Alumis reported topline Phase 3 results for envudeucitinib, a selective oral TYK2 inhibitor, showing statistically significant skin‑clearance outcomes in two pivotal ONWARD trials for moderate-to-severe plaque psoriasis. Co-primary endpoints (PASI75 and sPGA 0/1 at week 16) met with high response rates; the company said it will seek FDA approval later in the year. The dual positive readouts prompted a dramatic market reaction, with shares more than doubling on the announcement. Alumis’ leadership called 2026 a value-inflection year; analysts highlighted the competitive oral TYK2 landscape and flagged regulatory timing as the next market focus.