Evommune, Inc.
EVMN · Pharmaceutical Preparations · 36.0M shares · EDGAR filings ↗
Reference price $22.50 · est. market cap ~$810M — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D49Well-capitalized clinical-stage biotech with no approved products, deep recurring losses, and no positive efficacy readouts to de-risk its binary pipeline.
Strengths
- Solid liquidity: cash/investments of $216.7M, current ratio 8.6 (75.8th pct), runway funded through 2028 (~11.3 quarters, 67.9th pct)
- Two lead candidates (EVO756, EVO301) in Phase 2; safety/tolerability readout showed zero serious AEs, supporting continued dose advancement
Risks
- No proven efficacy: lead programs have only descriptive safety data, and the topical EVO101 Phase 2 in atopic dermatitis numerically underperformed vehicle (-43.5% vs -62.0% EASI)
- Pre-revenue with $221.1M accumulated deficit and $68.9M FY2025 net loss; needs substantial additional capital beyond 2028
- Binary clinical and funding risk with deeply negative margins (net margin -530%, 33rd pct)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Net lossNet loss (net margin -529.8%)
- Cash burnNegative free cash flow (-76.7M)
- Strong balance sheetStrong balance sheet — $217M cash & investments, ~11 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- New fund positionNotable fund(s) opened this quarter: FMR LLC
- Notable holderHeld by 3 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC (as of 2026-03-31)
- Insider sellingInsider selling — 9 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$2M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Chronic Spontaneous Urticaria
- AccumulatingInstitutional holders rose 5→6 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-623.6%
Net margin
-529.8%
Return on equity
-33.5%
Return on assets
-30.6%
Revenue growth (QoQ)
85.7%
Current ratio
8.6×
Free cash flow
-$77M
EBITDA
-$80M
Tangible book value
$206M
Cash & investments
$217M
Cash runway
11q
Stock comp / revenue
45.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Patel Jeegar Pravinkumar | Sell | 1.5K | $22.50 |
| 2026-06-22 | Drew Janice Suzann | Option exercise | 3.8K | $3.84 |
| 2026-06-22 | Drew Janice Suzann | Option exercise | 16K | $2.99 |
| 2026-06-22 | Drew Janice Suzann | Sell | 20K | $22.63 |
| 2026-06-22 | Patel Jeegar Pravinkumar | Option exercise | 1.5K | $3.84 |
| 2026-06-22 | Pena Luis C. | Sell | 7.4K | $22.71 |
| 2026-06-02 | Cohen David E | Sell | 5.5K | $20.21 |
| 2026-06-02 | Cohen David E | Sell | 600 | $21.38 |
| 2026-06-01 | Pena Luis C. | Sell | 17K | $22.74 |
| 2026-06-01 | Patel Jeegar Pravinkumar | Option exercise | 14K | $3.84 |
| 2026-06-01 | Patel Jeegar Pravinkumar | Sell | 17K | $22.74 |
| 2026-05-28 | Carver Kyle | Option exercise | 15K | $2.99 |
| 2026-05-28 | Carver Kyle | Sell | 18K | $22.84 |
| 2026-05-28 | Moss Gregory S. | Option exercise | 14K | $1.71 |
| 2026-05-28 | Moss Gregory S. | Sell | 14K | $22.83 |
| 2026-02-17 | LSP 7 Cooperative UA | Grant | 359K | $27.88 |
| 2026-02-17 | Verduyn-van Weegen Felice Isabel | Grant | 359K | $27.88 |
| 2026-02-17 | RA CAPITAL MANAGEMENT, L.P. | Grant | 36K | $27.88 |
| 2025-12-19 | Hopfner Robert Lorne | Buy | 1.0K | $17.35 |
| 2025-12-09 | Bauer Eugene | Tax withheld | 1.5K | $17.84 |
| 2025-12-09 | Patel Jeegar Pravinkumar | Tax withheld | 7.5K | $17.84 |
| 2025-12-09 | Drew Janice Suzann | Tax withheld | 5.1K | $17.84 |
