ALMSHIGH SIGNALFINANCIAL10-K

ALMS completed its acquisition of ACELYRIN but shows severe financial deterioration with cash declining 47% to $89.7M, operating losses worsening 51% to -$453.8M, and R&D spending surging 45%.

The company appears to have completed a transformative acquisition that significantly expanded its asset base and share count, but at the cost of substantially higher burn rates and rapidly depleting cash reserves. With less than $90M in cash remaining and operating losses exceeding $450M annually, ALMS faces potential liquidity constraints within the next 6-9 months unless it secures additional financing.

Comparing 2026-03-19 vs 2025-03-19View on EDGAR →
FINANCIAL ANALYSIS

The financial picture reveals a company that has grown through acquisition but with concerning cash burn dynamics - while total assets increased 21% and the share count more than doubled (indicating the ACELYRIN acquisition closed), operating losses worsened dramatically by 51% and cash reserves plummeted 47% to under $90M. R&D expenses surged 45% to $386M, suggesting an expanded pipeline but unsustainable spending relative to the cash position. Despite higher operating losses, net income improved slightly due to non-operating gains, but the core operational trajectory and liquidity position present significant near-term financing risks.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+183.3%
$6K→$17K

Share repurchases increased 183.3% — management returning capital, signals confidence in intrinsic value.

Capital Expenditure
Cash Flow
-62.3%
$1.7M→$653K

Capex reduced 62.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
-50.9%
-$300.8M→-$453.8M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Cash & Equivalents
Balance Sheet
-47.1%
$169.5M→$89.7M

Cash declined 47.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

R&D Expense
P&L
+45.4%
$265.6M→$386.0M

R&D investment increased 45.4% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
-44.9%
-$255.1M→-$369.5M

Operating cash flow fell 44.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Current Liabilities
Balance Sheet
+44%
$50.9M→$73.3M

Current liabilities surged 44% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+36.8%
$80.9M→$110.6M

Liabilities grew 36.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+20.8%
$341.0M→$411.9M

Asset base grew 20.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+17.3%
-$294.2M→-$243.3M

Net income grew 17.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-19
ADDED
As of March 12, 2026, the registrant had 123,139,425 shares of voting common stock, $0.0001 par value per share, and 4,059,908 shares of non-voting common stock, $0.0001 par value per share, outstanding.
Additional discussion of the risks summarized in this Risk Factors Summary, and other risks that we face, can be found below under the heading Risk Factors under Part I, Item 1A of this Annual Report on Form 10-K and should be carefully considered, together with other information in this Annual Report on Form 10-K, before making investment decisions regarding our securities.
Our clinical trials may reveal serious adverse events ( SAEs ) and significant adverse events ( AEs ) not seen in our preclinical studies or prior clinical trials and may result in a safety or tolerability profile that could delay or prevent regulatory approval or market acceptance of envudeucitinib (or envu ), formerly known as ESK-001, A-005 or any future product candidates.
We are subject to various risks related to the acquisition and integration of ACELYRIN (as defined herein).
Food and Drug Administration (the FDA ) and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
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REMOVED
As of March 12, 2025, the registrant had 47,222,419 shares of voting common stock, $0.0001 par value per share, and 7,184,908 shares of non-voting common stock, $0.0001 par value per share, outstanding.
If such Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Form 10-K, such information will be included in an amendment to this Form 10-K to be filed within such 120-day period.
Additional discussion of the risks summarized in this Risk Factors Summary, and other risks that we face, can be found below under the heading Risk Factors under Part I, Item 1A.
of this Annual Report on Form 10-K and should be carefully considered, together with other information in this Annual Report on Form 10-K, before making investment decisions regarding our securities.
The Merger (as defined herein) may not be completed on the terms or timeline currently contemplated, or at all.
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