EVMN — Evommune, Inc.
Company context · prepared 2026-08-13 · company sweep 2026-08-13 · USD · framework v5.8.0
How to read this. Written for a reader who has not studied pharmacology or finance. General terms are defined once in
framework/04-glossary.md. Tags:[VERIFIED — source]/[UNVERIFIED]/[WEB ESTIMATE — source, date].Program analyses for this company are the sub-folders listed in C.2.
C.0 Company-tier coverage — CLEARED
| Tool | State | Note / verbatim error |
|---|---|---|
BPIQ fetch_company_info | CALLED | Returned in full. Two fields discarded and recomputed: market_cap and short_float. See C.8. |
BPIQ fetch_company_drugs | CALLED | Four rows, all printed in C.2. |
BPIQ fetch_company_historical_catalysts | CALLED | Four rows, all cross-checked against the press feed in C.7. |
BPIQ fetch_company_options_data | CALLED | Four expiries, thirteen strikes. The chain cannot price the event; see C.6. |
BPIQ fetch_company_insider_transactions | CALLED | Zero rows across three attempts (immediate retry, then a third attempt roughly twenty minutes later). No error text was returned — the call completes and yields nothing. This is the documented connector bug, now on a third ticker; 64 Form 3 and Form 4 filings sit in the EDGAR feed over the same window. Flow read from EDGAR instead. See C.8. |
BPIQ fetch_company_press_releases | CALLED | 141 items, to 2021-09-09. |
EDGAR submissions | CALLED | CIK 0002044725. Filing feed, Form 3/4 counts and the shelf/resale history in C.3 and C.5. |
EDGAR XBRL companyconcept | CALLED | dei:EntityCommonStockSharesOutstanding, plus us-gaap:CashAndCashEquivalentsAtCarryingValue, ShortTermInvestments, LongTermInvestments, NetCashProvidedByUsedInOperatingActivities, OperatingLeaseLiabilityNoncurrent, StockholdersEquity, AssetsCurrent. us-gaap:LongTermDebtNoncurrent returns no data at all for this filer, which is how C.3 establishes there is no borrowing. |
FINRA consolidatedShortInterest | CALLED | Sixteen settlements from 2025-11-14 to 2026-07-31, the newest published. |
optional BPIQ fetch_company_hedge_fund_holdings | NOT CALLED | Optional row. Fund positioning was read instead from the press feed’s 13F alerts and from BPIQ fetch_company_info’s own hf_holding_count. Recorded here so the omission is visible; an optional row carries no NOT CALLED consequence under 02-connectors.md. |
optional BPIQ fetch_company_earnings_transcript | NOT CALLED | Optional row. The Q2 2026 release was read in full from the company’s own investor-relations site, a primary source. |
| optional Yahoo options chain | NOT CALLED | Optional cross-check. C.6 does not need it: the BPIQ chain is unusable for reasons visible on its face (no two-sided market at any strike near spot), not because of an implied-volatility artifact that a second source would arbitrate. |
C.1 What the company is
Evommune is a clinical-stage biotechnology company in Palo Alto, California. It develops
medicines for long-running inflammatory diseases of the skin and, more recently, of the nervous
system. It has no approved product and no product revenue
[VERIFIED — BPIQ fetch_company_info 2026-08-13; 10-Q filed 2026-08-06 reports revenue of $0].
It runs two molecules. EVO756 is a pill that blocks a receptor called MRGPRX2, which sits on mast cells — the immune cells that release histamine and other irritants into the skin. EVO301 is an injected antibody that blocks a signalling protein called interleukin-18. Between them they account for four rows in the pipeline table below, three of which are the same molecule in three different diseases.
The company is close to a single-asset company today, and became closer on 2026-06-29. On that
date EVO756 failed its Phase 2b trial in chronic spontaneous urticaria (a hives disease) at every
dose tested, and the company discontinued that indication
[VERIFIED — Evommune press release 2026-06-29]. Three of the four remaining pipeline rows are
still EVO756. The shares fell 40% from the previous session’s close on that news and have not
recovered.
It listed on the New York Stock Exchange on 2025-11-05 at $16.00 a share
[VERIFIED — EDGAR submissions; press feed 2025-11-05].
