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EVMN on NYSE

Evommune, Inc.

Evommune, Inc. is an American pharmaceutical preparations company based in Palo Alto.1 Its shares trade on NYSE under the symbol EVMN.1

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Last updated Oct 21, 2026.

Overview

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  • TickerEVMN on NYSE1
  • IndustryPharmaceutical Preparations1
  • HeadquartersPalo Alto, California1
  • Incorporated inDE2
  • Business address1891 Page Mill Rd, Palo Alto, Ca2
  • Filer category, Emerging growth company2
  • Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-623.6%Operating margin4
-529.8%Net margin4
85.7%Revenue growth, 20254
-33.5%Return on equity4
-$76.7MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$74.0M

Out of $13.0M in revenue.4 The company lost money this year.

Financial statements

Revenue4$13.0M in 2025+86% since 2024
0$5.0M$10.0M$15.0M2024: $7.0M$7.0M20242025: $13.0M$13.0M2025+86%
Operating income4-$81.1M in 2025+16% since 2024
-$100.0M-$75.0M-$50.0M-$25.0M02024: -$70.0M-$70.0M20242025: -$81.1M-$81.1M2025+16%
Net income4-$68.9M in 2025+3% since 2024
-$80.0M-$60.0M-$40.0M-$20.0M02024: -$66.8M-$66.8M20242025: -$68.9M-$68.9M2025+3%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
License revenue$13.0M$7.0M
Total revenue$13.0M$7.0M
Research and development$74.0M$64.2M
General and administrative$20.0M$12.8M
Total operating expenses$94.1M$77.0M
Loss from operations-$81.1M-$70.0M
Change in fair value of convertible preferred stock forward$8.9M
Interest income$3.3M$3.2M
Other expense, net-$50.0K-$37.0K
Total other income, net$12.2M$3.2M
Net loss-$68.9M-$66.8M
Deemed dividend$1.5M
Net loss attributable to common stockholders-$68.9M-$68.3M
Basic net loss per share of common stock-$11.22-$45.29
Diluted net loss per share of common stock-$11.22-$45.29
Weighted average basic shares of common stock outstanding6.1M shares1.5M shares
Weighted average diluted shares of common stock outstanding6.1M shares1.5M shares

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Corporate structure

Evommune, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Evommune, Inc.

  • Evommune, Inc. Palo Alto, California
    • Evommune Biologics, LLC Subsidiary · Delaware, United States
    • Evommune Research, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Evommune, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.6M4 Dec 31, 2025$2.3M4 Dec 31, 2024+12.3%
Accumulated depreciation$1.6M4 Dec 31, 2025$948.0K4 Dec 31, 2024+64.5%
Property and equipment, net$994.0K4 Dec 31, 2025$1.3M4 Dec 31, 2024−25.0%
Operating-lease assets (leased space)$1.5M4 Dec 31, 2025$472.0K4 Dec 31, 2024+211.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$44.1M4 Dec 31, 2025$16.3M4 Dec 31, 2024+171.1%
Marketable securities, current$105.1M4 Dec 31, 2025$55.8M4 Dec 31, 2024+88.5%
Long-term investments$67.5M4 Dec 31, 2025

Properties, in its own words

We lease a facility containing 10,665 square feet of laboratory and office space, which is located in Palo Alto, California. The lease expired in July 2025 and has been extended until April 2026. In June 2025, we entered into a new lease agreement for our Palo Alto facility, which will include approximately 32,016 square feet and is expected to commence in March 2026 and expire in June 2031. We also lease offices in New York with an expiration date in October 2030. We believe that our current facilities are sufficient to meet our current and near-term needs and that, should it be needed, suitable additional space will be available.

