Alumis Inc and ACELYRIN Merger Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Thanks for taking my question. First, just congrats to both parties. This is the type of capital, efficient business combination that we should be seeing a lot more of in biotech and I applaud both boards and management teams for making this happen. I guess first question John for you, the cash that you might be accumulating from a seller on at closed. Do you have an estimate of how much cash [burn] might be happening at the company between now and say, I don't know, kind of looking at maybe a mid year closure. Does that sound right?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. I hear you loud and clear. Thank you. And, one more housekeeping item for the ownership combination that yields 55% and 45% of the respective parties. Do you have the number of shares outstanding for either party, each party in that ratio. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 06, 2025 / 10:00PM, ALMS.OQ - Alumis Inc and ACELYRIN Merger Call

Question: Thomas Smith - Leerink Partners - Analyst : Hey guys, good afternoon. Thanks for taking the questions and let me add my congrats on the deal. Just on one of them that I was wondering if you could just elaborate a little bit on some of the analysis you intend to undertake here as you think about a potential path forward. What would you need to see to advance this asset? And when do you think you'll be in a position to provide a little bit more clarity there?

Question: Thomas Smith - Leerink Partners - Analyst : Understood. And maybe just to follow up on that, is that decision potentially gated by data that's being generated currently or is that analysis of additional data on?

Question: Thomas Smith - Leerink Partners - Analyst : Understood. That makes sense. And just one last question, I was wondering if you could just provide an enrollment update on the phase three onward program. And I guess any any notable trends that you're seeing on enrollment here as you guys progress towards the data read out in 2026. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 06, 2025 / 10:00PM, ALMS.OQ - Alumis Inc and ACELYRIN Merger Call

Question: Thomas Smith - Leerink Partners - Analyst : Got it. That makes sense. All right guys. Thanks for taking the questions.

Question: Katherine Wang - Jefferies - Analyst : Hi, this is Kathy on for Akash. So I was just wondering regarding a Alumis. Why do you think your drug will show a dose response when? So you did it?

Question: Katherine Wang - Jefferies - Analyst : Yeah.

Question: Katherine Wang - Jefferies - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 06, 2025 / 10:00PM, ALMS.OQ - Alumis Inc and ACELYRIN Merger Call

Question: Terence Flynn - Morgan Stanley - Analyst : Hi, thanks for taking the question. I was just wondering if this impacts at all how you think about, the commercial build and, and roll out there. If this would allow you to pull forward any of the planning ahead of a potential launch for the TYK2. Thank you.

Question: Yasmeen Rahimi - Piper Sandler - Analyst : Good afternoon. Thank you for the updates and obviously we as analysts were really much rooting for and voting for lonigutamab the interface three. So definitely a surprise for us with this announcement, but I guess team I know you guys are going through the process to evaluate lonigutamab phase, But could you maybe talk about if you end up not pursuing forward phase three if the current cash position allows you to really divert by with the portfolio with additional assets? So, would love to hear your thoughts on if you don't move forward that, what the use of the proceeds would be long term, whether it would be towards the like two programs and pipeline enrichment or potentially evaluating additional assets that could be complementary to the current portfolio.

Question: Yasmeen Rahimi - Piper Sandler - Analyst : Okay. Sounds good. Thank you. Congrats. Thank you.

Question: Yatin Suneja - Guggenheim - Analyst : Hey guys. Let me add my congratulations as well. Sorry, my phone dropped out there. Two questions for me. I am not very familiar with a salary pipeline. Is there anything else that they have already in the pipeline? That maybe it's a little bit earlier in the state in the pre clinical side? So that's one. Number two with regard to the enrollment, I mean, now that you have you know, all this cash, like what what you could do to sort of further accelerate the enrollment in the program because as you mentioned early, definitely some of the other companies are seeing faster enrollment and now being well capitalized, there should be some menus to further accelerate that process. Thank you.

Question: Brian Skorney - Baird - Analyst : Hey, good afternoon, everyone. Thanks for taking my question. Yeah, just I wanted to get thoughts on your perception of the thyroid eye disease market. Obviously,[Tepezza] had a really fantastic launch, but it sort of backed off peak sales and, it's been relatively stagnant just south of $2 billion. Do you see this as an issue with [THEA] or do you see the (inaudible) US thyroid eye disease market or the potential for growth? And I know, there's also concerns that most of these patients really only need one cycle of injections. You know, how do you kind of think about the sizing of that thyroid eye disease market overall? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 06, 2025 / 10:00PM, ALMS.OQ - Alumis Inc and ACELYRIN Merger Call

Question: Mitchell Kapoor - H.C. Wainwright - Analyst : Good afternoon. This is Dan on for Mitchell. Thanks for taking our questions and congratulations on the announcement. We were wondering what kind of synergies do you expect to see from your combined development team at this point? And how much crossover is there between Ted and more classical I&I diseases.

Question: Mitchell Kapoor - H.C. Wainwright - Analyst : Awesome. And if I can ask you a follow up, I think this kind of tags on the questions Eric was asking, I think it was Eric regarding modeling, how would, how should we expect operating expenses to develop both before the transaction closes? As well as after that, I know we're looking at you know, a capital or intelligent capital utilization strategy.

Question: Mitchell Kapoor - H.C. Wainwright - Analyst : All right. Thank you so much.