SCHEDULE: Samsara BioCapital Boosts Alumis Inc. Stake to 5.3%

Samsara BioCapital and its affiliates, including Dr. Srinivas Akkaraju, have increased their beneficial ownership in Alumis Inc. to 5.3% through recent open market purchases.

Summary

• Samsara BioCapital, L.P., Samsara BioCapital GP, LLC, Samsara Opportunity Fund, L.P., Samsara Opportunity Fund GP, LLC, and Dr. Srinivas Akkaraju collectively reported beneficial ownership of 5,134,991 shares of Alumis Inc. common stock, representing 5.3% of the outstanding class.
• The beneficial ownership threshold was crossed on November 18, 2025, triggering this Schedule 13D filing.
• Samsara Opportunity Fund, L.P. made several open market purchases between November 17 and November 20, 2025, acquiring an aggregate of 367,081 shares for a total of $2,435,384.
• These purchases were funded by capital contributions from the general and limited partners of Samsara Opportunity Fund.
• Dr. Srinivas Akkaraju, a managing member of the general partners for both Samsara funds, is also a member of Alumis Inc.'s board of directors.
• The Reporting Persons state their intent is for investment purposes, with the possibility of further purchases or dispositions, and they reserve the right to propose or participate in extraordinary corporate transactions.

Sentiment

Score: 7

Explanation: The filing indicates a significant and increasing stake by a venture capital firm, with a board member involved, suggesting confidence in the issuer. While there's a disclaimer about potential future sales or extraordinary transactions, the immediate action is an increase in investment.

Positives

• Increased investment by a significant institutional investor (Samsara BioCapital) and its affiliates, signaling confidence in Alumis Inc.'s prospects.
• Dr. Srinivas Akkaraju, a board member of Alumis Inc., is part of the investing group, indicating alignment of interests between a director and the investment funds.
• The aggregate purchase price of $2,435,384 by Samsara Opportunity Fund demonstrates a substantial financial commitment to the company.

Risks

• The Reporting Persons reserve the right to dispose of all or a portion of their securities at any time, which could create selling pressure on Alumis Inc.'s stock.
• The Reporting Persons reserve the right to propose or participate in future transactions that could lead to extraordinary corporate actions such as a merger, reorganization, liquidation, or sale of material assets, which could significantly alter the company's structure or operations.

Future Outlook

The Reporting Persons acquired the securities for investment purposes and intend to increase the value of their investments. They may purchase additional securities or dispose of existing holdings based on their evaluation of Alumis Inc.'s business, prospects, financial condition, market conditions, and other opportunities. They also reserve the right to propose or participate in future extraordinary corporate transactions, such as mergers, reorganizations, or liquidations.

Management Comments

• "The Reporting Persons purchased the aforementioned securities for investment purposes with the aim of increasing the value of their investments and the Issuer."
• "Subject to applicable legal requirements, one or more of the Reporting Persons may purchase additional securities of the Issuer from time to time in open market or private transactions..."
• "...the Reporting Persons may dispose of all or a portion of their securities of the Issuer at any time..."
• "Each of the Reporting Persons reserve the right to increase or decrease its holdings on such terms and at such times as each may decide."
• "Dr. Akkaraju, the Managing Member of Samsara GP and Samsara Opportunity GP, is a member of the board of directors of the Issuer. As a director of the Issuer, Dr. Akkaraju may have influence over the corporate activities of the Issuer..."

Industry Context

This filing indicates continued investment interest from a venture capital firm, Samsara BioCapital, which specializes in the biotechnology sector. Such Schedule 13D filings are common in the biotech industry where early-stage investors often hold significant stakes and may adjust their positions as companies mature or strategic opportunities arise. The increasing share price during the purchase period suggests positive market sentiment for Alumis Inc. at that time.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) in the last five years.
• None of the Reporting Persons were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction or subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws in the last five years.

Related Party Transactions

• On November 13, 2025, Samsara LP sold 276,179 shares of voting common stock to Samsara Opportunity Fund in a private sale for $5.25 per share. Both funds are managed by entities where Dr. Srinivas Akkaraju is the Managing Member.
• Dr. Srinivas Akkaraju, as a member of the Board of Directors of Alumis Inc., may receive stock options or other awards of equity-based compensation pursuant to the Issuer's compensation arrangements for non-employee directors.

Stakeholder Impact

• Shareholders: The increased stake by a significant institutional investor and board member could be viewed positively, potentially signaling confidence and stability. However, the reservation of rights to dispose of shares or propose extraordinary transactions introduces potential future uncertainty.
• Management/Employees: Dr. Akkaraju's position on the board and his group's significant ownership provide them with influence over corporate activities, potentially impacting strategic direction and management decisions.

Next Steps

• The Reporting Persons may purchase additional securities of Alumis Inc. in open market or private transactions.
• The Reporting Persons may dispose of all or a portion of their securities of Alumis Inc. at any time.
• The Reporting Persons reserve the right to propose or participate in future extraordinary corporate transactions involving Alumis Inc., such as a merger, reorganization, liquidation, or sale of material assets.

Key Dates

Recommendation

The filing indicates a significant and increasing stake by a venture capital firm with a board presence, which generally signals confidence. However, the nature of a Schedule 13D also highlights the investor's right to potentially dispose of shares or initiate corporate actions, which introduces a degree of uncertainty. The recent purchases were at increasing prices, suggesting positive momentum, but the overall position is an investment for value appreciation rather than an immediate catalyst for a 'buy' or 'sell' action. Given the existing board representation and the stated investment purpose, a 'hold' recommendation is appropriate as the investor monitors the company's performance and strategic developments.

Keywords

Alumis Inc., Samsara BioCapital, Srinivas Akkaraju, Schedule 13D, Beneficial Ownership, Biotechnology Investment, Venture Capital, Equity Stake, Open Market Purchases