Evommune (EVMN) Q4 2025 earnings summary

Executive summary

• Reported positive top-line Phase 2a proof-of-concept data for EVO301 in atopic dermatitis, meeting primary endpoints and showing significant efficacy and safety.

• EVO756 Phase 2b trials in chronic spontaneous urticaria and atopic dermatitis are progressing, with top-line data expected in 2Q26 and 2H26, respectively.

• Strengthened financial position with a $125 million private placement, extending cash runway through 2028.

Financial highlights

• Cash, cash equivalents, and investments totaled $216.7 million as of December 31, 2025, up from $72.0 million at year-end 2024.

• Revenue was $13.0 million for FY2025, compared to $7.0 million in FY2024, driven by a licensing collaboration.

• Net loss was $68.9 million for FY2025, compared to $66.8 million in FY2024.

• Research and development expenses rose to $74.0 million in FY2025 from $64.2 million in FY2024.

• General and administrative expenses increased to $20.0 million in FY2025 from $12.8 million in FY2024.

Outlook and guidance

• Cash position, including proceeds from the private placement, is expected to fund operations through 2028.

• EVO756 Phase 2b data in CSU expected in 2Q26 and in AD in 2H26; Phase 2b trial in migraine planned for mid-2026.

• EVO301 to advance to Phase 2b and Phase 3-enabling trials, with additional indications under evaluation.