Evommune, Inc. IPO – What You Need to Know

Hey there! Thinking about investing in Evommune’s IPO? Here’s the lowdown in plain English—no finance degree required.

1. What does Evommune actually do?

Evommune is tackling chronic inflammation diseases like hives (CSU), eczema (AD), and ulcerative colitis (UC) – conditions that cost the U.S. healthcare system $90 billion yearly. They’ve got two drugs in mid-stage testing: EVO756 (for hives/eczema) and EVO301 (for eczema/UC). Their goal? Create treatments that actually fix the root cause, not just mask symptoms.

2. How do they make money? (And are they growing?)

They’re bleeding cash – and that’s normal for biotech startups. They lost $34.1M in 2023, $66.8M in 2024, and another $28.1M in just the first half of 2025. Total losses so far: $180.3 million. All their money goes into lab research and human trials. No products to sell yet, and they’ll keep losing money for years.

3. What will they do with IPO cash?

Your money = their lab fuel. Priorities:

• Finish Phase 2 trials for EVO756 and EVO301
• Start new trials for other inflammation diseases
• Pay licensing fees for their drug formulas
• Hire more scientists (they’re on a hiring spree)

4. What’s the big risk here?

• “Science might fail” risk: Both drugs are still in Phase 2 – 70% of drugs fail at this stage.
• “Bankrupt by 2026?” risk: They’ve burned $180M already and need way more. If the IPO doesn’t raise enough, they might crash.
• “Big Pharma déjà vu” risk: Companies like AbbVie (makers of Humira) could copy their ideas with better funding.
• “Stock could drop 80% overnight” risk: One bad trial result = stock meltdown.

5. Who’s their competition?

Facing giants like Dupixent (eczema drug making $10B/year) and Humira. Evommune’s edge? Their drugs target newer inflammation pathways. But they’re 5-7 years behind the market leaders – if their drugs even work.

6. Who’s in charge?

A team of biotech veterans who’ve gotten drugs approved before. No celebrity CEOs, but they’ve got experience navigating FDA approvals. The board includes investors who’ve done successful IPOs. The company didn’t share detailed bios of leadership in their filing, which is common for early-stage biotechs.

7. Where can I buy shares?

NASDAQ under symbol EVOM. You’ll need a brokerage account (Robinhood, Fidelity, etc.).

8. How many shares? What price?

Proposed offering: 10M shares at $15–$17 each (could raise up to $170M). The final price will depend on Wall Street’s reaction during their IPO roadshow.

The Bottom Line:

This is a lottery ticket for grown-ups. If either drug gets approved, early investors could 10x their money. But there’s a 70%+ chance you lose most of it. Only play with money you’re okay lighting on fire – and even then, maybe just buy a scratch-off instead.

Still tempted? Put 95% of your portfolio in index funds and use the 5% “gambling money” for stuff like this. 🎰

Note: This is simplified. Talk to a financial advisor or read their SEC filing (bring coffee – it’s 200 pages).

Final Tip: Evommune’s filing focuses heavily on risks and uncertainties. If you prefer stable companies with real revenue, this might not be your match.