Evommune, Inc. · NYSE:EVMN
Evommune — Investor Presentation (October 2026)
47 slides from Evommune's investor presentation, October 2026
Slide 1: Corporate Presentation
Corporate Presentation October 2026 © Evommune, Inc.
Slide 2: Disclaimers
Disclaimers This presentation has been prepared by Evommune, Inc. (“we”, “us” or “our”) and contains forward-looking statements, including: statements about our expectations regarding the potential benefits, clinical activity and tolerability of our product candidates; our expectations with regard t
Slide 3: Chronic Inflammation is a Global Healthcare Crisis
Chronic Inflammation is a Global Healthcare Crisis 3 of 5 $90B >50% 234M Patients Diagnosed with Deaths Worldwide1 Annual Direct Cost2 I&I Therapies Fail Patients Immunological Disease3 Chronic Inflammation Substantial Burden on Treatments Have Advanced Therapies 7% Destroys Lives the Healthcare Sys
Slide 4: A Broad Portfolio Progressing Multiple Opportunities
A Broad Portfolio Progressing Multiple Opportunities EVO301 | IL-18 Biologic EVO756 | Oral MRGPRX2 EVO646 | Oral TLR7/8 IL-18 Blockade for Multi-Pathway Targeting Sensory Neurons and Dual Mechanism for Immunomodulation Mast Cells in Migraine Autoimmune Disease mation flam Type I Interferon Pathway I
Slide 5: Pipeline of Potential Best-in-Class and/or First-in-Class Assets
Pipeline of Potential Best-in-Class and/or First-in-Class Assets Program/Target Indication Preclinical Phase 1 Phase 2 Phase 3 EVO301 Atopic Dermatitis Phase 2b Data Anticipated 2028 IL-18BP Ulcerative Colitis Phase 2 Planning Underway Other Indications1 POC Achieved; Translational Evaluation in Pro
Slide 6: Key Milestones Ahead For Evommune (NYSE: EVMN)
Key Milestones Ahead For Evommune (NYSE: EVMN) Championing Innovation for Chronic Inflammation EVO301 • Plan to initiate Phase 2b in AD with subcutaneous formulation in mid-2027 IL-18BP EVO756 • Expect top-line data from Phase 2b migraine trial in 2027 MRGPRX2 EVO646 • Plan to initiate Phase 1 in 1H
Slide 7: EVO301: Potential Best-in-Class IL-18BP Fusion Protein
EVO301: Potential Best-in-Class IL-18BP Fusion Protein Long-Acting Serum Albumin-Binding Injectable Therapeutic Fusion Protein Designed to Neutralize IL-18 Signaling 7
Slide 8: IL-18 Blockade Clinically Validated: Safe, Long-Term & Effective
IL-18 Blockade Clinically Validated: Safe, Long-Term & Effective Human Data Support Efficacy Shown Across Long-Term IL-18 Inhibition 3 IL-18 Programs IL-18BP Is the Basis of EVO301 Tadekinig alfa IL-18BP, AB2 Bio Mechanism • Still’s Ph2: 11 of 22 responded by Week 32 • IL-18BP is the body’s natural
Slide 9: Proven Playbook, Larger Market: AD Could Reach ~$60B
Proven Playbook, Larger Market: AD Could Reach ~$60B 10 of 14 Psoriasis Advanced Therapies Became Blockbusters AD Has ~5x the Patients $12.5B Dupixent (IL-4/-13) $ 1.5B Adbry (IL-13) 60 $ 1.0B Rinvoq (JAK1) Atopic $ 0.5B Ebglyss (IL-13) Dermatitis $ 0.3B Nemluvio (IL-31) Mod-to-Sev 50 $ 0.3B Cibinqo
Slide 10: EBGLYSS and NEMLUVIO AD Launches Outpace Historical Psoriasis Launches