C.2 Pipeline — every program
Every row returned by BPIQ fetch_company_drugs on 2026-08-13, including the discontinued one.
| Program (drug — indication) | bpiq_drug_id | Stage & event | Catalyst (as disclosed) | Date to a day? | Analysed? | Materiality to the stock |
|---|---|---|---|---|---|---|
| EVO756 — moderate-to-severe atopic dermatitis | 20071 | Phase 2b, data readout | catalyst_date_text “Q3 2026”. The company’s own 2026-08-06 release narrows this to September 2026. | No — neither wording names a day | Yes → evo756-atopic-dermatitis/ | Dominant, near-term. This is the next binary event on the calendar and it is on the lead molecule. After the chronic-spontaneous-urticaria failure, EVO756’s entire remaining dermatology value rests here. A clear result either way reprices the equity. |
| EVO756 — migraine (prevention) | 20081 | Phase 2b, data readout | catalyst_date_text “2027” (BPIQ stores 2027-12-31, a period-end placeholder) | No | No | Meaningful, and partly conditional. The larger commercial prize of the two EVO756 indications, and the first patient was dosed 2026-07-29. But it is the same molecule: a second dermatology failure would raise the market’s doubt about whether blocking MRGPRX2 does anything clinically useful at all, which is a question migraine inherits. Not analysed, so no materiality figure is claimed beyond this. |
| EVO301 — moderate-to-severe atopic dermatitis | 19737 | Phase 2b, initiation | catalyst_date_text “Mid-2027” (BPIQ stores 2027-08-15, a placeholder). has_catalyst is false, so this row gets no document. | No | No | Meaningful — this is the floor. A different molecule with positive, placebo-controlled Phase 2a data in the same disease (2026-02-10: statistically significant EASI improvement at weeks 4, 8 and 12; 23% reached a validated Investigator’s Global Assessment of 0 or 1 at week 12). Its Phase 2b does not start until mid-2027, so it contributes no near-term catalyst — but it is why a miss on row 20071 does not empty the company. |
| EVO756 — moderate-to-severe chronic spontaneous urticaria | 20079 | Failed — discontinued | catalyst_date_text “TBA”, catalyst_date null | — | No | Immaterial as a catalyst; the single most important evidence row on this page. The Phase 2b missed its primary endpoint at every dose on 2026-06-29 and development stopped. It is retained here rather than dropped because the program analysis for row 20071 rests on it: it is the only completed, placebo-controlled human test of this molecule’s mechanism, and it failed. |
C.3 Financial position
| Item | Value | As of | Tag |
|---|---|---|---|
| Cash and equivalents | $60.034M | 2026-06-30 | [VERIFIED — EDGAR XBRL us-gaap:CashAndCashEquivalentsAtCarryingValue, 10-Q filed 2026-08-06] |
| Short-term investments | $140.759M | 2026-06-30 | [VERIFIED — EDGAR XBRL us-gaap:ShortTermInvestments] |
| Long-term investments | $87.214M | 2026-06-30 | [VERIFIED — EDGAR XBRL us-gaap:LongTermInvestments] |
| Cash, equivalents and investments (total) | $288.007M | 2026-06-30 | [VERIFIED — the three rows above sum to $288.007M; the company states "$288.0 million" in its 2026-08-06 release] |
| Burn (per month) | $6.772M | Q2 2026 | [VERIFIED — EDGAR XBRL operating cash outflow: $47.819M for the six months to 2026-06-30 less $27.503M for Q1 = $20.316M for Q2, divided by three] |
| Runway as the company states it | ”cash through 2028” | 2026-08-06 | [VERIFIED — Evommune Q2 2026 release, quoted verbatim: "Strong balance sheet, with cash through 2028 to deliver multiple key data readouts"] |
| Runway recomputed (cash ÷ burn) | 42.5 months from 2026-06-30, i.e. to about 2030-01 | 2026-06-30 | [UNVERIFIED — modelled: $288.007M ÷ $6.772M per month] |
| Debt | $0 borrowings | 2026-06-30 | [VERIFIED — EDGAR XBRL us-gaap:LongTermDebtNoncurrent returns no data for this filer. The only non-current liability is a $6.440M operating lease.] |
The two runway readings disagree by about two years, and both are recorded rather than averaged.
