Alumis Stock Soars 300% in Two Months as Envudeucitinib Delivers Breakthrough Plaque Psoriasis Efficacy Data

Alumis Inc. (ALMS) has emerged as one of the early 2025 market darlings, with its shares skyrocketing from $5.52 to nearly $23 following the disclosure of compelling clinical trial outcomes for its oral therapeutic candidate, Envudeucitinib. This medication represents a novel approach to treating moderate-to-severe plaque psoriasis through selective inhibition of the TYK2 pathway—a mechanism designed to rebalance dysregulated immune responses that drive this chronic inflammatory skin condition.

Understanding the Disease and Treatment Landscape

Plaque psoriasis remains a significant clinical burden affecting over 8 million American adults. The condition stems from aberrant signaling through IL-23 and IL-17 pathways, which trigger the characteristic inflammatory cascade resulting in thick, scaly, pruritic patches often concentrated on high-visibility areas including the scalp, face, and hands. While multiple treatment classes have received FDA clearance—including IL-17 inhibitors, IL-23 inhibitors, TNF-α inhibitors, and phosphodiesterase-4 inhibitors—the TYK2 inhibitor category remains sparsely populated with only a single approved option currently on the market.

Envudeucitinib’s Competitive Positioning

The TYK2 inhibitor market is dominated by Bristol Myers Squibb’s Sotyktu, which captured significant market share following its late 2022 approval. The drug generated $170 million in 2023 sales, escalating to $246 million in 2024, with approximately $206 million recorded during the first three quarters of 2025. Alumis’ Envudeucitinib, as a member of the same IL-17-targeting TYK2 inhibitor family, enters a relatively uncrowded therapeutic space, positioning the company to capture market share through differentiated efficacy and safety profiles.

Clinical Trial Efficacy Results

The company unveiled positive Phase 3 topline readouts from two pivotal trials, ONWARD1 and ONWARD2, which evaluated Envudeucitinib’s efficacy in patients with moderate-to-severe disease. The results demonstrated impressive skin clearance metrics: approximately 65% of patients achieved PASI 90 response (90% improvement in disease severity) and over 40% attained complete skin clearance (PASI 100) by Week 24 across both trials. These response rates represent meaningful differentiation compared to earlier-generation therapies and position Envudeucitinib as a competitive next-generation oral option within the IL-17 inhibitor and broader immunotherapy landscape.

Development Timeline and Future Catalysts

The ONWARD program encompasses three components: the two 24-week Phase III efficacy trials mentioned above plus ONWARD3, a long-term safety and durability extension study in which responders from ONWARD1 and ONWARD2 are currently enrolled. Additional efficacy and safety data from these trials will be presented at upcoming medical conferences, with a New Drug Application submission targeted for the second half of 2025. Beyond plaque psoriasis, Envudeucitinib is undergoing Phase 2b evaluation in systemic lupus erythematosus, with preliminary data anticipated in Q3 2026, potentially expanding the commercial opportunity for this TYK2 inhibitor platform.

Investment Perspective

Alumis’ 300% appreciation within a 60-day window reflects investor enthusiasm regarding the clinical validation of its lead asset and the significant commercial opportunity within the TYK2 inhibitor category. The company’s ability to differentiate Envudeucitinib as a superior oral TYK2 inhibitor—one capable of delivering PASI 90/100 response rates competitive with or superior to existing therapies—positions it favorably for regulatory approval and meaningful market penetration in an indication affecting millions of patients.