Evommune (EVMN) Investor update summary

Deal and financing

• Secured global development rights to EVO570 from Hinova, excluding Greater China; $20M cash plus $10M in stock warrants paid at signing. Hinova receives tiered mid-single- to low-double-digit royalties and milestones, including $10M at phase II initiation.

• Expected composition-of-matter IP protection through 2045, plus potential patent term extension; $30M private placement supports development.

• Proceeds are expected to fund EVO570 through phase I and into phase II in RA; post-transaction cash runway is expected into H2 2029.

EVO570 rationale and evidence

• Oral VAV1 molecular glue degrader targeting signaling downstream of both T-cell and B-cell receptors; immune-cell-restricted target supports a potential JAK-like efficacy and more selective profile.

• Head-to-head in vitro, EVO570 showed 0.3 nM DC50 vs. 7 nM for Novartis’ MRT-6160, ~20x greater potency, and 99% vs. 97% maximum VAV1 knockdown.

• At least 10x more potent at blocking T-cell IL-2 and B-cell IL-6; >85% VAV1 remained degraded seven days post-dose. Toxicology studies identified no dose-limiting toxicity.

• In RA, IBD and MS disease models, EVO570 met or exceeded MRT-6160 and standard-of-care comparators at low doses across all models evaluated.

• Novel chemistry has its own composition-of-matter IP and freedom to operate; phase I data are expected mid-2027.

Development plan and market opportunity

• RA is the lead indication, with a 12-week placebo-controlled phase II study in methotrexate inadequate responders planned to assess clinical endpoints and target engagement.

• Phase I is a randomized, double-blind, placebo-controlled study in 146 participants, with single- and multiple-ascending-dose parts and a food-effect study; primary endpoints are safety and tolerability.

• China and U.S. INDs were submitted in September and October; the U.S. IND is open. Phase I is expected to start in January 2027, with data around mid-2027; an RA patient cohort is under exploration.

• RA phase II is planned for H2 2027, with RA data expected in Q4 2028. Expansion candidates include IBD, lupus, MS, myasthenia gravis, systemic sclerosis, PsA and Sjögren’s.

• The stated opportunity includes ~160M people worldwide with immune inflammatory disease, with ~3% on advanced therapy; RA is described as a $23B global market.