The reconciling fact is that trailing burn understates forward burn here by construction. The
Phase 2b migraine trial randomises about 330 patients across 20 sites and dosed its first patient
on 2026-07-29 [VERIFIED — Evommune press release 2026-07-30; ClinicalTrials.gov NCT07616128],
which is after the quarter the $6.772M was measured in. Reading the burn off the income statement
instead gives a heavier figure: net loss was $32.2M in Q2 2026 alone, or $10.7M a month, which
against $288.0M gives 27 months and lands in late 2028 — much closer to what the company says.
Nothing in this analysis depends on resolving the two: for the question “does the cash reach the
September 2026 readout”, both answer yes with years to spare.
A raise before the next catalyst is unlikely. The company raised $125M six months ago, holds $288.0M against a market capitalisation of roughly $517M, and the readout is weeks away.
Dilution history. Every raise in the last 24 months.
| Date | Instrument | Gross proceeds | Price | Source |
|---|---|---|---|---|
| 2025-11-05 | Initial public offering | ~$150M | $16.00 | [VERIFIED — press feed 2025-11-05; EDGAR submissions] |
| 2026-02-12 | Private placement | $125M | ~$27.81 implied | [VERIFIED — Evommune press release 2026-02-13. Price derived: shares outstanding rose from 31,524,093 (2025-12-10) to 36,018,372 (2026-03-03), a difference of 4,494,279 shares; $125M ÷ 4,494,279 = $27.81. The 4.49M figure is independently corroborated by the 424B3 resale registration filed 2026-04-24.] |
| 2026-04-17 → 2026-04-24 | Form S-1 filed, then effective; 424B3 registering 4,494,279 shares for resale | Nil to the company | — | [VERIFIED — EDGAR submissions: S-1 2026-04-17, EFFECT and 424B3 2026-04-24] |
The April registration is supply, not dilution: it lets the February placement buyers sell,
and raises nothing for the company. A separate overhang matters more — a lock-up covering
20,702,560 shares expired on 2026-05-05 [WEB ESTIMATE — MarketScreener, 2026-05-06], which is
57% of the share count.
C.4 Valuation frame
| Item | Value | Source / tag |
|---|---|---|
| Share price (spot) | $14.25 (the price cache’s 2026-08-13 close). BPIQ’s intraday last price the same day was $14.32 and its previous close $14.12. | [VERIFIED — data/prices/EVMN.json via lib/prices.mjs closeOnOrBefore, 2026-08-13; BPIQ fetch_company_info 2026-08-13] |
| Market capitalisation | $517.16M recomputed. BPIQ reports $512.44M. | [VERIFIED — 36,292,113 shares × $14.25. BPIQ's figure divided by the same share count is exactly $14.1200, the previous close — the documented bug, and it does fire on this ticker.] |
| Shares outstanding | 36,292,113, as of 2026-08-04 | [VERIFIED — EDGAR XBRL dei:EntityCommonStockSharesOutstanding, 10-Q filed 2026-08-06] |
| Enterprise value | $229.16M recomputed ($517.16M less $288.007M of cash and investments; no borrowings). Adding the $6.44M operating lease gives $235.60M. BPIQ reports $317.95M. | [VERIFIED — see C.8: BPIQ's figure is internally consistent with its own understated cash field, not with the company's filed cash position.] |
| 52-week high / low | $33.20 / $10.47 | [VERIFIED — lib/prices.mjs range52w(bars, "2026-08-13") over data/prices/EVMN.json] |
| Position in the 52-week range, computed off the last price | 16.63% | [VERIFIED — lib/prices.mjs positionInRange(14.25, 10.47, 33.20). BPIQ's own max_52_week_position field reads 0.16058, which is the same computation on the previous close of $14.12 — the documented bug, reproduced exactly.] |
| Multiple off the 52-week low | 1.36× | [VERIFIED — $14.25 ÷ $10.47] |
Two derived figures the program document leans on. Cash per share is $7.94 ($288.007M ÷ 36,292,113), on the EDGAR-filed share count rather than a derived one — an admissible scenario anchor. And the shares are 57% below the 52-week high, of which the single largest step was the 40% fall on the chronic-spontaneous-urticaria failure.
