Evommune, a phase 2 biotech developing therapies for chronic inflammatory diseases, announced terms for its IPO on Friday.
The Palo Alto, CA-based company plans to raise $150 million by offering 9.4 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Evommune would command a market cap of $543 million.
Evommune's lead candidate, EVO756 is a potent and highly selective oral small molecule antagonist of MRGPRX2 for the treatment of chronic spontaneous urticaria (CSU) and atopic dermatitis (AD). It is joined by EV0301, a long-acting fusion protein consisting of an IL-18 binding protein and an anti-serum albumin Fab-associated domain for the treatment of atopic dermatitis (AD) and ulcerative colitis (UC). Evommune initiated a Phase 2b trail for EVO756 and is expected to report results in 2H26, and plans to initiate a Phase 2 trial in moderate-to-severe UC patients in 2026.
Because of the ongoing US government shutdown, Evommune is not relying on the SEC to declare its registration statement effective, and instead its registration will automatically become effective after 20 days, pursuant to Section 8(a) of the Securities Act.
Evommune was founded in 2020 and booked $3 million in revenue for the 12 months ended June 30, 2025. It plans to list on the NYSE under the symbol EVMN. Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price the week of November 3, 2025.
