aibioEvommune sells $125 million of stock privately at $27.88 a share
Tickers EVMN
Evommune's $125 million private placement was followed by a failed atopic dermatitis trial; the company says its 2026 raise brought net proceeds of $117.2 million.
Key facts
- Company
- Evommune, Inc. (NYSE: EVMN)
- News type
- Financings
- Primary source
- EVMN 8-K
Evommune, Inc. (NYSE: EVMN) agreed on February 12, 2026 to sell 4,494,279 shares of common stock at $27.88 each to certain investors in a private placement. The company estimated gross proceeds of approximately $125 million before transaction expenses and expected the deal to close on or about February 17, 2026. The 8-K does not name the investors. It says only that each investor gave representations appropriate for a private placement.
Who arranged it
Morgan Stanley & Co. LLC, Leerink Partners LLC, Evercore Group L.L.C., Cantor Fitzgerald & Co., and William Blair & Company, L.L.C. acted as placement agents. Oppenheimer & Co. Inc. acted as capital markets advisor. The company agreed to pay the placement agents customary placement fees, and the 8-K gives no fee percentage. The 8-K names no counsel.
The shares were sold without registration under the exemption in Section 4(a)(2) of the Securities Act, with no general solicitation. Under a Registration Rights Agreement of the same date, Evommune must file a resale registration statement on Form S-1 within 60 days of closing. It must use reasonable best efforts to have the filing declared effective no later than 90 days after it is first filed, subject to extension. It also agreed to keep the registration effective until the shares are sold or can be resold under Rule 144 without restriction. Until that happens, the buyers hold unregistered stock.
Evommune said it intends to use the net proceeds to advance its clinical development programs and for general corporate purposes.
What the later filings show
The quarterly report for the period ended June 30, 2026 says the company raised net proceeds of $117.2 million from the placement. The cash flow statement shows $117,140 thousand of private placement proceeds net of transaction costs. Shares outstanding rose from 31,524,093 at December 31, 2025 to 36,281,767 at June 30, 2026, and the placement issued 4,494,279 of those shares.
The same report shows how fast the money is being used. For the six months ended June 30, 2026, Evommune reported a net loss of $53,920 thousand and used $47,819 thousand in operations. Research and development cost $43,731 thousand and general and administrative expense was $15,118 thousand. The company booked no revenue in that period, against $3,000 thousand of license revenue from Maruho in the first half of 2025. Its accumulated deficit was $275.0 million.
At June 30, 2026, the balance sheet shows cash and cash equivalents of $60,034 thousand, short-term investments of $140,759 thousand and long-term investments of $87,214 thousand. Management said existing cash, cash equivalents and investments should fund its current operating plan for at least twelve months from the issuance date of the financial statements. The company also said it expects to keep incurring substantial losses and will need to raise more capital until it reaches profitability, which it may never do.
The trial that followed
On September 8, 2026, Evommune announced top-line results from a randomized, double-blind, placebo-controlled Phase 2b trial of EVO756, an oral MRGPRX2 antagonist, in 121 adults with moderate-to-severe atopic dermatitis. The trial did not meet its primary endpoint, the percent change in Eczema Area and Severity Index score from baseline at Week 12. It also did not meet its secondary endpoints at any dose studied. The company said EVO756 was generally well tolerated and that it does not plan to advance the drug in atopic dermatitis.
Chief Executive Officer Luis Peña said the company has a balance sheet supporting operations into 2029. He pointed to EVO301, an IL-18BP fusion protein licensed from AprilBio Co., Ltd., which the company said produced positive Phase 2a proof-of-concept data and will enter a Phase 2b trial planned for mid-2027. Evommune also plans to continue Phase 2b development of EVO756 in migraine prophylaxis. The 10-Q records a $0.5 million development milestone expense under the AprilBio agreement for the first half of 2026.
Buyers at $27.88 funded a company whose EVO756 atopic dermatitis trial has since failed, with the next atopic dermatitis study, for EVO301, planned for mid-2027.