SCHEDULE: Samsara Funds Reduce Alumis Stake Below 5%

Samsara BioCapital and related entities have reduced their beneficial ownership in Alumis Inc. to below 5% through recent share sales and transfers.

Summary

• Samsara BioCapital, L.P., Samsara Opportunity Fund, L.P., their general partners, and Dr. Srinivas Akkaraju filed an Amendment No. 2 to their Schedule 13D regarding their stake in Alumis Inc.
• On November 13, 2025, Samsara Opportunity Fund purchased 276,179 shares of Alumis Inc. common stock from Samsara LP in a private sale for $5.25 per share, totaling approximately $1,450,000.
• Samsara LP also sold 33,460 shares in an open market transaction at $5.28 per share on the same date.
• These transactions involved shares held by Samsara LP for the exclusive benefit of limited partners who had redeemed their respective interests.
• As a result of these transactions, the Reporting Persons collectively ceased to beneficially own greater than 5% of Alumis Inc.'s voting common stock on November 13, 2025.
• Dr. Srinivas Akkaraju's aggregate beneficial ownership is now 4,767,910 shares, representing 4.9% of the class, based on 97,208,495 shares outstanding as of November 6, 2025.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to a significant institutional investor reducing its stake below the 5% threshold. While the reason cited is fund redemptions, the market often interprets such a move as a decrease in conviction, potentially impacting investor sentiment for Alumis Inc.

Positives

• The transactions facilitated redemptions for limited partners in Samsara LP, indicating orderly management of fund obligations.

Negatives

• The reduction in beneficial ownership by a significant institutional investor group (Samsara BioCapital) to below the 5% threshold could be perceived negatively by the market, potentially signaling a decrease in conviction or a strategic reallocation of capital away from Alumis Inc.

Future Outlook

No forward-looking statements or guidance provided by Alumis Inc. are included in this filing, as it focuses on the reporting persons' ownership changes.

Industry Context

This filing indicates a reduction in a significant institutional investor's stake in Alumis Inc. Such movements by venture capital funds can sometimes reflect a shift in investment strategy, portfolio rebalancing, or a change in the fund's outlook on the specific company or sector. In the biotech/pharma industry, where Alumis Inc. likely operates, institutional investor confidence is a key factor.

Comparison to Industry Standards

• This filing primarily details changes in beneficial ownership by a venture capital group, not the operational or financial results of Alumis Inc. Therefore, a direct comparison to specific industry benchmarks, comparable companies, projects, or their results is not applicable based solely on the content of this Schedule 13D/A.
• However, the reduction of a significant institutional stake below the 5% threshold by a venture capital firm like Samsara BioCapital is a common event in the investment lifecycle, often driven by fund-specific mandates, portfolio rebalancing, or limited partner redemptions, rather than necessarily reflecting a direct negative assessment of the underlying company's performance relative to its peers.

Related Party Transactions

• Samsara Opportunity Fund purchased shares from Samsara LP. Both entities are managed by general partners (Samsara BioCapital GP, LLC and Samsara Opportunity Fund GP, LLC, respectively) where Dr. Srinivas Akkaraju serves as Managing Member, indicating a transaction between related entities under common management.

Stakeholder Impact

• Shareholders may react negatively to the news of a significant institutional investor reducing its stake, potentially leading to downward pressure on the stock price.
• Limited partners of Samsara LP who redeemed their interests received cash proceeds from the share sales.

Key Dates

Recommendation

While the reduction in a significant institutional stake is generally a negative signal, the filing attributes the sales to fund redemptions rather than a direct negative view on Alumis Inc.'s fundamentals. This suggests a rebalancing by the investor rather than a fundamental shift. Investors should hold and monitor Alumis Inc.'s operational performance and future disclosures for more direct indicators of its health and prospects, as this filing primarily reflects the reporting person's portfolio management.

Keywords

Alumis Inc., ALUS, Samsara BioCapital, Samsara Opportunity Fund, Srinivas Akkaraju, Schedule 13D/A, Beneficial Ownership, Institutional Investor, Venture Capital, Share Sale, Equity Stake