Evommune, Inc., a Palo Alto–based clinical-stage biotechnology company, has filed for its initial public offering as it advances a pipeline of therapies targeting chronic inflammatory diseases. The company is offering 9.375 million shares of common stock at an estimated price range of $15.00–$17.00 per share, with Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor serving as joint underwriters
Evommune has applied to list on the NYSE under ticker “EVMN.” At the midpoint price of $16.00, the company expects to raise approximately $136.5 million in net proceeds, valuing the business at a post-IPO market capitalization of roughly $481 million.
Founded in 2020 by industry veterans Luis Peña and Dr. Eugene Bauer (previously co-founders of Dermira, acquired by Eli Lilly for $1.1 billion), Evommune is focused on unlocking new mechanisms of action in chronic inflammatory conditions such as chronic spontaneous urticaria (CSU), atopic dermatitis (AD), and ulcerative colitis (UC). Its lead candidate, EVO756, is an oral small-molecule antagonist targeting the MRGPRX2 receptor, which plays a key role in mast cell and neuroimmune signaling. A Phase 2b study in CSU is currently underway with readouts expected in 2026. Its second program, EVO301, a fusion protein designed to neutralize IL-18, entered Phase 2 trials in 2025.
Despite promising clinical progress, Evommune remains deeply unprofitable. Like many clinical-stage biotech firms, the company has no product revenue and relies on financing to support its development programs. The financial data below underscores the company’s growing R&D investment and sustained losses:
Evommune closed June 30, 2025 with $86.8 million in cash and short-term investments, and it estimates IPO proceeds will extend its cash runway into 2028. Looking ahead, the company plans to allocate IPO funds primarily toward clinical advancement of EVO756 and EVO301, as well as general R&D and corporate purposes. Investors considering EVMN should note both the significant opportunity in immunology markets and the inherent risks of early-stage biotech, including dependence on trial outcomes, regulatory approvals, and competition from established pharmaceutical players.
Evommune is expected the week of November 3rd, 2025