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EQ

Equillium, Inc.

EQ

Equillium, Inc. • NASDAQ
$0.90 ▼ -11.53% (-0.12)
Market Cap $32.05 M
52w High $2.35
52w Low $0.27
Dividend Yield 0%
P/E -1.56
Volume 287.83K
Outstanding Shares 35.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $4.547M ▼ $-4.23M ▲ 0% $-0.12 ▲ $-4.202M ▲
Q2-2025 $0 $6.196M ▼ $-5.739M ▲ 0% $-0.16 ▲ $-6.196M ▲
Q1-2025 $0 ▼ $8.87M ▼ $-8.654M ▼ 0% ▲ $-0.24 ▼ $-8.837M ▼
Q4-2024 $4.392M ▼ $9.09M ▼ $-5.794M ▼ -131.922% ▼ $-0.16 ▼ $-5.398M ▼
Q3-2024 $12.161M $12.84M $-7K -0.058% $-0 $28K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.12M ▲ $34.506M ▲ $3.567M ▼ $30.939M ▲
Q2-2025 $11.495M ▼ $12.399M ▼ $7.343M ▲ $5.056M ▼
Q1-2025 $14.502M ▼ $16.729M ▼ $6.151M ▼ $10.578M ▼
Q4-2024 $22.575M ▼ $25.604M ▼ $6.543M ▼ $19.061M ▼
Q3-2024 $25.877M $34.457M $11.28M $23.177M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.23M ▲ $-8.431M ▼ $0 $30.069M ▲ $21.625M ▲ $-8.431M ▼
Q2-2025 $-5.739M ▲ $-3.013M ▲ $0 ▼ $-16K ▼ $-3.007M ▲ $-3.013M ▲
Q1-2025 $-8.654M ▼ $-8.169M ▼ $4.496M ▼ $91K ▲ $-3.583M ▼ $-8.173M ▼
Q4-2024 $-5.794M ▼ $-3.299M ▲ $5.996M ▼ $73K ▲ $2.637M ▼ $-3.303M ▲
Q3-2024 $-7K $-7.657M $12M $0 $4.391M $-7.657M

Five-Year Company Overview

Income Statement

Income Statement Equillium looks like a classic clinical‑stage biotech: almost no meaningful product revenue yet, and a steady pattern of losses over the past several years. The good news is that operating losses appear to have become somewhat smaller more recently, which suggests tighter cost control and some discipline in how spending is managed. Still, the business is clearly not self‑funding and remains fully dependent on external capital and partnerships while it invests in its pipeline. Profitability is not in sight until one or more programs reach approval and commercialization, which carries both scientific and regulatory uncertainty.

Balance Sheet

Balance Sheet The balance sheet is light, with a modest base of total assets and cash that has gradually trended down over time. Equity is still positive, which indicates the company is not overburdened by obligations, and there is very little financial debt, so leverage risk is low. However, the shrinking asset and cash base underlines the finite runway: without new funding, partnerships, or milestone payments, the company’s ability to sustain its R&D programs could eventually become constrained. In short, the balance sheet is clean but thin, and closely tied to the timing of future financings.

Cash Flow

Cash Flow Cash flows show a consistent pattern of money flowing out to fund operations and R&D, with no offsetting inflows from a commercial business. Operating cash flow has been negative each year, and free cash flow mirrors that, since capital spending on physical assets is minimal. This is typical for a small biotech focused on drug development rather than manufacturing or infrastructure. The key implication is that the company must regularly refill its cash reserves through equity raises, licensing deals, or other financing, and its future flexibility depends heavily on continuing to secure those sources of cash.

Competitive Edge

Competitive Edge Equillium operates in very competitive autoimmune and inflammatory disease markets, where it faces much larger pharmaceutical companies with approved products and deep resources. Its edge lies in highly targeted mechanisms—such as its anti‑CD6 antibody and multi‑cytokine inhibitors—that aim to offer more precise immune modulation than many existing treatments. The company is focused on indications with substantial unmet need, which can be attractive, and it has benefited from orphan designations in certain areas. At the same time, setbacks like the disappointing outcome in a key graft‑versus‑host disease trial and the crowded nature of diseases like ulcerative colitis and alopecia areata highlight how challenging it is for a small player to convert scientific differentiation into a durable market position.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of Equillium’s story. The company has built a pipeline around novel ways to fine‑tune the immune system, including an anti‑CD6 antibody, a suite of multi‑cytokine inhibitors, and now a newer program targeting the Aryl Hydrocarbon Receptor in ulcerative colitis. These approaches are designed to be more selective than many existing immunosuppressive drugs, which could translate into better safety or efficacy if clinical data continue to support the concepts. Several programs have already shown encouraging early‑stage results, but they remain in development, and one major program has faced regulatory pushback. The recent pivot to emphasize the new oral EQ504 program underscores both the flexibility and the risk of this kind of pipeline: the company is actively reallocating resources toward what it sees as the most promising science, but outcomes will depend on future trials that are inherently uncertain.

Summary

Equillium is a science‑driven, early‑stage biotech with a focused mission in autoimmune and inflammatory diseases, but it is still pre‑commercial and loss‑making. Its financials reflect a lean balance sheet, ongoing cash burn, and reliance on external funding rather than internally generated profits. The strategic value of the company rests on its specialized immunology platforms and pipeline assets, which could be meaningful if they achieve strong clinical and regulatory success, yet several are still at relatively early stages and one has already encountered a major setback. Overall, this is a high‑uncertainty profile typical of small biotechnology firms: long‑term potential is tied to a few key clinical programs and the company’s ability to continue financing them through what may be a lengthy development path.

NEWS

November 20, 2025 · 4:35 PM UTC

Equillium to Participate in Upcoming Investor Conferences

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November 13, 2025 · 4:05 PM UTC

Equillium Reports Third Quarter 2025 Financial Results and Provides Operational Update

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November 4, 2025 · 8:30 AM UTC

Equillium to Participate in Upcoming Investor Conferences

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November 3, 2025 · 4:05 PM UTC

Equillium Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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October 22, 2025 · 8:00 AM UTC

Equillium to Host Ulcerative Colitis KOL Event on November 5, 2025

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