Evommune, Inc.

Previous wording

Among our portfolio of programs, we currently have two product candidates, EVO756 and EVO301, in Phase 2 development. We are initially developing EVO756 for the treatment of CSU, AD and migraine, and EVO301 for the treatment of AD and UC. We see broad expansion potential for both programs across additional chronic inflammatory diseases. We also intend to advance additional preclinical programs into clinical development.

Current wording

Among our portfolio of programs, we currently have two product candidates, EVO756 and EVO301, in Phase 2 development. We are developing EVO756 for the treatment of AD and migraine, and EVO301 for the treatment of AD and UC. We see broad expansion potential for both programs across additional chronic inflammatory diseases. We also intend to advance additional preclinical programs into clinical development.

Previous wording

For EVO756, we initiated a Phase 2b dose-ranging trial in CSU in April 2025 and expect to report initial results in June 2026. We also initiated a Phase 2b dose-ranging trial of EVO756 in moderate-to-severe AD patients in August 2025 and expect to report initial results in the third quarter of 2026. We plan to evaluate EVO756 in additional indications in which mast cell degranulation and neuroinflammation are key drivers of disease, with migraine being our next indication of interest where we plan to initiate a Phase 2b trial in mid-2026 and expect to report initial results in 2027. For EVO301, we have completed work on a high concentration of subcutaneous formulation, and manufacturing has been initiated. Our planned Phase 2b, placebo-controlled, dose-ranging clinical trial is expected to include at least three dosing regimens of EVO301 tested over a 16-week treatment period, with a planned commencement in mid-2027 following completion of standard scale-up and toxicology activities. We continue to evaluate EVO301 in additional indications, including UC, certain cardiovascular-related inflammatory conditions and food allergy, with planning underway for additional potential Phase 2 clinical trials.

Current wording

For EVO301, we have completed work on a high concentration of subcutaneous formulation, and manufacturing has been initiated. Our planned Phase 2b, placebo-controlled, dose-ranging clinical trial is expected to include at least three dosing regimens of EVO301 tested over a 16-week treatment period, with a planned commencement in mid-2027 following completion of standard scale-up and toxicology activities. We continue to evaluate EVO301 in additional indications, including UC, certain cardiovascular-related inflammatory conditions and food allergy, with planning underway for additional potential Phase 2 clinical trials.

Previous wording

We have incurred significant operating losses in each year since our inception. As of March 31, 2026, we had an accumulated deficit of $242.8 million. We expect to continue to incur net losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses and capital expenditures will continue to increase. In particular, we expect our expenses to increase as we continue our development of, and seek regulatory approvals for, our product candidates, as well as hire additional personnel, pay fees to outside consultants, lawyers and accountants, and incur other increased costs associated with being a public company. In addition, if and when we seek and obtain regulatory approval to commercialize any product candidate, we will also incur increased expenses in connection with commercialization and marketing of any such product. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities.

Current wording

We have incurred significant operating losses in each year since our inception. As of June 30, 2026, we had an accumulated deficit of $275.0 million. We expect to continue to incur net losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses and capital expenditures will continue to increase. In particular, we expect our expenses to increase as we continue our development of, and seek regulatory approvals for, our product candidates, as well as hire additional personnel, pay fees to outside consultants, lawyers and accountants, and incur other increased costs associated with being a public company. In addition, if and when we seek and obtain regulatory approval to commercialize any product candidate, we will also incur increased expenses in connection with commercialization and marketing of any such product. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities.

Previous wording

As of March 31, 2026, we have paid a total of $11.0 million in upfront payments and development milestones under the Dermira License Agreement. No development milestones were achieved under the Dermira License Agreement during the three months ended March 31, 2026 and 2025. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due.

Current wording

As of June 30, 2026, we have paid a total of $11.0 million in upfront payments and development milestones under the Dermira License Agreement. No development milestones were achieved under the Dermira License Agreement during the six months ended June 30, 2026 and 2025. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due.

Previous wording

In June 2024, we entered into a license agreement with AprilBio (the “AprilBio License Agreement”) under which AprilBio granted us an exclusive worldwide license to develop and commercialize EVO301. Under the AprilBio License Agreement, we paid an upfront payment of $15.0 million and may be required to pay milestone payments up to $460.0 million upon achievement of future milestones and royalties on future sales of EVO301. For the three months ended March 31, 2026 and 2025, we recorded $0.5 million and $1.5 million, respectively, as research and development expense upon achievement of development milestones under the AprilBio License Agreement. No other development or sales milestones have been achieved as of March 31, 2026.

Current wording

In June 2024, we entered into a license agreement with AprilBio (the “AprilBio License Agreement”) under which AprilBio granted us an exclusive worldwide license to develop and commercialize EVO301. Under the AprilBio License Agreement, we paid an upfront payment of $15.0 million and may be required to pay milestone payments up to $460.0 million upon achievement of future milestones and royalties on future sales of EVO301. For the six months ended June 30, 2026 and 2025, we recorded $0.5 million and $1.5 million, respectively, as research and development expense upon achievement of development milestones under the AprilBio License Agreement. No other development or sales milestones have been achieved as of June 30, 2026.

Previous wording

For the three months ended March 31, 2026, we did not recognize any revenue. For the three months ended March 31, 2025, we recognized $3.0 million in revenue through our license agreements. The decrease was due to non-recurring license revenue recognized under the Maruho Japan Agreement in 2025 of $3.0 million upon the satisfaction of the performance obligation.

