What Alumis Inc. told the SEC could break it.

Alumis relies on third-party manufacturers on a purchase-order basis with no long-term supply arrangements; its principal critical-raw-material suppliers are in India and Taiwan (with precursors from the EU and South Korea), and it is still building redundant supply for its envu API/drug product.

“Our principal suppliers of critical raw materials are located in India and in Taiwan. We are in the process of implementing a redundant supply chain for envu API, drug product and critical raw material.”

Alumis has never generated product revenue and posted a $243.3M net loss in 2025 (accumulated deficit $901.9M), expecting significant losses to continue post-ACELYRIN merger — making it dependent on continued equity/financing access to fund development.

“For the years ended December 31, 2025 and 2024, our net losses were $243.3 million and $294.2 million, respectively. As of December 31, 2025, we had an accumulated deficit of $901.9 million.”

Alumis conducts clinical trials outside the U.S. (EU, UK, Japan, Latin America, APAC); the FDA and other regulators may impose conditions on, or decline to accept, that foreign data, potentially delaying or jeopardizing approvals for its product candidates.

“the FDA and comparable foreign regulatory authorities may not accept data from such trials.”

2025 U.S. tariffs — a 10% baseline global tariff (April) and higher reciprocal tariffs (August) on territories including EU member states and South Korea — raise costs and supply uncertainty for the imported APIs, ingredients and manufacturing supplies Alumis depends on, amid ongoing legal flux over tariff authority.

“In April 2025, the U.S. government imposed a 10% baseline global tariff and in August 2025, the U.S. government imposed higher “reciprocal” tariffs on numerous other territories, including EU member states and South Korea.”