| 2025-12-09 | Carver Kyle | Tax withheld | 13K | $17.84 |
| 2025-12-09 | Moss Gregory S. | Tax withheld | 14K | $17.84 |
| 2025-12-09 | Pena Luis C. | Tax withheld | 28K | $17.84 |
| 2025-11-07 | Verduyn-van Weegen Felice Isabel | Conversion | 3.4M | — |
| 2025-11-07 | Verduyn-van Weegen Felice Isabel | Buy | 1.6M | $16.00 |
| 2025-11-07 | Patel Jeegar Pravinkumar | Conversion | 3.2K | — |
| 2025-11-07 | Drew Janice Suzann | Conversion | 1.6K | — |
| 2025-11-07 | LSP 7 Cooperative UA | Conversion | 3.4M | — |
| 2025-11-07 | LSP 7 Cooperative UA | Buy | 1.6M | $16.00 |
| 2025-11-07 | Carver Kyle | Conversion | 3.2K | — |
| 2025-11-07 | Moss Gregory S. | Conversion | 3.2K | — |
| 2025-11-07 | Bauer Eugene | Conversion | 26K | — |
| 2025-11-07 | Pena Luis C. | Conversion | 24K | — |
| 2025-11-07 | Hopfner Robert Lorne | Conversion | 3.0K | — |
| 2025-11-07 | Hopfner Robert Lorne | Conversion | 1.4M | — |
| 2025-11-07 | Hopfner Robert Lorne | Conversion | 1.6M | — |
| 2025-11-07 | Hopfner Robert Lorne | Conversion | 295K | — |
| 2025-11-07 | Cohen David E | Conversion | 6.1K | — |
| 2025-11-07 | RA CAPITAL MANAGEMENT, L.P. | Conversion | 1.5M | — |
| 2025-11-07 | RA CAPITAL MANAGEMENT, L.P. | Conversion | 691K | — |
| 2025-11-07 | RA CAPITAL MANAGEMENT, L.P. | Buy | 1.2M | $16.00 |
| 2025-11-07 | RA CAPITAL MANAGEMENT, L.P. | Buy | 93K | $16.00 |
| 2025-11-07 | Pivotal bioVenture Partners Fund I, L.P. | Conversion | 1.4M | — |
| 2025-11-07 | Pivotal bioVenture Partners Fund I, L.P. | Conversion | 1.6M | — |
| 2025-11-07 | Pivotal bioVenture Partners Fund I, L.P. | Conversion | 295K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07150845 ↗ | Phase 2b Study of EVO756 in Adults With Atopic Dermatitis Atoptic Dermatitis | PHASE2 | Active Not Recruiting | 2026-07-01 |
| NCT06873516 ↗ | Phase 2b Study of EVO756 in Adults With Moderate to Severe Chronic Spontaneous Urticaria (CSU) Chronic Spontaneous Urticaria | PHASE2 | Active Not Recruiting | 2026-06-01 |
| NCT07616128 ↗ | Study of EVO756 in Adults With Migraine Migraine | PHASE2 | Not Yet Recruiting | 2027-10-01 |
| NCT06723405 ↗ | Efficacy Study of EVO301 in Moderate to Severe Atopic Dermatitis Atopic Dermatitis (AD), Eczema | PHASE2 | Completed | 2025-11-17 |
| NCT06603220 ↗ | A Study Evaluating the Safety, Tolerability, and Efficacy of EVO756 in Adults With Chronic Inducible Urticaria Chronic Inducible Urticaria | PHASE2 | Completed | 2025-05-08 |
| NCT05579899 ↗ | Safety and Efficacy Study of EVO101 Topical Cream in Atopic Dermatitis Atopic Dermatitis Eczema | PHASE2 | Completed | 2023-07-27 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-06-02 | 0001193125-26-253482 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211963 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211934 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001193125-26-152864 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001193125-26-093932 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001193125-26-093920 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001193125-26-049888 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001193125-26-043771 ↗ |
| 10-Q | 2025-12-11 | 2025-09-30 | 0001193125-25-315972 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001193125-25-315918 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001193125-25-272282 ↗ |