EBGLYSS and NEMLUVIO AD Launches Outpace Historical Psoriasis Launches 12 9 U.S. Monthly TRX (000s) Both EBGLYSS and 6 NEMLUVIO, Launched in 2024, Each Projected 3 Ebglyss for $2.5B+ Global Sales Nemluvio Bimzelx Skyrizi 0 1 2 3 4 5 6 7 8 9 10 11 12 Months Post-Launch 10 © Evommune, Inc. Sources: IQ
Slide 11: EVO301 Has Potential to Command Substantial Market Share in AD Market
EVO301 Has Potential to Command Substantial Market Share in AD Market Route of Launch 2025 2025 Projected Projected Peak WW Sales in $M Class Administration1 Year WW Net Sales US Net Sales CAGR AD Net Sales in $M IL-4/-13 Q2W SubQ 2017 $12,496 $9,234 +9% $18,787 (2030) IL-13 Q2W SubQ 2021 $532 $422
Slide 12: EVO301 has Multi-Billion Dollar Potential
EVO301 has Multi-Billion Dollar Potential Secure Access Advance to 1L AD Market Expansion Expand into IL-18 Diseases ~700K ~2.0M ~2.3M ~6M Pat ients Pat ients Pat ients Pat ients 2L+ Advanced 1L Advanced Moderate-to- Therapy AD Therapy AD Severe AD ~$100B Market Biologic-experienced / Initiating adv
Slide 13: EVO301: Long-Acting IL-18 Neutralizer Designed for Tissue Targeting
EVO301: Long-Acting IL-18 Neutralizer Designed for Tissue Targeting SAFA and IL-18BP Fused Via Peptide Linker for Extended Neutralization of IL-18 Activity SAFAbody Platform Technology Free IL-18 IL-18 • T½ extension: FcRn-mediated recycling of HSA • Efficient tissue distribution: IL-18 BP – Smaller
Slide 14: EVO301 Matches Biologics on Th2, Then Goes Beyond It
EVO301 Matches Biologics on Th2, Then Goes Beyond It Clinically Validated Modulation of Th2 and Non-Th2 inflammation Demonstrated Ability to Impact Multiple Drivers of AD Adaptive Inflammation Skin No Innate Barrier Conjunctivitis Therapy TH2 TH1 TH17 Inflammation (IL-22) Signal EVO301 DUPIXENT® EBG
Slide 15: EVO301 Phase 2a Proof of Concept Trial Design
EVO301 Phase 2a Proof of Concept Trial Design Adults with Moderate-to-Severe Atopic Dermatitis (N = 70) AD Population Randomized, Double-Blind, Parallel Group, Placebo-Controlled Trial • EASI ≥16 • vIGA ≥3 • BSA ≥10% 2 Active : 1 PBO Primary Endpoint Randomization EVO301: 5 mg/kg IV End of Trial Scr
Slide 16: EVO301 Achieved the Primary Endpoint
EVO301 Achieved the Primary Endpoint Phase 2a Proof-of-Concept Trial in Moderate-to-Severe Atopic Dermatitis (N=70) With one dose, administered twice, comparable to dose-optimized marketed biologics 34% 23% Highly significant EASI reductions vs placebo placebo-adjusted EASI improvement of patients a
Slide 17: Rapid, Robust and Durable Separation from Placebo
Rapid, Robust and Durable Separation from Placebo One dose, administered twice ↓ ↓ Week 0 Week 2 Week 4 Week 8 Week 12 0 -16 Placebo (n=22) -18 -22 -22 EVO301 (n=48) ↓ Dosed at % Average Change in EASI Weeks 0 and 4 -20 *p<0.01 Off Drug Period -30 -40 -41 * -55 * -50 * -60 EASI Improvement Kept Deep
Slide 18: EVO301 Demonstrated Comparable Activity to Dose-Optimized Marketed Biologics
EVO301 Demonstrated Comparable Activity at 12 Weeks to Dose-Optimized Marketed Biologics at 16 Weeks 45 38 from Baseline in EASI Placebo-Adjusted % 35 36 35 33 34 Improvement 30 23 15 15 14 0 EVO301 Dupixent® Dupixent® Ebglyss Ebglyss Adbry® Adbry® Nemluvio® Nemluvio® EVO301-AD001 SOLO 1 SOLO 2 ADVO
