Evommune licenses VAV1 degrader EVO570 from Hinova, raises $30M

Evommune, Inc. announced on November 4, 2026 that it entered an exclusive license agreement with Hinova Pharmaceuticals Inc. to develop, manufacture and commercialize EVO570, an oral VAV1 molecular glue degrader, outside Greater China. Hinova granted Evommune exclusive and sublicensable rights to its VAV1 degraders, including EVO570, for all human and animal indications worldwide excluding mainland China, Hong Kong, Macau and Taiwan, while Hinova retained all rights to the compound within Greater China.¹

Under the deal, Evommune will make a one-time, non-refundable upfront cash payment of $20.0 million and issue pre-funded warrants to purchase up to 1,262,413 shares of common stock to a Hinova subsidiary, representing $10.0 million based on the 45-day average closing price, with an exercise price of $0.001 per share.¹ Hinova is also eligible for up to $150.0 million in development and regulatory milestones and up to $920.0 million in commercial milestones, plus tiered royalties ranging from mid single digits to low double digits on net sales outside Greater China.¹

On the clinical front, IND applications have been submitted in China and accepted in the United States, with a Phase 1 trial evaluating safety, pharmacokinetics and target engagement expected to begin imminently.¹ The company said it plans to start a Phase 2 trial in rheumatoid arthritis in 2027.

Separately, Evommune entered a Securities Purchase Agreement the same day for a private placement. The company agreed to sell 4,966,889 shares of common stock to investors at $6.04 per share.¹ Gross proceeds are expected to be approximately $30.0 million before expenses.¹ Combined with cash on hand as of September 30, 2026, the company estimated total proceeds would reach approximately $292.3 million, sufficient to fund operations into the second half of 2029.¹ Morgan Stanley & Co. LLC and Leerink Partners LLC acted as placement agents.¹