Alumis Inc. (Ticker: ALMS) is a biotech company that raised $250 million in a downsized IPO to advance its experimental psoriasis drug, ESK-001, to a Phase III trial. ESK-001 is a TYK2 inhibitor aimed at improving psoriasis treatment effectiveness and convenience. Alumis starts trading on June 28, 2024, on NASDAQ under the ticker "ALMS."

Alumis, formerly Esker Therapeutics, sold 13.1 million shares at $16 each, raising $210 million through its IPO. The company also secured an additional $40 million through a private stock sale to AyurMaya Capital Management. This offering, while smaller than initially projected, ranks as the third-largest biotech IPO in 2024.

The IPO was managed by Morgan Stanley, Leerink Partners, Cantor Fitzgerald, and Guggenheim Securities.

The proceeds will fund the Phase III trial for ESK-001 in psoriasis, set to begin by late 2024, as well as ongoing Phase 2 trials for uveitis and lupus erythematosus. Alumis claims ESK-001 could potentially outperform Bristol Myers Squibb's Sotyktu, though this remains to be proven in clinical trials.