Slide 19: EASI-75 Response Continued to Rise After the Last Dose
EASI-75 Response Continued to Rise After the Last Dose Rapid, Durable and Increasing Responses with Just One Dose, Administered Twice ↓ ↓ Week 0 Week 2 Week 4 Week 8 Week 12 40% Placebo (n=22) EVO301 (n=48) ↓ Dosed at Patients Achieving EASI-75 30% 29% Weeks 0 and 4 p=0.069 at Week 12 20% 19% 19% 10
Slide 20: EVO301 Ph2a EASI-75 Matches Lebrikizumab Without TCS
EVO301 Ph2a EASI-75 Matches Lebrikizumab Without TCS Lebrikizumab Dose-Optimization After Ph2a Drove Substantial Improvements in EASI-75 PBO-Adjusted EASI-75, % Lebrikizumab Precedent 43% TBD EVO301 matched Lebri's Ph2a 34% efficacy without TCS • EVO301 reached 20% with no All Ph2a arms + TCS 27% TC
Slide 21: EVO301 Impacts Biomarkers Across Multiple AD Pathways
EVO301 Impacts Biomarkers Across Multiple AD Pathways Matches IL-13 Therapies on Th2, and Impacts Th1 and Th17/22 1Th2-high subjects (n=11): TARC ≥ 929 pg/mL, CCL-22 ≥ 2,348 pg/mL; 2Th1-high subjects (n=9): CXCL9 ≥ 56 pg/mL, CXCL10 ≥ 205 pg/mL; 3Th17-high subjects (n=12): S100A12 ≥ 159 pg/mL mL; 4al
Slide 22: IL-4/13 Co-administration with EVO-301 Showed No Additive Benefit In-vivo
IL-4/13 Co-administration with EVO-301 Showed No Additive Benefit In-vivo Chronic oxazolone-induced atopic dermatitis mouse model 10 Normal 8 Vehicle Cumulative score 6 anti-IL-4Rα mAb (3 mpk)* 4 EVO301 (3 mpk)* anti-IL-4Rα mAb (3 mpk) 2 + EVO301 (3 mpk)* 0 0 7 14 21 28 Day Mean cumulative score (er
Slide 23: EVO301 Subcutaneous Formulation Exposure Consistent with IV
EVO301 Subcutaneous Formulation Exposure Consistent with IV Subcutaneous Formulation Work Complete, Trial Initiation On-Track for Mid-2027 Comparable Nonclinical Serum Exposure Key PK Parameters 1,000.0 Concentration (g/mL) 100.0 10 mg/kg (N = 3/group) Parameters Intravenous Subcutaneous 10.0 (IV)
Slide 24: Planned EVO301 Phase 2b Dose-Ranging Trial in AD
Planned EVO301 Phase 2b Dose-Ranging Trial in AD Trial Initiation Expected Mid-2027 Adults with Moderate-to-Severe Atopic Dermatitis Primary Endpoint (N ≈ 180) • % CFB in EASI at Week 16 Randomized, Double-Blind, Placebo-Controlled Trial Key Secondary Endpoints • EASI-50, EASI-75, and EASI-90 • Chan
Slide 25: EVO756: Oral MRGPRX2 Antagonist
EVO756: Oral MRGPRX2 Antagonist Potential First- and Best-in-Class Dual Mechanism Modulates Both Peripheral Sensory Neurons and Mast Cells 25
Slide 26: EVO756: Targeting Major Unmet Need in Migraine Prevention
EVO756: Targeting Major Unmet Need in Migraine Prevention ~ 30 M Patients Eligible for Preventative Therapy1 EVO756 – Defining the Next Wave of Preventatives 1 2 3 Oral Dosing Novel Dual Mechanism First-Line Potential 1. US/EU5/JP eligible patients estimated. Sources: Clarivate “Migraine: Disease La
Slide 27: Innovation in Migraine Prevention Has Been Largely Limited to CGRPs
