Will the return of biotech IPOs become the hottest fashion trend this fall? It’s still early in the season, but Evommune has become the latest indicator that drug developers are once again tempted by the public markets.
While the other two biotechs to have announced IPO intentions in recent weeks are both heading to the Nasdaq, Evommune is instead eyeing up the New York Stock Exchange. The California-based company has yet to set out how many shares it is planning to offer or at what price, according to an Oct. 9 Securities and Exchange Commission (SEC) filing.
What we do know is that the proceeds are earmarked to fund the ongoing development of Evommune’s two clinical-stage assets, which are both undergoing phase 2 studies. They include EVO756, which the biotech is looking to enter into a phase 2/3 study for chronic spontaneous urticaria (CSU) and atopic dermatitis (AD).
EVO756 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 of the candidate for AD are expected in the second half of 2026.
Last month, Evommune unveiled full data from a separate phase 2 study of EVO756 in 30 adults with CSU, pointing to clinical responses observed across 93% of patients at four weeks. Mark Jackson, M.D., vice president for clinical development at Evommune, said at the time that the “encouraging data … represent a new potential therapeutic approach that can impact the underlying disease by both reducing inflammation and providing rapid relief of itch.”
There’s also EVO301, a fusion protein designed to neutralize the signal pathway of IL-18, which entered a phase 2 study for AD in March. A readout is penciled in for the first half of 2026.
“We believe EVO301’s optimized approach to IL-18 binding and neutralization could enable significant advantages and differentiated clinical outcomes for patients, including with respect to efficacy, tissue distribution, dosing profile and reduced immunogenicity risk,” the biotech explained in the SEC filing.
The company also plans to launch a phase 2 trial of EVO301 for ulcerative colitis in 2026 and has ambitions to investigate the drug in Crohn’s disease and other inflammatory conditions.
Evoimmune last raised cash in a $115 million series C round a year ago led by RA Capital Management and Sectoral Asset Management. The biotech ended June 2025 with $86.8 million to hand.
A trickle of biotech IPOs at the start of the year soon dried up under the heat of uncertain market conditions, but Evommune is the latest indicator that a few companies are willing to take their chances on the public markets again.
Last month, central-nervous-system-focused LB Pharmaceuticals went public in a $285 million IPO, while MapLight Therapeutics is hoping to raise up to $262 million from a public offering to challenge Bristol Myers Squibb’s schizophrenia med Cobenfy.