Inflammation biotech Evommune plans to take the leap into public waters with an expected initial public offering price of $15 to $17 per share.
The California biotech announced its IPO intentions earlier this month, but didn’t set out how many shares it was planning to offer or at what price. Now, the company is back with more concrete information.
The biotech has requested to list for trading on the New York Stock Exchange under the ticker “EVMN,” according to an Oct. 30 release. The company expects to offer 9,375,000 shares of its common stock, plus a 30-day option for underwriters to purchase up to 1,406,250 in additional common stock shares.
Amid the government shutdown, Evommune expects to complete the IPO pricing on or after Nov. 5 using Section 8(a) of the Securities Act, which allows for a registration to become effective after a 20-day waiting period for registration. If the federal shutdown ends before then, the biotech said it would re-evaluate its proposal.
The biotech has said it will use the financing to fuel ongoing development of two clinical-stage assets, both of which are currently being tested out 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. Topline data from a phase 2b trial in AD are expected for 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.
There’s also EVO301, a fusion protein designed to neutralize the signal pathway of IL-18. A phase 2 readout in AD is scheduled for the first half of 2026.
The IPO pricing plans come on the heels of MapLight Therapeutics’ $250 million Nasdaq debut just this Monday. The young biotech plans to use the proceeds to advance a challenger to Bristol Myers Squibb’s schizophrenia med Cobenfy.
Both public and private markets are showing signs of recovery after a stagnant second quarter fueled by widespread uncertainty. Lower interest rates are driving optimism, with public markets "tilting decisively toward a risk-on posture,” according to a recent report from PitchBook.
But while the frozen-over IPO market had started to thaw in the third quarter, the analysts noted that the government shutdown has now stalled IPO approvals.