Item 2 of the 10-K filed Mar 5, 2026.7

Leadership

Who has led Evommune, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Luis C. Pena2025–now

President

  1. Luis C. Pena2025–now

Chief financial officer

  1. Kyle Carver2025–now
Board members and other officers (12)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorEugene Bauer named Jan 7, 2025 to Jan 8, 202520
  • Executive OfficerGregory Moss named Jan 7, 2025 to Jan 8, 202520
  • DirectorFelice Verduyn-van Weegen named Jan 7, 2025 to Jan 8, 202520
  • DirectorFrancois Beaubien named Jan 7, 2025 to Jan 8, 202520
  • DirectorYuexin Yu named Jan 7, 2025 to Jan 8, 202520

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Evommune Biologics, LLC Delaware3
  • Evommune Research, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 1, 20268-K Regulation FD disclosure21
  2. Sep 23, 20268-K Regulation FD disclosure22
  3. Sep 15, 20268-K Regulation FD disclosure23
  4. Sep 9, 20268-K Regulation FD disclosure; Other events24
  5. Aug 6, 20268-K Results of operations25
  6. Jul 30, 20268-K Regulation FD disclosure26
  7. Jun 29, 20268-K Regulation FD disclosure; Other events27
  8. Jun 2, 20268-K Shareholder vote28
  9. May 7, 20268-K Results of operations; Regulation FD disclosure29
  10. Apr 13, 20268-K Regulation FD disclosure30
  11. Mar 5, 20268-K Results of operations31
  12. Feb 13, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure32
  13. Nov 5, 2025New chief executive Luis C. Pena becomes CEO8

Calendar

Coming up

  1. Dec 10, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($8.07) a share, on Dec 11, 2025.33

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results25
  2. May 7, 2026Reported quarterly or annual results29
  3. Mar 5, 2026Reported quarterly or annual results31
  4. Dec 11, 2025Reported quarterly or annual results34

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

135 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 15 major events, 65 insider forms, 9 large holders, 4 private raises, 38 other. The latest 20:

  1. Oct 15, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 1, 20268-K EDGAR
  3. Sep 23, 20268-K EDGAR
  4. Sep 15, 20268-K EDGAR
  5. Sep 9, 2026424B3 EDGAR
  6. Sep 9, 20268-K EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 6, 2026424B3 EDGAR
  10. Aug 6, 202610-Q EDGAR
  11. Aug 6, 20268-K EDGAR
  12. Jul 30, 20268-K EDGAR
  13. Jul 16, 2026SCHEDULE 13G EDGAR
  14. Jul 10, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 8, 20264 PRIMARY DOCUMENT EDGAR
  16. Jun 29, 2026424B3 EDGAR
  17. Jun 29, 20268-K EDGAR
  18. Jun 24, 20264 PRIMARY DOCUMENT EDGAR
  19. Jun 24, 20264 PRIMARY DOCUMENT EDGAR
  20. Jun 24, 20264 PRIMARY DOCUMENT EDGAR

The 135 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 6 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 8, 2026Carver KyleChief Financial OfficerBuy1,000$13.26$13.3KForm 4
Jul 7, 2026KIRSCH ARTHUR SDirectorBuy10,000$13.30$133.0KForm 4
Jun 22, 2026Patel Jeegar PravinkumarChief Scientific OfficerSale1,488$22.50$33.5KForm 4
Jun 22, 2026Drew Janice SuzannChief of Dev. OperationsSale20,000$22.63$452.6KForm 4
Jun 22, 2026Pena Luis C.President & CEOSale7,438$22.71$168.9KForm 4
Jun 2, 2026Cohen David EDirectorSale6,056$20.33$123.1KForm 4
Jun 1, 2026Patel Jeegar PravinkumarChief Scientific OfficerSale16,687$22.74$379.5KForm 4
Jun 1, 2026Pena Luis C.President & CEOSale16,787$22.74$381.7KForm 4
May 28, 2026Carver KyleChief Financial OfficerSale18,175$22.84$415.1KForm 4
May 28, 2026Moss Gregory S.Chief Business & Legal OfficerSale14,223$22.83$324.7KForm 4
Dec 19, 2025Hopfner Robert LorneDirectorBuy1,000$17.35$17.4KForm 4
Nov 7, 2025Verduyn-van Weegen Felice IsabelDirectorBuy1,562,500$16.00$25.0MForm 4
Nov 7, 2025LSP 7 Cooperative UADirectorBuy1,562,500$16.00$25.0MForm 4
Nov 7, 2025RA CAPITAL MANAGEMENT, L.P.DirectorBuy1,250,000$16.00$20.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Luis Peña63$588.5K$11.0M41
2025Gregory S. Moss42$515.0K$4.6M41
2025Kyle Carver38$501.9K$4.4M41
2024Chief Executive Officer$546.1K$7.4M41
2024Chief Business & Legal Officer$480.5K$1.4M41
2024Chief Financial Officer$470.0K$1.2M41

