Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Alumis Inc. (ALMS)
A forensic read on Alumis Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.8
Distress distance
3
Forensic signals
-86.7%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Alumis Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -7.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+200.0%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +200% over the last 1 year to FY2025 (+200.0%/yr). The count is growing — 28.3M shares in FY2024, 85.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~200.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~67%.
-$624.6M
FY2024–FY2025
Cash burn vs. reported loss.Over FY2024–FY2025, the company reported a cumulative net loss of $537.6M against operating cash flow of -$624.6M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
181% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 181% of revenue in FY2025 — about $0.51 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 200.0% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$24.1M
Net Margin-1011.7%
Free Cash Flow-$370.2M
Return on Equity-86.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Alumis Inc.'s actual 10-K/10-Q/8-K filings?