Evommune, a biotechnology company developing treatments for chronic inflammatory conditions, filed for a $100 million NYSE IPO on Thursday to advance its novel approach to treating chronic skin hives and atopic dermatitis. The Palo Alto-based company plans to use proceeds to support development of two drugs in mid-stage testing, with Phase 2 results expected in the first half of next year.
Targeting Unmet Medical Needs in Chronic Urticaria
The company's lead candidate, EVO756, represents what Evommune claims is the only clinical approach targeting MRGPRX2, a protein on mast cells that can impact both mast cells and certain sensory neurons driving inflammation. This oral treatment aims to provide faster-acting relief compared to existing injectable therapies.
Evommune believes EVO756 can become the standard of care for chronic hives, addressing significant limitations in current treatment options. According to the company's IPO prospectus, existing treatments including antihistamines and biologics like Xolair and Dupixent don't work for many of the estimated 3 million people in the U.S. who have chronic spontaneous urticaria.
The company highlighted specific shortcomings of current therapies: Dupixent hasn't demonstrated clear superiority over standard treatments in patients who can't tolerate or don't respond to Xolair, while the recently FDA-approved Rhapsido is associated with side effects and drug interactions that complicate use with multiple other medications.
Dual-Drug Development Strategy
Beyond EVO756, Evommune is advancing EVO301, which targets the inflammatory cytokine IL-18. The company licensed this drug in 2024 from South Korean biotech AprilBio, claiming its unique binding mechanism could yield "differentiated clinical outcomes" for patients. EVO301 is currently being tested in a Phase 2 study in atopic dermatitis.
The company has outlined an ambitious development timeline, planning to start a trial of EVO301 in ulcerative colitis patients in 2026, with potential studies in Crohn's disease and other conditions to follow.
Strong Financial Foundation and Leadership
Evommune currently holds $87 million in cash and cash equivalents, according to the filing. Since its 2020 launch, the company has raised approximately $267 million in private funding, including a $115 million Series C round completed in October 2024.
The biotech was co-founded by Luis Pena and Eugene Bauer, who previously sold their company Dermia to Eli Lilly for $1.1 billion in cash. This experience in chronic skin conditions provides significant industry credibility as Evommune pursues similar therapeutic areas including eczema, hives, and other chronic immune system conditions.
Market Positioning and Investor Interest
EQT Life Sciences and Pivotal bioVenture Partners are Evommune's largest shareholders, each holding 16.3% equity stakes. RA Capital led the recent Series C round with a $30 million commitment, securing a 10.7% equity stake as the company's third-largest shareholder.
The IPO filing positions Evommune among nine biotech companies that have gone public in 2025, significantly fewer than the nearly two dozen that had priced offerings by this time last year. Morgan Stanley, Leerink Partners, Evercore and Cantor serve as joint bookrunners on the all-primary offering.
Despite the ongoing U.S. government shutdown, the filing puts the Phase 2 biotech on track to go public in early November, with proceeds adding to the $86.8 million in cash held as of June 30.
