EVMN Stock — Evommune Inc.: Cash, EV, Pipeline

What they do

Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria (“CSU”), atopic dermatitis (“AD”) and ulcerative colitis (“UC”).

Source: 10-K FY2025 via SEC EDGAR

Share price

$6.64

Market cap

$274.0M

Cash

$199.6M

Enterprise value

$74.4M

Balance sheet

Cash	$199.6M
Debt	$0.0M
Net cash	$199.6M
Enterprise value	$74.4M
Basic shares	36.3M shares
Fully diluted shares	44.4M shares
Fully diluted market cap	$294.8M
Cash per share	$5.50
Quarterly burn	$20.3M
Cash runway	9.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

36.3M

Pre-funded warrants

0.0M

Options

7.5M

RSUs

0.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.3M

FDSO

44.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

EVO756, Dose 1 · Nov 12 - Dec 24 in 12 mo · Phase 2 · Migraine

Recently reported

EVO301 Phase 2 Positive · 2026-10-01

EVO301 Phase 2a · atopic dermatitis

Source release →

EVO756 Phase 2 Missed primary · 2026-09-09

atoptic dermatitis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24 in 12 mo	EVO756, Dose 1	Phase 2	Migraine	2027 Est. Jul 2, 2027 · guidance midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

EVO756

Phase 2 · Active Modality: small molecule (oral)

Target MRGPRX2

Partnerships Dermira license (exclusive worldwide in-license); Maruho: exclusive license for Japan (September 2023) and Greater China/certain Asian countries (March 2024)

Indications

Atopic dermatitis (AD) (Phase 2)
Migraine prophylaxis (Phase 2)

Catalysts

— None
— None

Status note CSU development ceased in June 2026. Phase 2b in AD initiated August 2025; Phase 2b in migraine initiated July 2026.

EVO301

Phase 2 · Active Modality: fusion protein

Target IL-18

Partnerships AprilBio: exclusive worldwide license to develop and commercialize (June 2024)

Indications

Atopic dermatitis (AD) (Phase 2)
Ulcerative colitis (UC) (Stage not disclosed)

Catalysts

— None

Status note Phase 2a in AD (IV) completed February 2026; high-concentration subcutaneous formulation work completed, manufacturing initiated; planning underway for UC Phase 2.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	EVO756, Dose 1
Lead indication	Migraine
Lead phase	Phase 2
Active trials	2
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07616128	Phase 2	Recruiting	Sponsor	EVMN	—	Migraine	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07150845	Phase 2	Active, not recruiting	Sponsor	EVMN	—	Atoptic Dermatitis	—
NCT06645821	Early Phase 1	Recruiting	Collaborator	Virginia Clinical Research, Inc.	—	Hidradenitis Suppurativa (HS)	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Evommune, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	3,494,638	no change	0.40%	2026-08-14
RTW Investments	1,502,235	no change	0.17%	2026-08-14
Baker Bros. Advisors	847,390	no change	0.06%	2026-08-14
Great Point Partners	325,000	no change	1.02%	2026-08-14
OrbiMed Advisors	161,000	+161,000	0.04%	2026-08-14
ADAR1 Capital Management	104,035	-80,027	0.06%	2026-08-14
Sphera Biotech	22,632	-55,602	0.04%	2026-08-14
Perceptive Advisors	0	-448,350	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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EVMN — Evommune Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

EVMN — Evommune Inc.