Alumis Inc at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Terrence Flynn - Morgan Stanley - Analyst : Great. Well, thanks so much for framing that for us, I guess first, maybe, as you mentioned, the kind of lead programs are focused on TYK2. And I know there's a lot of attractive biology here as you guys thought about pursuing this target but maybe just remind us what it was about tick to that you decided to kind of center on this is kind of your lead target yeah.

Question: Terrence Flynn - Morgan Stanley - Analyst : Well, maybe talk to us about, some of the the CNS angle as well. I think, you talked about the, psoriasis, but how do you think about the CNS angle and targeting 2 there?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, great. Maybe before we dig into some of the data and the catalyst here, one big picture question I think for the field is just, injectables versus oils for psoriasis and how to think about the paradigm on the forward and so maybe you could just kind of give us your view level set us in terms of where we stand right now and how this ultimately plays out given the evolving competitive landscape as well as you think about, orals versus injectables and ultimately, what the mix looks like in the forward.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, great. You mentioned you're running the Phase 3 program for psoriasis right now for [Nvvo]. It's called Onward and you're going to have data in the early part of the first quarter of next year. Maybe you can just remind us kind of the design of that program and then set expectations here based on what you saw in in phase two, what would you characterize as kind of a win in the in the trial? What are you hoping to see.

Question: Terrence Flynn - Morgan Stanley - Analyst : Yeah. And then just remind us on the on the policy side, I mean you mentioned these numbers, but just it's worth highlighting again how to think about the posse primary endpoint at 75, and then what you're hoping to see for the placebo I guess as well.

Question: Terrence Flynn - Morgan Stanley - Analyst : And remind us you are going to release data from both trials at the same time.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, got it. And then on the, you've mentioned the differentiation versus so tech 2 on efficacy, just remind us on safety tolerability, how you're thinking about that and setting expectations ahead of this data set as well.

Question: Terrence Flynn - Morgan Stanley - Analyst : Great. We mentioned the differentiation versus so TYK2. I think there's also a focus on some upcoming data for Takeda and their TYK2 inhibitor. We're going to get some Phase 3 data later this year. And then Johnson and Johnson already has Phase 3 data for their oil IL 23. So maybe just help us think through the differentiation versus those two assets, one more on the Tick 2 side and then one on the oral aisle 23 side.

Question: Terrence Flynn - Morgan Stanley - Analyst : Can I just go back to the comment on the adolescence because again I haven't looked at the data as closely, but is the implication that adolescents are more responsive to therapies and so you have higher positive rates than those versus adults. I'm just not as close to them. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:50PM, ALMS.OQ - Alumis Inc at Morgan Stanley Global Healthcare Conference

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, great I guess the, just as we as we pivot to maybe more of the kind of strategic commercial questions here, what's the latest thinking on partnering? Obviously there's a key value inflection point coming up here with the Phase 3 data. But how are you guys thinking about that as a potential opportunity?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, makes sense. The QD formulation, remind us the timelines there. I know you're kind of working in parallel on that, but I imagine that's another important aspect of the value of the asset.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, great one other question we get frequently is just. As you look at the the so tick to launch, I think it's underperformed expectations. And so is there anything that you guys can learn from that as you think about, a potential launch of Nvo here on the forward and what would some of those things that you could leverage be?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, so we'll stay tuned, in terms of the strategy because I know you won't won't tell us the price right now because you have the profile.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, great. You alluded to some of this in terms of the other indications for Nvvo here you talked about lupus. I know IBD is another one that we often get a lot of questions on with respect to what what other oral opportunities, what other oral options are coming for IBD patients. So maybe talk to us about, your conviction level and lupus because historically that has been a very challenging therapeutic area to develop drugs for. But then number 2 is, IBD, etc. Like what is the opportunity set look like beyond even lupus as you look forward?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Maybe I'll come back to 005 here, but maybe just John you could talk about just, op X through this year and next year kind of strength of balance sheet and where you stand and then you know how far does that get you through the catalyst path that Martin's talked about. Sure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 8:50PM, ALMS.OQ - Alumis Inc at Morgan Stanley Global Healthcare Conference

Question: Terrence Flynn - Morgan Stanley - Analyst : And so you can get past those key inflection points. Yeah.

Question: Terrence Flynn - Morgan Stanley - Analyst : Lupus. Okay, great. Now maybe just pivot into 005, which is the oral CNS penetrant t2 we talked about this a little bit, at the beginning here. Maybe just level set us in terms of that phase two trial start I think was pushed in the first half of '26 in conjunction with second quarter earnings, but just remind us kind of why that was and then any thoughts you can share at this point about design of that that trial and end points, etc.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, understood. And would that enable you to have proof of concept data by the first half of '27? You think that's reasonable given the potential size of that trial enrollment timelines?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay, in the last minute, anything you want to leave us with on the rest of the pipeline, notable that we should focus on? Yeah.

Question: Terrence Flynn - Morgan Stanley - Analyst : Great, well thank you so much, really appreciate it, Martin John, appreciate the time and always good to catch up.