Envudeucitinib (40 mg twice daily) achieved robust efficacy in two 24-week, randomized, double-blind, placebo- and apremilast-controlled Phase 3 trials (ONWARD1 and ONWARD2) in moderate-to-severe plaque psoriasis (>1,700 patients enrolled 2:1:1). Week 16 outcomes: PASI 90 of 59.9% (ONWARD1) and 53.1% (ONWARD2) vs placebo 4.8% and 4.3%; PASI 100 of 29.4% and 27.7% vs placebo 0.9% and 0.9%; PASI 75 of 76.5% and 70.4% vs placebo 18.7% and 13.7% (all p<0.0001 vs placebo and apremilast). Week 24 outcomes: PASI 90 of 68.0% (ONWARD1) and 62.1% (ONWARD2); PASI 100 of 41.0% and 39.5%; PASI 75 of 78.6% and 75.1%, showing continued improvement from Week 16. Rapid onset: separation from placebo by Week 4 for PASI 90; approximately three in four patients with baseline scalp involvement (ss-PGA 3) achieved ss-PGA 0/1 by Week 24, with >30% responding by Week 4. Patient-reported outcomes: mean worst pruritus NRS improvement >4 points by Week 16 (with meaningful relief as early as Week 2); ~50% of eligible patients achieved DLQI 0/1 by Week 12, with continued improvement through Week 24. Safety through Week 24: generally well tolerated, no deaths, no MACE or cytopenia signals, no TB reactivation; low SAEs (2.7% by Week 24) and discontinuations (2.7%); most frequent TEAEs included headache, nasopharyngitis, URTI, and acne; serious infections 0.7% and malignancies 0.2% in envudeucitinib-treated patients at Week 24. Alumis plans to submit a U.S. NDA in H2 2026; one-year Phase 3 long-term data expected H2 2026; once-daily formulation and a pediatric plan are under development. The ONWARD3 long-term extension is ongoing; LUMUS Phase 2b in systemic lupus erythematosus (SLE) has topline data expected in Q3 2026. Results were presented at a late-breaking oral session at the 2026 AAD Annual Meeting (Mar 28, 2026); an investor webcast was scheduled for Mar 29, 2026 at 5:00 pm MDT / 7:00 pm EDT.