EVMN: '756 X-ed Out In CSU, Though Other X2 and IL-18 Shots On Goal Should Keep Story Alive

Research evidence excerpt

EVMN: '756 X-ed Out In CSU, Though Other X2 and IL-18 Shots On Goal Should Keep Story Alive

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

June 29, 2026

Evommune, Inc. Outperform

Speculative RiskRESEARCH '756 X-ed Out In CSU, Though Other X2 and IL-18 NYSE: EVMN; USD 25.18

Shots On Goal Should Keep Story Alive Price Target USD 30.00 ↓ 50.00

Our view: Disappointingly, X2 antagonist '756 did not show any efficacy Scenario Analysis*

signals in its high-risk but potentially high-reward ph.II CSU readout and

will be discontinued in the indication. Based on the mechanism, PK/PD, and Downside Current Price Upside Scenario Price Target Scenario

prior data, we suspect the issue is more likely the indication rather than

the drug or mechanism and still see multiple other opportunities for the 8.00 25.18 30.00 60.00 68% 19% 138%EQUITY drug to succeed, including in AD (data 3Q) and migraine (entering ph.II), as

well as some floor provided by the increasingly-validated IL-18 asset. Tgt to *Implied Total Returns

Key Statistics $30 on removal of CSU but still see other shots on goal that could generate Shares O/S (MM): 36.3 Market Cap (MM): 913

potential upside. Dividend: 0.00 Yield: 0.0%

Avg. Daily Volume: 478,197

Key points: RBC Estimates The ph.II CSU data showed no signals of efficacy across any endpoint, and FY Dec 2025A 2026E 2027E 2028E

'756 will be discontinued in this indication. The study reportedly achieved EPS, Ops Diluted (11.22) (2.56) (2.45) (2.81)

exposures ~5x above the EC90 at well-tolerated doses (LFT elevations were Prev. (2.09) (2.48) (2.55)