EVMN · Evommune, Inc.

Evommune, Inc. operates as a clinical-stage biotechnology company in the United States. The company develops therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria, atopic dermatitis, and ulcerative colitis. Its products include EVO756 for the treatment of CSU and AD; and EVO301 for the treatment of AD and UC. The company was incorporated in 2020 and is headquartered in Palo Alto, California.

Cap structure and valuation

Cap structure
SP	$12.10
SO	36.0M
Options	6.6M
Warrants	0.0M
FD SO	42.6M
MC	$516.0M

Cash	$48.3M
Total debt	$1.1M
EV	$468.7M

TTM Multiples
EV / Revenue	36.1x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	110.9%
Insiders	3.2%
# Institutions	119
Analysts	7
Consensus	Buy
Avg target	$31.14

Short % float	19.7%
Days to cover	4.35

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

	3/31/26	12/31/25	9/30/25	3/31/25
Total Revenue	0.00	0.00	10.00	3.00

SG&A	6.63	9.31	3.69	3.67
R&D	17.32	20.40	19.64	14.36

Operating Income	(23.95)	(29.72)	(13.33)	(15.03)
Operating Income YoY %	(11.7%)	(79.9%)	—	—
Operating Margin %	—	—	(133.3%)	(501.1%)
EBITDA	(23.85)	(29.39)	—	(14.83)
EBITDA Margin %	—	—	—	(494.4%)

Other Income / (Expense)	2.28	1.44	0.85	—
Pretax Income	(21.67)	(28.27)	(12.47)	(14.56)
Tax Provision	0.00	0.00	0.00	0.00
Net Income	(21.67)	(28.27)	(12.47)	(14.56)
Net Margin %	—	—	(124.8%)	(485.2%)

Diluted EPS	-$0.64	$15.14	-$8.07	-$9.48
Basic EPS	-$0.64	$15.14	-$8.07	-$9.48
Diluted Avg Shares	33.7	—	1.5	1.5
Basic Avg Shares	33.7	—	1.5	1.5

	LTM	12/31/25	12/31/24
Total Revenue	13.00	13.00	7.00
Revenue YoY %	0.0%	85.7%	—

SG&A	23.31	20.03	12.77
R&D	71.72	74.04	64.24

Operating Income	(82.03)	(81.07)	(70.01)
Operating Income YoY %	(1.2%)	(15.8%)	—
Operating Margin %	(631.0%)	(623.6%)	(1000.2%)
EBITDA	(83.23)	(80.47)	(69.51)
EBITDA Margin %	(640.2%)	(619.0%)	(993.0%)

Other Income / (Expense)	5.05	12.20	3.21
Pretax Income	(76.98)	(68.87)	(66.81)
Tax Provision	0.00	0.00	0.00
Net Income	(76.98)	(68.87)	(66.81)
Net Margin %	(592.1%)	(529.8%)	(954.4%)

Diluted EPS	-$3.05	-$11.22	-$45.29
Basic EPS	-$3.05	-$11.22	-$45.29
Diluted Avg Shares	33.7	6.1	1.5
Basic Avg Shares	33.7	6.1	1.5

	3/31/26	12/31/25	9/30/25	3/31/25
Cash & Equivalents	48.32	44.06	26.82	5.70
Short-term Investments	163.15	105.14	49.24	—
Other Current Assets	4.39	4.28	5.88	—
Total Current Assets	215.85	153.48	81.94	—

Net PPE	1.64	0.99	0.97	—
Operating Lease ROU	7.93	1.47	0.16	—
Long-term Investments	95.55	67.49	—	—
Other Assets	—	1.52	1.47	—
Total Assets	322.45	224.95	84.54	—

Accounts Payable	4.04	7.76	3.58	—
Current Lease Liabilities	1.25	0.24	0.16	—
Other Current Liabilities	5.30	9.91	6.68	—
Total Current Liabilities	10.60	17.91	10.42	—
Long-term Lease Liabilities	6.77	1.29	0.00	—
Other Liabilities	0.53	—	—	—
Total Liabilities	17.90	19.38	10.68	—
Mezzanine Equity	—	0.00	257.00	—

Retained Earnings	(242.76)	(221.09)	(192.82)	—
Total Equity	304.56	205.57	(183.14)	(158.24)