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 30, 2024Raised $115.5 million in a private offering of equity Form D: 25 investors so far Form D
  2. Mar 28, 2023Raised $57.5 million in a private offering of equity Form D: 16 investors so far Form D
  3. Aug 31, 2021Raised $81.8 million in a private offering of equity Form D: $84.4 million offered in all Form D
  4. Jun 22, 2020Raised $12.5 million in a private offering of equity Form D: 18 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
EQT Fund Management S.a r.l.5,288,313$70.3M8.1%+358,680
Ra Capital Management, L.P.3,494,638$46.4M0.4%No change
Pivotal bioVenture Partners Investment Advisor LLC1,926,943$25.6M8.3%No change
Jpmorgan Chase & Co1,553,132$23.4M0.0%+93,712
Rtw Investments, LP1,502,235$20.0M0.2%No change
Nan Fung Group Holdings Ltd1,441,032$19.2M14.6%No change
Point72 Asset Management, L.P.1,435,049$19.1M0.0%+1,398,472
Andera Partners1,391,990$18.5M9.0%−505,372
Eventide Asset Management, LLC1,209,129$16.1M0.2%No change
Vestal Point Capital, LP1,000,000$13.3M0.3%New
Jupiter Topco LLC896,700$11.9M0.0%New
BlackRock, Inc.886,538$11.8M0.0%+212,967
Vanguard Capital Management LLC881,895$11.7M0.0%+426,844
Baker Bros. Advisors LP847,390$11.3M0.1%No change
Defilade Capital Management, L.P.793,145$10.5M1.4%+114,556
American Century Companies Inc755,018$10.0M0.0%+262,080
Alyeska Investment Group, L.P.704,425$9.4M0.0%−21,937
Balyasny Asset Management L.P.457,015$6.1M0.0%New
Velan Capital Investment Management LP451,255$6.0M3.7%+5,000
UBS Group AG413,553$5.5M0.0%+115,178
Federated Hermes, Inc.325,000$4.3M0.0%No change
Great Point Partners LLC325,000$4.3M1.0%No change
Freestone Grove Partners LP306,328$4.1M0.0%−30,963
Geode Capital Management, LLC301,759$4.0M0.0%+53,148
State Street Corp293,516$3.9M0.0%+114,005

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Evommune, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREvommune, Inc.1
  • CIK0002044725
  • Employer ID (EIN)85-07425757
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address1891 Page Mill Rd, Palo Alto, CA1
  • Phone(650) 223-77451
  • Shares outstanding36,292,113 as of Aug 4, 20266
  • Public float$0 as of Jun 30, 20254
  • AuditorBDO USA, P.C, New York, NY PCAOB ID 243; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceJan 7, 20251
  • Filings135 in all: 4 (50), 3 (15), 8-K (15), 144 (6), 424B3 (6), D (4), SCHEDULE 13G (4), UPLOAD (4)1
    All 28 form types

    10-Q (3), DRS/A (3), DRSLTR (3), FWP (2), S-1 (2), S-8 (2), SCHEDULE 13D (2), SCHEDULE 13D/A (2), 10-K (1), 424B4 (1), 8-A12B (1), ARS (1), CERT (1), CORRESP (1), DEF 14A (1), DEFA14A (1), DRS (1), EFFECT (1), S-1/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.0001 per shareEVMNNew York Stock Exchange

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Evommune, Inc. names in Item 1A of its 10-K filed Mar 5, 2026: 72 risks under these headings, as written.7