Innovation in Migraine Prevention Has Been Largely Limited to CGRPs Preventive Innovation has Migraine Burden Persists Clustered Around a Single Despite Oral CGRP Therapy Target (CGRP) Advanced MMDs on Annual US 15 13.8 Monthly Migraine Days (On Treatment) Treatments Class Route of Admin. drug Sales
Slide 28: High Demand for Preventative Migraine Therapy
High Demand for Preventative Migraine Therapy Limited Therapeutic Diversity Inadequate Efficacy Tolerability Challenges Remain Only CGRP inhibitors and neurotoxin ~45% of episodic and chronic patients do not CGRPs associated with constipation, achieve 50% improvement and have ≥8 hypertension, Raynau
Slide 29: Strong Scientific Rationale for EVO756 in Migraine
Strong Scientific Rationale for EVO756 in Migraine MRGPRX2 is expressed in human trigeminal Disease-Relevant Expression neurons and meningeal mast cells in vivo headache models support pathogenic Preclinical Validation role for MRGPRX2 Multiple MRGPRX2 ligands induce migraine in Translational Insigh
Slide 30: MRGPRX2: Positioned to Address Neuronal and Mast Cell Drivers of Migraine
MRGPRX2: Positioned to Address Neuronal and Mast Cell Drivers of Migraine MRGPRX2 Mediates Neuropeptide Signaling Associated Expression Confirmed in with Migraine (PACAP, VIP, Substance P) Disease-Relevant Tissues Meninges Trigeminal Ganglia Trigeminal Neurons: Primary sensory neurons mediating migr
Slide 31: PACAP Inhibition Achieves CGRP-Like Efficacy in Migraine Prophylaxis
PACAP Inhibition Achieves CGRP-Like Efficacy in Migraine Prophylaxis Lundbeck’s Bocunebart Reduced Second Neuropeptide Axis Monthly Migraine Days by ~2 Validated in Migraine Prevention in Patients Who Had Failed 2-4 Preventive Treatments PACAP is a key neuropeptide Bocunebart (IV) Placebo 0 trigger
Slide 32: PACAP Triggers Migraine via MRGPRX2
PACAP Triggers Migraine via MRGPRX21 MRGPRX2 Ligand PACAP Knockout of MRGPRX21 Reduced Induces Headache in vivo PACAP-Induced Migraine Symptoms Facial withdrawal threshold 2 1 PACAP injected directly to meninges of wild type and knockout models 2 Facial withdrawal threshold used as functional pain T
Slide 33: PACAP Impact in Migraine Is Primarily through MRGPRX2
PACAP Impact in Migraine Is Primarily through MRGPRX2 PACAP Relevant Clinical PACAP Tissue Preclinical Validation Receptor Expression Evidence? In Migraine? PAC1 Neurons1 Limited X ? VPAC1 Cranial vessels Not Limited VPAC2 Neurons (?) evaluated Mast Cells Topline Data MRGPRX2 Sensory Neurons Expecte
Slide 34: Neuropeptides that Trigger Migraine Signal Through MRGPRX2
3 Neuropeptides that Trigger Migraine Signal Through MRGPRX2 PACAP VIP Substance P MRGPRX2 34 © Evommune, Inc. Note that PACAP also binds PAC1, VPAC1, VPAC2, but PAC1 inhibition does not show therapeutic benefit in migraine.
Slide 35: Blocking MRGPRX2 Addresses Validated Migraine Triggers
Blocking MRGPRX2 Addresses Validated Migraine Triggers Induced Preclinical Headache in Clinical Neuropeptide Evidence Humans Validation PACAP VIP Substance P Note that PACAP also binds PAC1, VPAC1, VPAC2, but PAC1 inhibition does not show therapeutic benefit in migraine. 35 © Evommune, Inc.
