Alumis stock plunged 54.2% in pre-open trading after the company announced that its Phase 2b LUMUS trial evaluating envudeucitinib for moderate-to-severe systemic lupus erythematosus did not meet its primary or secondary endpoints in the overall trial population. ^[1] President Trump announced on 2025-09-04 that his administration has made deals with nine new biotech companies regarding drug pricing. ^[2] Shares traded well below their previous close of $21.81 following the convergence of the trial miss, diluted subgroup path, prior insider selling activity, and a weak broader tape. ^[3] The announcement was released before the opening bell on September 1, accompanied by a brief trading halt pending the news. ^[4] The fact that IFNGS-high patients were under-represented in the overall LUMUS trial population was cited as the key reason headline response rates were diluted. ^[5] Alumis said its experimental treatment for lupus failed to achieve the efficacy goals of a mid-stage clinical trial. ^[6] The nine new deals join the 17 agreements the administration previously struck with biotech companies. ^[7] GSK is speeding up the development of its mRNA flu vaccine. ^[8]