Evommune, Inc. received a Schedule 13G reporting that a group of Nan Fung and Pivotal life sciences investment entities collectively hold a significant minority stake in its common stock. Nan Fung Group Holdings Limited reports beneficial ownership of 3,435,599 shares, or 10.9% of the company’s common stock.
Within the structure, Pivotal bioVenture Partners Fund I directly holds 1,632,441 shares (5.2%), Pivotal bioVenture Partners Fund II holds 294,502 shares (0.9%), and NFLS Delta III holds 1,441,032 shares (4.6%). These percentages are based on 31,524,093 shares outstanding as of December 10, 2025. Voting and investment decisions are made by Nan Fung executive and life sciences committees, while the reporting entities disclaim beneficial ownership of certain smaller individual holdings.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Evommune, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
30054Y107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Nan Fung Group Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,435,599.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,435,599.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,435,599.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.9 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
NF Investment Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,367,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,367,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,367,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Nan Fung Life Sciences Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,367,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,367,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,367,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
NFLS Platform Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,441,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,441,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,441,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
NFLS Delta III Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,441,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,441,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,441,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal Life Sciences Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,926,943.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,926,943.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,926,943.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal Partners Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,926,943.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,926,943.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,926,943.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal bioVenture Partners Fund I U.G.P. Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,632,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,632,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,632,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal bioVenture Partners Fund I G.P., L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,632,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,632,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,632,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal bioVenture Partners Fund I, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,632,441.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,632,441.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,632,441.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal bioVenture Partners Fund II G.P. Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
294,502.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
294,502.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
294,502.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
Pivotal bioVenture Partners Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
294,502.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
294,502.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
294,502.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
30054Y107
1
Names of Reporting Persons
NFLS Delta Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,441,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,441,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,441,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Evommune, Inc.
(b)
Address of issuer's principal executive offices:
1841 Page Mill Road, Suite 100, Palo Alto, CA 94304
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of common stock, par value $0.0001 per share (the "Common Stock") of Evommune, Inc. (the "Issuer") are:
(i) Nan Fung Group Holdings Limited ("NFGHL")
(ii) NF Investment Holdings Limited ("NFIHL")
(iii) Nan Fung Life Sciences Holdings Limited ("Nan Fung Life Sciences")
(iv) NFLS Platform Holdings Limited ("NFLS Platform")
(v) NFLS Delta Limited ("NFLS Delta")
(vi) NFLS Delta III Limited ("NFLS Delta III")
(vii) Pivotal Life Sciences Holdings Limited ("Pivotal Life Sciences")
(viii) Pivotal Partners Ltd ("Pivotal Partners")
(ix) Pivotal bioVenture Partners Fund I U.G.P. Ltd (the "Ultimate General Partner")
(x) Pivotal bioVenture Partners Fund I G.P., L.P. ("Pivotal I GP")
(xi) Pivotal bioVenture Partners Fund I, L.P. ("Pivotal I")
(xii) Pivotal bioVenture Partners Fund II G.P. Ltd ("Pivotal II GP")
(xiii) Pivotal bioVenture Partners Fund II, L.P. ("Pivotal II," and together with Pivotal Life Sciences, Pivotal Partners, Ultimate General Partner, Pivotal I GP, Pivotal I, and Pivotal II GP, the "Pivotal Entities")
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Pivotal Entities is 501 Second Street, Suite 200, San Francisco, CA 94107. The principal business address of NFGHL is 17th Floor, AIRSIDE, 2 Concorde Road, Kai Tak, Hong Kong. The registered office address of each of NFIHL, Nan Fung Life Sciences, NFLS Delta, and NFLS Delta III is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. The registered office address of NFLS Platform is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands.
(c)
Citizenship:
Pivotal I and Pivotal II are Cayman Islands exempted limited partnerships. Pivotal I GP is a Cayman Islands exempted limited partnership. Pivotal II GP and Ultimate General Partner are Cayman Islands exempted companies. Pivotal Partners is a Cayman Islands exempted company. Pivotal Life Sciences is a Cayman Islands exempted company. Nan Fung Life Sciences, NFIHL, NFGHL, NFLS Delta, and NFLS Delta III are incorporated in the British Virgin Islands. NFLS Platform is incorporated in the Cayman Islands.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
30054Y107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G. Pivotal I directly holds 1,632,441 shares of Common Stock. Pivotal II directly holds 294,502 shares of Common Stock. NFLS Delta III directly holds 1,441,032 shares of Common Stock. Pivotal I GP is the general partner of Pivotal I, and Ultimate General Partner is the general partner of Pivotal I GP. Pivotal II GP is the general partner of Pivotal II. Ultimate General Partner and Pivotal II GP are wholly owned by Pivotal Partners. Pivotal Partners is wholly owned by Pivotal Life Sciences. Pivotal Life Sciences is wholly owned by Nan Fung Life Sciences, and Nan Fung Life Sciences is wholly owned by NFIHL, which is wholly owned by NFGHL. NFLS Delta III is wholly owned by NFLS Delta. NFLS Delta is wholly owned by NFLS Platform, which is wholly owned by Nan Fung Life Sciences. The members of the Executive Committee of NFGHL (the "Excomm") make investment decisions with respect to the securities of the Issuer held by NFLS Delta III. Mr. Kam Chung Leung, Mr. Frank Kai Shui Seto, Mr. Vincent Sai Sing Cheung, Mr. Pui Kuen Cheung, Ms. Vanessa Tih Lin Cheung, Mr. Meng Gao, Ms. Heqing Huang and Mr. Chun Wai Nelson Tang are the members of the Excomm. The members of the Excomm and the members of the Life Sciences Committee of NFGHL make investment decisions with respect to the securities of the Issuer held by Pivotal I and Pivotal II. Mr. Kam Chung Leung, Mr. Vincent Sai Sing Cheung, Mr. Stephen Pui Kuen Cheung, Ms. Vanessa Tih Lin Cheung, Mr. Meng Gao, Ms. Xintong Sun, Mr. Peter Bisgaard, and Dr. Robert Hopfner are the members of the Life Sciences Committee of NFGHL. The amounts set forth in Rows 5 through 9 of the cover page of NFGHL also reflect 20,093 shares of Common Stock held by Mr. Bisgaard, 4,026 shares of Common Stock held by Mr. Hopfner and 43,505 shares of Common Stock held by Mr. Vincent Sai Sing Cheung. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by Messrs. Bisgaard, Hopfner, and Vincent Sai Sing Cheung.
