Evommune, Inc.
EVMNHealthcare|Biotechnology|US
$6.65
+0.28 (+4.40%)
Tangible Book / Share
$7.68
Cash / Share
$5.56
Financials
Financial Snapshot
Market Cap
$241.3M
Enterprise Value
$189.4M
Revenue (TTM)
$10.0M
Net Income (TTM)
-$94.7M
Cash & Investments
$200.8M
Net Cash
$192.7M
Free Cash Flow (TTM)
-$74.7M
Operating CF (TTM)
-$74.2M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$200.8M
Quarterly Burn
$18.5M
Monthly Burn
$6.2M
Est. Runway
~10.8 quarters
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Cash & Investments | $79.1M | $72.0M | $149.2M | $200.8M | |
| Operating Cash Flow | -$30.0M | -$58.2M | -$76.4M | -$74.2M | |
| Free Cash Flow | -$30.1M | -$58.3M | -$76.7M | -$74.7M | |
| Capital Expenditure | -$118.0K | -$88.0K | -$235.0K | -$501.0K | |
| Financing Cash Flow | $63.8M | $49.4M | $220.8M | $274.2M |
R&D Spending
R&D (TTM)
$83.8M
R&D Intensity
837.7%
R&D Growth vs Prior
+13.1%
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $5.0M | $7.0M | $13.0M | $10.0M | |
| R&D Expense | $32.0M | $64.2M | $74.0M | $83.8M | |
| R&D % of Revenue | 639.9% | 917.8% | 569.6% | 837.7% | |
| SG&A | $9.9M | $11.5M | $20.0M | $28.1M |
Income Statement
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $5.0M | $7.0M | $13.0M | $10.0M | |
| Cost of Revenue | $1.0M | $1.3M | $0.00 | $0.00 | |
| Gross Profit | $4.0M | $5.7M | $13.0M | $10.0M | |
| R&D | $32.0M | $64.2M | $74.0M | $83.8M | |
| SG&A | $9.9M | $11.5M | $20.0M | $28.1M | |
| Operating Income | -$37.9M | -$70.0M | -$81.1M | -$101.9M | |
| Interest Expense | $58.0K | $34.0K | $0.00 | $0.00 | |
| Pretax Income | -$34.1M | -$66.8M | -$68.9M | -$94.7M | |
| Net Income | -$34.1M | -$66.8M | -$68.9M | -$94.7M | |
| EPS (Diluted) | -1.13 | -2.27 | -11.22 | -3.37 | |
| EBITDA | -$33.0M | -$65.5M | -$79.7M | -$100.4M | |
| Shares Out. (M) | 30.08 | 30.08 | 6.14 | 36.14 |
Balance Sheet
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Cash & Equivalents | $29.0M | $16.3M | $44.1M | $60.0M | |
| Short-Term Investments | $50.1M | $55.8M | $105.1M | $140.8M | |
| Total Current Assets | $80.0M | $74.0M | $153.5M | $204.2M | |
| Total Assets | $82.2M | $76.1M | $224.9M | $301.9M | |
| Total Current Liabilities | $6.9M | $28.0M | $17.9M | $17.5M | |
| Long-Term Debt | $149.4M | $191.8M | $0.00 | $0.00 | |
| Total Liabilities | $160.0M | $220.3M | $19.4M | $24.4M | |
| Stockholders' Equity | -$77.7M | -$144.2M | $205.6M | $277.6M | |
| Retained Earnings | -$83.9M | -$152.2M | -$221.1M | -$275.0M |
Cash Flow Statement
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Operating Cash Flow | -$30.0M | -$58.2M | -$76.4M | -$74.2M | |
| Capital Expenditure | -$118.0K | -$88.0K | -$235.0K | -$501.0K | |
| Free Cash Flow | -$30.1M | -$58.3M | -$76.7M | -$74.7M | |
| Investing Cash Flow | -$48.4M | -$4.0M | -$115.3M | -$200.9M | |
| Financing Cash Flow | $63.8M | $49.4M | $220.8M | $274.2M | |
| Issuance of Stock | $64.0M | $49.8M | $157.3M | $275.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | -$373.0K | -$410.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $5.9M | $12.8M | |
| Net Change in Cash | $29.0M | -$12.8M | $29.0M | -$808.0K |
Dilution Tracker
Shares Outstanding
36M
5-Year Share Growth
-79.6%
Stock Issuance (TTM)
$275.2M
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Shares Out. (M) | 30.08 | 30.08 | 6.14 | 36.14 | |
| Change vs Prior % | — | 0.0% | -79.6% | 488.9% | |
| Stock Issuance | $64.0M | $49.8M | $157.3M | $275.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $5.9M | $12.8M |
Margins & Profitability
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Gross Margin % | 80.0% | 81.6% | 100.0% | 100.0% | |
| Operating Margin % | -757.0% | -1000.2% | -623.6% | -1018.9% | |
| Net Margin % | -681.1% | -954.4% | -529.8% | -946.7% | |
| EBITDA Margin % | -659.9% | -935.5% | -612.9% | -1003.6% | |
| FCF Margin % | -601.8% | -832.6% | -589.8% | -746.5% | |
| ROE % | 43.8% | 46.3% | -33.5% | -62.6% | |
| ROA % | -41.4% | -87.8% | -30.6% | -31.4% | |
| ROIC % | -49.7% | -142.6% | -39.1% | -35.7% | |
| R&D / Revenue % | 639.9% | 917.8% | 569.6% | 837.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0.0% | 40.0% | 85.7% | |
| Gross Profit | 0.0% | 42.8% | 127.6% | |
| Operating Income | 0.0% | -85.0% | -15.8% | |
| Net Income | 0.0% | -96.2% | -3.1% | |
| EPS (Diluted) | 0.0% | -100.9% | -394.3% | |
| Operating Cash Flow | 0.0% | -94.2% | -31.4% | |
| Free Cash Flow | 0.0% | -93.7% | -31.6% | |
| R&D Expense | 0.0% | 100.8% | 15.3% | |
| SG&A Expense | 0.0% | 16.5% | 74.4% | |
| Total Assets | 0.0% | -7.5% | 195.8% | |
| Book Value / Share | 0.0% | -85.6% | 798.5% | |
| Debt | 0.0% | 28.3% | -99.1% | |
| Diluted Shares | 0.0% | 0.0% | -79.6% |
Valuation
P/E (TTM)At Loss
P/S24.13
10Y Low / Med / High8.08 / 86.92 / 121.69
P/B0.87
EV/EBITDAAt Loss
EV/Revenue18.94
10Y Low / Med / High4.82 / 112.22 / 146.02
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$7.68
Net Current Assets / Share
$4.96
Graham Net-Net
$4.88
Cash / Share
$5.56
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| P/E Ratio | -17.90 | -8.91 | -1.53 | -1.97 | |
| P/S Ratio | 121.69 | 86.92 | 8.08 | 24.13 | |
| P/B Ratio | -7.83 | -4.22 | 0.51 | 0.87 | |
| EV/EBITDA | -22.13 | -12.00 | -0.79 | -1.89 | |
| EV/Revenue | 146.02 | 112.22 | 4.82 | 18.94 |
Analyst Estimates & Quality
Altman Z-Score
4.33
Safe
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.1M | $222.2K | $333.3K |
| Net Income | -$21.0M | -$20.0M | -$17.9M |
| EPS | $-3.48 | $-3.51 | $-3.26 |
| # Analysts (EPS) | 9 | 9 | 6 |