The Phase 2b trial of envudeucitinib failed its main goals across all lupus patients, though a biomarker-selected subgroup showed a response, raising the stakes for the company's fourth-quarter psoriasis filing.
Alumis shares fell between 54% and 56% after the company's Phase 2b LUMUS trial of envudeucitinib missed both its primary and secondary endpoints in the overall lupus patient population. A subgroup of patients selected for elevated interferon gene signature did show a response, a narrower but real signal inside an otherwise negative headline result.
The subgroup effect's statistical robustness hasn't been confirmed against the company's full data release, and it's unclear what the miss implies for Alumis's unrelated psoriasis program, which the company has said it expects to file for approval in the fourth quarter of 2026. Investors are weighing a real, if narrow, biological signal in one indication against a broad failure in the trial as designed.