ALUMIS INC. Annual Report - How They Did This Year

Hey there! Thinking about ALUMIS INC. and whether it's a good fit for your investments? You've come to the right place. We're going to break down their past year in a way that's easy to understand, without all that confusing financial jargon. Think of this as a chat with a friend who's helping you make sense of it all.

This guide is based on their Annual Report (Form 10-K) for the fiscal year ending December 31, 2025.

1. What does this company do and how did they perform this year? You can buy and sell ALUMIS INC. shares on the Nasdaq Global Select Market. Its ticker symbol is ALMS.

   A big step for the company was going public. They launched their Initial Public Offering (IPO) on September 15, 2024. They sold 10 million shares to the public. Each share cost $15.00. This raised a total of $150 million. This is a big step for any company. It helps them raise a lot of money. They use this money to run and grow their business. They also raised more money in November 2024. They sold 1,666,667 shares directly to large investors. This brought in another $25 million. This was a private sale, not on the stock market.

   "ClimbBioInc." is mentioned later in the report. Their main achievement this year was becoming a public company. They also got a lot of money. This money will pay for their plans and growth.

2. Financial performance - sales, profit, growth ALUMIS INC. completed its IPO, raising $150 million. Later, private sales in November 2024 added $25 million, bringing the total raised to $175 million. This is a lot of money.

   Getting this money is a very important financial step. It gives them a lot of funds. They can use it for running the business. They can also use it for research and development. This funding is key for growth, especially for a new public company. ALUMIS INC. is likely growing or preparing to sell products. Getting so much money shows how well they're doing. It also shows investors trust them.

3. Major wins and challenges this year Major Wins:

   • Going Public (IPO): Their biggest win was their IPO on September 15, 2024. This is a huge success for any company. It lets them get money from the stock market. It also helps them become more known. The IPO sold 10 million shares at $15.00 each. This brought in $150 million in total.
   • Successful Money Raises: Besides the IPO, they made private sales in November 2024. They sold 1,666,667 shares. This raised another $25 million. This shows they can attract more investors. They secured important money. This money helps run their business and grow it.

4. Financial health - cash, debt, liquidity The IPO on September 15, 2024, brought in $150 million. Later private sales in November 2024 added $25 million. This greatly increased ALUMIS INC.'s cash on hand, totaling $175 million.

   Raising this much money is vital for their financial health. It gives them the cash they need. They can invest in growth plans and research. They can also buy other companies or fund other important projects. This points to a strong cash balance for 2025, which is key for a growing new company.

5. Key risks that could hurt the stock price ALUMIS INC. identifies itself as an "emerging growth company" and a "smaller reporting company." This means they are new to being public and are smaller than big, older companies. While this might mean more room to grow, it also means more risk, and their stock price can be more volatile. Companies with this status often face specific considerations:

   • Limited History and Profit: As an EGC, they may not have operated for long or be profitable yet. This makes it harder to predict future performance.
   • Need for More Money: Even after recent fundraising, they might need more capital for their plans. This could involve selling more shares or taking on loans, potentially diluting existing ownership.
   • Strong Competition: If they are in a new and developing area (like biotech, given the "ClimbBioInc." mention), they likely face competition from larger, established rivals and other new companies.
   • Reliance on Key People: The success of a new company often depends heavily on its founders and top leaders. Their departure could significantly impact the business.
   • Jumpy Stock Price: EGC shares often experience significant price fluctuations due to lower trading volumes and less analyst coverage. Their price can react strongly to market sentiment or company news.
   • Rule Following Costs: While they get some regulatory breaks, complying with public company rules is still costly and complex.

6. Leadership or strategy changes Becoming public through an IPO on September 15, 2024, was a huge change. They went from a private company to one watched by the public. This meant big changes in how they are run. They needed independent board groups (like for audits or pay), better internal checks, and must follow strict SEC reporting rules. Their strategy now focuses on what's best for investors, prioritizing communication with them.

   The report mentions "ClimbBioInc." in January 2026, after the fiscal year ended.

7. Future outlook Becoming a public company was a big change. The report also mentions a few things that happened after the fiscal year ended, in early 2026.

   • Over-allotment option: In January 2026, the IPO banks used their option, selling an extra 1.5 million shares at $15.00 each. This brought ALUMIS INC. another $22.5 million. This usually happens when many investors want shares during an IPO, allowing banks to sell more than planned. It's often a good sign of strong market interest and provides the company with more money.
   • At-market shares: In March 2026, ALUMIS INC. set up a program to sell up to $50 million of regular shares gradually, as needed, through a broker. This is an easy and cheaper way to raise money bit by bit, which they can use for general business needs, day-to-day cash, or future growth plans. However, it can slowly shrink your ownership percentage.
   • ClimbBioInc.: The report mentions "ClimbBioInc." in January 2026.

8. Market trends or regulatory changes affecting them ALUMIS INC. is called an "emerging growth company" (EGC) under the JOBS Act of 2012. They are also a "smaller reporting company." This status gives them some breaks on rules and means they have fewer reports to file compared to bigger, older public companies. For example, as an EGC, they don't need auditors to check their internal controls. They can also wait longer to use new accounting rules and share less detail about executive pay. As a smaller reporting company, they reveal fewer things in SEC reports, such as showing fewer years of financial reports and giving shorter explanations from management. This makes it easier for them to operate and grow, cutting costs and paperwork in their early public years. However, investors might get a bit less detailed information compared to a bigger company that follows all rules.

So, what does this all mean for you as an investor? ALUMIS INC. had a big year becoming public and raising significant capital. This funding is crucial for their growth, especially as an emerging company. Understanding their journey, their financial moves, and their status as an "emerging growth company" is key to deciding if they fit your investment goals. Always do your own research and consider your personal financial situation before investing.