C.5 Ownership and flow
| Holder type | Share | Note | Source |
|---|---|---|---|
| Insider | 3.15% | BPIQ insider_own reads 0.03153 with no unit label and no timestamp. Read as a fraction it is 3.15%, which is plausible for a company nine months past its listing. | BPIQ fetch_company_info 2026-08-13 |
| Institutional | Not readable | BPIQ tute_own returns 1.15620. Read as a fraction that is 115.6% of the company, which is impossible; read as a percentage it is 1.16%, which is absurd for a name eight hedge funds hold. The field is discarded, not corrected. | BPIQ fetch_company_info 2026-08-13 |
| Retail / other | Not derivable | Cannot be computed while the institutional row is unreadable. Stated as unknown rather than backed out of two figures, one of which is broken. | — |
| Short interest | 4,481,198 shares = 12.35% of shares outstanding; days to cover 8.67 | FINRA’s authoritative count at the 2026-07-31 settlement, divided by the EDGAR-filed share count, so the units are known. BPIQ’s own short_float of 0.23264 is 1.88× this figure. | FINRA consolidatedShortInterest 2026-07-31; EDGAR XBRL |
On the short-interest disagreement. Unusually for this repo, the two figures may actually be compatible rather than contradictory: 4,481,198 ÷ 0.23264 implies a float of 19,262,371 shares, or 53% of the share count — which is what a nine-month-old listing with a large pre-listing register looks like. That reading is not confirmed and is not used. Every figure that matters here uses the FINRA count over shares outstanding.
Short interest is rebuilding into the September readout. 3,099,318 shares at the 2026-05-15
settlement, 3,975,305 at 05-29, 4,269,495 at 06-15, then 4,779,126 at 06-30 — the settlement
immediately after the urticaria failure — 4,017,562 at 07-15 as some of that covered, and
4,481,198 at 07-31. The position is 45% larger than it was three months ago
[VERIFIED — FINRA consolidatedShortInterest, six settlements].
Insider flow is genuine open-market buying, read from EDGAR because the connector returned
nothing. Two purchases land after the urticaria failure and near the lows. Independent director
Arthur Kirsch bought $133,000 of stock on 2026-07-08, and Chief Financial Officer Kyle Carver
bought 1,000 shares on 2026-07-10 — the same filing also records Carver repaying $10,160 of
short-swing profit, which is a compliance disgorgement and not a trade
[VERIFIED — EDGAR submissions Form 4 filings dated 2026-07-08 and 2026-07-10; press feed 2026-07-09 through 2026-07-13]. The stock closed between $11.05 and $12 across that window, so
both bought below the $14.25 spot.
Set against that, the June selling was routine. The Chief Executive Luis Pena, Mr Carver, the
Chief Scientific Officer and a director all sold in early and late June, and the filings and
press coverage describe them as pre-set 10b5-1 plan sales
[VERIFIED — EDGAR Form 4 filings 2026-06-01 through 2026-06-24; press feed 2026-06-02 to 2026-06-25]. A 10b5-1 plan is scheduled in advance precisely so that it carries no information
about what the seller currently thinks. The distinction matters here and is not decorative:
the plan sales sit days before the urticaria readout and would look damning if read as discretion,
and the two purchases sit days after it and are the only discretionary trades on the record.
Funds were adding after the failure, not leaving. BPIQ counts eight hedge-fund holders and
flags the name as held by a top-decile number of them. The press feed records Perceptive Advisors
buying 448,350 shares (2026-08-02), Defilade Capital Management increasing its position
(2026-08-03) and Stempoint Capital buying 125,581 shares (2026-07-30) — all after 2026-06-29
[WEB ESTIMATE — MarketBeat 13F alerts, 2026-07-30 to 2026-08-03]. Position sizes from a 13F
alert are not a primary source and are recorded as an estimate.
