Evommune, Inc.

What they do

Evommune develops product candidates targeting drivers of chronic inflammation, initially in chronic spontaneous urticaria (CSU), atopic dermatitis (AD), migraine and ulcerative colitis (UC). Its lead programs are EVO756, an oral MRGPRX2 antagonist, and EVO301, an injectable IL-18 binding protein fusion protein. The company is incorporated in Delaware, operates through two wholly owned subsidiaries (Evommune Research, LLC and Evommune Biologics, LLC), and has incurred operating losses since inception, with an accumulated deficit of $275.0 million as of June 30, 2026.

Revenue drivers

• Product sales — No product revenue; the company is clinical-stage and reported $0.00 in quarterly revenue for the quarters ended December 31, 2025, March 31, 2026 and June 30, 2026.
• EVO756 (oral MRGPRX2 antagonist) — Most advanced program; in Phase 2 development for AD and migraine after development in CSU was discontinued in June 2026 following a failed Phase 2b primary endpoint.
• EVO301 (IL-18 binding protein fusion protein) — Injectable program with a completed positive Phase 2a trial in AD; a Phase 2b trial is planned to commence in mid-2027.
• Grant/other revenue — Reported annual revenue of $7.0M in 2024 and $13.0M in 2025, including $10.0M in the quarter ended September 30, 2025; no product sales are described in the excerpts provided.

Recent performance

For the second quarter ended June 30, 2026, Evommune reported $0.00 revenue and a balance sheet with $301.9M in total assets, $24.4M in total liabilities, $277.6M in shareholder equity and $60.0M in cash and equivalents. Annual revenue rose from $7.0M in 2024 to $13.0M in 2025, while net loss was $66.8M in 2024 and $68.9M in 2025. Operating cash flow was negative $58.2M in 2024 and negative $76.4M in 2025. Diluted EPS improved from -$45.29 in 2024 to -$11.22 in 2025. In June 2026, the company reported that its Phase 2b trial of EVO756 in moderate-to-severe CSU did not meet its primary endpoint of mean change in UAS7 at 12 weeks at any dose, and it discontinued development in that indication.

Strategy

Evommune is prioritizing EVO756 in atopic dermatitis and migraine following the CSU discontinuation. It initiated a Phase 2b migraine prophylaxis trial in July 2026 and expects top-line AD data in September 2026. For EVO301, the company completed work on a high-concentration subcutaneous formulation, initiated manufacturing, and plans a Phase 2b trial in AD starting mid-2027. The company states it has cash through 2028 to fund multiple data readouts and continues to evaluate EVO301 in additional indications including UC, cardiovascular-related inflammatory conditions and food allergy.

Risks

• Clinical failure — The Phase 2b EVO756 trial in CSU missed its primary endpoint at every dose, leading to discontinuation in that indication and illustrating the risk that ongoing AD and migraine trials could also fail.
• No product revenue — The company reported $0.00 quarterly revenue for the three most recent quarters shown and has no approved products, so it depends on financing rather than sales.
• Cash burn and financing need — Operating cash flow was negative $76.4M in 2025 and the company states it will need to raise additional funding before generating product revenue.
• Early-stage pipeline concentration — Value depends on two Phase 2 candidates, EVO756 and EVO301, and any delay or setback in either program, including the EVO301 Phase 2b planned for mid-2027, would affect the pipeline.

Outlook

Management expects top-line Phase 2b data for EVO756 in moderate-to-severe AD in September 2026 and top-line data from the Phase 2b migraine prophylaxis trial in 2027. The company expects its Phase 2b trial of EVO301 in AD to commence in mid-2027 after scale-up and toxicology activities. Evommune states it has cash through 2028 to deliver multiple key data readouts across the pipeline.