  • Risks Related to Our Limited Operating History, Financial Position and Capital Requirements
  • We have a limited operating history and no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability. We have incurred net losses in every year since our inception. We expect to continue to incur net losses in the future.
  • We will need substantial additional funding in order to maintain our operations and advance the development and commercialization of our product candidates, if approved. Failure to obtain this necessary capital when needed, or on acceptable terms, may force us to delay, reduce or eliminate certain of our research operations or development.
  • Raising additional capital may cause dilution to our stockholders and may restrict our operations or require us to relinquish rights to our product candidates.
  • Due to our limited resources and access to capital, we must, and have in the past decided to, prioritize development of certain product candidates over other potential product candidates. These decisions may prove to have been wrong and may adversely affect our ability to develop our own programs, our attractiveness as a commercial partner and may ultimately have an adverse impact on our commercial success.
  • Risks Related to Discovery, Development and Regulatory Approval of Product Candidates
  • Preclinical and clinical drug development is a lengthy and expensive process, with uncertain timelines and outcomes. If preclinical studies or clinical trials of our product candidates are prolonged or delayed, we may be unable to obtain required regulatory approvals, and therefore be unable to commercialize our therapeutic candidates or any of our future therapeutic candidates on a timely basis or at all.
  • Disruptions at the FDA and other government agencies caused by funding shortages or layoffs could hinder their ability to hire, retain or deploy key leadership and other personnel or otherwise prevent product candidates from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Our clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates or any future product candidates, which would prevent or delay or limit the scope of regulatory approval and commercialization.
  • The results of preclinical studies and early-stage clinical trials of our product candidates may not be predictive of the results of later-stage clinical trials or results in other indications. Initial positive results in our clinical trials may not be indicative of results obtained when these trials are completed or in later-stage trials.
  • Interim, top-line and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data. Data from our clinical trials reported as of a measurement date may not be predictive of the effect, if any, of our product candidates at any later measurement date.
  • Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control, which could adversely affect our business, operating results and prospects.
The other 61 risks
  • If we do not achieve our projected development goals in the time frames we announce and expect, the commercialization of our therapeutics may be delayed and, as a result, our stock price may decline.
  • Obtaining and maintaining marketing approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining marketing approval of our product candidates in other jurisdictions.
  • Our product candidates are subject to extensive regulatory and compliance obligations, compliance with which is costly and time-consuming and which may cause unanticipated delays or prevent the receipt of the required approvals to commercialize our product candidates.
  • We may develop our current or future product candidates in combination with other therapies, which would expose us to additional risks.
  • The FDA and any comparable foreign regulatory authorities may not accept data from trials conducted in locations outside of their jurisdiction.
  • Risks Related to Commercialization, Marketing and Competition of Our Product Candidates
  • We currently have no marketing, sales or distribution capabilities, and we may need to invest significant resources to develop these capabilities. If we are unable to establish marketing, sales or distribution capabilities or enter into agreements with third parties to perform such activities, we may not be able to generate product revenue.
  • If the market opportunities for any of our product candidates, if approved, are smaller than we estimate, our revenue may be adversely affected, and our business may suffer.
  • We face significant competition from other biotechnology and pharmaceutical companies, and our operating results will suffer if we fail to compete effectively.
  • Even if a product candidate we develop receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success. The revenues that we generate from our sales may be limited, and we may never become profitable.
  • Even if we are able to commercialize any product candidate, the third-party payor coverage and reimbursement status of newly approved products is uncertain. Failure to obtain or maintain adequate coverage and reimbursement for our product candidates could limit our ability to market those products and decrease our ability to generate revenue.
  • Even if we receive regulatory approval for any product candidate, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions on marketing or withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our product candidates, when and if any of them are approved.
  • Our future growth may depend, in part, on our ability to commercialize products in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • Risks Related to Our Business and Operations, Employee Matters and Managing Growth
  • If our information technology systems or those of third parties with whom we work or our data, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits and other adverse consequences.
  • We are highly dependent on the services of our senior management team and if we are not able to retain members of our management team and recruit and retain additional management, clinical and scientific personnel, our business will be harmed.
  • Failure to comply with health and data protection laws and regulations could lead to government enforcement actions, including civil or criminal penalties, private litigation and adverse publicity and could negatively affect our operating results and business.
  • Our ability to use our U.S. net operating loss carryforwards and certain other U.S. tax attributes may be limited.
  • Legislation or other changes in U.S. tax law may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes, fires or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any product candidate that we may develop.
  • We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • If we or any CDMOs and suppliers we engage fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
  • Risks Related to Government Regulatory and Legal Requirements
