🚨 ALUMIS $ALMS JUST COLLAPSED 55% AFTER ITS LUPUS CLINICAL TRIAL FAILED $ALMS erased $1.5B in valuation today after its 408-patient Phase 2b LUMUS trial missed its primary endpoint despite being described as “potentially pivotal.” The drug showed promise in patients with high interferon activity, suggesting the failure may have been caused by testing it across too broad a patient population. Alumis could now pursue a biomarker-selected Phase 3 trial, but that means more time, more money, and another major clinical gamble. The main problem is that the company had a $142M net loss last quarter and has only $502M cash left. It’s a capital-allocation problem inside an increasingly brutal psoriasis market.