	LTM	12/31/25	12/31/24
Cash & Equivalents	48.32	44.06	16.25
Short-term Investments	163.15	105.14	55.78
Other Current Assets	4.39	4.28	1.95
Total Current Assets	215.85	153.48	73.99

Net PPE	1.64	0.99	1.33
Operating Lease ROU	7.93	1.47	0.47
Long-term Investments	95.55	67.49	—
Other Assets	—	1.52	—
Total Assets	322.45	224.95	76.06

Accounts Payable	4.04	7.76	8.26
Current Lease Liabilities	1.25	0.24	0.49
Other Current Liabilities	5.30	9.91	19.23
Total Current Liabilities	10.60	17.91	27.98
Long-term Lease Liabilities	6.77	1.29	—
Other Liabilities	0.53	—	0.54
Total Liabilities	17.90	19.38	28.52
Mezzanine Equity	—	0.00	191.78

Retained Earnings	(242.76)	(221.09)	(152.22)
Total Equity	304.56	205.57	(144.24)

	3/31/26	12/31/25	9/30/25	3/31/25
Net Income	(21.67)	(28.27)	(12.47)	(14.56)
D&A	0.10	0.33	—	0.20
Stock-Based Comp	3.45	4.20	0.56	0.54
Δ Working Cap & Other	(9.38)	7.05	—	(10.09)
Operating Cash Flow	(27.50)	(16.70)	—	(23.90)

CapEx	(0.08)	(0.10)	—	0.00
Other Investing	(85.28)	(122.80)	—	13.50
Investing Cash Flow	(85.36)	(122.90)	—	13.50

Other Financing	117.11	156.85	—	—
Financing Cash Flow	117.11	156.85	—	(0.15)

Free Cash Flow	(27.59)	(16.80)	—	(23.90)

	LTM	12/31/25	12/31/24
Net Income	(76.98)	(68.87)	(66.81)
D&A	0.34	0.60	0.50
Stock-Based Comp	8.76	5.86	1.72
Δ Working Cap & Other	(17.55)	(14.03)	6.39
Operating Cash Flow	(85.43)	(76.44)	(58.20)

CapEx	(0.32)	(0.23)	(0.09)
Other Investing	(167.27)	(115.07)	(3.90)
Investing Cash Flow	(167.59)	(115.31)	(3.99)

Other Financing	288.17	220.76	49.42
Financing Cash Flow	288.17	220.76	49.42

Free Cash Flow	(85.75)	(76.68)	(58.28)

	3/31/26	12/31/25	9/30/25	3/31/25
Current Ratio	20.36	8.57	7.87	—
Quick Ratio	—	—	—	—
Debt / Equity	0.06	0.09	-0.06	—
EBITDA Margin %	—	—	—	(494.4%)
Working Capital	205.25	135.57	71.53	—
Net Debt	—	—	—	—
ROE %	(7.1%)	(13.8%)	6.8%	9.2%
ROA %	(6.7%)	(12.6%)	(14.8%)	—

