Evommune — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported no revenue for the three and nine months ended September 30, 2026, compared to $10.0 million and $13.0 million respectively in the same periods of 2025, which were attributable to a strategic collaboration with Maruho for EVO756 in Japan.
• Research and development expenses were $24.6 million for the three months ended September 30, 2026 (up from $19.6 million in 2025) and $68.3 million for the nine months ended September 30, 2026 (up from $53.6 million in 2025), driven by increased preclinical research expenses for undisclosed discovery programs and personnel costs, partially offset by decreased clinical trial expenses.
• General and administrative expenses were $8.8 million for the three months ended September 30, 2026 (up from $3.7 million in 2025) and $23.9 million for the nine months ended September 30, 2026 (up from $10.7 million in 2025).
• Net loss totaled $30.9 million for the three months ended September 30, 2026 (compared to $12.5 million in 2025) and $84.8 million for the nine months ended September 30, 2026 (compared to $40.6 million in 2025).
• As of September 30, 2026, the Company held cash, cash equivalents, and investments of $262.3 million, an increase from $216.7 million as of December 31, 2025.
• Total assets were $278.3 million as of September 30, 2026, compared to $224.9 million as of December 31, 2025.
• Total liabilities were $26.9 million as of September 30, 2026, compared to $19.4 million as of December 31, 2025.
• Total stockholders' equity was $251.4 million as of September 30, 2026, compared to $205.6 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company expects a cash runway extending into the second half of 2029 to deliver multiple key pipeline milestones.
• A Phase 2b trial for EVO301 in atopic dermatitis is expected to initiate in mid-2027.
• A Phase 1 trial for EVO570 is expected to begin in the first quarter of 2027, with healthy volunteer and biomarker data expected mid-2027.
• A Phase 2 trial for EVO301 in ulcerative colitis is planned to initiate in the first quarter of 2027, with data expected in 2028.
• A Phase 1 study for EVO646 is planned to initiate in the first half of 2027, with healthy volunteer and biomarker data expected in the second half of 2027.
• Top-line Phase 2b migraine data for EVO756 is expected in the second half of 2027.
• A Phase 2 program for EVO570 in rheumatoid arthritis is planned to initiate in the second half of 2027.

Business Segments and Product Lines:

• EVO301 (Injectable IL-18 Binding Protein Fusion Protein): Late-breaking data presented at the EADV 2026 Congress showed a 55% least-squares mean reduction in EASI scores at Week 12 compared to 22% on placebo (p<0.01) in adults with moderate-to-severe atopic dermatitis. The drug was well-tolerated with no treatment-related serious or severe adverse events or conjunctivitis. Biomarker analyses confirmed broad anti-inflammatory activity across Th2, Th1, Th17, and Th22 pathways.
• EVO756 (Oral MRGPRX2 Antagonist): Development in atopic dermatitis was discontinued in September 2026 after a Phase 2b trial failed to meet its primary endpoint. The Phase 2b dose-ranging trial for migraine prophylaxis remains underway.
• EVO570 (Oral VAV-1 Molecular Glue Degrader): In November 2026, Evommune in-licensed EVO570 from Hinova Pharmaceuticals for worldwide rights outside Greater China. The transaction included a $30 million upfront payment ($20 million cash and $10 million in pre-funded warrants) and potential future milestones and royalties.
• EVO646 (Oral TLR7/8 Antagonist): Discovered through a partnership with Accutar Biotech, this program targets lupus and other interferon-driven conditions, with an estimated addressable market of approximately six million patients. Accutar Biotech announced the achievement of a preclinical development milestone in November 2026.

Market and Competitive Landscape:

• EVO301 targets IL-18, an upstream driver of chronic inflammation, offering a novel approach extending beyond Th2 pathways to address multiple inflammatory pathways.
• EVO570 targets VAV-1, a signaling protein restricted to immune cells that drives T- and B-cell activation across a wide range of chronic inflammatory diseases.
• EVO646 targets TLR7/8, with TLR7/8 inhibition having demonstrated significant clinical benefit in cutaneous and systemic lupus erythematosus.

Risks and Challenges:

• The Company faces risks associated with its limited operating history and historical losses.
• Success in preclinical testing and earlier clinical trials does not ensure success in later clinical trials or adequate data to demonstrate efficacy and safety.
• Risks include the potential for unexpected safety or efficacy data, lower-than-expected clinical trial site activation or enrollment rates, and the inability to obtain regulatory approval or successfully commercialize product candidates.
• Macroeconomic conditions, including inflation and uncertain financial markets, may impact the business and clinical trials.
• The Company's ability to realize benefits from collaborations and license agreements, as well as its ability to obtain, maintain, and protect intellectual property, remains a risk.

Management Commentary and Tone:

• CEO Luis Peña stated that 2027 will be a year of execution and clinical catalysts, with the company well-positioned to deliver milestones given its strong balance sheet and experienced team.
• Management expressed conviction that EVO301 has the potential to become a foundational therapy in atopic dermatitis if approved, citing the clear therapeutic signal and favorable safety profile.
• The in-licensing of EVO570 is described as expanding the company's reach into T- and B-cell-driven autoimmune diseases.

Other Key Points:

• In November 2026, Evommune announced a concurrent $30 million private placement, selling 4,966,889 shares of common stock at $6.04 per share to healthcare institutional investors.
• The net proceeds from the private placement are intended to advance clinical development programs, including EVO570, and for general corporate purposes.
• The Company has submitted Investigational New Drug (IND) applications for EVO570 in China and opened them in the United States.
• Nonclinical toxicology studies for a subcutaneous formulation of EVO301 are scheduled to initiate in early 2027.