Evommune in-licenses Hinova's VAV1 degrader EVO570 for $20M cash, $10M warrants, up to $1.1B milestones

Evommune, Inc.

• Evommune pays Hinova $20M cash plus pre-funded warrants for 1,262,413 shares ($10M) at $0.001 exercise, for $30M total upfront.
• Milestones up to ~$1.1B: $150M development/regulatory and $920M commercial, plus tiered royalties from mid-single-digit to low-double-digit on ex-Greater China net sales.
• Rights cover worldwide excluding Greater China, which Hinova retains; Phase 1 expected to begin imminently, with a Phase 2 rheumatoid arthritis trial planned for 2027.
• $30M private placement: 4,966,889 shares at $6.04 to investors including Adage, Balyasny, OrbiMed and Squadron; closing expected on or about November 6, 2026.
• Pro forma cash, cash equivalents and investments estimated at ~$292.3M after closing, sufficient to fund operations into the second half of 2029.