  • Our relationships with customers, physicians and third-party payors may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, other healthcare laws and regulations and health data privacy and security laws and regulations, contractual obligations and self-regulatory schemes. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Healthcare legislative reform measures may have a negative impact on our business and results of operations.
  • We may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act (the “FCPA”) and similar anti-corruption and anti-bribery laws, as well as trade sanctions, embargoes and anti-money laundering laws and regulations. Compliance with these legal standards could hinder our ability to compete in certain markets. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • There is substantial uncertainty regarding the new Administration’s initiatives and how these might impact the FDA, its implementation of laws, regulations, policies and guidance and its personnel. Similar initiatives may also be directed toward other government agencies. These initiatives could prevent, limit or delay development and regulatory approval and impact commercialization, of our product candidates, which would impact our business.
  • Risks Related to Third Party Relationships
  • We rely on third-party manufacturers, CROs, CDMOs and suppliers to supply, develop and test components of our product candidates. The loss of our third-party manufacturers, CROs, CDMOs or suppliers, their failure to comply with applicable regulatory requirements or to supply sufficient quantities at acceptable quality levels or prices, or at all, or changes in methods of product candidate manufacturing, development or formulation would materially and adversely affect our business.
  • We rely, and expect to continue to rely, on third parties, including independent clinical investigators, contracted laboratories and CROs, to conduct our preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain
  • regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • The manufacturing of our product candidates is complex, and our third-party manufacturers may encounter difficulties in production. If we or any of our third-party manufacturers encounter such difficulties, our ability to provide supply of our product candidates for clinical trials, our ability to obtain marketing approval or our ability to provide supply of our products for patients, if approved, could be delayed or stopped.
  • Our existing collaborations are, and our future collaborations may be, important to our business. If we are unable to enter into new collaborations, or if our collaborations are not successful, our business could be adversely affected.
  • Reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Risks Related to Intellectual Property
  • We have licensed intellectual property rights from third parties and may do so in the future. Such licenses may be subject to early termination if we fail to comply with our obligations in our licenses with third parties, which could result in the loss of rights or technology that are material to our business.
  • Our success depends in part on our ability to protect our intellectual property. It is difficult and costly to protect our proprietary rights and technology, and we may not be able to ensure their protection.
  • If we are unable to obtain and maintain sufficient intellectual property protection for our product candidates or if the scope of the intellectual property protection is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be adversely affected.
  • We cannot ensure that patent rights relating to inventions described and claimed in our pending patent applications will issue or that patents based on our patent applications will not be challenged and rendered invalid or unenforceable.
  • We may rely on trade secret and proprietary know-how which can be difficult to trace and enforce and, if we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our current and any future product candidates.
  • We may be involved in lawsuits or proceedings to protect or enforce our patents or other intellectual property or the patents of our licensors, which could be expensive, time-consuming and unsuccessful.
  • Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.
  • We may be subject to claims that our employees, consultants or advisors have wrongfully used or disclosed trade secrets or other confidential information of their current or former employers or claims asserting inventorship or ownership of what we regard as our own intellectual property.
  • Rights to improvements to our product candidates may be held by third parties.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration date of a third-party patent, which might adversely affect our ability to develop and market our products.
  • We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.
  • Third-party claims of intellectual property infringement may prevent or delay our product discovery, development and commercialization efforts.
  • Our intellectual property licensed from third parties may be subject to retained rights.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We may seek additional in-licenses from third parties. If we are unable to acquire these rights, our business may be materially adversely affected, and if disputes arise with future licensors, we may be subject to future litigation
  • as well as the potential loss of or limitations on our ability to develop and commercialize products and technologies covered by these license agreements.
  • Risks Related to Ownership of Our Common Stock
  • We do not know whether an active, liquid and orderly trading market will be sustained for our common stock or what the market price of our common stock will be, and, as a result, it may be difficult for you to sell your shares of our common stock.
  • The market price of our common stock may be volatile, which could result in substantial losses for investors.
  • Our executive officers, directors and principal stockholders have the ability to control or significantly influence all matters submitted to our stockholders for approval.
  • We do not expect to pay any dividends for the foreseeable future. Investors may never obtain a return on their investment.
  • If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading volume could decline.
  • Provisions in our amended and restated certificate of incorporation and our amended and restated bylaws and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our stockholders and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated certificate of incorporation contains exclusive forum provisions, which may limit a stockholder’s ability to bring a claim in a judicial forum it finds favorable and may discourage lawsuits with respect to such claims.
  • General Risk Factors
  • We will incur significantly increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.

Legal proceedings

From time to time, we may become involved in or be subject to legal proceedings, claims and litigation arising from the ordinary course of business. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources and other factors

The opening of Item 3, Legal Proceedings.7

Sources

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