Alumis (ALMS) Stock in Freefall as Lupus Drug Fails Its Biggest Test
TLDR
- Alumis stock fell roughly 56% after its Phase 2b LUMUS trial of envudeucitinib failed to meet primary and secondary endpoints in the overall lupus patient population.
- The trial enrolled 408 patients but missed its primary endpoint measuring overall disease activity at Week 48.
- A prespecified subgroup of IFNGS-high patients showed strong responses, but this group was under-represented in the trial.
- Alumis still plans to file a New Drug Application for envudeucitinib in plaque psoriasis in Q4 2026, following positive Phase 3 results.
- The company intends to engage regulators about a Phase 3 program focused on the IFNGS-high lupus patient population.
Alumis stock dropped around 56% on Tuesday after the company revealed its Phase 2b LUMUS trial of envudeucitinib missed the mark in patients with moderate-to-severe systemic lupus erythematosus (SLE).
The stock was trading down as much as 57.86% on the session. That is a brutal single-day move for any biotech.
The trial enrolled 408 patients and measured disease activity using the British Isles Lupus Assessment Group-based Composite Lupus Assessment, known as BICLA, at Week 48. That was the primary endpoint. It was not met.
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