Alumis Inc. (ALMS) shares surged 94.46% in pre-market trading on Tuesday following the announcement of positive Phase 3 trial results for its experimental drug, envudeucitinib, in treating moderate-to-severe plaque psoriasis.

The drug met all primary and secondary endpoints in two late-stage trials, with approximately 65% of patients achieving significant skin clearance (PASI 90) and over 40% achieving complete clearance (PASI 100) after 24 weeks. The safety profile was consistent with earlier studies, and the company plans to submit a New Drug Application (NDA) to the FDA in the second half of 2026.

Analysts noted that envudeucitinib's efficacy approaches that of top-selling injectable psoriasis treatments, positioning it as a potential leader in the oral TYK2 inhibitor class. If approved, it could compete with Bristol Myers Squibb's Sotyktu, offering a new treatment option for over 8 million U.S. psoriasis patients.