	LTM	12/31/25	12/31/24
Current Ratio	20.36	8.57	2.64
Quick Ratio	—	—	—
Debt / Equity	0.06	0.09	-0.20
EBITDA Margin %	(640.2%)	(619.0%)	(993.0%)
Working Capital	205.25	135.57	46.01
Net Debt	—	—	—
ROE %	(25.3%)	(33.5%)	46.3%
ROA %	(23.9%)	(30.6%)	(87.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-07-08	KIRSCH ARTHUR S	Director	2026-07-07	P	10,000	$13.30	$133,000
2026-06-24	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-06-22	M	3,839	$3.84	$14,742
2026-06-24	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-06-22	M	16,161	$2.99	$48,321
2026-06-24	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-06-22	S	(20,000)	$22.63	-$452,600
2026-06-24	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-06-22	M	(3,839)	—	$-0
2026-06-24	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-06-22	M	(16,161)	—	$-0
2026-06-24	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-22	M	1,488	$3.84	$5,714
2026-06-24	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-22	S	(1,488)	$22.50	-$33,480
2026-06-24	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-22	M	(1,488)	—	$-0
2026-06-24	Pena Luis C.	Director, Officer (President & CEO)	2026-06-22	S	(7,438)	$22.71	-$168,917
2026-06-03	MCGRAW BENJAMIN F III	Director	2026-06-02	A	15,673	—	$0
2026-06-03	KIRSCH ARTHUR S	Director	2026-06-02	A	15,673	—	$0
2026-06-03	Cohen David E	Director	2026-06-02	S	(5,456)	$20.21	-$110,266
2026-06-03	Cohen David E	Director	2026-06-02	S	(600)	$21.38	-$12,828
2026-06-03	Cohen David E	Director	2026-06-02	A	15,673	—	$0
2026-06-03	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-01	M	13,512	$3.84	$51,886
2026-06-03	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-01	S	(16,687)	$22.74	-$379,462
2026-06-03	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-06-01	M	(13,512)	—	$-0
2026-06-03	Pena Luis C.	Director, Officer (President & CEO)	2026-06-01	S	(16,787)	$22.74	-$381,736
2026-06-01	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2026-05-28	M	14,223	$1.71	$24,321
2026-06-01	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2026-05-28	S	(14,223)	$22.83	-$324,711
2026-06-01	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2026-05-28	M	(14,223)	—	$-0
2026-06-01	Carver Kyle	Officer (Chief Financial Officer)	2026-05-28	M	15,000	$2.99	$44,850
2026-06-01	Carver Kyle	Officer (Chief Financial Officer)	2026-05-28	S	(18,175)	$22.84	-$415,117
2026-06-01	Carver Kyle	Officer (Chief Financial Officer)	2026-05-28	M	(15,000)	—	$-0
2026-04-17	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2026-04-16	A	69,315	—	$0
2026-04-17	Drew Janice Suzann	Officer (Chief of Dev. Operations)	2026-04-16	A	73,892	—	$0
2026-04-17	Bauer Eugene	Director, Officer (Chief Medical Officer)	2026-04-16	A	51,117	—	$0
2026-04-17	Carver Kyle	Officer (Chief Financial Officer)	2026-04-16	A	98,946	—	$0
2026-04-17	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2026-04-16	A	115,279	—	$0
2026-04-17	Pena Luis C.	Director, Officer (President & CEO)	2026-04-16	A	291,420	—	$0
2026-02-19	LSP 7 Cooperative UA	Director, 10% Owner	2026-02-17	A	358,680	$27.88	$9,999,998
2026-02-18	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2026-02-17	A	358,680	$27.88	$9,999,998
2026-02-17	RA CAPITAL MANAGEMENT, L.P.	Director	2026-02-17	A	35,868	$27.88	$1,000,000
2025-12-22	Hopfner Robert Lorne	Director, 10% Owner	2025-12-19	P	1,000	$17.35	$17,350
2025-12-19	Bauer Eugene	Director, Officer (Chief Medical Officer)	2025-12-08	A	100,000	—	$0
2025-12-11	Pena Luis C.	Director, Officer (President & CEO)	2025-12-09	F	(28,138)	$17.84	-$501,982
2025-12-11	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2025-12-09	F	(7,513)	$17.84	-$134,032
2025-12-11	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2025-12-09	F	(13,624)	$17.84	-$243,052
2025-12-11	Drew Janice Suzann	Officer (EVP, Operations)	2025-12-09	F	(5,074)	$17.84	-$90,520
2025-12-11	Carver Kyle	Officer (Chief Financial Officer)	2025-12-09	F	(13,290)	$17.84	-$237,094
2025-12-11	Bauer Eugene	Director, Officer (Chief Medical Officer)	2025-12-09	F	(1,478)	$17.84	-$26,368
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	1,441,032	—	$0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	1,632,441	—	$0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	294,502	—	$0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(7,145,647)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(3,572,816)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(2,582,243)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(7,230,283)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(1,895,260)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(2,104,740)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(313,571)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(313,571)	—	$-0
