Evommune files for IPO to back oral immune drugs for skin conditions

Evommune is going public to fund two mid-stage drug candidates for chronic hives and atopic dermatitis, both expected to deliver Phase 2 results in early 2026.

Why it matters: The IPO could boost efforts to develop more effective oral treatments for inflammatory skin conditions where current options fall short, potentially offering patients faster, easier relief.

Backstory: Founded in 2020 and backed by $267M in private funding, Evommune focuses on immune-driven diseases. The company says EVO756 is the only clinical-stage drug targeting MRGPRX2, a protein involved in both immune and sensory neuron activity. Its other candidate, EVO301, currently in Phase 2 for dermatitis and licensed from AprilBio, targets IL-18, another inflammation driver. The company says existing treatments like Xolair and Dupixent are limited by injection routes, side effects, or inconsistent efficacy.

Big picture: Biotech IPOs are still sluggish this year, with only nine in 2025 so far. Evommune is one of the few testing investor appetite amid a quiet market, alongside MapLight Therapeutics.

Zoom in: Evommune can massively benefit from this IPO as it has only $87M in cash to support EVO756 and EVO301. Being able to fund the drugs is even more relevant for EVO301 as it shows potential to expand into ulcerative colitis, Crohn’s, and beyond.