Alumis Inc.: Promising Pipeline and Strategic Advancements Justify Buy RatingWe see development of ESK-001 as de-risked based on positive data for BMY's (OP, the PAISLEY and, more recently, the PAISLEY CLE studies, in which TYK2 inhibition has been shown to be an effective therapeutic modality. Recall, TYK2 inhibition was also viewed favorably by rheumatology KOLs we hosted during our recent I&I Therapeutics Forum (see our note HERE). Moreover, beyond development of ESK-001 in SLE, we note that near-term investor focus remains on topline data from ALMS' Phase 3 ONWARD program of ESK-001 in plaque psoriasis (PsO), where topline data are expected in early 1Q26 (see our note HERE). ALMS is also planning a Phase 2 trial of A-005 (CNS-penetrant TYK2i) in multiple sclerosis (MS), expected to start in 2H25 with topline data possible in 2026.