Slide 36: EVO756 Clinical Development Overview
EVO756 Clinical Development Overview Phase 1 Trial Proof-of-Concept Phase 2 Phase 2b N 132 30 ~330 Indication Healthy Volunteers CIndU Migraine Key Takeaways • Well-tolerated • Well-tolerated Trial Initiated in • Clear target engagement • Complete responses as July 2026, Top- line Data • ~70% human
Slide 37: Phase 2b Dose-Ranging Trial in Migraine Prophylaxis
Phase 2b Dose-Ranging Trial in Migraine Prophylaxis Top-line Data Expected in 2027 Adults with Refractory Migraine ≥6 Days/Month (N ≈ 330) Randomized, Double-Blind, Placebo-Controlled Trial Primary Endpoint • Mean CFB in MMD EVO756, 25mg BID Key Secondary Endpoints Enrollment • ≥50%, ≥75% reduction
Slide 38: EVO646: Oral TLR7/8 Antagonist
EVO646: Oral TLR7/8 Antagonist Potential Best-in-Class Dual Mechanism (Type I Interferon and Pathogenic B-Cell / Autoantibody) for Autoimmune Disease 38
Slide 39: TLR7/8 Inhibition Suppresses Two Major Drivers of Autoimmune Disease
TLR7/8 Inhibition Suppresses Two Major Drivers of Autoimmune Disease Type I Interferon Pathway Pathogenic B-Cell Pathway Suppresses pDC-driven type I interferon production Reduces B-cell activation, plasmablast differentiation, and autoantibody production IL-6 IFNa pDC Inflammation B cell IFNb Eleva
Slide 40: Large Market Opportunity for TLR7/8
Large Market Opportunity for TLR7/8 Autoimmune Indications: Highly Valued Segment of I&I Market Strong Scientific Rationale for TLR7/8 Potential Indications TLR7/8 in Autoimmune Diseases 6M Patients Initial Targeted Indications1 Human Genetics Strong causal link of TLR7 to autoimmune disease Immune
Slide 41: Established Clinical Validation for TLR7/8 Inhibition
Established Clinical Validation for TLR7/8 Inhibition Positive Phase 2 Efficacy with Afimetoran3 Validated TLR7/8 Enpatoran Establishes Proof- Inhibition in SLE of-Concept for TLR7/8 Phase 2 Met SRI-4 Primary Inhibition1 Across All 3 Doses4 Enpatoran Demonstrated Phase 2 ~Complete TLR7/8 blockade L
Slide 42: EVO646: Strategic Approach for a Best-in-Class TLR7/8 Inhibitor
EVO646: Strategic Approach for a Best-in-Class TLR7/8 Inhibitor Developed through partnership with Accutar Biotech, an AI-empowered drug discovery leader Attribute Targeted Outcome Potency • <10 nM IC50 against human TLR7/8 Selectivity • >100-fold less potent at inhibiting TLR9 • QD dosing, with ≤10
Slide 43: EVO646: Selective Interferon and B-Cell Modulator in a Pill
EVO646: Selective Interferon and B-Cell Modulator in a Pill Best-in-class potential EVO646 Afimetoran Enpatoran (Evommune) (BMS/Beeline) (Merck Serono) Potency (nM) 6.70 1.70 11.2 (HEK293T) In vivo activity >80% inhibition @ >80% inhibition @ >80% inhibition @ Mouse PD* 1mpk 1mpk 1mpk Dosing QD QD B
Slide 44: Key Milestones Ahead For Evommune (NYSE: EVMN)
Key Milestones Ahead For Evommune (NYSE: EVMN) Championing Innovation for Chronic Inflammation EVO301 • Plan to initiate Phase 2b in AD with subcutaneous formulation in mid-2027 IL-18BP EVO756 • Expect top-line data from Phase 2b migraine trial in 2027 MRGPRX2 EVO646 • Plan to initiate Phase 1 in 1H
Slide 45: Thank You!
Thank You! www.evommune.com 45
Slide 46: Appendix
Appendix 46
Slide 47: Proven and Experienced Leadership Team Has Delivered Almost 30 NDAs and BLAs
Proven and Experienced Leadership Team Has Delivered Almost 30 NDAs and BLAs Leadership in >25 Companies Key Roles in Almost 30 NDA / BLAs (Acquir ed by Eli Lilly (Acquir ed by San ofi for $1.1B) for $1.9B) Luis Peña Eugene Bauer, MD Kyle Carver, MBA Founder, President & CEO Founder, CMO CFO (Acquir