The IPO Buzz: Evommune (EVMN) Prices IPO at $16 – Mid-Point

Evommune (EVMN), a Phase II biotech developing treatments for atopic dermatitis and ulcerative colitis, priced its IPO at $16.00 – the mid-point of its $15.00-to-$17.00 price range -on Wednesday night, Nov. 5, 2025. The California company sold 9.38 million shares – the number of shares in the prospectus – and raised $150 million in its IPO. The stock is expected to start trading tomorrow – Thursday, Nov. 6, 2025 – on the New York Stock Exchange.

Morgan Stanley, Leerink Partners, Evercore ISI and Cantor were the joint book-runners.

At pricing, Evommune had a market cap of $481.25 million.

Evommune, based in Palo Alto, California, has two product candidates, EVO756 and EVO301, in Phase 2 trials. 

Evommune said its Phase 2b dose-ranging trial of EVO756 in patients with chronic spontaneous urticaria (CSU – also known as chronic hives) began in April 2025; results are expected in the first half of 2026. The company started a  Phase 2b dose-ranging trial in patients with moderate-to-severe atopic dermatitis (AD) in August 2025; results are expected in the second half of 2026.

Evommune’s second clinical-stage product candidate, EVO301, is a long-acting fusion protein from the IL-1 family of proteins that regulate various immune processes that drive inflammation, according to the prospectus. The company started a Phase 2 trial of EVO301 in adult patients with moderate-to-severe AD in March 2025; results are expected in the first half of 2026.

“Beyond AD, we plan to initiate a Phase 2 trial in moderate-to-severe UC patients in 2026,” Evommune said in the prospectus, referring to the ulcerative colitis (UC) trial. “After completion of this UC trial, we may also evaluate EVO301 in Crohn’s disease and additional indications for which regulating the IL-18 pathway may reduce pro-inflammatory mediators driving tissue damage and chronic inflammation.”

Evommune is not profitable, according to the prospectus. For the 12 months that ended on June 30, 2025, Evommune reported a net loss of $64.76 million on revenue of $3 million.

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