Equillium (EQ) investor relations material

Program overview and scientific background

• Focus on developing novel therapeutics for severe autoimmune and inflammatory diseases, leveraging deep immunology expertise.

• Lead program EQ504, acquired in late 2023, targets aryl hydrocarbon receptor (AHR) modulation for ulcerative colitis.

• AHR biology is validated by existing approved therapeutics and extensive clinical data.

• EQ504 is based on a non-toxic, water-soluble, tryptophan-derived scaffold, aiming for targeted delivery to the colon.

• The approach is GI-targeted rather than topical, optimizing local tissue exposure and minimizing systemic effects.

Financing and development milestones

• Recently completed a $50 million financing, with $30 million upfront and $20 million upon clinical program initiation.

• Investor syndicate includes Janus, 8R1, Adage, Koselyn, and Woodline.

• All key IND-enabling studies are complete; manufacturing and formulation work are ongoing, expected to take six months.

• Phase 1 clinical trial is planned to start mid-2026, with data anticipated within six months of initiation.

• Additional investor engagement and a KOL event are planned for the fall to raise awareness and provide updates.

Scientific insights and clinical validation

• AHR ligands regulate immune and barrier functions in tissues such as skin and gut; loss of AHR function leads to severe tissue dysfunction.

• Existing drugs and natural products (e.g., coal tar, indigo naturalis) demonstrate AHR modulation efficacy in diseases like psoriasis and ulcerative colitis.

• EQ504 is designed to be more potent and selective than natural AHR ligands, with superior drug-like properties.

• Preclinical models show strong mucosal healing and induction of key cytokines (IL-10, IL-22) at low doses.

• The program aims to optimize target engagement and efficacy, potentially surpassing benchmarks set by natural botanicals.