Evommune
EVMNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.84 Prior regular-session close from the quote source.
- $7.79–$8.92 Regular-session low and high so far today.
- 1.4M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $4.94–$33.20 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own EVMN if Evommune is a high-burn, early-stage pharmaceutical option whose value depends on turning partner-funded immunology R&D into differentiated clinical assets before dilution overwhelms shareholders.
EVMN price history
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Investment thesis
What must happen next
Collaboration demand must remain a real external validation signal, not just one-off accounting revenue, because Evommune has no evidenced product-profit engine yet.StrengtheningMateriality: High
GAAP annual revenue increased from $7.0 million in FY2024 to $13.0 million in FY2025. If partners keep funding or expanding work, the pipeline option gains credibility; if they walk away, the company is left funding high-risk R&D alone.
Watch: A collaboration counterparty terminates, declines an option, or does not renew a research agreement.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $7.0 million in FY2024 to $13.0 million in FY2025.
Open source ↗The balance sheet must buy enough time to reach value-inflecting pipeline milestones before Evommune needs distressed financing.HoldingMateriality: High
Cash and cash equivalents rose from $16.3 million at FY2024 year-end to $44.1 million at FY2025 year-end. Adequate runway lets shareholders own the upside from clinical progress; inadequate runway transfers value to new capital providers.
Watch: Enrollment delays or trial expansions push clinical spend beyond the current funding plan.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents rose from $16.3 million at FY2024 year-end to $44.1 million at FY2025 year-end.
Open source ↗High R&D burn is acceptable only if it is tied to measurable pipeline de-risking rather than undisciplined expansion of fixed costs.HoldingMateriality: Medium
GAAP annual operating loss was $81.1 million in FY2025 versus $70.0 million in FY2024, showing substantial but not explosive year-over-year loss growth. If spending produces data and partner leverage, losses can be value-creating; if not, each quarter destroys option value.
Watch: Management advances multiple expensive trials before showing proof-of-concept in the lead program.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating loss was $81.1 million in FY2025 versus $70.0 million in FY2024, showing substantial but not explosive year-over-year.
Open source ↗The 2025 equity reset must translate into strategic flexibility, not merely postpone another heavily dilutive recapitalization.StrengtheningMateriality: Medium
Stockholders’ equity improved from negative $144.2 million at FY2024 year-end to positive $205.6 million at FY2025 year-end. Positive equity and lower liabilities give Evommune negotiating room; repeated distressed issuance would cap per-share upside even if the science progresses.
Watch: Evommune raises common equity at a depressed valuation before a major de-risking event.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Stockholders’ equity improved from negative $144.2 million at FY2024 year-end to positive $205.6 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Collaboration demand must remain a real external validation signal, not just one-off accounting revenue, because Evommune has no evidenced product-profit engine yet. If partners keep funding or expanding work, the pipeline option gains credibility; if they walk away, the company is left funding high-risk R&D alone.
The balance sheet must buy enough time to reach value-inflecting pipeline milestones before Evommune needs distressed financing. Adequate runway lets shareholders own the upside from clinical progress; inadequate runway transfers value to new capital providers.
High R&D burn is acceptable only if it is tied to measurable pipeline de-risking rather than undisciplined expansion of fixed costs. If spending produces data and partner leverage, losses can be value-creating; if not, each quarter destroys option value.
The 2025 equity reset must translate into strategic flexibility, not merely postpone another heavily dilutive recapitalization. Positive equity and lower liabilities give Evommune negotiating room; repeated distressed issuance would cap per-share upside even if the science progresses.
All standing thesis claims
Original report summary
Evommune is a high-burn, early-stage pharmaceutical option whose value depends on turning partner-funded immunology R&D into differentiated clinical assets before dilution overwhelms shareholders.
Bull case and bear case
Bull case and bear case for Evommune
Where the evidence on Evommune stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Collaboration demand must remain a real external validation signal, not just one-off accounting revenue, because Evommune has no evidenced product-profit engine yet.
The balance sheet must buy enough time to reach value-inflecting pipeline milestones before Evommune needs distressed financing.
High R&D burn is acceptable only if it is tied to measurable pipeline de-risking rather than undisciplined expansion of fixed costs.
The 2025 equity reset must translate into strategic flexibility, not merely postpone another heavily dilutive recapitalization.
Bear case: what would count against it
A collaboration counterparty terminates, declines an option, or does not renew a research agreement.
Enrollment delays or trial expansions push clinical spend beyond the current funding plan.
Management advances multiple expensive trials before showing proof-of-concept in the lead program.
Thesis-Break Engine
Thesis-break watch · Evommune
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Evommune filed an SEC 8-K on 2026-11-05: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Evommune filed an SEC 8-K on 2026-11-04: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Evommune filed an SEC 8-K on 2026-10-01: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A collaboration counterparty terminates, declines an option, or does not renew a research agreement.
- Enrollment delays or trial expansions push clinical spend beyond the current funding plan.
- Management advances multiple expensive trials before showing proof-of-concept in the lead program.
- Evommune raises common equity at a depressed valuation before a major de-risking event.
EVMN news
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Financial statements
EVMN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.