(b)
Percent of class:
The information required by this item with respect to each Reporting Person is set forth in Row 11 of the cover pages to this Schedule 13G. The ownership percentages are based on 31,524,093 shares of Common Stock outstanding as of December 10, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 11, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this item with respect to each Reporting Person is set forth in Row 5 of the cover pages to this Schedule 13G.
(ii) Shared power to vote or to direct the vote:
The information required by this item with respect to each Reporting Person is set forth in Row 6 of the cover pages to this Schedule 13G.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this item with respect to each Reporting Person is set forth in Row 7 of the cover pages to this Schedule 13G.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this item with respect to each Reporting Person is set forth in Row 8 of the cover pages to this Schedule 13G.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Nan Fung Group Holdings Limited
Signature:
/s/ Tang Chun Wai Nelson
Name/Title:
Tang Chun Wai Nelson, Director
Date:
02/13/2026
NF Investment Holdings Limited
Signature:
/s/ Tang Chun Wai Nelson
Name/Title:
Tang Chun Wai Nelson, Director
Date:
02/13/2026
Nan Fung Life Sciences Holdings Limited
Signature:
/s/ Sun Xintong
Name/Title:
Sun Xintong, Director
Date:
02/13/2026
NFLS Platform Holdings Limited
Signature:
/s/ Sun Xintong
Name/Title:
Sun Xintong, Director
Date:
02/13/2026
NFLS Delta III Limited
Signature:
/s/ Sun Xintong
Name/Title:
Sun Xintong, Director
Date:
02/13/2026
Pivotal Life Sciences Holdings Limited
Signature:
/s/ Sun Xintong
Name/Title:
Sun Xintong, Director
Date:
02/13/2026
Pivotal Partners Ltd
Signature:
/s/ Sun Xintong
Name/Title:
Sun Xintong, Director
Date:
02/13/2026
Pivotal bioVenture Partners Fund I U.G.P. Ltd.
Signature:
/s/ Robert Hopfner
Name/Title:
Robert Hopfner, Authorized Signatory
Date:
02/13/2026
Pivotal bioVenture Partners Fund I G.P., L.P.
Signature:
/s/ Robert Hopfner
Name/Title:
By: Pivotal bioVenture Partners Fund I U.G.P. Ltd., its general partner; By: Robert Hopfner, Authorized Signatory
How large is Nan Fung Group Holdings Limited’s stake in Evommune (EVMN)?
Nan Fung Group Holdings Limited reports beneficial ownership of 3,435,599 Evommune common shares, equal to 10.9% of the outstanding stock. This percentage is calculated using 31,524,093 shares outstanding as of December 10, 2025, as disclosed in Evommune’s Form 10-Q.
Which entities directly hold Evommune (EVMN) shares in this Schedule 13G?
The filing states that Pivotal I directly holds 1,632,441 shares, Pivotal II directly holds 294,502 shares, and NFLS Delta III directly holds 1,441,032 shares of Evommune common stock. Other Nan Fung and Pivotal entities report indirect beneficial ownership through control relationships.
What ownership percentages do the main Pivotal funds report in Evommune (EVMN)?
Pivotal bioVenture Partners Fund I, L.P. reports beneficial ownership of 1,632,441 shares, representing 5.2% of Evommune’s common stock. Pivotal bioVenture Partners Fund II, L.P. reports 294,502 shares, or 0.9%. Both percentages use 31,524,093 shares outstanding as the reference base.
How is NFLS Delta III’s position in Evommune (EVMN) described in the filing?
NFLS Delta III Limited is reported as directly holding 1,441,032 Evommune common shares, equal to 4.6% of the class. It has 0 sole voting and dispositive power and 1,441,032 shared voting and dispositive power, reflecting group-level decision-making over these shares.
On what share count are the Evommune (EVMN) ownership percentages based?
All reported ownership percentages use 31,524,093 shares of Evommune common stock outstanding as of December 10, 2025. This figure comes from Evommune’s Quarterly Report on Form 10-Q filed on December 11, 2025, as cited in the Schedule 13G.
Who makes investment decisions for the Nan Fung and Pivotal holdings in Evommune (EVMN)?
The filing explains that investment decisions for NFLS Delta III’s Evommune holdings are made by the Executive Committee of Nan Fung Group Holdings Limited. Decisions for Pivotal I and Pivotal II holdings are made jointly by this Executive Committee and the Life Sciences Committee of Nan Fung Group.
