Evommune (EVMN) Morgan Stanley 24th Annual Global Healthcare Conference summary

Pipeline overview and development strategy

• Four programs in the pipeline, with two co-leads: an oral MRGPRX2 inhibitor in Phase IIb for migraine and an IL-18 biologic with positive Phase IIa data for atopic dermatitis, moving to Phase IIb next year.

• TLR7/8 inhibitor to enter clinic in the first half of next year; STAT6 inhibitor degrader in preclinical stage with IND filing planned for late next year.

• Disciplined approach of introducing a novel clinical program every 18–24 months.

• Strong internal medicinal chemistry capabilities and global in-licensing to fill pipeline gaps.

IL-18 biologic (EVO301) clinical progress and differentiation

• IL-18 biologic acquired from AprilBio, engineered for extended half-life and improved tissue penetration.

• Phase IIa study in atopic dermatitis showed statistically significant efficacy (mid-30s percent EASI change, IGA 0/1 in mid-20s), with low placebo rates and strong safety profile.

• Subcutaneous formulation ready for Phase IIb, with dose optimization expected to further improve efficacy.

• Biomarker data (TARC, IL-22) to be presented at upcoming medical meetings.

• Potential to address both biologic-naive and refractory patients, with a focus on expanding the treatment landscape for atopic dermatitis.

Competitive landscape and future directions

• EVO301 is the only IL-18 binding protein in development for atopic dermatitis, with potential advantages in durability and immunogenicity.

• Competitors include monoclonals and bispecifics, but EVO301 team has significant regulatory experience.

• GSK’s discontinued IL-18 program failed due to lack of dose optimization and strategic focus, not lack of efficacy.

• Plans to explore additional indications such as ulcerative colitis, pending formulation decisions.