From $5 To $20 In 60 Days: Alumis' Envudeucitinib Delivers Blockbuster Phase 3 Data For Plaque Psoriasis Treatment

The Stock Rally

Alumis Inc. (ALMS) has captured significant market attention following impressive clinical outcomes for its lead therapeutic candidate. The stock surged from $5.52 in mid-November to an intraday peak of $23, settling at $22.11—a remarkable 4.84% gain that underscores investor confidence in the company’s pipeline progress.

Clinical Breakthrough In Plaque Psoriasis

The catalyst behind this momentum? Positive Phase 3 results from the ONWARD program, a comprehensive clinical trial framework evaluating Envudeucitinib, a selective oral TYK2 inhibitor designed to address immune-driven skin conditions. The topline data from ONWARD1 and ONWARD2 trials revealed that approximately 65% of patients achieved PASI 90 (a 90% improvement in skin clearing), while more than 40% reached PASI 100 (complete clearing) by Week 24 across both studies.

Understanding The Disease And Treatment

Plaque psoriasis is a chronic, immunologically-driven condition affecting more than 8 million U.S. adults. The disease stems from dysregulated IL-23 and IL-17 signaling pathways, which trigger the inflammatory cascade responsible for painful, scaly lesions typically appearing on the scalp, face, hands, feet, and nails. Envudeucitinib tackles these pathways by selectively inhibiting TYK2, thereby correcting the underlying proinflammatory mediator dysregulation.

Competitive Landscape Within The TYK2 Space

The plaque psoriasis treatment landscape includes multiple drug classes—IL-23 inhibitors, IL-17 inhibitors, IL-12/23 inhibitors, TNF-α inhibitors, and PDE-4 inhibitors. However, the TYK2 inhibitor category remains notably narrow. Currently, only one drug holds FDA approval in this specific class: Bristol Myers Squibb’s Sotyktu, which launched in late 2022. Sotyktu’s market trajectory has been steady, generating $170 million in 2023, $246 million in 2024, and approximately $206 million in the first nine months of 2025. This limited competitive field presents a significant opportunity for differentiated entrants like Envudeucitinib.

What’s Next

The ONWARD program structure includes two Phase III trials (ONWARD1 and ONWARD2) plus a long-term extension study (ONWARD3). Additional efficacy and safety data from the main trials will be presented at upcoming medical conferences. Alumis plans to file a New Drug Application (NDA) with the FDA in the second half of this year. Simultaneously, Envudeucitinib is undergoing Phase 2b evaluation in systemic lupus erythematosus, with topline results anticipated in Q3 2026.

Investment Takeaway

Alumis’ Envudeucitinib has demonstrated compelling efficacy in a treatment category with minimal existing competition. With FDA submission on the horizon and a clear regulatory pathway ahead, the company is positioned as a potential major player in the TYK2 inhibitor space—a therapeutic category poised for significant growth as awareness and treatment adoption expand.