Alumis Completes IPO, Raising $250 Million for Inflammation and Immunology Research

1. IPO Details: Alumis raised $250 million in its initial public offering (IPO) by selling 13.12 million shares at $16 each, with an additional private placement of 2.5 million shares to AyurMaya Capital Management Fund.
2. Downsized IPO: The company initially planned to offer 17.6 million shares but reduced the offer due to market conditions.
3. Lead Asset: Alumis's lead program, ESK-001, is an allosteric tyrosine kinase 2 (TYK2) inhibitor being developed for moderate to severe plaque psoriasis, uveitis, and systemic lupus erythematosus.
4. Market Performance: Alumis's shares fell 20% on the first day of trading, reflecting a challenging environment for biotech IPOs in 2024.
5. Company Background: Alumis was founded in 2021 as Esker Therapeutics and is led by Martin Babler, a former Genentech executive.