While the company maintains a conservative debt-to-equity ratio of 0.03 as of 2026Q1, its capital structure remains volatile due to heavy reliance on equity-based financing to offset an accumulated deficit of $242.8 million.
| Total Current Assets | 215.85M | 153.48M | 73.99M | 80.03M |
| Cash & Short-Term Investments | 211.46M | 149.2M | 72.04M | 79.08M |
| Cash Only | 48.32M | 44.06M | 16.25M | 29.02M |
| Short-Term Investments | 163.15M | 105.14M | 55.78M | 50.06M |
| Accounts Receivable | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 4.39M | 4.28M | 1.95M | 948K |
| Total Non-Current Assets | 106.6M | 71.47M | 2.07M | 2.22M |
| Property, Plant & Equipment | 9.57M | 2.46M | 1.8M | 1.97M |
| Fixed Asset Turnover | 2.82x | 5.28x | 3.89x | 2.54x |
| Goodwill | 818.14K | 0 | 0 | 0 |
| Intangible Assets | 1.39M | 0 | 0 | 0 |
| Long-Term Investments | 167.48M | 68.9M | 208K | 208K |
| Other Non-Current Assets | -2.13M | 101K | 61K | 44K |
| Total Assets | 322.45M | 224.95M | 76.06M | 82.25M |
| Asset Turnover | 0.05x | 0.06x | 0.09x | 0.06x |
| Asset Growth % | 671.42% | 195.77% | -7.53% | - |
| Total Current Liabilities | 10.6M | 17.91M | 27.98M | 6.86M |
| Accounts Payable | 4.04M | 7.76M | 8.26M | 1.76M |
| Days Payables Outstanding | 2.4K | - | 2.34K | 641.67 |
| Short-Term Debt | 1.82M | 589K | 1.02M | 769K |
| Deferred Revenue (Current) | 0 | 0 | 3M | 0 |
| Other Current Liabilities | 1.3M | 4.63M | 12.06M | 1.89M |
| Current Ratio | 20.36x | 8.57x | 2.64x | 11.67x |
| Quick Ratio | 20.36x | 8.57x | 2.64x | 11.67x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 7.3M | 1.47M | 192.31M | 153.11M |
| Long-Term Debt | 0 | 0 | 191.78M | 149.37M |
| Capital Lease Obligations | 9.38M | 1.47M | 519K | 487K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 16K | 245K |
| Total Liabilities | 17.9M | 19.38M | 220.29M | 159.96M |
| Total Debt | 9.11M | 2.06M | 193.31M | 150.63M |
| Net Debt | -39.2M | -42M | 177.06M | 121.61M |
| Debt / Equity | 0.03x | 0.01x | - | - |
| Debt / EBITDA | -0.10x | - | - | - |
| Net Debt / EBITDA | 0.44x | - | - | - |
| Interest Coverage | -25328.00x | - | -1963.94x | -586.12x |
| Total Equity | 304.56M | 205.57M | -144.24M | -77.71M |
| Equity Growth % | 534.99% | 242.52% | -85.6% | - |
| Book Value per Share | 9.05 | 6.52 | -4.80 | -2.58 |
| Total Shareholders' Equity | 304.56M | 205.57M | -144.24M | -77.71M |
| Common Stock | 4K | 3K | 1K | 1K |
| Retained Earnings | -242.76M | -221.09M | -152.22M | -83.91M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Clinical milestone execution failure
As reported in recent financial filings, Evommune's balance sheet trajectory shows significant instability, with equity swinging from negative $183.1 million in 2025Q3 to a positive $304.6 million by 2026Q1, primarily driven by aggressive capital raises rather than organic growth or operational profitability improvements.
The dramatic shift in equity suggests that the company is heavily reliant on external financing to maintain its research operations. Investors should monitor whether this capital infusion is sufficient to reach the next value-inflection point or if it merely delays an inevitable liquidity crunch.
Based on the provided balance sheet data, Evommune maintains a conservative debt-to-equity ratio of 0.03 as of 2026Q1, indicating that the company has avoided traditional debt financing in favor of equity-based capital to fund its intensive research and development activities.
While the low leverage profile reduces immediate insolvency risk from interest obligations, it highlights the company's total dependence on equity markets. This reliance may indicate that the business model is not yet mature enough to support traditional debt instruments.
According to the latest quarterly figures, the company's current ratio stands at 20.36, yet this metric appears misleadingly high due to the recent influx of cash, which masks the underlying reality of a high-burn biotech firm with limited recurring revenue streams.
The current liquidity position provides a temporary runway, but the rapid depletion of cash reserves in previous quarters suggests that this buffer may be exhausted quickly. Analysts should focus on the cash burn rate relative to the current $48.3 million cash balance to assess the timing of future dilution.
As noted in the historical financial statements, the company's retained earnings have deteriorated to negative $242.8 million, a trend that underscores the persistent and significant capital erosion inherent in the firm's current pre-commercial, R&D-heavy business model.
This massive accumulated deficit serves as a stark reminder that the company has yet to prove its ability to generate sustainable value from its IP library. The lack of positive retained earnings suggests that shareholders should remain cautious regarding the long-term viability of the current capital allocation strategy.
Quick answers to the most common questions about buying EVMN stock.
As of 2025, Evommune, Inc. (EVMN) had total assets of $224.9M including $153.5M in current assets.
Evommune, Inc. (EVMN) carries total debt of $2.1M, offset by $149.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Evommune, Inc. (EVMN) has total shareholders' equity (book value) of $205.6M ($6.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Evommune, Inc. (EVMN) reported a current ratio of 8.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.