The newly public Evommune shared data showing that EVO301, an IL-18 targeting protein, cleared symptoms comparably to Regeneron and Sanofi’s mega-blockbuster in a mid-stage atopic dermatitis clinical trial.
Shares of Evommune, a member of the late-2025 biotech IPO class, rose 75% on Tuesday after the therapeutic protein EVO301 eased the severity of atopic dermatitis by 33% in a mid-stage trial.
Those numbers position Evommune to complete with the likes of Regeneron and Sanofi, which market one of the biggest drugs in the world for dermatitis, Dupixent, analysts at William Blair wrote on Tuesday.
Dupixent earned $17.8 billion in 2025, a 26% increase from 2024, according to Regeneron’s full-year 2025 earnings report.
Shares of Evommune climbed 75% to $29.87 in Tuesday morning trading.
In a Phase 2a trial that the company described in a Tuesday release as “proof-of-concept,” Evommune tracked 70 patients for 12 weeks after they were given an intravenous dose of EVO301 on the first day and the 28th day of the trial, both of the same dose level. There were 48 patients in the treatment arm and 22 in the placebo group.
After 12 weeks, patients in the treatment arm saw a 55% reduction in eczema severity versus 22% for patients in the placebo arm, a 33% placebo-adjusted rate.
EVO301’s results are “highly encouraging,” the William Blair analysts said, especially given that Dupixent showed a 35% to 36% placebo-adjusted improvement after 16 weeks in a Phase 3 trial, and that EVO301 was only tested at one dose level. “We believe greater efficacy could be achieved with a more optimized dosing regimen,” the analysts added.
Evommune plans to test just that in a Phase 2b dose-ranging trial using a subcutaneous formulation of EVO301. More data from the Phase 2a trial will be presented at an upcoming medical conference, according to Tuesday’s statement. Evommune is also evaluating the candidate in other indications like ulcerative colitis.
EVO301 is a fusion protein designed to bind IL-18, an inflammatory cytokine implicated in a number of immune conditions, including dermatitis.
In late October 2025, Evommune joined a sudden rush of biotechs attempting IPOs, raising $172.5 million to back its immunology and inflammation pipeline. The biotech’s lead molecule is EVO756, which blocks the MRGPRX2 receptor and is being tested for chronic spontaneous urticaria and atopic dermatitis.
