Kyle Carver – Evommune

Evommune, a pioneering biotech company, is at the forefront of developing innovative therapies for chronic inflammatory diseases to halt disease progression and offer long-term solutions to patients. Their lead program targets mast cell receptors and sensory neurons, addressing various mast cell-mediated diseases and chronic itch, where current treatments are often ineffective. Evommune’s approach helps the immune system return to homeostasis by preventing mast cells from degranulating, reducing inflammation and preventing diseases from progressing to more severe stages. With a promising proof of concept clinical trial completed, the company is now in Phase 2 studies and ultimately bring groundbreaking treatment to market by 2028 or 2029, offering hope to millions worldwide.

Kyle Carver | Evommune | CFO

Kyle Carver, the company’s chief financial officer, is at the heart of Evommune’s growth and strategic direction. Since joining the company in March 2022 as the seventh hire and the first outside of the research and development team, Carver has played an essential role in shaping the financial and operational infrastructure that will carry Evommune through key inflection points, including a potential IPO. Having been recruited by Evommune’s founders, his unique position as one of the earliest management team members has allowed him to influence the financial direction, corporate strategy and company culture, helping build a strong foundation for future success.

Building a finance department from scratch

When Carver joined Evommune, the company was in its early stages and heavily reliant on outsourced financial services. Recognizing the need for a stronger internal system, Carver took on the challenge of building the finance department from the ground up. His first task was to establish robust accounting and financial reporting functions. While essential tools like QuickBooks were in place, they fell short of supporting the ambitious vision of the company’s leadership.

Carver’s strategy focused on three key areas: people, processes and technology. He recruited top talent, including trusted colleagues Jane Ha to lead financial planning and analysis (FP&A) and Alex Brehm to head the accounting team. Together, they built scalable financial processes and implemented new technologies to streamline operations. The team created a cost-effective, efficient system well-prepared to support Evommune’s growth by bringing most of its financial functions in-house.

Carver’s role extends beyond daily operations. He leads key strategic goals, including preparing the company for a potential IPO, and supports major initiatives, including the in-licensing of Evommune’s second exciting program, EVO301, an IL-18 BP fusion protein set to enter a Phase 2 clinical trial in early 2025. In 2024, Carver and his team rolled out new systems, including Oracle NetSuite for enterprise resource planning and a travel and expense management system, ensuring accuracy and scalability in financial data as the company grows.

Capital raising has also been a pivotal focus for Carver, as Evommune relies heavily on strategic funding to advance its R&D efforts. His meticulous approach to financial planning and capital allocation ensures that Evommune is well-positioned to reach critical milestones while minimizing risk and preparing for various potential future paths forward.

Fostering a resilient and motivated workforce

A key to Carver’s success at Evommune is building a robust and collaborative team rooted in transparency. In the competitive biotech industry, attracting and retaining top talent is challenging, but Carver has implemented a rigorous hiring process that values emotional intelligence and character alongside technical skills. He believes that hiring top-level talent leads to long-term success, as they, in turn, attract other top talent.

Evommune’s finance team is comprised of three full-time employees, complemented by outsourced accounts payable and tax advisory functions. Despite the high-risk nature of the biotech industry, Carver has built a team that is aligned with the company’s mission, resulting in zero turnover, an impressive achievement in this field.

Carver emphasizes transparency and trust to retain talent. He understands that Evommune’s compensation structure, which includes stock options that may take years to mature, requires a patient and committed team. By fostering a culture where employees can collaborate across roles and contribute to the company’s larger mission, Carver has created a motivated, resilient team.

For Carver, the most rewarding aspect of his work is knowing Evommune’s efforts will directly impact patients’ lives. While biotech is unpredictable and fraught with challenges, the chance to bring life-changing therapies to market drives him.

“Transparency, trust and a shared purpose are crucial to building a resilient team that can endure the highs and lows of the industry,” Carver says.

Finding success in the numbers

Carver’s journey is a testament to his lifelong passion for finance and a keen understanding of business metrics. Growing up in Philadelphia, his father, a CPA, sparked his interest in finance early on. Carver excelled in math throughout school, naturally gravitating toward finance and being fascinated by how businesses approach capital strategies. For him, the answer to almost any business challenge lies in the numbers, with clearly defined KPIs essential for evaluating performance.

After earning his B.S. in Accountancy from Villanova University, where he also played varsity baseball, Carver cut his teeth at KPMG as a public accountant before moving to New York City to join Kadmon, a private biotech company in the rare disease and oncology space.  Carver rose the ranks at Kadmon, played an integral role in its IPO and various capital raising, joined its C-suite as chief accounting officer, and ultimately played a key role in its sale to Sanofi at the end of 2021 for $1.9 billion, following the approval Rezurock(r), a medicine approved to treat a rare disease known as cGVHD. During this time, he also received an MBA from NYU Stern School of Business, further honing his corporate and strategic finance expertise. His education and a deep understanding of how businesses operate financially laid the foundation for his success in leadership roles.

Beyond his career, Carver enjoys a vibrant family life with his wife and their two children. They’ve lived in New York City for 12 years, and Carver often spends weekends exploring new adventures with his family. An avid athlete, he also learns new skills from his wife, who excels at tennis and water skiing. Their 10-year-old black lab is an essential part of the family, completing the picture of a busy and fulfilling life outside the office.

“Biotech is hard; failure and uncertainty are intrinsic to the industry. Having an aligned vision with a cultural focus on urgency and action is critical. This is only possible with the right people operating with inherent trust, and we are lucky to have that at Evommune,” Carver says.