Evommune (EVMN) Q3 2026 earnings summary

Executive summary

• Pipeline includes EVO301 and EVO756 clinical programs, plus preclinical EVO646 and licensed EVO570; EVO756 development in CSU and AD was discontinued after Phase 2b trials missed primary endpoints, while migraine development continues.

• EVO301 Phase 2a AD results showed a 55% EASI reduction at Week 12 versus 22% on placebo (p<0.01), with responses deepening during follow-up; treatment was well tolerated.

• EVO570 licensing broadened the pipeline; several clinical and data milestones are planned for 2027.

• Cash, cash equivalents and investments of $262.3M support anticipated runway into H2 2029.

Financial highlights

• Q3 2026 revenue was $0 versus $10.0M in Q3 2025; 9M revenue was $0 versus $13.0M, all from prior-year Maruho license revenue.

• Q3 operating expenses were $33.3M and net loss was $30.9M, versus $23.3M and $12.5M; 9M expenses were $92.2M and net loss was $84.8M.

• Q3 R&D was $24.6M versus $19.6M; 9M R&D was $68.3M versus $53.6M. Q3 G&A was $8.8M versus $3.7M; 9M G&A was $23.9M versus $10.7M.

• 9M expense increases reflected discovery research, personnel, stock compensation and public-company costs.

Outlook and guidance

• EVO756 migraine Phase 2b enrollment began in July 2026, with initial results expected in H2 2027; EVO301 UC Phase 2 is planned for Q1 2027, with data expected in 2028.

• EVO301 global Phase 2b AD trial is expected to start in mid-2027; plans include three dose regimens versus placebo, 16 weeks of dosing and follow-up through Week 24.

• EVO570 Phase 1 is expected in Q1 2027, with healthy-volunteer and biomarker data targeted for mid-2027; Phase 2 in rheumatoid arthritis is planned for 2H 2027.

• EVO646 Phase 1 is planned for H1 2027, with healthy-volunteer and biomarker data expected in 2H 2027; EVO756 migraine top-line data are expected in H2 2027.

• Current-plan cash runway is expected into H2 2029; a $5.0M Maruho milestone triggered by October completion of the EVO756 CSU study is expected to be recognized as Q4 2026 revenue.