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.
Secondary endpoints in the overall population also came up short.
The company did flag one bright spot. A prespecified subgroup of patients with high interferon gene signatures, called IFNGS-high, showed strong clinical responses on both the primary endpoint and key secondary measures.
🚨 ALUMIS $ALMS JUST COLLAPSED 55% AFTER ITS LUPUS CLINICAL TRIAL FAILED$ALMS erased $1.5B in valuation today after its 408-patient Phase 2b LUMUS trial missed its primary endpoint despite being described as “potentially pivotal.”
The drug showed promise in patients with… pic.twitter.com/Bpfpv2gKMQ
— Limitless Finance (@trylimitlessfin) September 1, 2026
IFNGS-high patients make up the majority of moderate-to-severe SLE cases. The problem is they were unexpectedly under-represented in this trial, which dragged down results for the overall group.
Alumis said envudeucitinib was well tolerated throughout the trial. No new safety signals were observed.
Pharmacodynamic data also confirmed robust dose-dependent engagement of the interferon pathway, with the highest dose of 40mg twice daily showing maximal suppression.
What Alumis Plans Next
The company said it plans to speak with regulators about designing a Phase 3 study focused specifically on the IFNGS-high patient population.
Alumis pointed out that there are currently no targeted oral therapies available for SLE, which it sees as a continued reason to pursue development in this space.
The psoriasis program is still moving forward. Alumis remains on track to submit a New Drug Application for envudeucitinib in moderate-to-severe plaque psoriasis in Q4 2026.
That NDA follows positive data from the company’s Phase 3 ONWARD program in plaque psoriasis.
The Bigger Picture for Alumis
Envudeucitinib is an oral allosteric inhibitor of tyrosine kinase 2, or TYK2. It works by targeting immune pathways driven by IL-23, IL-17, and Type I interferon.
The drug’s mechanism is the same across both lupus and psoriasis, which is why the IFNGS-high subgroup data still holds some interest for investors and analysts watching the pipeline.
The company’s current market cap stood at around $2.99 billion before the selloff. Its year-to-date price performance had been up over 123% heading into Tuesday’s news.
Average daily trading volume was around 1.29 million shares before the trial results hit.
The technical sentiment signal had been rated as Hold prior to the announcement.
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