2025-11-12	Pivotal bioVenture Partners Fund I, L.P.	Director, 10% Owner	2025-11-07	C	(2,508,575)	—	$-0
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	C	1,517,329	—	$0
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	C	691,441	—	$0
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	P	1,157,096	$16.00	$18,513,536
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	P	92,904	$16.00	$1,486,464
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	C	(12,924,620)	—	$-0
2025-11-12	RA CAPITAL MANAGEMENT, L.P.	Director, 10% Owner	2025-11-07	C	(5,889,699)	—	$-0
2025-11-12	LSP 7 Cooperative UA	10% Owner	2025-11-07	C	3,367,133	—	$0
2025-11-12	LSP 7 Cooperative UA	10% Owner	2025-11-07	P	1,562,500	$16.00	$25,000,000
2025-11-12	LSP 7 Cooperative UA	10% Owner	2025-11-07	C	(15,493,466)	—	$-0
2025-11-12	LSP 7 Cooperative UA	10% Owner	2025-11-07	C	(5,090,000)	—	$-0
2025-11-12	LSP 7 Cooperative UA	10% Owner	2025-11-07	C	(6,585,011)	—	$-0
2025-11-12	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2025-11-07	C	3,367,133	—	$0
2025-11-12	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2025-11-07	P	1,562,500	$16.00	$25,000,000
2025-11-12	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2025-11-07	C	(15,493,466)	—	$-0
2025-11-12	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2025-11-07	C	(5,090,000)	—	$-0
2025-11-12	Verduyn-van Weegen Felice Isabel	Director, 10% Owner	2025-11-07	C	(6,585,011)	—	$-0
2025-11-12	Pena Luis C.	Director, Officer (President & CEO)	2025-11-07	C	24,225	—	$0
2025-11-12	Pena Luis C.	Director, Officer (President & CEO)	2025-11-07	C	(206,355)	—	$-0
2025-11-12	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2025-11-07	C	3,175	—	$0
2025-11-12	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2025-11-07	C	(25,000)	—	$-0
2025-11-12	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2025-11-07	C	3,175	—	$0
2025-11-12	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2025-11-07	C	(25,000)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	3,026	—	$0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	1,441,032	—	$0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	1,632,441	—	$0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	294,502	—	$0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(25,790)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(7,145,647)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(3,572,816)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(2,582,243)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(7,230,283)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(1,895,260)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(2,104,740)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(313,571)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(313,571)	—	$-0
2025-11-12	Hopfner Robert Lorne	Director, 10% Owner	2025-11-07	C	(2,508,575)	—	$-0
2025-11-12	Drew Janice Suzann	Officer (EVP, Operations)	2025-11-07	C	1,587	—	$0
2025-11-12	Drew Janice Suzann	Officer (EVP, Operations)	2025-11-07	C	(12,500)	—	$-0
2025-11-12	Cohen David E	Director	2025-11-07	C	6,056	—	$0
2025-11-12	Cohen David E	Director	2025-11-07	C	(51,588)	—	$-0
2025-11-12	Carver Kyle	Officer (Chief Financial Officer)	2025-11-07	C	3,175	—	$0
2025-11-12	Carver Kyle	Officer (Chief Financial Officer)	2025-11-07	C	(25,000)	—	$-0
2025-11-12	Bauer Eugene	Director, Officer (Chief Medical Officer)	2025-11-07	C	25,812	—	$0
2025-11-12	Bauer Eugene	Director, Officer (Chief Medical Officer)	2025-11-07	C	(206,355)	—	$-0
2025-11-12	Bauer Eugene	Director, Officer (Chief Medical Officer)	2025-11-07	C	(12,500)	—	$-0
2025-11-07	Cohen David E	Director	2025-11-05	A	37,960	—	$0
2025-11-07	KIRSCH ARTHUR S	Director	2025-11-05	A	37,960	—	$0
2025-11-07	MCGRAW BENJAMIN F III	Director	2025-11-05	A	37,960	—	$0
2025-11-07	Patel Jeegar Pravinkumar	Officer (Chief Scientific Officer)	2025-11-05	A	179,619	—	$0
2025-11-07	Drew Janice Suzann	Officer (EVP, Operations)	2025-11-05	A	231,274	—	$0
2025-11-07	Carver Kyle	Officer (Chief Financial Officer)	2025-11-05	A	279,408	—	$0
2025-11-07	Pena Luis C.	Director, Officer (President & CEO)	2025-11-05	A	796,841	—	$0
2025-11-07	Moss Gregory S.	Officer (Chief Business & Legal Officer)	2025-11-05	A	293,496	—	$0