Evommune Third-Quarter Net Loss Widens to $30.9 Million

The Tip Desk · November 13, 2026 · 3 min read

The company reported a $30.9 million net loss and no revenue for the three months ended September 30, 2026, compared with $10.0 million in revenue attributable to the Maruho collaboration a year earlier.

Evommune, Inc. (EVMN) generated no revenue for the three months ended September 30, 2026, compared with $10.0 million a year earlier attributable to its Maruho collaboration on EVO756 in Japan. Net loss widened to $30.9 million from $12.5 million a year earlier, or $0.85 a share versus $8.07 on a much larger weighted-average share count of 36.3 million versus 1.5 million.

The clinical-stage biotechnology company developing therapies for chronic inflammatory diseases discontinued development of EVO756 in atopic dermatitis in September 2026 after a Phase 2b trial did not meet its primary endpoint, a program the prior-quarter release had still listed as an upcoming September top-line readout.

Research and development expenses were $24.6 million, up from $19.6 million, which the company said was primarily due to higher preclinical research for undisclosed discovery programs and personnel costs, partially offset by lower clinical trial expenses. General and administrative expenses were $8.8 million.

Cash, cash equivalents and investments were $262.3 million as of September 30, 2026, compared with $216.7 million as of December 31, 2025. The company said the balance sheet supports a cash runway into the second half of 2029.

EVO756 remains in a Phase 2b dose-ranging migraine trial that began in July 2026, with top-line data expected in the second half of 2027. In June the company had already stopped EVO756 in chronic spontaneous urticaria after a Phase 2b miss.

The atopic dermatitis program that was dropped had been a fully enrolled Phase 2b dose-ranging study of about 120 patients, with the primary endpoint of percent change in EASI at Week 12.

EVO301, an injectable IL-18 binding protein fusion protein, is the other clinical pillar. At the EADV congress in October 2026, the company presented additional Phase 2a data in moderate-to-severe atopic dermatitis: with two injections, EVO301 achieved a 55% least-squares mean EASI reduction at Week 12 versus 22% on placebo (p<0.01), eight weeks after the last dose. Biomarker analyses showed activity across Th2, Th1, Th17 and Th22 pathways; the company said the drug was well tolerated, with no observed treatment-related serious or severe adverse events and no conjunctivitis.

A global Phase 2b dose-ranging trial in about 200 adults is expected to initiate in mid-2027, testing three regimens against placebo for 16 weeks with off-drug follow-out to 24 weeks. Nonclinical toxicology with a subcutaneous formulation is planned for early 2027. A Phase 2 proof-of-concept trial in ulcerative colitis is planned for the first quarter of 2027, with data expected in 2028.

In November 2026, after quarter-end, Evommune in-licensed EVO570, an oral VAV-1 molecular glue degrader, from Hinova Pharmaceuticals for $30 million upfront ($20 million cash and $10 million in pre-funded warrants), granting worldwide rights outside Greater China. IND applications have been submitted in China and opened in the United States; a Phase 1 trial is expected in the first quarter of 2027, with a Phase 2 rheumatoid arthritis program planned for the second half of 2027.

Concurrent with that license, the company entered into an agreement to sell 4,966,889 shares at $6.04 a share for about $30 million of gross proceeds. Evommune intends to use the net proceeds to advance clinical programs including EVO570. Its presentation put pro forma cash and investments at about $290 million including roughly $28.0 million of net PIPE proceeds.

EVO646, an oral TLR7/8 antagonist, is planned to enter a Phase 1 trial in the first half of 2027. The company said 2027 will include those Phase 1 starts, the EVO301 Phase 2b and ulcerative colitis trials, and top-line EVO756 migraine data.