Two mid-stage immunology readouts delivered large market reactions: Evommune reported Dupixent‑comparable EASI reductions with EVO301 in atopic dermatitis, while Nektar said rezpegaldesleukin maintained and deepened skin‑clearance responses at one year. Evommune’s result produced a meaningful placebo-adjusted EASI improvement in a Phase 2a cohort, and the company plans a Phase 2b subcutaneous program. Nektar presented maintenance data showing high rates of sustained EASI‑75 with less frequent dosing. Both readouts raise the prospect of new competitors to established biologics in atopic dermatitis and prompted material share moves. Companies cited differentiated mechanisms — IL‑18 neutralization for Evommune and engineered IL‑2 modulation for Nektar — as potential clinical differentiators while planning larger, registrational studies.