Alumis (ALMS), a psoriasis-focused biotech, downsized its IPO and priced it at $16.00 – the low end of its range – to raise $210.0 million on Thursday night, June 27, 2024. The IPO’s size was trimmed to 13.125 million shares at pricing – down from 17.65 million shares in the prospectus. The IPO price – $16.00 – was the bottom of the deal’s $16.00-to-$18.00 range. Alumis shares are expected to start trading today – Friday, June 28, 2024 – on the NASDAQ.
Morgan Stanley, Leerink, Cantor and Guggenheim Securities were the joint book-runners.
Alumis, based in San Francisco, says it intends to start Phase III clinical trials of its leading drug candidate, ESK-001, in patients with moderate to severe plaque psoriasis in the second half of 2024. ESK-001 is a TYK2 (Tyrosine Kinase 2) inhibitor that “demonstrated significant therapeutic effect in our Phase 2 program in patients with PsO, which we define as moderate-to-severe plaque psoriasis,” the prospectus says.
Like most biotechs at the IPO stage, Alumis has no revenues. The company reported a net loss of almost $169 million for the 12 months that ended March 31, 2024, according to the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.