Evommune

Q2 FY2026 EarningsQ2 FY26 missed consensus estimates across key bottom-line and cash flow metrics, reporting a GAAP net loss of $32.25M vs. the $25.02M expected. Despite zero revenue (in-line with expectations for this clinical-stage biotech), operating expenses spiked to $34.90M, significantly driven by increased R&D for the EVO756 program and higher G&A costs. The decision to cease EVO756 development for CSU following failed Phase 2b primary endpoints adds clinical headwind, although a cash runway through 2028 provides a significant liquidity buffer.