(Bloomberg) -- Alumis Inc., a clinical stage biopharmaceutical company, raised $250 million in a downsized initial public offering with a concurrent private placement, pricing its shares at the bottom of a marketed range.

The company sold about 13.1 million shares Thursday for $16 each after marketing 17.65 million for $16 to $18, according to a statement.

Alumis also sold 2.5 million shares of its common stock at the IPO price in a concurrent private placement to one one of its investors, AyurMaya Capital Management Fund LP, according to the statement.

Based in the California city of South San Francisco, Alumis focuses on therapies for patients living with immune-mediated diseases who need alternatives to existing treatments, the filing shows. It is developing two Tyrosine Kinase 2 inhibitor product candidates.

Alumis had a net loss of $155 million in 2023, compared with a net loss of $111.9 million a year earlier, according to the filing.

The company’s largest shareholders before the listing included Foresite Capital Management entities and Baker Brothers Life Sciences LP entities, as well as AyurMaya.

The offering is being led by Morgan Stanley, Leerink Partners, Cantor Fitzgerald and Guggenheim Securities. The company plans for its shares to begin trading Friday on the Nasdaq Global Market under the symbol ALMS.

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