One mechanical flow is not a view on the company: EVMN was dropped from the Russell 2000 Value
benchmark on 2026-06-29 [WEB ESTIMATE — MarketScreener, 2026-06-29], the same day as the
failure, so some of that day’s volume was index selling rather than opinion.
C.6 Options chain and its readability
The chain cannot price this event, and the reason is not thinness alone — it is that no strike near the money has a two-sided market at all. The expiry that lands nearest the September catalyst is 2026-09-18. At the $15.00 strike, the one closest to the $14.25 spot, both the call and the put are quoted bid $0.00 / ask $4.90 with zero open interest on each. A bid of zero is not a price. One strike lower, at $12.50, the call is bid $2.00 / ask $3.80 against seven contracts of open interest and the put is bid $0.00 / ask $4.90 against one. There is no at-the-money straddle to construct, so the straddle-over-spot row is not computable rather than a number.
| Item | Value | Note |
|---|---|---|
| Spot | $14.25 | Price-cache close, 2026-08-13 |
| Nearest listed strike to spot | $15.00 (5.3% above spot) | $12.50 is the nearest strike below spot, 12.3% away |
| Expiry nearest the next catalyst | 2026-09-18 | It covers the earliest and likeliest edges of the readout window but not its latest edge of 2026-09-30. The first expiry covering the whole window is 2026-11-20. |
| At-the-money straddle ÷ spot | Not computable | Both legs at $15.00 are bid $0.00. Mid-to-mid arithmetic on a zero bid produces a number, and that number would be fiction. |
| Front implied volatility | Unusable | The 2026-09-18 $15.00 call reports 0.10268, i.e. 10.3% annualised volatility, on a stock that moved 40% in a day seven weeks ago and faces a binary inside that expiry. The $12.50 call on the same expiry reports 1.16607, i.e. 117%. Two figures for adjacent strikes that differ by eleven times cannot both be right. |
| Open interest at that strike | Zero calls and zero puts at the 2026-09-18 $15.00 strike | The whole September expiry carries 25 call contracts and 13 put contracts of open interest across nine strikes |
| Liquidity confidence | NONE |
The documented implied-volatility floor artifact of 0.01488 is present and treated as null: it sits
on six 2026-08-21 puts ($15.00, $20.00, $22.50, $25.00, $30.00, $35.00) and on one 2026-09-18 put
($15.00) [VERIFIED — BPIQ fetch_company_options_data 2026-08-13].
C.7 Reaction to past catalysts
Every row BPIQ returned, each date cross-checked against the press feed for the same day.
| Date | Event | Intraday move | Same-day press-feed check | Read |
|---|---|---|---|---|
| 2026-07-30 | First patient dosed in the Phase 2b migraine prevention trial | +5.00% intraday; open gapped −2.17% | Clean. Only the initiation release and its syndications. | An operational milestone, taken as mildly good news off the lows. The stock closed $11.35 against $11.05 the day before. Not a data reaction. |
| 2026-06-29 | EVO756 Phase 2b chronic spontaneous urticaria: missed the primary endpoint at every dose | −14.17% intraday, after the open gapped −30.36%. Close to close from 2026-06-26’s $25.18 to 2026-06-29’s $15.05 is −40.2%. | Clean as a data reaction, with one caveat. The same release also announced that screening had begun in the migraine trial, so the day contains one piece of good news that plainly did not offset. No offering, no layoff. The Russell 2000 Value deletion was also that day, which adds mechanical selling but does not explain a 40% fall. | The cleanest negative analogue this ticker has, and the closest analogue of any kind to the September readout: the same molecule, the same Phase 2b dose-ranging design, a genuinely blind binary. Note that BPIQ rows 8045 and 8054 carry byte-identical price fields for this date, which is the bundling showing through the data rather than two events. |
| 2026-06-29 | (Duplicate row) Screening initiated in the Phase 2b migraine prevention trial | Same price fields as the row above | See above | Not a separate reaction. |
| 2026-02-10 | EVO301 Phase 2a atopic dermatitis: positive, statistically significant EASI improvement at weeks 4, 8 and 12; 23% reached vIGA 0/1 at week 12 | Open gapped +73.75%; intraday −1.66%. Close to close from $16.99 to $29.03 is +70.9%. | Clean on the day. The $125M private placement was announced 2026-02-12, two sessions later, so it does not contaminate this reading — but it is why the stock gave part of the move back that week. | The cleanest positive analogue: a positive placebo-controlled Phase 2 atopic-dermatitis readout on this ticker, worth roughly +71% in a session. Two differences from the September event weaken the comparison and are stated rather than glossed: it was a different molecule, and it landed while the urticaria program was still alive and still the lead story. |
The range this table supports. A positive dermatology Phase 2 readout has been worth about +71% in a day on this ticker; a failed Phase 2b on the lead molecule has been worth about −40% close to close. Both figures come from a single observation each, which is a thin base — but they are the same company, the same disease area, and within six months of each other.
