Evommune is heading to the New York Stock Exchange this morning via a $150 million IPO the inflammation biotech will use to fund a pair of clinical-stage candidates.
The Palo Alto, California-based company is offering 9.3 million shares at $16 apiece—falling in the middle of the $15-$17 range the biotech outlined last week.
This is set to bring in gross proceeds of $150 million, according to Evommune, although this could be boosted by about $22.5 million if underwriters take up their 30-day option to pick up an additional 1.4 million share sat the same price.
The shares are due to start trading on the NYSE this morning under the ticker “EVMN.”
Amid the government shutdown, Evommune had said that it expected to complete the IPO pricing using Section 8(a) of the Securities Act, which allows for a registration to become effective after a 20-day waiting period.
The company has previously laid out how it will use the financing to fuel ongoing development of two clinical-stage assets, both of which are currently being tested in phase 2 studies.
One of those programs is EVO756, which the biotech is developing for chronic spontaneous urticaria (CSU) and atopic dermatitis (AD). The asset is an oral small-molecule antagonist of MRGPRX2, a receptor usually found on mast cells and peripheral sensory neurons. Top-line data from a phase 2b trial in AD are expected in the second half of 2026.
Recently, Evommune shared full data from a separate phase 2 study of EVO756 in 30 adults with CSU, pointing to clinical responses observed in 93% of patients at four weeks.
Evommune’s IPO comes hot on the heels of MapLight Therapeutics, which went public with a $250 million Nasdaq debut last week. It remains to be seen whether more biotechs will follow their lead, as public and private markets more broadly begin to show signs of recovery.