 459) Placebo (n = 230)

Envudeucitinib 40 mg BID (n = 433) Placebo (n = 211)

PASI 90 Responders, % (95% CI)

100

80

Apremilast 30 mg BID (n = 223)

/Envudeucitinib 40 mg BID (n = 205)

***

100

PASI 90 Responders, % (95% CI)

80

Apremilast 30 mg BID (n = 215) /Envudeucitinib 40 mg BID (n = 185)

***

60

40 27.4

45.2

***

59.9

66.7 68.0

60

39.0

40

22.5

24.8

44.2

***

56.6

53.1

25.9

62.1

39.5

20 4.8

0.5 2.7

0.5 0.4

0.0

0

7.6

2.6

21.5

15.9

4.4 4.8

18.8

25.6

20 0.5 4.4

0.5 1.4

0.0 0.0

0

10.7

0.9

16.4 20.9

2.9 4.3

18.1

25.6

0 4 8 12 16 20 24

Week

0 4 8 12 16 20 24

Week

Intention-to-treat population. The 95% CIs and P-values of the treatment differences were based on the Cochran-Mantel-Haenszel test adjusted for stratification factors. Nonresponder imputation was applied for missing data. ***P<0.0001 vs placebo and apremilast.

Envudeucitinib Demonstrated Robust and Progressive Improvement in PASI 100 Response Rates Over Time

ONWARD1 ONWARD2

PASI 100 Responders, % (95% CI)

Envudeucitinib 40 mg BID (n = 459) Placebo (n = 230) Envudeucitinib 40 mg BID (n = 433) Placebo (n = 211)

PASI 100 Responders, % (95% CI)

80 Apremilast 30 mg BID (n = 223)

/Envudeucitinib 40 mg BID (n = 205)

80 Apremilast 30 mg BID (n = 215) /Envudeucitinib 40 mg BID (n = 185)

60

40

20.4

***

29.4

36.3

60

***

41.0

40

21.2

***

27.7

34.7

***

39.5

18.4

20

0.0

0.0

0.0

0

0.9

0.4

0.0

8.1

2.7

0.0

3.6

4.0

0.4 0.9

5.0

5.0

13.7

8.5

20

0.0

0.2

0.7

0.0

0 0.0 0.0

9.3

2.3

0.5

5.2

1.0

7.9

0.9

13.0

11.3

6.0

0 4 8 12 16 20 24

Week

0 4 8 12 16 20 24

Week

Intention-to-treat population. The 95% CIs and P-values of the treatment differences were based on the Cochran-Mantel-Haenszel test adjusted for stratification factors. Nonresponder imputation was applied for missing data. ***P<0.0001 vs placebo and apremilast.

Rapid, Significant, and Sustained Scalp Psoriasis Improvement With Envudeucitinib

ONWARD1 ONWARD2

Envudeucitinib 40 mg BID (n = 274) Placebo (n = 135) Apremilast 30 mg BID (n = 150)

/Envudeucitinib 40 mg BID (n = 122)

Envudeucitinib 40 mg BID (n = 285) Placebo (n = 140) Apremilast 30 mg BID (n = 134)

/Envudeucitinib 40 mg BID (n = 125)

ss-PGA-0/1 Responders, % (95% CI)

100

80

60.9

69.1

*** ***

74.5 78.7 77.4

55.4 65.6

100

ss-PGA-0/1 Responders, % (95% CI)

80

54.6

*** ***

76.0 74.7

67.5 70.9

54.4 65.6

60

40

14.3

35.1

18.7

14.2

34.7

17.0

45.9 48.0

24.6 25.2

47.0 48.7

60

40

14.2

32.2

19.4

10.7

40.3

40.9 38.8

20.7

48.5

41.8

5.5

20 6.2

9.1

20 3.6

18.4

13.6

0

0 4 8 12 16 20 24

Week

0

0 4 8 12 16 20 24

Week

Intention-to-treat population. The 95% CIs and P-values of the treatment differences were based on the Cochran-Mantel-Haenszel test adjusted for stratification factors. Nonresponder imputation was applied for missing data. aIn patients with baseline ss-PGA ≥3. ***P<0.0001 vs placebo at Week 16 and apremilast at Week 24.

Benefits in Itch Reduction and Quality of Life Visible Before Skin Clearance

ONWARD1

ONWARD2

Envudeucitinib 40 mg BID

ITCH

DLQI-0/1

PASI 90

80

0 80

Envudeucitinib 40 mg BID

ITCH

DLQI-0/1

PASI 90

0

Responders, % (95% CI)

Itch Δ Baselinea (95% CI)

Responders, % (95% CI)

Itch Δ Baselinea (95% CI)

60 -2 60 -2

40 -4 40 -4

20 -6 20 -6

0 -8

0 4 8 12 16 20 24

Week

0 -8

0 4 8 12 16 20 24

Week

Intention-to-treat population. For DLQI and PASI 90, the 95% CIs and P-values of the treatment differences were based on the Cochran-Mantel-Haenszel test adjusted for stratification factors. Nonresponder imputation was applied for missing data. For itch, LSMs, CIs, and P-values are based on MMRM. aLSM change from baseline in worst pruritus NRS.

Envudeucitinib's Differentiated and Attractive Profile for Physicians and Patients

Leading and consistent PASI 100 skin clearance among oral plaque psoriasis therapies

Early onset of action; PASI 90 responses emerged as early as Week 4

Clear or almost clear scalp psoriasis as early as Week 4

Improvements across burdensome symptoms highlight early onset and broad clinical benefit

Rapid and profound improvements in Quality-of-life measures

Meaningful itch relief was apparent before PASI 90 skin clearance

•

Generally well tolerated through Week 24 in ONWARD trials; safety profile consistent with Phase 2 program

No clinically significant lab abnormalities observed

No TB reactivations

ONWARD3: Wk 48 results on LT efficacy & safety/tolerability, durability & maintenance

Additional special areas (palmoplantar, nails)

Biomarker analysis

Disclaimer

Alumis Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:09 UTC.