Jan. 6 at 2:26 PM
$ALMS GM, y'all. This is why conviction matters in biotech. Congrats to everyone who stuck with this one and actually did the homework. Today’s massive move reflects the market finally responding to definitive Phase 3 validation after months of disconnect between fundamentals and price. I laid out the bull case well before this readout; this morning simply confirms it.
Quick breakdown of today’s ONWARD Phase 3 data:
Key Phase 3 takeaways (ONWARD1 & ONWARD2):
Both trials met all primary and secondary endpoints with high statistical significance
~74% PASI-75 and ~59% sPGA 0/1 by Week 16
By Week 24, responses deepened meaningfully:
~65% PASI-90
40% PASI-100
Rapid onset, with separation from placebo on PASI-90 as early as Week 4
Outperformed apremilast across all PASI endpoints (p < 0.0001)
Safety and tolerability were clean and consistent with Phase 2 -- no new signals
Co plans to submit an NDA in 2H 2026
What matters here is where this lands competitively. External commentary today framed envudeucitinib as competitive with -- and in some measures rivaling -- other late-stage oral psoriasis programs from
$JNJ /
$PTGX and
$TAK Takeda. That’s the real benchmark -- and ALMS just put itself squarely in that conversation.
This is the payoff when a late-stage biotech delivers on Phase 3 execution: strong efficacy, durability, competitive differentiation, and a clean safety profile -- delivered at scale across two global Phase 3 trials. Giddy up.
