Evommune, a Palo Alto, California-based biotech developing therapies for chronic inflammatory diseases, has completed its initial public offering (IPO), raising approximately $150 million. The company priced 9.375 million shares at $16.00 each, including a 30-day option for underwriters to buy up to 1.4 million additional shares.
Trading began on November 6, 2025, on the New York Stock Exchange under the ticker EVMN, with closing expected on November 7.
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Founded in 2020, Evommune is a clinical-stage biotech focused on the biological drivers of chronic inflammation, which underlines diseases such as ulcerative colitis, where inflammation affects the lining of the colon, leading to ulcers, bleeding and abdominal pain.
Evommune leadership includes CEO Luis Peña and chief medical officer Dr. Eugene Bauer, both former Dermira executives who helped develop lebrikizumab, now approved and marketed by Eli Lilly as Ebglyss.
Anti-Inflammatory Pipeline and Next Steps
EVO756, an investigational oral small molecule, leads the company’s pipeline. It blocks MRGPRX2, a receptor on mast cells and sensory nerves that triggers chronic inflammation, itch and swelling.
By targeting both immune and nerve responses, EVO756 uses a dual-mechanism approach to reduce symptoms and inflammation.
In a Phase II study involving patients with inducible urticaria, 70% showed clinical improvement within four weeks and 30% achieved complete response, with no serious adverse events reported.
Phase IIb trials are now underway in chronic spontaneous urticaria and atopic dermatitis, following the completed Phase II study in chronic inducible urticaria, with results expected in 2026.
The company’s second candidate, EVO301, is a long-acting injectable designed to neutralize IL-18, a key immune signal involved in inflammatory flare-ups.
Originally developed by South Korea-based AprilBio and later licensed to Evommune, the therapy is being tested in adults with moderate-to-severe atopic dermatitis, with a trial in ulcerative colitis planned for 2026.
EVO301’s design links an IL-18 binding protein with a human antibody fragment, which prolongs circulation and may improve safety and dosing convenience. These two programs stand out within Evommune’s chronic inflammatory disease pipeline.
Proceeds from the IPO will support ongoing clinical trials for EVO756 and EVO301, as well as discovery-stage programs and operational growth. The company’s goal is to build a sustainable pipeline that continuously delivers clinical data and strengthens its position in immunology-driven therapeutics.
With two mid-stage assets, Evommune aims to address inflammation biology through precisely targeted molecules rather than broad immunosuppression.
Innovation Across the Inflammation Space
Several biotechs are advancing next-gen therapies mirroring Evommune’s focus on chronic inflammatory pathways.
Apollo Therapeutics reported positive Phase IIa data for camoteskimab, an anti-IL-18 antibody that degrades IL-18 through an antibody recycling mechanism. The therapy reduced eczema severity within four weeks, with sustained benefit through Week 32. A Phase IIb dose-ranging study is now being prepared across North America and Europe.
Celldex Therapeutics presented early clinical results for CDX-622, a bispecific antibody that depletes mast cells via stem cell factor (SCF) blockade and neutralizes thymic stromal lymphopoietin (TSLP). In its Phase I trial, the drug showed sustained mast cell inhibition and a favorable safety profile, with multiple-dose testing underway.
Montai Therapeutics unveiled preclinical data at the 2025 American College of Asthma, Allergy and Immunology (ACAAI) Annual Meeting for MTAI-1025, an oral NRF2 agonist for ulcerative colitis. The candidate reduced inflammation and improved mucosal healing in preclinical models, and is advancing to IND-enabling studies.
Kashiv Biosciences, a New Jersey-based biopharma, filed for US and European regulatory submissions for ADL-018, a biosimilar to Xolair (omalizumab). The antibody targets IgE to block mast cell activation in allergic and inflammatory conditions, including chronic spontaneous urticaria. If approved, ADL-018 would join the first wave of omalizumab biosimilars, expanding patient access to established biologic therapies.
The global inflammatory diseases sector, estimated at $22.5 billion in 2025, is projected to reach $34.9 billion by 2035 at a 4.5% compound annual growth rate (CAGR), with biologics accounting for over 40% of total therapy spend.
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