ALMS ALUMIS INC.

Overview and Growth

Fiscal 2025 results for ALUMIS INC. combined $24.05M of revenue with net loss of $243.32M and an operating cash outflow of $369.52M. Revenue of $24.05M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Diluted earnings per share were -$2.86, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 85.03M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Diluted shares moved 200.0% from 28.34M in fiscal 2024, leaving the current share base higher year over year. The company employed $411.94M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.06x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was an operating loss of $453.80M, reflecting costs that exceeded gross profit. After all below-operating-line items, the company recorded a net loss of $243.32M for the fiscal year. The company reported negative EBITDA of $450.30M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $251.89M, before the effect of income taxes. The company recognized an income-tax benefit of $8.56M, increasing after-tax earnings relative to the pretax result. Relative to period-end equity, the net loss represented 80.8%. The net loss equaled 59.1% of period-end assets, showing the deficit relative to the asset base. Compared with a $294.23M net loss in fiscal 2024, the current loss improved to $243.32M.

Liquidity and Capital Structure

Total assets were $411.94M, supported by $110.64M of liabilities and $301.30M of shareholder equity. At period end, current assets of $318.23M compared with current liabilities of $73.32M, defining the company’s short-term resource position. The current ratio was 4.34x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $89.67M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 122.3% of current liabilities, showing how much near-term coverage came from cash alone. Equity equaled 73.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 26.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 21.8%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 20.8% higher than fiscal 2024 assets of $340.99M, measuring the company’s own balance-sheet change. Book equity was 15.8% higher than fiscal 2024 equity of $260.10M, showing how shareholder capital changed year over year. Cash and equivalents were 47.1% lower than fiscal 2024 cash of $169.53M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $369.52M of cash, resulting in an operating cash outflow for the year. Capital spending of $653.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $370.18M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 89.9% of total assets, placing the cash shortfall against the company’s resource base. The operating cash outflow widened to $369.52M from $255.08M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.