Current wording

For the six months ended June 30, 2026, we did not recognize any revenue. For the six months ended June 30, 2025, we recognized $3.0 million in revenue through our license agreements. The decrease was due to non-recurring license revenue recognized under the Maruho Japan Agreement in 2025 of $3.0 million upon the satisfaction of the performance obligation.

Previous wording

Research and development expenses were $17.3 million and $14.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily attributable to an increase in clinical trial expenses for EVO756 and preclinical research expenses for undisclosed discovery programs, which is classified as discovery research expense in the table above. This was partially offset by a decrease in clinical trial expenses for EVO301.

Current wording

Research and development expenses increased $9.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to increase in clinical trial expenses for EVO756 and preclinical research expenses for undisclosed discovery programs, which is classified as discovery research expense in the table above. This was partially offset by a decrease in clinical trial expenses for EVO301. Research and development expenses increased $6.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increase in clinical trial expenses for EVO756 and preclinical research expenses for undisclosed discovery programs.

Previous wording

General and administrative expenses were $6.6 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in stock-based compensation expense related to RSU and SAR expense, and other general and administrative expenses incurred to support public company operations, including increased insurance coverage.

Current wording

General and administrative expenses increased $5.1 million and $8.1 million for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, respectively. The increase was primarily due to other general and administrative expenses incurred to support public company operations, including increased insurance coverage.

Previous wording

Other income, net was $2.3 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in interest income of $1.7 million received from cash, cash equivalents, and investments.

Current wording

Other income, net decreased $6.8 million and $5.0 million for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, respectively. The decrease was primarily due to a gain recognized in the prior year period upon the settlement of the convertible preferred stock forward of $8.9 million, offset by an increase in interest income received from cash, cash equivalents, and investments.

Previous wording

Our operations to date have been financed primarily by aggregate net proceeds from the issuance of convertible preferred stock and common stock. As of March 31, 2026, we maintained $307.0 million in cash, cash equivalents and investments. In February 2026, we received net proceeds of $117.2 million from the issuance of 4,494,279 shares of common stock in a private placement at a price of $27.88 per share. We expect that our cash, cash equivalents, and investments as of March 31, 2026 will enable us to fund our operating expenses and capital expenditures requirements through 2028, based on our current business plan.

Current wording

Our operations to date have been financed primarily by aggregate net proceeds from the issuance of convertible preferred stock and common stock. As of June 30, 2026, we maintained $288.0 million in cash, cash equivalents and investments. In February 2026, we received net proceeds of $117.2 million from the issuance of 4,494,279 shares of common stock in a private placement at a price of $27.88 per share. We expect that our cash, cash equivalents, and investments as of June 30, 2026 will enable us to fund our operating expenses and capital expenditures requirements through 2028, based on our current business plan.

Previous wording

Cash used in operating activities of $27.5 million during the three months ended March 31, 2026 was attributable to our net loss of $21.7 million, and a net decrease of $8.8 million in our working capital, partially offset by non-cash items, including stock-based compensation, accretion of discount on investments and depreciation and amortization expense totaling $3.0 million.

Current wording

Cash used in operating activities of $47.8 million during the six months ended June 30, 2026 was attributable to our net loss of $53.9 million, and a net decrease of $1.3 million in our working capital, partially offset by non-cash items, including stock-based compensation, accretion of discount on investments and depreciation and amortization expense totaling $7.4 million.

Previous wording

Cash used in operating activities of $23.9 million during the three months ended March 31, 2025 was attributable to our net loss of $14.6 million, and a net decrease of $10.0 million in our working capital, partially offset by non-cash items, including stock-based compensation, accretion of discount on investments and depreciation and amortization expense totaling $0.6 million.

Current wording

Cash used in operating activities of $50.1 million during the six months ended June 30, 2025 was attributable to our net loss of $28.1 million, and a net decrease of $14.2 million in our working capital, and a non-cash gain of $8.9 million recognized upon settlement of preferred stock forward, partially offset by non-cash items, including stock-based compensation, accretion of discount on short-term investments and depreciation and amortization expense totaling $1.2 million.

Previous wording

Cash used in investing activities in the three months ended March 31, 2026 comprised purchases of investments of $108.8 million and property and equipment of $0.1 million, partially offset by maturities of investments of $23.5 million.

Current wording

Cash used in investing activities of $54.1 million during the six months ended June 30, 2026 comprised purchases of investments of $126.4 million and property and equipment of $0.3 million, partially offset by maturities of investments of $72.6 million.

Previous wording

Cash provided by investing activities in the three months ended March 31, 2025 comprised maturities of investments of $13.5 million.

Current wording

Cash provided by investing activities in the six months ended June 30, 2025 comprised maturities of investments of $31.5 million.

Previous wording

Cash provided by financing activities for the three months ended March 31, 2026 was $117.1 million, which comprised net proceeds from the sale and issuance of common stock in our 2026 Private Placement of $117.2 million, partially offset by principal payments on finance leases of $0.1 million.

Current wording

Cash provided by financing activities for the six months ended June 30, 2026 was $117.6 million, which comprised net proceeds from the sale and issuance of common stock in our 2026 Private Placement of $117.1 million and proceeds from exercise of stock options of $0.7 million, partially offset by principal payments on finance leases of $0.2 million.

Previous wording

Cash used in financing activities for the three months ended March 31, 2025 was $0.2 million, which comprised principal payments on finance leases and financing obligations of $0.2 million.

Current wording

Cash used in financing activities for the six months ended June 30, 2025 was $64.2 million, which comprised net proceeds from the sale and issuance of our Series C Preferred Stock, in June 2025 of $65.2 million, partially offset by payments of deferred offering costs of $0.7 million and principal payments on finance leases and financing obligations of $0.3 million.