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Equillium (EQ) investor relations material
Equillium Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Focused on developing novel therapies for autoimmune and inflammatory disorders, with EQ504 as the lead candidate advancing toward clinical development and Phase 1 study planned for mid-2026.
Completed a $30 million private placement in August 2025, with potential for an additional $20 million upon achieving clinical and pricing milestones, funding operations through 2027.
Terminated the Biocon collaboration and license agreement, reverting rights to itolizumab to Biocon.
Hosted a key opinion leader event highlighting the clinical potential of EQ504 and AhR modulation in immune-mediated diseases.
Accumulated deficit reached $212.4 million as of September 30, 2025.
Financial highlights
Cash and cash equivalents were $33.1 million as of September 30, 2025, up from $18.1 million at December 31, 2024.
Net loss for the nine months ended September 30, 2025 was $18.6 million, while Q3 2025 net loss was $4.2 million, reflecting the absence of revenue and reduced expenses.
No revenue recognized in Q3 2025; prior year revenue was $12.2 million for the quarter and $36.7 million for the nine months, all from now-terminated agreements.
Research and development expenses decreased to $1.3 million in Q3 2025 from $9.6 million in Q3 2024, reflecting the wind-down of clinical studies.
General and administrative expenses were $3.3 million in Q3 2025, flat year-over-year.
Outlook and guidance
Cash runway expected to fund operations through 2027, assuming current plans and estimates.
Phase 1 proof-of-mechanism study for EQ504 planned to commence by mid-2026, with data expected approximately six months later.
No product sales or milestone revenue expected in the next 12 months.
How does the $20M tranche extend runway?
What is the goal of adding UC cohorts to Phase 1?
How does EQ504 differentiate from existing AhR mods?
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Frequently asked questions
Equillium Inc. is a clinical-stage biotechnology company that focuses on developing therapeutics for severe autoimmune and inflammatory disorders that have high unmet medical needs. It leverages a deep understanding of immunobiology to create novel treatments. Equillium's pipeline includes innovative, first-in-class immunomodulatory assets targeting critical immuno-inflammatory pathways. It is headquartered in La Jolla, California, and its shares are listed on the Nasdaq.
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