C.8 Company data-quality flags
market_capfires the documented previous-close bug on this ticker. BPIQ reports $512,444,608, which divided by the EDGAR-filed 36,292,113 shares is exactly $14.1200 — the previous close, against a $14.32 last price. Recomputed to $517.16M on the price-cache close of $14.25.max_52_week_positionfires the same bug, exactly. BPIQ reports 0.16058; (14.12 − 10.47) ÷ (33.20 − 10.47) = 0.16058 to five decimals. The last-price computation is 0.16630. The field is not read at all — C.4 derives the position from the price cache — but the bug is recorded because02-connectors.mdsays the field is unreadable rather than reliably wrong, and this ticker is a case where it is wrong.cashunderstates the company’s cash position by $87.2M. BPIQ reports $200,793,000, which is exactly cash and equivalents ($60.034M) plus short-term investments ($140.759M). It omits $87.214M of long-term investments, which the company itself includes when it states “$288.0 million”. Anything built on BPIQ’s figure — enterprise value, cash per share, runway — is understated by 30%.enterprise_valueis internally consistent with BPIQ’s own understated cash, and therefore wrong. BPIQ reports $317,948,029. Its own market cap less its own cash plus the $6.440M non-current operating lease gives $318,091,608, a residual of $143,579 — so the field is not independently broken, it simply inherits the cash error above. Recomputed to $229.16M on the filed cash position, or $235.60M with the lease added back.short_float(0.23264) is 1.88× the FINRA figure read over shares outstanding (12.35%). Unlike the CNTB case, the gap here has a plausible innocent explanation — it would be right if the field means percent of float and the float is 53% of the share count — but that is an inference, not a confirmation, so the field is not used.tute_ownreturns 1.15620 and is unreadable in either unit. 115.6% of the company is impossible; 1.16% is absurd for a name with eight hedge-fund holders. Discarded; C.5 leaves the institutional and retail rows explicitly unfilled rather than backing them out of a broken number.fetch_company_insider_transactionsreturned zero rows across three attempts, with 64 Form 3 and Form 4 filings in the EDGAR feed over the same window. This is the bug recorded against TLSA and reproduced on CNTB, now on a third ticker — so it is firmly a connector property. The call completes rather than erroring, so the state is CALLED with an empty result. The cost was material here and is worth naming: the two open-market purchases in July 2026, which are the only discretionary insider trades on the record and the only ones that carry information, are invisible to the connector entirely.monthly_burndoes NOT show a bug on this ticker. BPIQ’s $6,772,000 is exactly the filed Q2 2026 operating cash outflow of $20.316M divided by three. Recorded because a reader who has seen the other five flags above should not assume every BPIQ field on this page was rejected.- Drug names are dirty, as documented. Three separate pipeline rows carry the identical string
"EVO756 (MRGPRX2 Antagonist)"for three different indications (ids 20071, 20079, 20081), so the name does not distinguish the live atopic-dermatitis program from the discontinued urticaria one. Every reference in this repository keys on the integer id. - One source conflict is left open rather than smoothed. The company’s “cash through 2028” and this document’s 42.5-month recomputation to about 2030-01 are both recorded in C.3, neither averaged nor chosen between. The reconciling mechanism — a burn that steps up with the migraine trial — is stated, but the arithmetic is not adjusted to make the two agree.